WRE News September 14, 2024
Buyer
Mortgage-rate locks for second homes plummeted by 13.1% year-over-year in August to the lowest level since March 2016 on a seasonally adjusted basis, according to new data by Redfin (NASDAQ: RDFN). In comparison, mortgage-rate locks for primary homes declined 5.2%.
Rate locks for second homes were down 59.2% from pre-pandemic levels, compared with a 31.9% drop in rate locks for primary homes. Mortgage-rate locks for second homes hit a record of 96.2% above pre-pandemic levels in October 2020 when low mortgage rates and Covid-era work-from-home policies allowed many Americans to acquire properties in vacation towns.
Redfin attributed the steep decline to factors including elevated mortgage rates, higher prices on second homes and a Biden-Harris administration hike on loan fees for second homes in 2022.
“Most of the homes that are sitting on the market right now are second homes – especially those in the $400,000 to $800,00 price range, which tend to be more stagnant,” said Shay Stein, a Redfin Premier real estate agent in Las Vegas.
Stay up to date on the latest real estate trends.
September 18, 2024
September 17, 2024
MICHELIN announced a second wave of top picks for the best hotels in the U.S. and also revealed its selections for a prestigious group of luxury hotels in Canada and M… Read more
September 17, 2024
Generation Z—currently aged 15 to 29—is growing up, and the eldest are ready to rent their own home.
September 17, 2024
A shift is underway in the housing market this season.
September 16, 2024
Running is having quite the moment right now.
September 16, 2024
From financial challenges to work stressors, there are countless pressures on modern marriages.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today