Tag Archives: Homebuyers

As mortgage rates remain elevated, a new market report from Redfin revealed the typical homebuyer’s monthly payment is now at a record high of $2,666, representing a near 9% year-over-year change as housing costs continue to rise nationwide.

Homeownership is becoming more and more difficult, according to ATTOM's 2023 U.S. Home Affordability Report, which revealed that in Q3, housing affordability worsened across the nation amid continuing increases in home prices and mortgage rates.

A new Redfin survey revealed that nearly one-third of Black and Hispanic respondents faced some sort of discrimination while house hunting, while 22% of LGBTQ+ respondents also reported being discriminated against because of their sexual orientation.

Redfin reports that a record share of homebuyers nationwide are relocating to areas facing increasing climate risks, including metros that are often faced with extreme wind/hurricane risk and flooding.

The total value of the U.S. housing market surged more than $2.6 trillion year-over-year, nearly 50% higher than pre-pandemic levels, as a new Zillow report revealed which states and metro areas boast the most valuable real estate in the nation.

Among homeowners who have relocated in the last three years, more than 20% regret moving, according to a new study from All Star Home, with unexpected housing costs cited as the top driver of buyer's remorse.

Consumer homebuying power decreased from June to July 2023 and decreased 11.0% year-over-year, according to the First American Real House Price Index, sending housing affordability to its lowest level in more than three decades.

"Rents have registered steady declines for the past four months and, while they remain well above pre-pandemic levels, when you factor in the impact of record-high mortgage rates and high home prices, it's understandable that many would-be homebuyers are choosing to remain on the sidelines," said Danielle Hale, Chief Economist at Realtor.com.

Purchase demand remained strong in August for newly constructed homes, increasing 20.6% compared to a year ago, according to the MBA Builder Application Survey, while the average loan size for new homes increased to $398,092.

Nearly one in six prospective homebuyers across different races and ethnicities reported facing some form of discrimination during the homebuying process, according to the National Association of Realtors. Others cited their primary reasons for stalling their home purchase as waiting for mortgage rates and home prices to decline, alongside a lack of available homes within their budget.