{"id":746172,"date":"2023-04-10T08:03:28","date_gmt":"2023-04-10T12:03:28","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-demand-for-vacation-homes-is-down-more-than-50-from-pre-pandemic-levels\/"},"modified":"2023-04-10T08:03:28","modified_gmt":"2023-04-10T12:03:28","slug":"redfin-reports-demand-for-vacation-homes-is-down-more-than-50-from-pre-pandemic-levels","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-demand-for-vacation-homes-is-down-more-than-50-from-pre-pandemic-levels\/","title":{"rendered":"Redfin Reports Demand For Vacation Homes Is Down More Than 50% From Pre-Pandemic Levels"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Redfin Reports Demand For Vacation Homes Is Down More Than 50% From Pre-Pandemic Levels<\/b><\/p>\n<p class=\"bwalignc\"><i>The number of people locking in mortgages for second homes dropped to its lowest level since 2016 in February and remained nearly as low in March<\/i><\/p>\n<p>SEATTLE&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\n(NASDAQ: RDFN) \u2014 Mortgage-rate locks for second homes were down 52% from pre-pandemic levels on a seasonally adjusted basis in March, according to a new <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fdemand-down-second-homes-march-2023&amp;esheet=53377341&amp;newsitemid=20230410005100&amp;lan=en-US&amp;anchor=report&amp;index=1&amp;md5=801ca54ef8d691478ba2c29d81c7074f\">report<\/a> from Redfin (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2F&amp;esheet=53377341&amp;newsitemid=20230410005100&amp;lan=en-US&amp;anchor=redfin.com&amp;index=2&amp;md5=87d719755bedaf05d4e2cdead59788a2\">redfin.com<\/a>), the technology-powered real estate brokerage. That is compared to a 13% decline for primary homes.<\/p>\n<p>\nSecond-home rate locks fell to their lowest level since 2016 in February and remained nearly as low in March.<\/p>\n<p>\nThe drop in second-home demand follows a meteoric rise during the pandemic homebuying boom. Mortgage-rate locks for second homes reached a peak of 89% above pre-pandemic levels in August 2020. At that time, many affluent Americans bought homes in vacation destinations, encouraged by low mortgage rates, remote work, and limitations on traveling from place to place.<\/p>\n<p><b>Second-home buyers are deterred by high rates, newly instituted loan fees, slowing rental market<\/b><\/p>\n<p>\nA scarcity of new listings, elevated mortgage rates, still-high home prices and persistent inflation, among other economic woes, are holding back demand for both primary and second homes.<\/p>\n<p>\nA variety of factors are causing the outsized drop in second-home demand:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nMany potential second-home buyers are priced out because it\u2019s frequently more expensive to buy a vacation home than a primary home. The typical second home was worth $465,000 in 2022, versus $375,000 for a primary home. Additionally, the federal government increased loan fees for second homes in April 2022.<\/p>\n<\/li>\n<li>\nVacation-home buyers are quicker to pull back from the market than primary-home buyers because second homes aren\u2019t a necessity.<\/p>\n<\/li>\n<li>\nWorkers are returning to the office. Second homes are less attractive when there\u2019s less time to spend in them. While working from home is more common than it was before the pandemic, the share of job openings that allow remote work has shrunk since early 2022.<\/p>\n<\/li>\n<li>\nBuying a vacation home to rent it out is nowhere near as attractive as it was during the pandemic homebuying and investing boom. Owners of short-term rentals are reporting a steep decline in business. That\u2019s because many people became vacation-rental hosts during the pandemic, which led to oversupply. Many local governments are also instituting new short-term-rental regulations, like new taxes and stricter permitting. The long-term rental market is also cooling.<\/p>\n<\/li>\n<li>\nBank accounts are shrinking as stock markets decline, so would-be buyers have less cash on hand for down payments and monthly payments.<\/p>\n<\/li>\n<li>\nMany people with the means and desire to buy a second home have already done so, during the pandemic homebuying boom of 2020 and 2021.<\/p>\n<\/li>\n<\/ul>\n<p>\n\u201cWith housing payments near their all-time high; a lot of people can\u2019t afford to buy one home right now, let alone a second,\u201d said Redfin Deputy Chief Economist Taylor Marr. \u201cAdd the recent increase in loan fees, inflation, shaky financial markets, the end of pandemic-related financial stimulus and many companies calling workers back to the office, and it\u2019s simply a challenging time for most Americans to buy a vacation home.\u201d<\/p>\n<p>\nBut there are still some second-home buyers out there, especially in popular vacation destinations. Phoenix Redfin agent Van Welborn said some buyers are looking for vacation condos, especially in desirable neighborhoods.<\/p>\n<p>\n\u201cIt\u2019s mostly affluent cash buyers who don\u2019t have to worry about high rates,\u201d Welborn said. \u201cThey\u2019re motivated to buy now because they think they can get a vacation home for under asking price\u2013and in some cases, they\u2019re right. There are fewer buyers looking to buy properties to be used as short-term rentals, though, as they\u2019re finding that the market is saturated.