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May 5, 2023

Buyer Activity is Up Despite Higher Mortgage Rates

portrait of a young smiling family with thumbs up and home for sale sign

If you’re a homeowner thinking about making a move, you may be wondering: is this a good time sell?

Here’s the good news. Even with higher mortgage rates, buyer traffic is picking up speed.


Showings are Up

Data from the latest ShowingTime Showing Index, which is a measure of buyers actively touring homes, helps paint the picture of how much buyer demand has increased in recent months.[1] Check out the graph below.

Showing traffic up again in February graph

As the graph shows, the first two months of 2023 saw a noticeable increase in buyer traffic. That’s likely because the limited number of homes for sale kept shoppers looking for homes even during the colder months.


To help tell the story of why the latest report is significant, compare foot traffic this February with each February for the last six years. It shows this was one of the best Februarys for buyer activity that we’ve seen. Check out the graph below.

Showing traffic is still higher than pre-pandemic years

The uptick in buyer traffic is even more noteworthy considering the increase in mortgage rates this February. The Freddie Mac 30-year fixed mortgage rate rose from 6.09% during the week of February 2nd to 6.50% during the week of February 23rd. But even with higher rates, more buyers were looking for a home.[2]

Older couple putting up a house for sale sign

Jeff Tucker, Senior Economist at Zillow, says that increased buyer activity could continue:


“More buyers will keep coming out of the woodwork. We always see a seasonal uptick in home shoppers in March and April…”[1]


If you’re considering selling your house, seeing buyers still active in the market this year should be encouraging. It’s a sign that buyers are out there and could be looking for a home just like yours. Working with a real estate professional to list your house now will help get your home in front of eager buyers today.


Summary

Rising foot traffic is a bright spot for this year’s housing market and indicates that buyers are looking to purchase this year, even with higher mortgage rates.

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