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What You Should Know About Today’s Buyer Demand

At times, it’s hard to know what to believe when you hear about the hectic real estate market. When it comes to the latest headlines, there are tons of news outlets relaying false information. While it may be difficult to know what’s true and what’s not, you should always put your trust in the experts. Those of us in the housing market respect that buying or selling a home is a major life decision, and we offer advice based on what the data shows.

 

Despite what you may have read in the latest news headline, the housing market is still unquestionably strong. Here’s a look at what the experts have to say about buyer demand today and how it is currently shaping the housing market:

 

Selma Hepp, Deputy Chief Economist at CoreLogic:

 

Home buyer demand pushed price growth to a new record high in June, with S&P CoreLogic national Case-Shiller Index clocking in an 18.6% year-over-year growth rate. The month-to-month index jumped 2.18%, making it another strong monthly growth, and the fastest May-to-June increase since the data series began.

 

Odeta Kushi, Deputy Chief Economist at First American:

 

Seasonally adjusted purchase applications tick up slightly to the highest level since July. Demand for homes remains strong and steady. Excluding 2020 (not a good benchmark) purchase applications are the strongest in a decade.

 

Michael Lane, President at ShowingTime:

 

In general, there are definite signs of cooling demand. However, buyer traffic is still at historically high levels compared to pre-pandemic showings.

 

While things have cooled slightly since the pandemic-generated housing rush, buyer demand is still far above historical norms. Buyer demand influences how quickly your house will sell and how many buyers may be interested in competing for it. When buyers are competing against each other for a smaller supply of available homes, bidding wars can drive prices up. That’s why we’re still in a sellers’ market.

 

If you’re not completely sold on the idea of selling your home, you can feel confident that it’s still a great time to make a move. Connect with one of our agents today to discuss how you can sell your home and get the best possible deal for your current situation.