Now that the average 30-year mortgage rates are hovering around 7%, many potential sellers are wondering if it is still possible to sell their homes in this market. After a period of record appreciation and sales volume, are we now in a world where sellers are going to have to start incentivising buyers to purchase their home? The key in understanding this question and any other question related to the housing market right now is: context.

Showings Are Up?

You will see data posted that displays showings down since last year and even 2020. If you looked at the same graph above, but we only listed the last three years, you might panic. Any good agent will put the market in a context of markets we have seen before with a game plan that is proven to be successful in them. 2019 was the last “normal” market before the pandemic and we are actually up in showings per listing this September versus that September. We are also well above September of 2017 and 2018. This demonstrates there are plenty of buyers on the market!

But how much longer will it take to sell now?

Again, compared to the record hot market we saw in 2021, this is not as frenzied of a seller’s dream situation. But, houses are actually selling faster today than even the same time in 2020 when the chaos was first starting. Houses are selling 17 days faster than 2019 and a whole month faster than 2017! We are still in a low-inventory strong-sellers market.

Conclusion

We always say that any market works when you have an agent that will help you price the home right, prepare the home to show best, and promote your home for maximum exposure. There are houses that are sitting on the market longer and there are sellers that are struggling to get market value for their home - don’t be one of those sellers! Give us a call and we will make sure you are taking advantage of this market!