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Mortgage rates were forecast to go down in 2025. Expectations of higher inflation and more government debt under Trump have helped mortgage rates rise in recent weeks. Why mortgage rates rose ahead of the election — and are still high nowMortgage rates went down a lot in September, with 30-year rates dropping near 6%, according to Freddie Mac. How Trump's policies could lead to higher mortgage ratesZhao says that right now it's "nearly impossible" to predict where mortgage rates will go in 2025. More supply would help moderate home price growth, improving affordability even if mortgage rates remain high.

Persons: Donald Trump's, Trump's, —, Freddie Mac, they're, Chen Zhao, Melissa Cohn, Trump, Zhao, Kamala Harris, Cohn Organizations: Trump, Service, Bond, William, Mortgage, Analytics

☆ Inside Realtors' Fight for Control of America's for-Sale Home Listings
▼ + stars: | 2024-10-31 | by ( James Rodriguez | ) www.businessinsider.com time to read: +17 min

Agents might be emboldened to share listings among private networks of in-the-know brokers rather than market them to everyone. And if the goal is a transparent market that prioritizes consumers, the clear-cooperation policy is a flawed tool. Redfin estimated that in the second quarter of 2019, about 1.7% of listings, or some 18,000 homes, were likely pocketed. In a hot market, it's easier for brokers to market a home off the databases and still get it sold. What has changed since the rule went into effect is brokerages' eagerness to control access to home listings.

Persons: Smart, —, they'll, Brian Boero, Goliath, Davids, MLSes, doesn't, weren't, Joe Schmo, Saul Klein, Howard Hanna's, Howard Hanna IV, Robert Reffkin, Mauricio Umansky, Redfin, Glenn Kelman, Kelman, haven't, Victor Lund, There's, Buckle Organizations: MLS, National Association of Realtors, NAR, Coldwell, Network, San Diego, Compass, Service, of Justice

☆ Here's how natural disasters are shaping the buy-versus-rent decision in vulnerable states like Florida
▼ + stars: | 2024-10-13 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +6 min

Owning a home in high-climate risk states like Florida is becoming tougher amid rising costs. Experts say the next few years will be crucial for housing policy in the wake of severe climate disasters. On the one hand, buyers are facing rising costs as insurance premiums skyrocket. Still, a big advantage to owning a home is the ability to lock in housing costs. That's especially true after climate disasters, according to one study that looked at rent prices following hurricanes in US coastal states.

Persons: Hurricane Milton, homebuyers, Chen Zhao, Jung Hyun Choi, Choi, Katrina, Zhao Organizations: Service, Institute's, Finance Policy Center Locations: Florida, Hurricane, Texas, Georgia, Louisiana, it's

☆ Falling home prices and fed-up residents show the Texas housing boom is slowing
▼ + stars: | 2024-10-05 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +8 min

The Texas housing market has cooled after a frenzy of activity during the pandemic. The shift in attitudes is an indicator for the state's housing market, which boomed during the pandemic. Median home prices in Texas have fallen around 7% from their highs in mid-2022, according to data from Redfin. The decline is an outlier compared to the broader US housing market, which is still prices hovering around record highs. But those issues are minor relative to things like economic growth and housing affordability, Fairweather says, which she described as two of the biggest factors that could determine if the Texas housing market picks back up.

Persons: Austin, —, Peter Hoholick, Roe, Wade, Hoholick, it's, James Willoughby, Willoughby, he's, Redfin, William Wheeler, Price, Daryl Fairweather, " Fairweather, Fairweather, they're, Samuel Cobb, couldn't, Cobb, hasn't, We're Organizations: Lone Star, Service, Texas —, Lone Star State, realtors, Texas, Census Bureau, . Texas realtors, Bureau of Labor Statistics, BI Locations: Texas, Austin, California, Dallas, Amarillo, Florida , Texas, LendingTree, Fort Worth, Arlington, East Texas

☆ The housing market is seeing its biggest logjam since before the pandemic
▼ + stars: | 2024-09-26 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The housing market is in the midst of its biggest slowdown since the pandemic, according to Redfin. Homes stayed on the market for the longest in West Palm Beach, Florida, with listings taking a median 79 days before being sold. That was followed by Fort Lauderdale, Florida, and Jacksonville, Florida, where homes stayed on the market for a median 75 and 65 days respectively. Seattle was the hottest housing market in the nation last month, with homes staying on the market for a median of 12 days, per Redfin's report. "Anyone who has been paying attention to the housing market over the past few years knows that desirable homes sell right away," Fairweather said.

