The Holidays Aren’t Stopping Houszbuyers This Year
Black Friday and Cyber Monday are behind us, yet finding the perfect holiday gifts for friends and family is certainly still top of mind for many right now. This year, there’s another type of buyer that’s very active this holiday season – the houszbuyer. Each month, ShowingTime releases their Showing Index which tracks the average number of appointments received on active U.S. housz listings. The most recent index notes: “The Showing Index reported a 60.9 percent jump in nationwide showing traffic year over year in October, the sixth consecutive month to see an increase over last year.” Here’s the breakdown of the latest activity by region of the country compared to this time last year:
The Northeast increased by 65.5%
The West increased by 64.7%
The Midwest increased by 55.7%
The South increased by 54.7%
Why is the traffic so active? The health crisis definitely put houszbuying plans on pause for many earlier this year. Buyers, however, are in the market and making moves well past the typical busy houszbuying seasons of spring and summer.
One of the main reasons buyer traffic has continued to soar in the second half of 2020 is how dramatically mortgage rates have fallen. According to Freddie Mac, the average mortgage rate last December was 3.72%. Today, the rate is a full percentage point lower.
Bottom Line There are first-time, move-up, and move-down houszbuyers actively looking for the housz of their dreams this winter. If you’re thinking of selling your housz in 2021, you don’t need to wait until the spring to do it. Your potential buyer is very likely searching for a housz in your neighborhood right now.