Buyer Activity Is Up Despite Higher Mortgage Rates
If you’re a homeowner in Center City, Philadelphia or the Main Line Suburbs 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 in these areas.
According to the latest ShowingTime Showing Index, which measures buyer activity, there has been a noticeable increase in buyer traffic in the first two months of 2023 (see graph below). This is likely because the limited number of homes for sale kept shoppers looking for homes even during colder months.
To put this in context, let’s compare foot traffic in February 2023 with each February for the last six years (see graph below). It shows that this year still marks a clear rise in buyer activity, despite the increase in mortgage rates.
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 . . .”
This is great news if you’re looking to sell your house in Center City, Philadelphia or the Main Line Suburbs. It’s a sign that 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.
In conclusion, 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 in Center City, Philadelphia or the Main Line Suburbs, let’s connect and get your home in front of eager buyers.