Homebuyer Traffic Is on the Rise

Dated: September 10 2020

Views: 176

Homebuyer Traffic Is on the Rise

Homebuyer Traffic Is on the Rise | MyKCM

One of the biggest surprises of 2020 is the resilience of the residential real estate market. Lawrence Yun, Chief Economist of the National Association of Realtors (NAR), is now forecasting that more homes will sell this year than last year. He’s also predicting home sales to increase by 8-12% next year. There’s strong evidence that he will be right.

ShowingTime, a leading showing software and market stat service provider for the residential real estate industry, just reported on their latest the ShowingTime Showing Index:

“Home buyer traffic jumped again in July, recording a 60.7 percent year-over-year increase in nationwide showing activity.”

That means there are 60% more buyers setting appointments to see homes than there were at this same time last year. The number of potential purchasers was also up dramatically in every region of the country:

  • The Northeast was up 76.6%
  • The West was up 56.7%
  • The Midwest was up 52.1%
  • The South was up 46.7%

The Housing Market Is Showing a ‘V’ Type Recovery

ShowingTime also indicates the real estate market has already come back from the downturn earlier this year that was caused by shelter-in-place orders. Here are the year-over-year numbers for each region on a monthly basis (See graph below):Homebuyer Traffic Is on the Rise | MyKCMWe’re way ahead of where we were at this time last year. This data validates the thoughts of Frank Martell, President and CEO of CoreLogic, who recently noted:

“On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic.”

Bottom Line

If you’re thinking about selling your house, this may be a great time to get the best price and the most favorable terms.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Jeffrey Daniels does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Jeffrey Daniels will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Latest Blog Posts

Housing Wealth: The Missing Piece of the Affordability Equation

Housing Wealth: The Missing Piece of the Affordability EquationThe real estate market is soaring today. Residential home values are rising, and that’s a big win for homeowners. In 2020, there

Read More

Don’t Wait To Sell Your House

Don’t Wait To Sell Your HouseWe’re in the ultimate sellers’ market right now. If you’re a homeowner thinking about selling, you have a huge advantage in today’s housing

Read More

Hope Is on the Horizon for Today’s Housing Shortage

Hope Is on the Horizon for Today’s Housing ShortageThe major challenge in today’s housing market is that there are more buyers looking to purchase than there are homes available to buy.

Read More

The Right Expert Will Guide You Through This Unprecedented Market

The Right Expert Will Guide You Through This Unprecedented MarketIn a normal market, it’s good to have an experienced guide coaching you through the process of buying or selling a home. That

Read More