Persons: It's, Darryl Fairweather, Redfin's, " Fairweather, Redfin Organizations: Business, . Homes, Federal Reserve, Buyers Locations: Towns, Florida, Texas, Palm Beach , Florida, Fort Lauderdale , Florida, Jacksonville , Florida, Seattle, Indianapolis , Indiana, Warren , Michigan

☆ Top 5 Best and Worst Cities for New Home Listings: Redfin
▼ + stars: | 2024-09-07 | by ( Christine Ji | ) www.businessinsider.com time to read: +1 min

The housing market is finally reviving as mortgage payments decrease for the first time in 4 years. Here are the top 5 cities with the most new listings — and 5 with the least. Go to newsletter preferences Thanks for signing up! Signs of life in the market include the fact that monthly mortgage payments decreased last month for the first time since 2020 with mortgage rates at a 15-month low, according to Redfin. Mortgage rates are slated to come down further as the Fed begins cutting interest rates soon, giving homebuyers confidence that buying conditions are improving.

Persons: —, Chen Zhao Organizations: Service, Business

☆ Stocks making the biggest moves midday: Cleanspark, Vaxcyte, Unity Software and more
▼ + stars: | 2024-09-03 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Cleanspark released its mining update for August, which showed that it mined 478 bitcoins last month. Vaxcyte – Shares were recently up more than 36% and earlier hit a record high after the vaccine company reported positive results from the Phase 1/2 study for its 31-valent pneumococcal conjugate vaccine candidate. Semiconductor stocks – Shares of some of the biggest chipmakers fell during the first trading session of the month. Last week, shares fell 19% on news of its filing delay and Hindenburg's disclosed short position. United States Steel – Shares fell around 6% after Vice President Kamala Harris opposed the planned sale of U.S. Steel to Japan's Nippon Steel at a Labor Day rally for union members in Pittsburgh.

Persons: Cleanspark, Vaxcyte, Leerink, Morgan Stanley, Redfin, Charles Liang, Hindenburg's, Hindenburg, Kamala Harris, Harris, Lisa Kailai Han, Pia Singh, Jesse Pound, Fred Imbert, Michelle Fox Organizations: Leerink Partners, Boeing, Riley Securities, Semiconductor, KLA, Nvidia, Micron Technology, Taiwan Semiconductor Manufacturing, Broadcom, Hindenburg, Securities and Exchange, United States Steel, Steel, Japan's Nippon Steel, Labor, U.S Locations: Wells, U.S, Pittsburgh, American

☆ Looking to buy a home? Redfin's research lead says a flood of housing supply is set to hit the market by the end of 2025 as locked-in homeowners finally start selling
▼ + stars: | 2024-08-13 | by ( Christine Ji | ) www.businessinsider.com time to read: +5 min

Read previewProspective homebuyers are painfully aware of just how bad the housing market is right now. Mortgage rates have doubled since 2022 following the Federal Reserve's initiative to raise rates and curb inflation. In an interview with Business Insider, she shared her predictions for the housing market and mortgage rates. Advertisement"That can help to alleviate some of the pain associated with getting a higher rate," Zhao said. The housing market isn't going to unlock overnight, but Zhao is optimistic that conditions will improve for homebuyers going forward.

