Redfin Reports Demand for Second-Home Mortgages Falls to Eight-Year Low
2024年9月12日 - 9:30PM
ビジネスワイヤ(英語)
Mortgage-rate locks for second homes have
dropped 13% since last summer—more than twice as much as rate locks
for primary homes
(NASDAQ: RDFN) — Mortgage-rate locks for second homes fell 13.1%
year over year in August to the lowest level since March 2016 on a
seasonally adjusted basis, according to a new report from Redfin
(redfin.com), the technology-powered real estate brokerage. By
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.
This is according to a Redfin analysis of Optimal Blue data. A
mortgage-rate lock is an agreement between a homebuyer and a lender
that allows the homebuyer to lock in an interest rate on a mortgage
for a certain period of time; roughly 80% of rate locks result in
purchases.
Mortgage demand is sluggish across the board due to high home
prices and elevated interest rates, but mortgage demand for second
homes is especially slow for several reasons:
- Second-home buyers are more likely to have the funds to pay
in cash to escape the sting of elevated mortgage rates. While
rates have ticked down in recent months, they’re still more than
double the all-time low hit during the pandemic. When mortgage
rates are low, many second-home buyers will take out mortgages even
though they can afford to pay cash so that they have more cash to
invest elsewhere, like the stock market. But when rates are
elevated, it's often more financially prudent to put that cash
toward a home purchase to avoid large interest payments.
- Second homes are more expensive, and aren’t a necessity like
primary homes. That means when housing costs rise, many
prospective second-home buyers back off. The typical home in a
seasonal town—where a lot of second homes are located—sold for
$589,162 in August, up 4.1% from a year earlier. That compares with
$437,787 for homes in non-seasonal towns, up 4.7%. The government
also raised loan fees for second homes in 2022, increasing the cost
of buying one.
- Employers are asking workers to return to the office,
meaning people have less time to spend in vacation homes.
- Asking rents have stagnated below their record high, so
buying a second home to rent it out has become less attractive.
Owners of short-term rentals on sites like Airbnb are generally
earning less revenue, and many cities have imposed restrictions on
short-term rentals.
- Economic jitters: The labor market is weakening and
Americans are concerned about a recession, making them especially
wary of moving forward with large purchases.
“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.
The slowdown in the second-home market comes after a surge in
demand during the pandemic. Mortgage-rate locks for second homes
skyrocketed a record 96.2% above pre-pandemic levels in October
2020 as wealthy Americans took advantage of ultra-low mortgage
rates at a time when many of them could work remotely from vacation
towns.
To view the full report, including a chart and methodology,
please visit:
https://www.redfin.com/news/second-home-purchases-august-2024/
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate
company. We help people find a place to live with brokerage,
rentals, lending, title insurance, and renovations services. We run
the country's #1 real estate brokerage site. Our customers can save
thousands in fees while working with a top agent. Our home-buying
customers see homes first with on-demand tours, and our lending and
title services help them close quickly. Customers selling a home
can have our renovations crew fix it up to sell for top dollar. Our
rentals business empowers millions nationwide to find apartments
and houses for rent. Since launching in 2006, we've saved customers
more than $1.6 billion in commissions. We serve more than 100
markets across the U.S. and Canada and employ over 4,000
people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity
Home Loans®, Rent.™, Apartment Guide®, Title Forward® and
WalkScore®.
For more information or to contact a local Redfin real estate
agent, visit www.redfin.com. To learn about housing market trends
and download data, visit the Redfin Data Center. To be added to
Redfin's press release distribution list, email press@redfin.com.
To view Redfin's press center, click here.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240912746059/en/
Contact Redfin Redfin Journalist Services: Isabelle Novak
press@redfin.com
Redfin (NASDAQ:RDFN)
過去 株価チャート
から 9 2024 まで 10 2024
Redfin (NASDAQ:RDFN)
過去 株価チャート
から 10 2023 まで 10 2024