Friday, September 23, 2022 / by Laura Larson
Then and Now: Buyer Demand
Mortgage rates reached record lows throughout the COVID pandemic, which significantly increased buyer demand. Buyer demand retreated or slowed this year as rates rose as a result of growing inflationary pressure.
The data from the previous few months and the market's apparent cooling off is reflected in the number of home showings since mortgage rates started to rise. Context, though, is crucial. So, despite the slowing down in home showings compared to the frenzy in 2020 and 2021, home touring activity is still outpacing pre-pandemic levels, which were excellent years for the housing market. That proves that there is still a market for homes that are being sold today.
What does this mean when you Sell
Understanding the current state of the housing market is essential for selling in a dynamic environment. Although the market is not what it was last year or even earlier this year, the chances your house will sell are strong.
Despite a slight cooling in the market, it's still a sellers' market. The demand is still there, so if you consult with a reliable local expert to set your home's asking price right, it should sell soon. In a recent poll, 92% of homeowners who sold their homes as recently as in August said they were happy with the results.