Showing activity is continuing in line with the last three years, even on top by a bit this week… the market is slowing but buyers are still looking.
New listings, price changes and coming soon listings are all trending down in sync as is typical at this time of year. There were some predictions that pending listings coming back on the market would increase as interest rates rise, but the number of those listings is falling as well. What is in a holding pattern is pending sales and multiple offers. Buyers are still out there… just more cautious.
What I find fascinating is how year-over-year stats follow the same pattern. Pending sales continue to be 18-20% below last year, but even this week’s slight uptick mimics what happened last year at this time… last weekend was teacher’s convention weekend, were more buyers available?
Bottom line is homes are bought and sold in all market conditions. Read more about it in the article below from our blog at Keeping Current Matters.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
Homes Are Still Selling – Even in a Slower Market
If you’ve seen headlines saying home sales are slowing down, you may be wondering: is this really a good time to sell?
While the latest numbers show sales picked up slightly in September, they’re still down compared to last year. But here’s the perspective the headlines can miss.
Homes are still selling every single day. Because no matter what’s happening with mortgage rates or the economy, life keeps happening too. People get new jobs. Families grow. Relationships change. People retire, downsize, or need to move closer to the people they love.
And those life changes create buyers and sellers in every market.
Just Look at the Math
According to the National Association of Realtors (NAR), based on the current pace homeowners are expected to sell almost 4 million homes this year. Break that down, and that’s roughly:
- 11,000 homes every day.
- 450 homes every hour.
- 8 homes every minute.
So, yes, the market may be moving at a slower pace than it has at other points in time. But slower doesn’t mean it’s stopped. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, says:
“Even in today’s high-price, high-rate market, homebuying activity around major life events, such as having kids, a job change, or a divorce, keeps the market in motion.”
Thousands of buyers are still making moves every day. The key is making sure your house is positioned to get their attention.
What That Means for Your Sale
Today’s buyers have more choices, so they can afford to be more selective about things like price and condition. That makes having the right strategy from the start especially important.
Because you don’t need every buyer to be looking for a home like yours. You just need the right one – and to know how to get in front of that buyer.
Bottom Line
Don’t let a headline about slowing home sales convince you no one is buying. Homes are still selling every minute of every day.
If you need or want to move, let’s talk about what it’ll take to make sure yours is one of them.
