Is your home still selling well?
I mentioned that the transaction volume in the real estate market itself has decreased a lot. So, many customers are wondering if their homes can be sold in this market. Today, let's find out the answer through statistics.
There is a lot of news about real estate these days. Interest rates and inflation are a situation in which there are a lot of related forecasts. A question that many seller customers ask is whether their home will be sold in the midst of a booming market.
In this regard, the Keeping Current Matters site introduced interesting statistics. Let's analyze it together.
Demand has decreased.
As you well know, interest rates have dropped dramatically during the coronavirus period, resulting in an explosion in demand. This phenomenon led to a greater imbalance between supply and demand, which caused house prices to rise horribly.
On the other hand, from the spring of this year, demand has decreased significantly due to the rise in interest rates and fears of a recession. The graph below is a showing index provided by a service called Showingtime, which realtors use to show houses. As you can see, since last April, when interest rates started going up, the amount of home sales has definitely decreased. In other words, we can say that demand has decreased.
However, we need to see the big picture here.
The current demand has been given compared to the corona period. The graph below is a comparison of the July Showing Index over the past six years. As you can see, this July's Index, 158, shows higher demand than before Corona. In other words, the current demand is still higher than the pre-Corona demand.
So, do not make a decision by listening to the opinions of those around you. When selling a house, you need to understand the current market conditions well. Therefore, we recommend that you consult with an expert.
If you have any questions, please contact me at any time.
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