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.
Tag: Redfin
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.
Sellers Increasingly Reluctant to List Homes; Investors Stepping Up
Redfin, Seattle, said would-be sellers are reluctant to list their homes as they have begun to see prices come down. With few new listings, buyers’ newfound bargaining power is reaching its limit, especially now that demand has stabilized.
More Homebuyers Flock to Climate Risky Areas, Despite Intensifying Natural Disasters
Wildfires? Floods? Other natural disasters? “Bring it on,” homeowners seem to be saying.
Vacation Home Buyers Ignore Natural Disaster Risk
Redfin, Seattle, said pandemic-era second home and vacation home buyers are largely ignoring natural disaster risk.
Homebuyers on $2,500 Monthly Budget Lose $118,000 in Spending Power in 2022
Redfin, Seattle, said a homebuyer on a $2,500 monthly budget has lost nearly $120,000 in spending power since the end of last year as mortgage rates have nearly doubled.
2nd Home Hotspots See Outsized Growth in Rental, Home Prices
As remote work prompted many Americans to relocate during the pandemic, housing costs soared in second-home hotspots even more than the rest of the country, according to Redfin, Seattle.
Redfin: Homes with High Fire Risk Sell for More as Americans Flock to Fire-Prone Areas
Redfin, Seattle, said its analysis of homes for sale in high fire-risk areas found the median sale price of U.S. homes with high fire risk was $550,500 in April, compared with $431,300 for homes with low fire risk—a difference of nearly $120,000.