🏘️ US housing market faces instability as Google searches for ‘sell my house’ surge to a record high 🏘️
Consumer confidence in the housing market has dropped significantly as sharply higher mortgage rates caused a pullback in home sales.
Thus, more people are looking to sell their homes as internet search data shows that search engine traffic for home sales has shot up. As of July 2022, searches for ‘sell my house’ skyrocketed by 147% in the US, the highest level in internet history for America, according to the analysis of Google trends search data shared with Finbold.
Similarly, RubyHome, a luxury real estate platform, claims that searches for ‘sell my home’ have exploded over the past month to reach double the average figures. A spokesperson from RubyHome commented on the findings:
“With the rate of inflation skyrocketing in recent years, the value of a house has increased massively, meaning homeowners and sellers are in a prime position to reap the benefits, especially with any money left over from selling a property being able to help towards the growing costs of everyday items.”
The spokesperson also added:
“With Zillow’s report that the average house price in America has risen 20.7% from last year, it is clear to see why Americans are tempted to sell at this time. However, with affordable housing becoming increasingly challenging to come across throughout America, it will be interesting to see if these figures translate into actual sales and what this may mean for the housing market.”
https://finbold.com/us-housing-market-faces-instability-as-google-searches-for-sell-my-house-surge-to-a-record-high/