In the world of real estate we pay attention to something called foot traffic. You might be thinking, ‘well hey, aren’t people looking online for houses’ so why would foot traffic matter as much? The truth is that, yes, online real estate activity has certainly increased in recent years, but that doesn’t negate the interest in specific properties. People are still going to see properties in person before deciding on placing an offer. Open houses are still happening left and right. Foot traffic is still a great indicator of what’s going on in the real estate market!
What Does Foot Traffic Tell Us?
Foot Traffic is a good indicator of the health of the real estate market at large. It gives us a good idea of how many people are out looking at homes and properties – how many showings, open houses, and total visitors local markets are getting. There’s a direct correlation between the Foot Traffic numbers and closed contracts month over month. This means that real estate agents, and others like us in the real estate industry, like to take a look at these numbers to get a feel for how the local market is doing as a whole.
In recent months, foot traffic is still up and in a healthy range, and so are mortgage applications! This means that buyers are still out there and interested in properties. If you price your property correctly, you’ll still get that great fast sale that you are looking for.
Real estate is one of the best ways to leverage investment to build wealth over time. Owning properties and investing over time allows you to create multi-generational wealth, annuity plans, and strategic financial wealth. Our team is devoted to education and helping people understand how they can leverage real estate to build this kind of wealth. We also believe in education into the what is going on in the local market. So, when we say that foot traffic is up, you can see what the numbers are saying in our monthly market trends summary and be as educated as possible. The more you are educated, the better you will be at making smart real estate and financial decisions.
Thinking of checking out some homes this season? Now you know that when you do, you help contribute to the overall health of the local real estate market and you just may find your dream home in the process too!