The red-hot housing market is starting to cool, after two years of soaring prices and shrinking inventory.
According to the National Association of Realtors, existing-home sales fell for the third straight month in April 2022. Sales were down 2.4% from March and 5.9% from one year ago.
Rising home prices and mortgage rates are reducing buyer activity and increasing home supply to half pre-pandemic levels. A Realtor.com survey indicates over 60% of 2022 home sellers plan to list by summer’s end with high expectations for making a profit.
Still, the potential uptick in newly-listed homes indicates some much-needed relief could be on the horizon for buyers – especially first-timers. Among Gen Z and millennial consumers, 32% plan to refinance, 26% are likely to purchase a new home and 23% are willing to purchase a home without seeing it in person first.
If you’re a marketer targeting the real estate industry, understanding how today’s home market conditions impact the digital landscape can seem overwhelming, complicated, and confusing.
For example, a recent 7% decrease in “homes for sale” searches on Google indicates heightened competition for a smaller search audience. With a carefully crafted, well-optimized SEM campaign that targets your competitor audience and eliminates irrelevant searches with negative keywords, Brkthru can help make $1 work like $10 – and most importantly, beat your competition.
Within the past 30 days, home buyers have become 40% more likely to take action after seeing a SEM ad compared to the average US consumer. During the same time, home buyers are over 50% more likely to take action after seeing an online banner or video ad.
At Brkthru, we understand consumers are moving and we keep up. We uncover a target customer’s lifestyle, prejudices and media habits, predicting where they’re going next so we can already be there with your message.