If you've been thinking about selling, you've probably seen plenty of headlines suggesting buyers have just about disappeared. But there's a big difference between a slow market and a stalled one.
Yes, mortgage rates are still higher than most people would like. Homes aren’t selling as fast as they were. And every week seems to bring another headline about buyers sitting on the sidelines. But here's what you haven't heard.
Despite everything going on, buyer demand has been remarkably resilient.
In fact, more sellers are getting to put up the “pending sale” sign now than during the last two years. What's even more surprising is that they're doing it at a time of year when activity usually starts to slow down.
And if you're thinking about selling, that's a trend worth paying attention to.
Buyers Are More Active Than You ThinkOne of the best ways to measure buyer demand is by looking at pending home sales. Those are homes that have gone under contract but haven't closed yet. Think of them as a real-time pulse check on the market and whether buyers are still buying.
HousingWire Data shows more homes are going under contract than at the same time the past 2 years (see graph below):
While it may come as a surprise, the numbers speak for themselves. It doesn’t mean buyers are everywhere, but it does mean they’re still active right now. And even if this ebbs and flows a bit in the weeks ahead, right now we’re still ahead of where we’ve been lately. That's encouraging news if you're thinking about selling because it tells us something important…
People haven't stopped buying homes. Serious buyers are still making moves.
And a lot of these people are buying because they decided they can't keep waiting. Whether it's a growing family, a new job, retirement, or simply wanting a different home, life keeps moving… even when mortgage rates stay higher than we'd like. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:
“A late spring buyer rush—even with mortgage rates not budging—is an indication of pent-up housing demand and consumers’ acceptance of above-6% mortgage rates as the new normal."
So, if you've been worried no one’s buying, this data should give you some confidence. Today’s buyers aren't just casually browsing open houses on a Sunday afternoon, they've spent months waiting for rates to improve and now they realize they can’t wait anymore.
That means they have a purposeand a timeline. And that's exactly the kind of motivated buyer you want to work with.
What This Means for Your SaleDoes that mean every house will sell instantly? No.
Today's market is more balanced than it was a few years ago. So, you can’t just price your house however you want or skip preparing it for the market.
Now buyers have choices, and they're willing to wait for the right home at the right price. But sellers who understand today's market (and price and position their homes right) are still finding success. Because the idea that "no one's buying right now" just isn't supported by the data.
The buyers are there.
The opportunity is there.
The key is having the right strategy to capture it.
Bottom LineThis year's housing market may be moving slower than many of us hoped. But, buyer demand is more resilient than the headlines suggest.
If you're wondering whether there are enough buyers for your house, let's connect. I'll show you what's happening in our local market and build a strategy that helps you take advantage of the momentum that's already here.
