May 2023 Newsletter

Buyer Activity Is Up Despite Higher Mortgage Rates

If you’re a homeowner thinking about making a move, you may wonder if it’s still a good time to sell your house. Here’s the good news. Even with higher mortgage rates, buyer traffic is actually picking up speed.

Data from the latest ShowingTime Showing Index, which is a measure of buyers actively touring homes, helps paint the picture of how much buyer demand has increased in recent months (see graph below):

As the graph shows, the first two months of 2023 saw a noticeable increase in buyer traffic. That’s likely because the limited number of homes for sale kept shoppers looking for homes even during colder months.

To help tell the story of why the latest report is significant, let’s compare foot traffic this February with each February for the last six years (see graph below). It shows this was one of the best Februarys for buyer activity we’ve seen in recent memory.

In the last six years, we saw the most February buyer traffic in 2021 and 2022 (shown in green above), but those years were highly unusual for the housing market. So, if we compare February 2023 with the more normal, pre-pandemic years, data shows this year still marks a clear rise in buyer activity.

The uptick in buyer traffic is even more noteworthy considering the increase in mortgage rates this February. The Freddie Mac 30-year fixed mortgage rate rose from 6.09% during the week of February 2nd to 6.50% in the week of February 23rd. But even with higher rates, more buyers were looking for a home.

Jeff Tucker, Senior Economist at Zillow, says the increased buyer activity could continue:

“More buyers will keep coming out of the woodwork. We always see a seasonal uptick in home shoppers in March and April . . .”

If you’re looking to sell your house, seeing buyers still active in the market this year should be encouraging. It’s a sign buyers are out there and could be looking for a home just like yours. Working with a real estate professional to list your house now will help you get your home in front of eager buyers today.

Bottom Line

Rising foot traffic is a bright spot for this year’s housing market and indicates that buyers are looking to purchase this year, even with higher mortgage rates. If you’re ready to sell your house, let’s connect.



The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. 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. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

…at Keller Williams Success Realty last month.

In our area this month…

The spring market is in full bloom!

Our market is back to a strong sellers’ market, especially in McHenry and Schaumburg, IL.

Things to remember:

- There are lots of buyers out there, so now is a great time to jump into the market and sell your home

- Pricing your home appropriately will bring more buyer attention to your home (and ultimately a better sale)

Feta-Stuffed Lamb Meatballs

Ingredients

  • 2 1/2 ounces feta cheese (not crumbles)

  • 1 small red onion

  • 3 cloves garlic

  • 1 medium lemon

  • 1/2 medium bunch fresh parsley

  • 1medium fresh dill

  • 2/3 cup panko breadcrumbs

  • 1 teaspoon ground cumin

  • 1 teaspoon ground coriander

  • 1 teaspoon dried oregano

  • 3/4 teaspoon kosher salt

  • 1/4 teaspoon freshly ground black pepper

  • 1 large egg

  • 1 pound ground lamb

Serving Options

  • Tzatziki sauce (store-bought or homemade)

  • Coarsely chopped fresh parsley and/or dill leaves

  • Pita bread

Directions

  1. Arrange a rack in the middle of the oven and heat the oven to 425°F. Line a rimmed baking sheet with parchment paper.

  2. Cut 2 1/2 ounces feta cheese into 20 (1/2-inch) cubes.

  3. Prepare the following, adding each to the same large bowl as you complete it: Finely chop 1 small red onion (about 3/4 cup). Finely grate 3 garlic cloves. Finely grate the zest of 1 medium lemon (about 2 teaspoons). Cut the zested lemon into wedges and reserve for serving. Pick the leaves from 1/4 medium bunch fresh parsley and finely chop until you have 2 tablespoons. Pick the leaves from 1/2 medium bunch fresh dill and finely chop until you have 2 tablespoons. (Finely chop more fresh herbs for garnish if desired.)

  4. Add 2/3 cup panko breadcrumbs, 1 teaspoon ground cumin, 1 teaspoon ground coriander, 1 teaspoon dried oregano, 3/4 teaspoon kosher salt, and 1/4 teaspoon black pepper. Mix with a fork to combine. Add 1 large egg, then mash the mixture until evenly moistened. Add 1 pound ground lamb and mix with your hands until combined.

  5. Divide the mixture into 20 portions (2 tablespoons each) and place on the baking sheet. Stuff each meatball: Press your thumb into the center of a portion to create a well and place 1 cube of feta in the well. Shape and pinch the meatball mixture around the feta to completely cover and roll into a ball with damp hands. Return to the baking sheet and arrange them at least 1-inch apart.

  6. Bake for 8 minutes. Use tongs to flip the meatballs and rotate the baking sheet. Continue baking until lightly browned, cooked through, and no longer pink in the center, 4 to 6 minutes more.

  7. Dollop a few spoonfuls of tzatziki sauce onto a shallow bowl or plate. Top with the meatballs and garnish with chopped fresh parsley and/or dill if desired. Serve with lemon wedges. and pita bread if desired.