It’s no surprise that interest rate hikes and inflation are impacting homebuyer demand. If that wasn’t enough to dampen the spirits of shoppers, politics and world conflict are creating uncertainty that has impacted demand.
According to the BDX Google National Consumer Search Index, consumer search for new homes on Google is down 34% YOY and has plummeted by 4% in just the last week. Many builders are seeing equal or greater dips in their organic traffic and are looking for ways to generate interest in a shrinking market.
The Good News
While this is a trend we hope rights itself in the coming months, there’s still much that builders and BDX can do to reach, nurture, and convert the serious shoppers who are still in the market for a new home. The good news is that while Google search for new homes is down, NewHomeSource.com is still showing strong traffic with only a 13% drop - YOY vs. 34% for general new home search.
As builders search to shore up marketing efforts and protect profits, they are turning to the leading destination for new home shoppers, NewHomeSource.com. The site continues to dominate and provide builders with more qualified direct leads. Programs like TrustBuilder Ratings & Reviews—free to builders who list their homes for sale on NewHomeSource—are strengthening the position and reputation of builders and the new home industry and helping increase the market share for new homes vs. used homes.
With so much change and uncertainty, it’s more important than ever to communicate the value of new homes vs. used homes. If you are interested in learning more about NewHomeSource.com and how BDX is helping builders sell more new homes for a higher profit, email us or visit us at TheBDX.com for more information.
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