Google provides consumers with a plethora of information that answers our questions and sometimes even keeps us up at night. Americans are increasingly turning to Google to find answers to their housing questions. The phrase “When is the housing market going to crash?” has surged in Google searches by 2,450% in the past month. Consumers are also searching for information about “Why is the market so hot?”—doubling in that week—and “How much over asking price should I offer on a home in 2021?” which increased by 350% in Google searches that week.
REALTOR Magazine shares their insight with us on what is happening in today’s Real Estate Market and how it correlates with these searches.
“The housing market is more competitive than we’ve ever seen it, but a couple indicators are causing us to ask whether we’re nearing a peak in terms of how fast demand and prices can grow,” says Daryl Fairweather, Redfin’s chief economist. “Sellers’ asking prices may be starting to flatten in what so far appears to follow a typical seasonal pattern.” If that continues to happen, she says the housing market will not be in a runaway home price speculation environment.
While consumers are showing concern that the housing market may be overreaching as home prices rise and bidding wars become common, the National Association of REALTORS® has said conditions are different now than in the previous hot market.
“This is not a bubble,” Lawrence Yun, chief economist for NAR, recently told Axios. “It is simply lack of supply.”
REALTOR Magazine feels that contributing factors include:
- Buyer Demand
- Mortgage Rates & Lending
- Investors
To read more about what’s going on with the Real Estate Market here: Google Searches Reflect Consumers’ Market Angst
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