Showings are on trend with the previous two years… just lower, with a similar year-over-year drop as last year. Expect showings to drop over the July 4th holiday as it does every year, then pick up again as people realize they must get busy to close on a new home before the fall/school season.
Summer season is noticeably jumpy, with holidays and vacations and weddings pulling people away from buying and selling homes… and this year more than ever, the desire to just get away after two plus years of dealing with Covid.
The market is already showing signs of the holiday with new listings making a marked drop. At least coming soon listings moved up a little. Multiple offers are still out there, increasing a little this week. I know I had a client make an offer the first day on the market, with 7 offers reviewed the next day!
Wondering if now is a good time to sell, with mortgage interest rates rising? The short answer is yes! Even though inventory is increasing, there is still less than a 2-month supply of homes for sale which indicates we are still in a strong seller’s market. See why a majority of consumers say it’s a good time to sell your house in the article below from our blog at Keeping Current Matters.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
A Majority of Consumers Say It’s a Good Time To Sell Your House
If you’re a homeowner thinking about selling your house, you’re probably looking for the best time to make your move. That means you’re likely balancing a number of factors, like your changing needs, where you’ll go when you sell, and today’s mortgage rates in order to time it just right.
According to recent data, that sweet spot could already be here. The latest Home Purchase Sentiment Index (HPSI) by Fannie Mae finds that 76% of consumers believe now is a good time to sell.
The graph below shows the percentage of survey respondents who say it’s a good time to sell a house. The big dip in March and April of 2020 reflects how consumer sentiment dropped at the beginning of the pandemic as uncertainty about the health crisis grew. Since then, the percentage has grown consistently as more people feel confident it’s a good time to sell.
In fact, survey respondents think it’s an even better time to sell a house today than they did in 2019, which was a strong year for the housing market. The latest survey results indicate one of the strongest peaks in seller sentiment in nearly three years (see graph below):
What Makes Today a Good Time To Sell?
One reason so many people think it’s a good time to sell is because there are still more buyers in today’s market than there are homes for sale. That’s driving home prices up, making it a good time to sell your house.
And if you’re on the fence about whether or not to sell because you don’t know where you’ll go once you do, know that you might have more options today than in previous months. That’s because the number of homes coming onto the market has grown each month since the start of the year. When more homes come onto the market, it gives you more opportunities to find one that meets your changing needs.
Bottom Line
While the number of homes available for sale is growing and giving you more options for your move, inventory is still low overall. That could mean it’s a great time for you to sell. If you’re ready to address your changing needs and take advantage of today’s favorable conditions, let’s connect.