summer heat

Home Sales Foot Traffic Increasing Nationally

According to the latest National Association of REALTORS® Foot Traffic Report, the amount of buyers looking at homes is at a two-year high. Traditionally many believe that spring is the season to sell real estate – but according to these numbers right now is a great time to list property for sale and get good foot traffic.

Here are some of the numbers from the report:

  • Foot traffic surged 10 points in June 2015 to reach its highest level since June of 2013
  • The amount of foot traffic in June 2015 is higher than both Spring 2014 and Spring 2015 – traditionally the season where buyers start looking.

What is interesting is that here in Hampton Roads we are noticing similar trends. According to Residential Data Bank, traffic for Rose & Womble’s New Homes Communities remains steady, with last week traffic up 30.21% over the previous week. We also saw in our June 2015 Hampton Roads Market Report that while the number of listings available to buyers was flat year-over-year, sales increased over 19% over sales in June 2014. The number of homes may not have increased but the number of buyers coming into the market is growing. A smart home owner who has been on the fence about entering the home market should seriously consider listing his home.

Driving more buyers in is two things, according to the NAR research. The first, rising mortgage rates are increasing buyer’s urgency. Additionally, strong employment gains in 2014 and improved pricing by home sellers are drawing in more potential home buyers.

The big take away from this is that while the national and regional numbers are showing good and healthy signs for listing your house, you still need to consult with a REALTOR® who can give you the data on your specific house and neighborhood. If you need help choosing a REALTOR® we have a great customer service department who can help.