WRE News August 28, 2024
Buyer
A total of 85.7% home owners with mortgages, roughly six out of every seven households, have an interest rate below 6%, according to a data report from Redfin (NASDAQ: RDFN). This is down from 90.6% at the start of last year and from the record high of 92.8% in mid-2022.
Redfin noted that 76.1% of homeowners have a rate below 5%, down from a record 85.6% in the first quarter of 2022, while 57.4% have a rate below 4%, down from a record 65.3% in the first quarter of 2022, and 22% have a rate below 3%, down from a record 24.7% in the first quarter of 2022.
Redfin added these percentages continue to reinforce the lock-in effect that is keeping is homeowners from selling their properties, thus exacerbating the shortage of homes for sale.
“I have a dozen or so homeowners who would like to sell but aren’t willing to give up their 3% interest rate for one that’s more than twice as high,” said Blakely Minton, a Redfin Premier real estate agent in Philadelphia. “Many of those sellers will list if rates get back down to 5%.”
Stay up to date on the latest real estate trends.
September 14, 2024
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 … Read more
September 14, 2024
Words often fail to describe how fervent of a force love is—in all its forms.
September 13, 2024
America’s housing market has been sluggish due to high interest rates—but two regions are bucking that trend.
September 13, 2024
Utah isn’t just the birthplace of JW Marriott, land of “America’s First Department Store,” and the unlikely launchpad of Kentucky Fried Chicken (yes, you read that cor… Read more
September 13, 2024
Now that you’ve decided to buy a home and are ready to make it happen, it’s a good idea to plan ahead for the costs that are a typical part of the homebuying process.
September 12, 2024
Two new data reports from the Mortgage Bankers Association (MBA) pointed to positive developments in the home loan market.
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