{"id":74151,"date":"2022-04-11T05:00:50","date_gmt":"2022-04-11T12:00:50","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=74151"},"modified":"2022-04-08T15:59:22","modified_gmt":"2022-04-08T22:59:22","slug":"second-home-demand-drop-march-2022","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/second-home-demand-drop-march-2022\/","title":{"rendered":"The Pandemic-Driven Second-Home Boom Is Coming to an End"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">After last year\u2019s frenzy for vacation homes, buyers are now backing off amid rising mortgage rates and an increase in loan fees for second homes.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Demand for vacation homes dropped sharply for the second month in a row in March, with mortgage-rate locks for second homes at their lowest level since May 2020.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Demand for vacation homes was still up 13% from pre-pandemic levels, but it\u2019s declining after a pandemic-fueled second-home boom last year. Still, we expect demand for second homes to remain above pre-pandemic levels in the future, as remote work is here to stay for many Americans.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The slowdown in demand for vacation homes joins other <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-early-signs-of-a-slowdown\/\"><span style=\"font-weight: 400;\">early signals<\/span><\/a><span style=\"font-weight: 400;\"> that the <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-early-signs-of-a-slowdown\/\"><span style=\"font-weight: 400;\">historically fast<\/span><\/a><span style=\"font-weight: 400;\"> rise in mortgage rates and record-high home prices are pricing out some buyers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe pandemic-driven surge in sales of vacation homes is coming to an end as mortgage rates rise at their fastest pace in history, causing some second-home buyers to back off,\u201d said Redfin Deputy Chief Economist <a href=\"https:\/\/www.redfin.com\/news\/author\/taylormarr\/\">Taylor Marr<\/a>. \u201cWhen rates and prices shoot up so much that a vacation home starts to look more like a burden than a good investment and a fun place to bring your family on the weekends, a lot of prospective buyers have second thoughts. The new second-home <\/span><a href=\"https:\/\/www.fhfa.gov\/Media\/PublicAffairs\/Pages\/FHFA-Announces-Targeted-Increases-to-Enterprise-Pricing-Framework.aspx#:~:text=For%20second%20home%20loans%2C%20upfront,loan%2Dto%2Dvalue%20ratio.&amp;text=%E2%80%8BThe%20Federal%20Housing%20Finance,11%20Federal%20Home%20Loan%20Banks.\"><span style=\"font-weight: 400;\">loan fees<\/span><\/a><span style=\"font-weight: 400;\"> that kicked in on April 1 were also a deterrent. Plus, some buyers\u2019 down payments\u2013and their nerves\u2013probably took a hit when the stock market <\/span><a href=\"https:\/\/www.nytimes.com\/2022\/03\/31\/business\/march-stocks-rebound.html\"><span style=\"font-weight: 400;\">dipped<\/span><\/a><span style=\"font-weight: 400;\"> over the last few months.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Growth in demand for primary residences outpaced that of second homes for the second month in a row, with mortgage-rate locks for primary homes up 34% from pre-pandemic levels. Demand for primary residences has remained at roughly the same level since June 2020.\u00a0<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-74153 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/march-second-homes.png\" alt=\"\" width=\"943\" height=\"547\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/march-second-homes.png 943w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/march-second-homes-300x174.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/march-second-homes-768x445.png 768w\" sizes=\"(max-width: 943px) 100vw, 943px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Interest in vacation homes skyrocketed in mid-2020 as many affluent Americans started working remotely and mortgage rates dropped to record lows, with mortgage-rate locks for second homes reaching a peak of 88% above pre-pandemic levels in March 2021. Demand declined sharply over the last two months as mortgage rates shot up at their fastest pace in history, reaching <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">4.67%<\/span><\/a><span style=\"font-weight: 400;\"> by the end of March, and some workers started <\/span><a href=\"https:\/\/www.nytimes.com\/2022\/02\/24\/business\/return-to-work-office.html\"><span style=\"font-weight: 400;\">returning<\/span><\/a><span style=\"font-weight: 400;\"> to the office.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another deterrent to demand was the impending rise in loan fees for second-home loans, which <\/span><a href=\"https:\/\/www.fhfa.gov\/Media\/PublicAffairs\/Pages\/FHFA-Announces-Targeted-Increases-to-Enterprise-Pricing-Framework.aspx#:~:text=For%20second%20home%20loans%2C%20upfront,loan%2Dto%2Dvalue%20ratio.&amp;text=%E2%80%8BThe%20Federal%20Housing%20Finance,11%20Federal%20Home%20Loan%20Banks.\"><span style=\"font-weight: 400;\">increased<\/span><\/a><span style=\"font-weight: 400;\"> by about 1% to 4% starting on April 1. The change adds about $13,500 to the cost of purchasing a $400,000 home for the typical vacation-home buyer and will continue to cool interest in vacation homes in the coming months. <\/span><\/p>\n<h4>Methodology<\/h4>\n<p><span style=\"font-weight: 400;\">The data in this report is from a Redfin analysis of mortgage-rate lock data from real estate analytics firm<\/span> <a href=\"https:\/\/www2.optimalblue.com\/\"><span style=\"font-weight: 400;\">Optimal Blue<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">Redfin created a seasonally adjusted index of Optimal Blue\u2019s data to adjust for typical seasonal patterns and allow for simple comparisons of second-home demand during and before the pandemic. We define \u201cpre-pandemic\u201d as January and February 2020 and set the index for that period to 100. Any data point above 100 represents second-home demand that\u2019s above pre-pandemic levels and any data point below 100 represents demand below pre-pandemic levels. This data is subject to revision.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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, offering protection against future interest-rate hikes. Homebuyers must specify whether they are applying to secure a mortgage rate for a primary home, a second home or an investment property. Roughly <\/span><a href=\"https:\/\/f.hubspotusercontent10.net\/hubfs\/4225469\/Daily-Briefing-Files\/111720-Daily-Market-Briefing.pdf?utm_campaign=DAILY%20BRIEFING%3A%20Mortgage%20Market%20Trends%20%26%20Rate%20Activity&amp;utm_medium=email&amp;_hsenc=p2ANqtz-_rJREAU041O7dLTCSSszK8thVgx5ZLbxG5gUSP3Lze1YmGVqPGf8qFS1a_J4OJT6bE92hQ0usjKIeSlZ79_9_KNdN5HA&amp;_hsmi=100118857&amp;utm_content=100118857&amp;utm_source=hs_email&amp;hsCtaTracking=dd6feab3-8164-4576-9814-7d1dcdea398c%7C32e55f2c-05c3-4f18-acdf-e0fec0b66c48\"><span style=\"font-weight: 400;\">80%<\/span><\/a><span style=\"font-weight: 400;\"> of mortgage-rate locks result in actual home purchases.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After last year\u2019s frenzy for vacation homes, buyers are now backing off amid rising mortgage rates and an increase in loan fees for second homes. Demand for vacation homes dropped sharply for the second month in a row in March, with mortgage-rate locks for second homes at their lowest level since May 2020.\u00a0 Demand for [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":74154,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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