It looks like inventory is about to get a boost. An analysis of Google search data reveals that searches for ‘sell my house’ exploded 147% in the United States as of July 2022 — the highest level in internet history for America, according to luxury real estate platform RubyHome.
This comes as Americans face rising property and rent costs, with fears of a recession looming.
The analysis reveals that searches for ‘sell my house’ more than doubled within the past month, a huge increase in Americans looking to sell their property, according to Google search data analysis. The data also reveals that searches for ‘sell my house for cash’ are also at an all-time high.
This comes at a time where the U.S. housing market sees mortgage rates doubling from this time last year (5.5% up from 2.8%), and, according to Zillow, the average house price in America is up 20.7% on last year at $350,000.
The top ten states searching to sell their house the most are:
“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,” said a RubyHome spokesperson.
They 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.”
By: Tracey Velt I Real Trends I September 2022