Persons: —, Chen Zhao, … Zhao, Zhao, it'll, Zhao doesn't Organizations: Service, Federal, Business, Fed, Bank of America Locations: Florida

☆ Looking to buy a home? Redfin's research lead says a flood of housing supply is set to hit the market by the end of 2025 as locked-in homeowners finally start selling.
▼ + stars: | 2024-08-13 | by ( Christine Ji | ) www.businessinsider.com time to read: +6 min

Persons: —, Chen Zhao, … Zhao, Zhao, It's, Zhao doesn't Organizations: Service, Federal, Business, Fed, Bank of America Locations: Florida

☆ Tim Walz is a YIMBY. He's supported a ton of new housing that's kept rents down in Minnesota.
▼ + stars: | 2024-08-08 | by ( Eliza Relman | ) www.businessinsider.com time to read: +5 min

Walz has overseen a significant push for new housing, including reducing regulatory barriers to construction, and supported progressive efforts to support low-income tenants and homebuyers. In May 2023, he signed a $1 billion housing omnibus law, which included funding for programs ranging from downpayment assistance to workforce housing. A city leading the country on housing policyMinnesota's biggest city — Minneapolis — has long been a national leader on pro-housing policy. A lawsuit in 2022 paused the policy's implementation until the Minnesota state legislature passed a law — signed by Walz — in May allowing the plan to go forward. Over the last decade, Minneapolis has constructed a ton of new and dense housing, which has significantly improved affordability.

Persons: —, Joe Biden, Kamala Harris, Harris, Tim Walz, Walz, Minnesotans, Ezra Klein, Janet Yellen, Yellen, Jenny Schuetz, Daryl Fairweather, Redfin's, Walz — Organizations: Service, Business, Minnesota Gov, New York Times, Democratic, Brookings Institute, Minneapolis —, Twin Locations: Minnesota, Minneapolis, Twin Cities

☆ Gen Zers are willing to buy fixer-upper homes. Some already regret the decision, new report finds
▼ + stars: | 2024-07-11 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

About one in five Gen Zers, or 22%, say a lack of affordable starter homes poses as a barrier towards homeownership, according to a new report. Some believe fixer-upper homes might be the answer to the issue. More than half, 57%, of Gen Zers polled said they are willing to put an offer on a fixer-upper, according to a new report by Clever Real Estate. The site surveyed 1,000 Gen Z adults 18 and older; 126 were homeowners and the remaining 874 do not own a home. To that point, of the 40% of Gen Z homeowners who did buy a fixer-upper, about 27% regret it, the report found.

Persons: Gen Zers, Jaime Dunaway, Seale, Marine Sargsyan Organizations: Finance, Marine

☆ Home prices will go down this summer as sellers can't postpone listing any longer, Redfin CEO says
▼ + stars: | 2024-06-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Home prices will fall this summer as owners cave to selling pressure, according to Redfin's CEO. Homes in Florida and Texas are already beginning to see "major price cuts," the firm said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHouse prices will drop this summer as homeowners trying to wait out high mortgage rates are realizing they can't postpone moving any longer, according to Redfin CEO Glenn Kelman. Homes in key metros, like Florida and Texas, are already seeing "major price cuts," Kelman said.

Persons: —, Glenn Kelman, Kelman, Redfin Organizations: Homes, Service, Business Locations: Florida, Texas

☆ Investor home purchases jump for the first time in two years. Here's what that means for buyers
▼ + stars: | 2024-06-04 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

watch nowWhat an investor home purchase meansIn this context, investors are defined as any institution or business that purchases residential real estate, according to Redfin. Investor share refers to the portion of homes purchased by investors over a certain period, said Chen Zhao, senior economist at Redfin. Part of the recent increase in real estate investor activity is due to seasonality, as more homes are typically sold during the spring, Walsh said. Sales began to decline as mortgage rates climbed, as higher interest rates affect both typical homebuyers and investors, he said. What investor interest means for buyers and rentersIf you're a consumer buying on the market, you are competing against investors on top of other typical homebuyers, Zhao explained.

Persons: Chen Zhao, Zhao, Matthew Walsh, there's, aren't, Moody's, Redfin's Zhao, Walsh, Sales Organizations: Investor, Parcl Labs, Moody's, Investors, CNBC Locations: U.S

☆ No relief on the horizon for home prices, says Redfin's Chen Zhao
▼ + stars: | 2024-05-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNo relief on the horizon for home prices, says Redfin's Chen ZhaoChen Zhao, Redfin Senior economist, joins 'Closing Bell Overtime' to talk the state of the housing market and the rising cost of home prices.

