Mortgage Rates are Not Keeping Buyers from the Market, Buyer Activity is Increasing

If you own a home in Omaha and are considering selling, you might be wondering if it is still a good idea to sell your home with the current challenges that buyers have been facing in the real estate market here and around the country. 

There is promising news for anyone considering selling their home in the Spring and Summer months of 2023. Numbers are showing that homebuyer interest and activity are growing right now despite mortgage interest rates remaining at a higher level. 

The Proof is in The Numbers

Looking at data that records the number of home showings, the numbers are increasing. The most recent ShowingTime Showing Index measures the number of potential home buyers that have attended in-person home showings on homes for sale.  

In the months of January 2023 and February 2023, numbers for home tours increased significantly. The number of showings was decreasing in 2022 and the number of showings was recorded at 117.9 thousand. This number increased to 190.8 in January and increased again to 201.6 in February. 

Looking further at how positive this increase in numbers is you can look back to the year-over-year numbers for February for the past six years. When comparing the recorded number of showings of homes for sale each February over the last six years numbers are below where they were in the last two years but above the numbers for the years prior to 2012. 

This may not seem like great news, but it is good to remember that the years 2021 and 2022 were fueled by the low-interest rates on mortgages during the pandemic. If you throw these years out and look back to how numbers before the pandemic affected the housing market you will see that this February is performing well with buyer interest when compared to more stable real estate market conditions before the pandemic began. 

What is even more interesting is that the average mortgage rates for this time were still well in the 6% range. So despite the higher mortgage interest rates at the time, buyer traffic and interest were growing in real estate. As we move deeper into spring and into the summer, real estate analysts are expecting buyer interest and demand to grow even more. This is very promising news for potential Omaha home sellers. 

If you are considering the sale of your Omaha home we are happy to help. Please contact us anytime for more information on selling your Omaha home.