Homebuyers Are Getting Used to the New Normal

 

Before you decide to sell your house, it’s important to know what you can expect in the current housing market. One positive trend right now is homebuyers are adapting to today’s mortgage rates and getting used to them as the new normal.

Rates have been between 6% and 7% pretty consistently for the past nine months.

According to Lawrence Yun, Chief Economist at NAR, mortgage rates play a significant role in buyer demand and, by extension, home sales. Yun highlights the positive impact of stable rates: “Mortgage rates heavily influence the direction of home sales. Relatively steady rates have led to several consecutive months of consistent home sales.”

As a seller, hearing that home sales are consistent right now is good news. It means buyers are out there and actively purchasing homes. Here’s a bit more context on how mortgage rates have impacted demand recently.

When mortgage rates surged dramatically last year, escalating from roughly 3% to 7%, many potential buyers felt a bit of sticker shock and decided to hold off on their plans to purchase a home. However, as time has passed, that initial shock has worn off. As Doug Duncan, SVP and Chief Economist at Fannie Mae, says: “. . . consumers are adapting to the idea that higher mortgage rates will likely stick around for the foreseeable future.”

The way buyers perceive today’s mortgage rates is shifting – they’re getting used to the new normal. Steady rates are contributing to strong buyer demand and consistent home sales. DM me so we can get your house on the market and in front of those buyers.
 
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