Spring is here and the real estate market is in full bloom!
Did you know that one of the ways that realtors measure the strength of the housing market is through foot traffic? Foot traffic represents the number of prospective home buyers going on showings throughout any given neighborhood. Heavy foot traffic is an excellent indicator of real estate growth and is currently stronger than it’s been in many years.
Foot traffic data is gathered by SentriLock, the company who makes the small lock boxes that realtors access to show homes to potential buyers. Once compiled, SentriLock gives the data to the National Association of Realtors for analysis.
Data mining on foot traffic patterns reveal home sale trends in specific markets. There’s generally a pretty strong correlation between foot traffic and pending home sales.
Today, the index used to monitor foot traffic is at its strongest point in four years. The data shows that although traffic eased somewhat at the start of this year, it still finished 2014 surging a whopping 20 points, which denotes a positive trend for this year’s springtime selling season.
If you’re in the market for a new home, now might be time to get on your feet. And if you are considering selling your home, 2015 may be the year to spring into action!