Real estate investors snatching up record share of affordable homes, report finds

  • 📰 FOX29philly
  • ⏱ Reading Time:
  • 24 sec. here
  • 10 min. at publisher
  • 📊 Quality Score:
  • News: 41%
  • Publisher: 51%

Consumer News

Real Estate,News,Money

Real estate investors are buying U.S. homes at the fastest pace in nearly two years, according to new findings from Redfin. Here’s what’s driving this.

Homeownership has slipped out of reach for millions of Americans amid an astronomical rise in mortgage rates and an ongoing inventory shortage.Adding to the list of challenges for potential homebuyers in the United States: Investors and hedge funds are also snatching up properties.In fact, new findings from Redfin suggest it has been happening at the fastest pace in nearly two years.

5% of investor purchases in the first quarter, while high-priced homes accounted for 28.5%. "While high-priced homes made up the biggest increase in investor purchases in the first quarter, low-priced homes were still the preferred property type," the report said. Investors are drawn to lower-priced homes for many of the same reasons that individual buyers are: They cost less, which is appealing when both housing prices and borrowing costs remain elevated.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 570. in ERROR

Property Property Latest News, Property Property Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Redfin agrees to pay $9.25 million to settle real estate broker commission lawsuitsRedfin has agreed to pay $9.25 million to settle federal lawsuits that claim U.S. homeowners were saddled with artificially inflated broker commissions when they sold their home as a result of longstanding real estate industry practices.
Source: wjxt4 - 🏆 246. / 63 Read more »

Redfin agrees to pay $9.25 million to settle real estate broker commission lawsuitsRedfin has agreed to pay $9.25 million to settle federal lawsuits that claim U.S. homeowners were saddled with artificially inflated broker commissions when they sold their home as a result of longstanding real estate industry practices.
Source: ksatnews - 🏆 442. / 53 Read more »

Redfin agrees to pay $9.25 million to settle real estate broker commission lawsuitsRedfin has agreed to pay $9.25 million to settle federal lawsuits that claim U.S. homeowners were saddled with artificially inflated broker commissions when they sold their home as a result of longstanding real estate industry practices.
Source: AP - 🏆 728. / 51 Read more »

Housing prices in these states will become 'more affordable,’ Redfin CEO saysThe Fed’s handling of rate cuts will play a key role in 2024 housing affordability, but according to one expert, certain U.S. states are already seeing 'good' signs.
Source: fox5ny - 🏆 587. / 51 Read more »