This morning, ABC’s Good Morning America ran a story on buyers who are swooping in to view and snatch up bargains amid record-low home values. This Michigan listing on Zillow, featured on the show, has attracted nearly 14,000 page views already today in the few hours since the story aired.
Anecdotally, we’re also hearing from some agents that Open Houses are attracting visitor numbers they haven’t seen in months.
But the most compelling evidence to us that buyers are watching… lurking… comes in the form of our January site traffic measured by Omniture, seen in the chart below. After a record-breaking December, Zillow’s January traffic hit an all-time high — 7.5 million unique visitors — a number up 30 percent over December traffic, and 61 percent over January 2008 (page views up 55 percent vs January 08).
Are prices low enough to get people actually purchasing homes, or is this a lot of pre-buying interest? Are the bargains outweighing fear of more job losses and general economic concern? I’d love to hear from agents what’s happening in your market this month.