Buyer Activity Is Up Despite Higher Mortgage Rates in L.A. and Beverly Hills, CA
Buyer Activity Is Up Despite Higher Mortgage Rates in L.A. and Beverly Hills, CA | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
If you're a homeowner considering selling your house, you might be wondering if now is still a good time to do so. Well, the good news is that even with higher mortgage rates, buyer traffic is actually on the rise, and this trend can be seen in various cities like Los Angeles and Beverly Hills.
According to data from the latest ShowingTime Showing Index, which measures buyers actively touring homes, buyer demand has increased significantly in recent months. This uptick in buyer traffic can be attributed to the limited number of homes for sale, which has kept buyers searching for their dream home even during the colder months.
To get a better understanding of the latest report, let's compare foot traffic this February with each February of the last six years. The graph below shows that February 2023 was one of the best Februarys for buyer activity in recent memory, with the most February buyer traffic being observed in 2021 and 2022, which were highly unusual years for the housing market.
The increase in buyer traffic is even more remarkable, considering the rise in mortgage rates this February. Despite higher rates, buyers are still eager to find a home. Jeff Tucker, Senior Economist at Zillow, believes that the increased buyer activity could continue, especially with the seasonal uptick in home shoppers in March and April.
If you're looking to sell your house, this uptick in buyer activity should be encouraging news for you. It's a clear indication that buyers are out there and could be looking for a home just like yours, whether you're in Los Angeles or Beverly Hills. Working with a real estate professional to list your house now will help you get your home in front of eager buyers today.
In conclusion, the rise in foot traffic is a positive sign for this year's housing market, indicating that buyers are actively looking to purchase a home, even with higher mortgage rates. If you're ready to sell your house, don't hesitate to connect with a real estate agent to help you take advantage of this trend.