Buyer Activity Is Up Despite Higher Mortgage Rates

Lisa Mailhot  |  May 14, 2023

Buyers

Buyer Activity Is Up Despite Higher Mortgage Rates



If you’re a homeowner thinking about making a move, you may wonder if it’s still a good time to sell your house. Here’s the good news. Even with higher mortgage rates, buyer traffic is actually picking up speed.

Data from the latest ShowingTime Showing Index, which is a measure of buyers actively touring homes, helps paint the picture of how much buyer demand has increased in recent months (see graph below):

As the graph shows, the first two months of 2023 saw a noticeable increase in buyer traffic. That’s likely because the limited number of homes for sale kept shoppers looking for homes even during colder months.

To help tell the story of why the latest report is significant, let’s compare foot traffic this February with each February for the last six years (see graph below). It shows this was one of the best Februarys for buyer activity we’ve seen in recent memory.

In the last six years, we saw the most February buyer traffic in 2021 and 2022 (shown in green above), but those years were highly unusual for the housing market. So, if we compare February 2023 with the more normal, pre-pandemic years, data shows this year still marks a clear rise in buyer activity.

The uptick in buyer traffic is even more noteworthy considering the increase in mortgage rates this February. 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. But even with higher rates, more buyers were looking for a home.

Jeff Tucker, Senior Economist at Zillow, says 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 . . .”

If you’re looking to sell your house, seeing buyers still active in the market this year should be encouraging. It’s a sign buyers are out there and could be looking for a home just like yours. Working with a real estate professional to list your house now will help you get your home in front of eager buyers today.

Bottom Line

Rising foot traffic is a bright spot for this year’s housing market and indicates that buyers are looking to purchase this year, even with higher mortgage rates. If you’re ready to sell your house, let’s connect.


Recent Blog Posts

Stay up to date on the latest real estate trends.

Buyers

Navigating Lessons from the Real Brokerage Settlement's Shifting Landscape

Lisa Mailhot  |  April 12, 2024

Discover insights into the recent $9.25 million settlement between Real Brokerage and commission suits. Learn about the implications for buyers, sellers, and agents in… Read more

Buyers

Hot Vacation Home Markets Ripe for Investment in 2024

Lisa Mailhot  |  April 12, 2024

Discover the top vacation home markets across the U.S. experiencing remarkable price appreciation in 2024. Learn how to capitalize on these trending destinations as an… Read more

Buyers

New Rules Shine a Light on Cash Deals in Real Estate

Lisa Mailhot  |  April 11, 2024

The U.S. government is tightening regulations to combat money laundering in residential real estate transactions. This blog explores the proposed rules requiring real … Read more

Buyers

A Beginner's Guide to Building Wealth and Financial Wellness

Lisa Mailhot  |  April 10, 2024

Discover how to kickstart your financial journey with expert advice from Tiffany Aliche, The Budgetnista. Learn three essential steps to release financial shame, seek … Read more

Buyers

Embrace Luxury Living in Pasadena's Brantwood for Active Seniors

Lisa Mailhot  |  April 9, 2024

Discover Brantwood, a luxurious 55-unit apartment complex in Pasadena's vibrant Playhouse Village, offering all-inclusive lease plans and boutique hotel-style service… Read more

Buyers

Shifting Grounds in Real Estate After NY Lawsuit

Lisa Mailhot  |  April 8, 2024

Dive into the heart of a groundbreaking antitrust lawsuit in New York that could redefine real estate transactions nationwide. This blog post offers a comprehensive an… Read more

Buyers

Celebrating Endurance and Vision: Lessons from 50 Years in Real Estate

Lisa Mailhot  |  April 5, 2024

Explore the journey and insights of William Raveis, a real estate visionary, who has led his brokerage to success over five decades. Learn the secrets of endurance, in… Read more

Buyers

America's Hottest Housing Markets Signs of Cooling Off

Lisa Mailhot  |  April 4, 2024

Renters often feel limited in making their homes eco-friendly, but there are small steps you can practice to reduce your carbon footprint and live more sustainably, ev… Read more

Buyers

Thriving Through Turmoil: Realtors' Guide to Crisis Management 

Lisa Mailhot  |  April 3, 2024

Learn essential crisis management tips for handling commission uncertainty in the ever-changing real estate landscape. Gain insights from industry expert Julia Lashay … Read more

Let’s Talk

You’ve got questions and we can’t wait to answer them.