Cash-Stretched New Homebuyers Are Drawing a Line at Fixer-Uppers [BNN Bloomberg (Canada)]
Redfin Corporation (RDFN)
Last redfin corporation earnings: 2/12 04:01 pm
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Source: BNN Bloomberg
The quality of properties, however, is on the decline. Sometimes shockingly so. Of about 1,400 resale agents nationwide surveyed by John Burns Research & Consulting, 99% said they've seen homes for sale that need repairs or updates, with two-thirds of agents saying listings showed deficiencies in at least four different areas, including outdated kitchens and bathrooms. The takeaway: Desperate homebuyers aren't that desperate. Fixer-uppers can stay on the market longer and sometimes require discounts, with elevated prices and mortgage rates already straining the budgets of Americans looking to purchase a house. “When agents identified the repairs and updates needed to make listed homes ready to live in, we were shocked by the scope,” according to a report from Jody Kahn and Dillan Krieg at John Burns. “Buyers want homes that are move-in ready.” Inventory dried up in recent years as many owners became reluctant to sell and give up lower mortgage rates on existing loans. While t
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- Redfin Reports the Median U.S. Home Price Hit an All-Time High of $434,000 in AprilBusiness Wire
- Redfin Expands Redfin Next Agent Pay Plan to 25 Additional MarketsBusiness Wire
- Redfin Report: The Sun Belt Is Seeing Some of the Biggest Rent Declines in AmericaBusiness Wire
- Redfin Co. (NASDAQ: RDFN) had its "hold" rating re-affirmed by analysts at Needham & Company LLC.MarketBeat
- Redfin Reports Mortgage Rates Dip Below 7% For First Time in 5 Weeks, Giving Buyers Some Much-Needed ReliefBusiness Wire
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