Strong Buyer Traffic in West Michigan Housing Market: Your Opportunity to Buy or Sell
Are you a West Michigan resident thinking about selling your home but concerned about the housing market and mortgage rates? If so, it’s time to put your concerns to rest. The latest data reveals that there’s no shortage of buyers in the market, and they’re actively making home purchases right now. Let’s dive into the data and explore what this means for you.
Buyers Remain Active in the West Michigan Housing Market
The Showing Time Showing Index provides a valuable insight into the level of buyer activity in the West Michigan housing market. Today’s buyers are more active than usual for this time of year. You can see this by comparing recent data with past trends.
In June 2023, there were more buyers than usual, as shown by the graph. So, if you’ve been hesitant to list your home because of concerns about buyer interest, it’s time to reconsider.
Why Are Buyers Still Active in a Higher Mortgage Rate Environment?
You might be wondering why this is the case, especially with the recent increase in mortgage rates. The answer is that buyers have adapted to this new reality of higher interest rates. Danielle Hale, Chief Economist at Realtor.com, explains this phenomenon:
“Interest rate hikes continue to further cut into buyers’ purchasing power, although they appear to have adapted to the higher mortgage rate environment . . .”
Buyers always want to buy homes. Those who can afford it at current rates are still moving ahead with their plans.
The Key Takeaway for West Michigan Residents
The real estate market has slowed down, but it is still active and not at a standstill. It is important to recognize that despite the decrease in activity, the market is still functioning. In fact, buyer traffic remains robust today, even with the current mortgage rate landscape. So, if you’ve been contemplating a move or considering selling your house, now might be an ideal time to take action.
Don’t Delay Your Real Estate Plans
Don’t delay your plans because you worry no one will buy your home. More buyers actively participate in the market than what is considered normal. To take advantage of this favorable climate, let’s connect and get your house ready to sell. We can help your property make a great first impression on buyers searching for their dream home in West Michigan.
Contact me now to discuss your real estate goals and how I can help you achieve them. Don’t miss this chance!
