Record Jump In January Showings

Although Maine's housing market is not experiencing the same frenzy as a year ago, buyers are still interested in purchasing a home, and there is high demand for homes in many areas. According to U.S. News:

"Housing markets have cooled slightly, but demand hasn't disappeared, and in many places remains strong largely due to the shortage of homes on the market."

Maine's real estate market, like much of the national market, is currently seeing a surge in showings, as seen in the latest ShowingTime Showing Index, which measures buyer interest in touring available homes (see graph below):

One of the largest increases in showings on record was seen between December and January, with a 62% jump. Additionally, more showings took place in January than any other month since last May. While an increase in showings is typical at the beginning of the year, the jump in January was larger than usual, and it was largely due to mortgage rates. According to Michael Lane, VP of Sales and Industry at ShowingTime+:

"It's typical to see a seasonal increase in home showings in January as buyers get ready for the spring market, but a larger increase than any January before after last year's rapid cooldown is significant. Mortgage rate activity this spring will play a big role in sales activity, but January's home showings are a positive sign that buyers are getting back out there . . ."

Shifting Rates Impact Buyer Strength

It is important to note that in January, mortgage rates were in the low 6% range, which contributed to the high number of showings. This means that when mortgage rates eased, buyer interest increased. The increase in showing activity early this year is a clear indication that interested buyers are still out there, and they are ready to make a move when the mortgage rates are favorable.

This rise in showing activity in Maine's real estate market is an excellent sign that there are still many eager buyers ready to purchase a home. If you're thinking of selling your house, contact me, your trusted real estate agent, to help you get the most out of your sale.