Homebuyers, Sellers Shift on Climate Risk Issues

Earlier this year, you could get a bidding war for swampland in Florida. Now, said Redfin, Seattle, homebuyers and sellers are getting pickier—and particularly when it comes to climate risk.

Staying Put: 85% of Homeowners with Mortgages Have Rate Far Below Current Level

With mortgage interest rates pushing well above 6 percent—the Mortgage Bankers Association on Wednesday reported 30-year rates up by 24 basis points to 6.25%–a growing number of homeowners are reluctant to sell because they have a lower rate locked in, said Redfin, Seattle.

Nearly 1/3 of Homes Bought All-Cash as Buyers Gain Upper Hand

Redfin, Seattle, reported nearly one-third (31.4%) of U.S. home purchases were paid for with all cash in July, near the eight-year high reached in February and up from 27.5% a year earlier. In a separate report, Redfin said higher interest rates have given home buyers the upper hand after several years of a “sellers’ market.”

Home Building Increases in Disaster-Prone Areas

More than half of homes built today face fire risk, compared to 14% of homes built from 1900 to 1959, as suburbanization and a shift to the Sun Belt push builders into more vulnerable areas, said Redfin, Seattle.

Redfin: Drought-Affected Areas Seeing Growth

An estimated $17 trillion worth of homes—nearly 25 million properties—experienced intense drought in August, up 42% from a year earlier. It’s not stopping property-hungry borrowers, according to Redfin, Seattle.