Persons: Redfin's Chen Zhao Chen Zhao, Redfin

☆ From more inventory to lower prices, here are 3 signs the housing market may be getting better for buyers
▼ + stars: | 2024-05-23 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Read previewThe housing market may be starting to turn a corner, offering frustrated buyers a chance to jump back into the market after a long stretch of dismal prospects. "We think the housing market is going to improve over the next half of a year," Glenn Kelman, the CEO of Redfin, in a recent interview. Inventory is risingMore inventory is finally trickling into the housing market, which could help push prices down. Elevated mortgage rates are a key problem in today's housing market, as they deter both buyers and sellers from making deals. Rates dropping to 5%-6% would make the housing market "explode," but even a 6.5% 30-year mortgage rate would be enough to make the housing market "very strong," Reffkin said.

Persons: —, Glenn Kelman, That's, Robert Reffkin, Reffkin, Freddie Mac, Redfin's Kelman, Kelman, Compass's Reffkin Organizations: Service, Business, National Association of Realtors, CNBC Locations: Reffkin, Texas, Florida

☆ Correction in Florida's housing market 'a bit overdue', says Redfin's Daryl Fairweather
▼ + stars: | 2024-05-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCorrection in Florida's housing market 'a bit overdue', says Redfin's Daryl FairweatherHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

Persons: Redfin's Daryl Fairweather, Brian Sullivan, “ Organizations: CNBC

☆ Florida real estate struggles as ‘motivated’ sellers flood market
▼ + stars: | 2024-05-01 | by ( Taylor Craig | In | ) www.cnbc.com time to read: 1 min

Once a red-hot destination for out-of-state homebuyers, Florida is seeing its inventory of homes for sale skyrocket and price growth stagnate. "It was one of the only markets that actually sustained price growth after interest rates went up, so I think this correction is a bit overdue." According to Redfin, the median time a Florida home spent on the market was 57 days in March. "More new listings are coming on the market right now too." There are more than 5,600 active listings in Florida that include the keyword "motivated" in the description on Zillow .

Persons: Daryl Fairweather, CNBC's, Redfin, It's, Fairweather Locations: Florida

☆ They moved into floating homes and houseboats — and discovered a world of adventure and hidden expenses
▼ + stars: | 2024-03-25 | by ( Amanda Goh | ) www.businessinsider.com time to read: +10 min

Read previewMoving into their 360-square-foot floating home a year ago was a dream come true for Sarah Spiro and Brandon Jones. In 2023, there were 70 floating home sales reported on the Regional Multiple Listing Service, or RMLS, which covers the Portland area and a significant part of northwest Oregon, Portland Floating Homes real-estate broker John McPherson told BI. Lily and Dylan Rose moved onto their houseboat on Lake Union in Seattle in June 2019. AdvertisementHome insurance for a floating house tends to be about double what it is for a regular house on land, McPherson said. Additionally, the float — the part of the floating house that's equivalent to a foundation — deteriorates over time, McPherson said.

Persons: —, Sarah Spiro, Brandon Jones, Spiro, keepingafloatwiththejoneses Spiro, Jones, keepingafloatwiththejoneses, Adam Lind, @adam.floatinghome, It's, John McPherson, Lily, Dylan Rose, Elizabeth Earle, BI's Jordan Pandy, Earle, Elizabeth Earle Earle's, McPherson, Daryl Fairweather, Redfin's, Realtor.com, Hannah Jones, it's, Laura Woodley, Woodley, isn't, Kate Fincham, Fincham, Lily Rose, Dylan, Rose, she's Organizations: Service, Business, Portland Floating Homes, Realtor.com, Union, Trust, England & Wales, Lake Union Locations: Fontana Lake, North Carolina, Portland, Oregon, Seattle, Sausalito , California, Johns Island , South Carolina, England, Bluffers Park, Toronto, Lake, Boston

☆ Redfin CEO reacts to NAR's $418 million commission lawsuits settlement
▼ + stars: | 2024-03-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRedfin CEO reacts to NAR's $418 million commission lawsuits settlementRedfin CEO Glenn Kelman joins 'The Exchange' with CNBC's Diana Olick to discuss the implications of the National Association of Realtors' settlement on the real estate industry, how the settlement could affect Redfin's business, and more.

