Tag Archives: Chen Zhao

“Homebuyers are starting to feel more confident as mortgage rates tick down closer to 6% than 7% and the overall economy chugs along with surprising resilience, especially in the labor market. Steadily cooling inflation is likely to prevent mortgage rates from jumping back up,” said Redfin Economics Research Lead Chen Zhao.

“By Super Bowl weekend, we usually have a good idea how a given year’s housing market will play out. But this year is anything but typical,” said Redfin Economics Research Lead Chen Zhao.

“Today’s affluent homebuyers are motivated to pay in cash because the surge in mortgage rates makes them want to avoid loans—and the high monthly interest payments that come with them—altogether,” said Redfin Economics Research Lead Chen Zhao.

“Rent growth is likely to continue cooling,” said Redfin Economics Research Lead Chen Zhao.

“With a recession looming and household expenses high, many people can’t afford to buy a home in an expensive area and/or want to save money in case of an emergency, which makes relocating somewhere more affordable an attractive option,” said Redfin Economics Research Lead Chen Zhao.

With home sales on the decline and mortgage application volume falling to a 25-year low, Redfin reports sellers’ time on market has doubled from the spring as buyers wait for both prices and rates to come down.

Would-be sellers are becoming more reluctant to list their homes as surging prices begin to come down. With fewer new listings, buyers’ bargaining power is reaching its limit ...

As builders continued to face rising costs, supply-chain issues, and extended completion times, the buying market has cooled amid high mortgage rates and lingering affordability concerns.