More people are taking measures to purchase a home. And, if you've been waiting for the proper moment to relocate, this could be the signal you've been hoping for.
For the past few years, many prospective homebuyers have paused their plans. With rising mortgage rates and affordability issues, buying didn't seem feasible. However, an increasing number of them are returning. That's because they're adjusting to the reality that this could be the new normal for the market, particularly since mortgage rates are expected to normalize. According to the National Association of Realtors (NAR):
That's beneficial for you and your sales strategies. While there will not be a swarm of purchasers flooding the market at once, this does indicate that interested buyers are restarting their searches.
And here's the data to prove it.
3 Signs Buyers Are Ready to Make their Move
1. Mortgage Applications Are on the Rise: According to the Mortgage Bankers Association (MBA), mortgage applications have increased by 37% since the beginning of the year. That's a significant increase and a clear indication that purchasers are becoming more active recently. Do not miss out on that. Serious purchasers who are getting their finances in order make excellent potential buyers for your home.
2. Buyer Demand Is Picking Up: According to Redfin's Homebuyer Demand Index, demand has increased by 3% since late January. While that is not a significant increase, momentum is developing.
3. More house showings: According to ShowingTime data, home showings have increased by 13% since the beginning of the year. This increased foot traffic that is exactly what you want if you're planning to sell your home. It indicates a more serious interest in purchasing. More buyers browsing equals more eyes on your home. And more eyes could mean more offers.
And odds are, this activity will only increase from here. We're entering the busiest season of the year for housing. Spring is the busiest buying and selling season of the year. So now is a fantastic opportunity to list and participate in the action.
Bottom Line
As buyers return to the market, you have the opportunity to do the same thing. And the increased buyer activity is definitely something you should take advantage of.
If the appropriate buyer knocked through your door tomorrow, would you be prepared to sell?
To ensure that your home is seen by these motivated buyers, contact Arkansas Real Estate Collective today to discuss your choices!
