A buyer on a $2,500 budget can afford a $400,000 home with a 6% mortgage rate. That’s compared to a $517,000 home with a 3% mortgage rate. 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. That buyer
Nationwide, a record share of homebuyers are relocating, many in search of affordability as prices and mortgage rates soar. Homebuyer migration remained at an all-time high in April and May, with 32.3% of Redfin.com users nationwide looking to move to a different metro area. While that’s unchanged from the record set in the first quarter,
Slowing budget growth indicates that home-price growth will slow in the coming months, too. Homebuyer budgets are essentially flat from last year, up just 0.3% year over year nationwide in the three months ending April 30, the slowest growth rate since June 2020. That’s according to an analysis of the average maximum price set by
Rental and home-sale prices increased more than 25% year over year in April in four of the five most popular second-home destinations: Phoenix, Cape Coral, FL, Naples, FL and Las Vegas. Housing costs soared in second-home hotspots even more than the rest of the country after pandemic-fueled remote work prompted many Americans to pack up
Austin, Las Vegas, Nashville and other metros popular during the pandemic have seen in-migration slow amid surging prices and higher mortgage rates. Homebuyers who are priced out of Austin are turning to San Antonio, located about 80 miles southwest. San Antonio ranks 10th on Redfin’s list of most popular migration destinations, and its popularity with
Redfin experts share home-selling strategies as mortgage rates rise and homebuyer demand falls. Price your home slightly lower than similar homes that sold recently in your neighborhood. Remember that buyers are sensitive to rising rates. List as soon as possible. Make small repairs and stage your home. If you price your home right, you’ll find
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