Buyer Activity is Up Despite Higher Mortgage Rates: Good News for Homeowners

 As a homeowner, you may be wondering if now is a good time to sell your house, especially with higher mortgage rates. However, despite the increase in rates, buyer activity is actually picking up speed. In this article, we'll explore recent data and trends in the housing market that show why now may be a good time to sell.

The Latest Data on Buyer Activity

According to the latest ShowingTime Showing Index, which measures the number of buyers actively touring homes, there has been a significant increase in buyer traffic in the first two months of 2023. This is likely due to the limited number of homes for sale, which has kept buyers searching for homes even during colder months.

Comparing the foot traffic in February 2023 with each February for the last six years, the data shows that this year marks a clear rise in buyer activity, despite the increase in mortgage rates.

Although 2021 and 2022 saw the most February buyer traffic, those years were highly unusual for the housing market. Comparing February 2023 with the more normal, pre-pandemic years, the data shows that buyer activity has still increased.

The Effect of Higher Mortgage Rates on Buyer Activity

Despite the increase in mortgage rates, buyer activity has still increased. The Freddie Mac 30-year fixed mortgage rate rose from 6.09% during the week of February 2nd to 6.50% in the week of February 23rd. However, this has not deterred buyers from searching for a home.

According to Jeff Tucker, Senior Economist at Zillow, the 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 . . .”

What This Means for Homeowners

If you're a homeowner considering selling your house, the rise in buyer activity is encouraging. It's a sign that buyers are still active in the market and could be looking for a home just like yours. Partnering with a real estate professional to list your house now will help you get your home in front of eager buyers today.

If you're interested in learning more about the real estate market in Prescott, Arizona, contact Michael Eastwood, CEO of West USA Realty of Prescott at 928-636-1500 or visit our website at www.westusaofprescott.com. Michael will introduce you to one of his professional real estate agents that will be happy to assist you in your search for your dream home. Each of our offices is independently owned and operated. #Prescottrealestate #Prescotthomes #Prescottland #Prescottvalleyrealestate #Prescottvalleyhomes #Prescottvalleyland #Chinovalleyrealestate #Chinovalleyhomes #Chinovalleyland #Arizonarealestate #Arizonahomes #realestate #homes #prescott #chinovalley #Prescottvalley #buyers