Persons: Glenn Kelman, Diana Olick Organizations: National Association of Realtors

☆ The housing market just saw its biggest inventory spike in nearly 3 years
▼ + stars: | 2024-02-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

New listings for homes for sale climbed 12.9% year-over-year in February, Redfin data shows. Total inventory also improved, as total homes for sale did not decline for the first time in nine months. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Mortgage-purchase applications have dropped for four consecutive weeks, and pending sales dipped 8%, the steepest drop in five months.

Persons: —, Redfin, Brynn Rea Organizations: Service, Mortgage Locations: Redfin, Spokane , Washington

☆ Mortgage rates surge higher again, causing homebuyers to pull back
▼ + stars: | 2024-02-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

After a brief reprieve in December and January, mortgage rates are moving higher again, and that is taking its toll on mortgage demand. Total mortgage application volume fell 2.3% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "That's because mortgage rates are climbing again and winter weather has been harsher than usual in much of the country, keeping some house hunters at home." Mortgage rates surged even higher Tuesday after a government report on inflation showed it was still stubbornly higher than expected. "The bond market (which underlies mortgage rates) reacted immediately and forcefully when the numbers came out.

Persons: Joel Kan, Chen Zhao, Bonds, Matthew Graham Organizations: Mortgage, Mortgage News Locations: Pico Rivera , California, Redfin

☆ Spring home buying season is near. Real estate pros say this year's rush could push prices up 5% after a weak 2023.
▼ + stars: | 2024-02-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

The housing market will see a stronger, prolonged spring homebuying rush this year, real estate pros say. Buyers and sellers are slowly wading back into the market as mortgage rates edge lower. That's not what economists had originally expected for the housing market this year. "Until we see mortgage rates really improve, we don't expect owners to come back very, very quickly." Affordability conditions have been steadily improving after a bad year for the housing market.

Persons: —, Redfin, Daryl Fairweather, Fairweather, Skylar Olsen, Olsen, Zillow, " Fairweather, Freddie Mac, That's, –, aren't Organizations: Service, National Association of Realtors Locations: Zillow

☆ The Fed pushed back against imminent rate cuts this week. Here's what that means for the housing market.
▼ + stars: | 2024-02-01 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

More importantly, though was Federal Reserve Chair Jerome Powell's pushback against the idea that rate cuts are imminent. So, what does this mean for the housing market, which is eagerly anticipating lower rates to make housing even slightly more affordable? According to Redfin, pushing out timelines for Fed rate cuts means mortgage rates are likely to remain elevated for longer this year, but it doesn't mean relief is off the table for homebuyers in 2024. "Regardless of any short-term volatility in mortgage rates, we expect rates to come down gradually throughout the year," Redfin's Chen Zhao wrote following the Fed meeting. AdvertisementThe real estate group notes that other forces are at work in the mortgage market as well, and the Fed isn't the only input.

Persons: —, Jerome Powell's pushback, Redfin's Chen Zhao, Redfin, we'll, Powell, Fannie Mae Organizations: Service, Reserve, Business, US Department of, Treasury, Bank of America

☆ Empty-Nest Baby Boomers Won't Sell 3-Bedroom Homes Millennials Need
▼ + stars: | 2024-01-23 | by ( Eliza Relman | Jennifer Sor | ) www.businessinsider.com time to read: +6 min

As people age, they need homes that are more accessible and easier to maintain. Large homes often have multiple floors, yards, and other features that make them trickier to navigate for older people. AdvertisementSchuetz says there's not a dearth of large homes in the US. Instead, there's really just a mismatch between large homes and occupants who don't need them. But many more family-sized apartments and other homes will need to be built to make up for the lack of large homes on the market.

Persons: —, Jenny Schuetz, Redfin, Schuetz, Daryl Fairweather, Redfin's, I've, Fairweather, it's, there's Organizations: Service, Business, Brookings Institution

☆ Rates must fall more for home builders and buyers to be confident again, says Redfin's Fairweather
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRates must fall more for home builders and buyers to be confident again, says Redfin's FairweatherDaryl Fairweather, Redfin chief economist, joins 'Money Movers' to discuss whether January's homebuilder sentiment moves the needle for affordability, how the home supply dynamic may shift during the year, and more.

Persons: Redfin's Fairweather Daryl Fairweather, Redfin

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