Why Now Is Still a Great Time To Sell Your House

<article class="post-881087 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-881087"><span class="entry-date">December 18, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">Why Now Is Still a Great Time To Sell Your House</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Why+Now+Is+Still+a+Great+Time+To+Sell+Your+House&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fwhy-now-is-still-a-great-time-to-sell-your-house%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Why Now Is Still a Great Time To Sell Your House Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20231218-Why-Now-Is-Still-a-Great-Time-To-Sell-Your-House.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>If you were worried <a href="https://www.simplifyingthemarket.com/2023/11/13/life-changing-events-that-move-the-housing-market/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buyer demand</a> disappeared when mortgage rates went up, the data shows there are plenty of <a href="https://www.simplifyingthemarket.com/2023/12/01/3-reasons-to-sell-your-house-before-the-new-year-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">interested buyers</a> still out there. The <a href="https://www.simplifyingthemarket.com/2023/12/04/experts-project-home-prices-will-rise-over-the-next-5-years/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">housing market</a> isn’t as frenzied as it was during the <a href="https://www.simplifyingthemarket.com/2023/05/30/todays-real-estate-market-the-unicorns-have-galloped-off/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">‘unicorn’ years</a> when buyer demand was through the roof, mortgage rates were historically low, and home values rose like we’ve never seen before. But that doesn’t mean the market is at a standstill.</p>
<p>Nationally, demand is still high compared to the last normal years in the housing market and plenty of buyers are making moves right now. Here’s the data to prove it.</p>
<h4><strong>Showing Traffic Is Up</strong></h4>
<p>The <a href="https://www.showingtime.com/showingtime-showing-index/" rel="noopener noreferrer" target="_blank"><em>ShowingTime Showing Index</em></a> is a measure of how frequently buyers are touring homes. The graph below uses that index to show buyer activity over the past eight Octobers:</p>
<p> <a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231212/20231218-Showing-Traffic-Above-Pre-Unicorn-Years.png" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231212/20231218-Showing-Traffic-Above-Pre-Unicorn-Years.png"/></a></p>
<p></p>
<p>In the graph, the ‘unicorn’ years are shown in pink. You can see demand has dipped some since then. That’s in response to higher mortgage rates. But, when you compare 2023 to the blue bars on the left that represent the last normal years in the market (2018-2019), you can tell <a href="https://www.simplifyingthemarket.com/2023/11/20/is-your-house-the-top-thing-on-a-buyers-wish-list-this-holiday-season/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buyers</a> are still more active than the norm.</p>
<p>But showing traffic isn’t the only way to see <a href="https://www.simplifyingthemarket.com/2023/11/16/people-are-still-moving-even-with-todays-affordability-challenges/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buyer demand</a> is still high. The number of offers other sellers are getting and the average days homes are on the market tell the same story.</p>
<h4><strong>Sellers Are Still Seeing Multiple Offers</strong></h4>
<p>According to the latest <a href="https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index" rel="noopener noreferrer" target="_blank">data</a> from the <em>National Association of Realtors</em> (NAR), sellers are receiving an average of <a href="https://cdn.nar.realtor/sites/default/files/documents/2023-10-realtors-confidence-index-11-21-2023.pdf" rel="noopener noreferrer" target="_blank">2.5 offers</a> on their houses. Let’s look at how that compares to recent years (<em>see graph below</em>):</p>
<p> <a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231212/20231218-Average-Number-of-Offers-Still-Higher-Than-Pre-Unicorn-Years.png" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231212/20231218-Average-Number-of-Offers-Still-Higher-Than-Pre-Unicorn-Years.png"/></a></p>
<p></p>
<p>It’s true that’s fewer than the number of offers sellers were receiving during the ‘unicorn’ years (<em>shown in pink</em>). But compared to last year, the number is up slightly. And it’s higher than it was in the more normal, pre-‘unicorn’ years in the housing market too.</p>
<h4><strong>Homes Priced Right Are Selling Fast</strong></h4>
<p>And it’s not just that sellers are still typically getting multiple offers more than the norm, they’re also seeing their homes sell fast. That’s a direct result of strong buyer demand. According to <a href="https://zillow.mediaroom.com/2023-11-13-Buyer-demand-hanging-tough,-despite-rates-and-seasonal-cooldown" rel="noopener noreferrer" target="_blank"><em>Zillow</em></a>:</p>
<blockquote><p><em>“. . . low inventory levels are spurring surprisingly </em><strong><em>strong competition</em></strong><em> . . . </em><strong><em>demand has remained resilient, and attractive, appropriately priced listings are moving quickly</em></strong><em>.”</em></p></blockquote>
<p>To help showcase that homes for sale are still going quickly, let’s look at <a href="https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index" rel="noopener noreferrer" target="_blank">data</a> from NAR on the median days on market for this same time of year from 2018 through now<em> (see graph below):</em></p>
<p>  <a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231212/20231218-Median-Days-On-The-Market-Fewer-Than-Pre-Unicorn-Years.png" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231212/20231218-Median-Days-On-The-Market-Fewer-Than-Pre-Unicorn-Years.png"/></a></p>
<p></p>
<p>As the graph shows, this year homes are sitting on the market only slightly longer than they were during the frenzy of the ‘unicorn’ years. And compared to the last normal years in the market, homes are still selling much faster than they did back then. That’s good news for sellers because it means there are eager buyers out there right now.</p>
<h3>Bottom Line</h3>
<p>You haven’t missed your chance to sell at a time when sellers are receiving multiple offers, and homes are selling fast. When you’re ready to sell your house, connect with a local real estate agent to get the ball rolling.</p>
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