More people are looking to put their homes on the market as internet searches for selling a house have shot up.
Searches online for “sell my house” have soared in the United States, rising 147% as of July, according to an analysis of Google Trends by luxury home brands Ruby Homes.
“The analysis reveals that searches for ‘sell my house’ exploded to over double the average volume within the past month, an unprecedented 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’ is also at an all time high,” the report said.
And Florida, the third most populous state, ranked No. 5 out in the top 10 of states that had the most searches for a selling a home.
In South Florida, some of the cities with the most search queries for putting a house on the market are Fort Lauderdale, West Palm Beach, Miami, Coral Springs, Boca Raton and Port St. Lucie.
South Florida real estate agents say more potential sellers are coming forward as the buyer frenzy of six months ago continues to ease. Mortgage rates are almost double what they were a year ago, and rising housing costs have put added pressure on affordability.
“We have been inundated with seller calls. They know that things have shifted so they want to know how much their house is going to sell for and if they can get what their neighbor got three months ago,” said Patty Da Silva, broker with Green Realty Properties in Cooper City, noting they’ve had a 25-30% increase in such calls.
It’s also reflected in the amount of new homes headed to the market. According to numbers from Whitney Dutton with the Dutton Group in Fort Lauderdale, there’s been about 36% increase in the number of single-family homes coming on the market per week in Fort Lauderdale in August when compared to the year before.
Some of these sellers are buyers themselves, who feel comfortable listing their current home because they think that they have more inventory to choose from and power in the market.
“Let’s say you missed 5% of the market by selling now as opposed to six months ago. If you are going to repurchase, you are going to get that same benefit on the other side, “Dutton said. “Sellers that are investors definitely feel that they have missed 5 or 10% of the market because the multiple offer situation isn’t like it was a year ago.”
A seller can still get good offers on a home, but buyers are no longer willing to waive inspections or appraisals, which was unheard of almost six months ago.
“There is a palpable shift in the market, where buyers are feeling more empowered,” added Da Silva.
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This story was originally published August 10, 2022 8:24 AM.