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Demand for Second-Home Mortgages at 8-Year Low

Demand for Second-Home Mortgages at 8-Year Low

by Phil Hall | Sep 12, 2024 | News/Current Events, Real Estate News, U.S. Housing Market, WRE News Exclusive

Mortgage-rate locks for second homes plummeted by 13.1% year-over-year in August to the lowest level since March 2016 on a seasonally adjusted basis, according to new data by Redfin (NASDAQ: RDFN). In comparison, mortgage-rate locks for primary homes declined 5.2%....
Redfin Announces Nationwide Expansion of Agent Compensation Plan

Redfin Announces Nationwide Expansion of Agent Compensation Plan

by Phil Hall | Sep 9, 2024 | News/Current Events, Real Estate Agent Tools, Real Estate News, WRE News Exclusive

Seattle-headquartered Redfin (NASDAQ: RDFN) is expanding the Redfin Next agent compensation plan nationwide on Oct. 27. According to the company, all Redfin agents will earn competitive splits as high as 75% and will have virtually all their business expenses covered....
Report: Many Sellers Still Covering Buyer’s Agent Fee Despite NAR Settlement Changes

Report: Many Sellers Still Covering Buyer’s Agent Fee Despite NAR Settlement Changes

by Phil Hall | Sep 9, 2024 | News/Current Events, Real Estate News, U.S. Housing Market, WRE News Exclusive

The commission changes were expected to occur with the National Association of Realtors’ (NAR) historic settlement have not come to pass in many markets, according to a new report by Redfin (NASDAQ: RDFN). The new report, which is based on interviews with dozens...
Pending Condo Sales Down as Inventory Expands

Pending Condo Sales Down as Inventory Expands

by Phil Hall | Sep 4, 2024 | News/Current Events, Real Estate News, U.S. Housing Market, WRE News Exclusive

Pending sales of condominiums were down by 5.5% year-over-year last month, according to new data from Redfin (NASDAQ: RDFN). This marked the lowest level for pending condo sales in any July on record. At the same time, the number of condos for sale rose 27.1% from one...
Study: Buyers Need to Earn Nearly $80,000 Annually to Afford a Typical Starter Home

Study: Buyers Need to Earn Nearly $80,000 Annually to Afford a Typical Starter Home

by Phil Hall | Aug 29, 2024 | News/Current Events, Real Estate News, U.S. Housing Market, WRE News Exclusive

The monthly housing payment for the typical starter home that sold in July was $1,981, up 4.4% from one year earlier, according to a new data report from Redfin (NASDAQ: RDFN). To afford a typical starter home, buyers must earn $79,252 annually, also up 4.4%...
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