Why Now Is Still a Great Time To Sell Your Seattle House

Despite concerns about diminishing buyer demand with the increase in mortgage rates, the data indicates that there are still numerous interested buyers in the market. While the housing market is not as frenzied as during the ‘unicorn’ years, characterized by exceptionally high buyer demand, historically low mortgage rates, and unprecedented home value increases, it doesn’t imply that the market has come to a halt.

On a national level, demand remains robust in comparison to the last typical years in the housing market, with a significant number of buyers actively engaging in the market. The data substantiates this observation.

Showing Traffic Is Up

The Showing Time Showing Index 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:

The graph illustrates the ‘unicorn’ years in pink, depicting a noticeable decline in demand, likely attributed to higher mortgage rates. However, when comparing 2023 to the blue bars representing the last normal years in the market (2018-2019), it’s evident that buyers are still more active than the typical market norm.

Indeed, showing traffic isn’t the sole indicator of high buyer demand. The number of offers received by sellers and the average days homes spend on the market also reinforce the narrative of sustained strong buyer demand in the current housing market.

Sellers Are Still Seeing Multiple Offers

The most recent data from the National Association of Realtors (NAR) reveals that sellers, on average, are receiving 2.5 offers on their houses. A comparison with recent years shows that, although slightly lower than the number of offers during the ‘unicorn’ years, this figure is higher than the previous year and surpasses the levels observed in the more typical, pre-‘unicorn’ years in the housing market (see graph below):

While it’s true that the current average of 2.5 offers per seller is fewer than during the ‘unicorn’ years (depicted in pink), the figure has increased slightly compared to the previous year. Moreover, it surpasses the levels observed in the more conventional, pre-‘unicorn’ years in the housing market. This suggests that despite the changes in market dynamics, sellers are still experiencing a notable level of buyer interest and competition.

Homes Priced Right Are Selling Fast

Sellers not only continue to receive multiple offers, surpassing the norm, but they are also benefitting from the rapid sale of their homes. This accelerated selling pace is a direct consequence of robust buyer demand in the current housing market. According to Zillow:

“. . . low inventory levels are spurring surprisingly strong competition . . . demand has remained resilient, and attractive, appropriately priced listings are moving quickly.”

Examining data from NAR on the median days on market from 2018 to the present reveals that homes for sale are currently spending only slightly more time on the market compared to the frenzied ‘unicorn’ years. Furthermore, homes are selling much faster than they did during the last normal years in the market. This trend suggests that eager buyers are actively engaging in the current real estate market (see graph below):

This year, homes are spending just a bit more time on the market than during the frenzied ‘unicorn’ years, but they are still selling much faster than in the last normal years in the market. This is positive news for sellers, indicating the presence of eager buyers in the current real estate market. If you’re considering selling your house, now might be an opportune time.

Bottom Line

If you’re ready to sell your house, you haven’t missed the opportunity, as sellers are still receiving multiple offers, and homes are selling fast. Let’s connect to initiate the process.