Report: Spike in searches for ‘sell my house’ as homeowners fear recession impacts
Searches for “sell my house” were up 147 percent in July, according to an analysis of Google search data by RubyHome, a troubling finding showing just how much Americans are feeling jittery about talk of an upcoming recession.
Also part of the background here: the U.S. housing market sees mortgage rates doubling from this time last year (5.5 percent, up from 2.8 percent), and according to Zillow, the average house price in America is up 20.7 percent on last year at $350,000.
The data also reveals that searches for ‘sell my house for cash’ is also at an all-time high.
“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 Tony Mariotti, a spokesperson for RubyHome.
“With Zillow’s report that the average house price in America has risen 20.7 percent from last year, it is clear to see why Americans are tempted to sell at this time,” Mariotti said. “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.”