More people are planning to buy a home in the near future.
While some homeowners may be tempted to wait until spring to put their homes on the market, you should realize that homebuyers aren't patient. Today's demand is high as more people try to avoid rising mortgage rates. As a result, enthusiastic purchasers are joining the market or rescheduling their acquisitions so that they can close as soon as feasible.
According to the most recent Consumer Confidence Survey, the percentage of respondents planning to buy in the next six months has risen significantly since last fall (see graph below):
The number of consumers who have accelerated their plans to buy a home has risen over the last three months, as seen in the graph. Many purchasers are rethinking their strategy and realizing they need to act sooner rather than later, according to this data. It's also a hint that if you're intending to sell, now is a good moment to do it.
While many people are delaying their plans, others are forging through with theirs. The length of time a home has been on the market is a good indicator that buyers are motivated and want to move soon. According to a recent analysis from realtor.com, the average home sold faster in January than in any previous January.
According to Danielle Hale, Chief Economist of realtor.com:
"Homes sold at a record-breaking pace in January, indicating that buyers are busier than usual at this time of year."
How Does This Affect You?
Homebuyers are reconsidering their strategy and continuing forward with their plans. Today is the day for others to make their moves. That means demand for your home isn't simply rising; it's at an all-time high.
Because there are so few homes available for determined buyers to pick from, if you're planning to sell your home this year, doing so sooner rather than later will allow you to take advantage of high buyer demand before more homes in your community are listed. What is the significance of this? Buyers will have more alternatives when more residences are listed for sale. But until then, your house will be in the spotlight.
With so many buyers anxious to buy, you may profit from listing your home as soon as possible. Let's connect so you can start making arrangements right away to see how strong buyer demand is in our area.