\u201d<\/p>\n<p>\nInterest in second homes first fell below pre-pandemic levels in March 2022 as mortgage rates rose and the loan-fee increase loomed. To view the full report, including charts and methodology, please visit: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fdemand-down-second-homes-march-2023&amp;esheet=53377341&amp;newsitemid=20230410005100&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fdemand-down-second-homes-march-2023&amp;index=3&amp;md5=55fe779187ca09b05f7f37452df37115\">https:\/\/www.redfin.com\/news\/demand-down-second-homes-march-2023<\/a><\/p>\n<p><b>About Redfin<\/b><\/p>\n<p>\nRedfin (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.redfin.com%2F&amp;esheet=53377341&amp;newsitemid=20230410005100&amp;lan=en-US&amp;anchor=www.redfin.com&amp;index=4&amp;md5=61a88799ded8a4dd1274076e76e3f776\">www.redfin.com<\/a>) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We also run the country&#8217;s #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, less than half of what brokerages commonly charge. Since launching in 2006, we&#8217;ve saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.<\/p>\n<p>\nFor more information or to contact a local Redfin real estate agent, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2F&amp;esheet=53377341&amp;newsitemid=20230410005100&amp;lan=en-US&amp;anchor=www.redfin.com&amp;index=5&amp;md5=f8a96171c34c53a38fd4008acabf4e7d\">www.redfin.com<\/a>. To learn about housing market trends and download data, visit the <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fdata-center%2F&amp;esheet=53377341&amp;newsitemid=20230410005100&amp;lan=en-US&amp;anchor=Redfin+Data+Center&amp;index=6&amp;md5=712b817b7196f43b7f2cfbfcbaf3196c\">Redfin Data Center<\/a>. To be added to Redfin&#8217;s press release distribution list, email <a rel=\"nofollow\" href=\"mailto:press@redfin.com\">press@redfin.com<\/a>. To view Redfin&#8217;s press center, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fpress.redfin.com%2Fphoenix.zhtml%3Fc%3D252734%26p%3Dirol-overview&amp;esheet=53377341&amp;newsitemid=20230410005100&amp;lan=en-US&amp;anchor=click+here&amp;index=7&amp;md5=bd86083e3d31c48e8379b705e32d2e0c\">click here<\/a>.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230410005100r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230410005100\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230410005100\/en\/<\/a><\/span><\/p>\n<p><b>Redfin Journalist Services:<br \/>\n<\/b><br \/>Ally Braun, 206-588-6863<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:press@redfin.com\">press@redfin.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Washington United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Construction &amp; Property Residential Building &amp; Real Estate<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230410005100\/en\/1407505\/3\/Redfin_Standard_Web_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Redfin Reports Demand For Vacation Homes Is Down More Than 50% From Pre-Pandemic Levels The number of people locking in mortgages for second homes dropped to its lowest level since 2016 in February and remained nearly as low in March SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014 Mortgage-rate locks for second homes were down 52% from pre-pandemic levels on a seasonally adjusted basis in March, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That is compared to a 13% decline for primary homes. Second-home rate locks fell to their lowest level since 2016 in February and remained nearly as low in March. The drop in second-home demand follows a meteoric rise during the pandemic homebuying boom. Mortgage-rate &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-demand-for-vacation-homes-is-down-more-than-50-from-pre-pandemic-levels\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Redfin Reports Demand For Vacation Homes Is Down More Than 50% From Pre-Pandemic Levels&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-746172","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Redfin Reports Demand For Vacation Homes Is Down More Than 50% From Pre-Pandemic Levels - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-demand-for-vacation-homes-is-down-more-than-50-from-pre-pandemic-levels\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Redfin Reports Demand For Vacation Homes Is Down More Than 50% From Pre-Pandemic Levels - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Redfin Reports Demand For Vacation Homes Is Down More Than 50% From Pre-Pandemic Levels The number of people locking in mortgages for second homes dropped to its lowest level since 2016 in February and remained nearly as low in March SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014 Mortgage-rate locks for second homes were down 52% from pre-pandemic levels on a seasonally adjusted basis in March, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That is compared to a 13% decline for primary homes. Second-home rate locks fell to their lowest level since 2016 in February and remained nearly as low in March. The drop in second-home demand follows a meteoric rise during the pandemic homebuying boom. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-demand-for-vacation-homes-is-down-more-than-50-from-pre-pandemic-levels\/","og_locale":"en_US","og_type":"article","og_title":"Redfin Reports Demand For Vacation Homes Is Down More Than 50% From Pre-Pandemic Levels - Market Newsdesk","og_description":"Redfin Reports Demand For Vacation Homes Is Down More Than 50% From Pre-Pandemic Levels The number of people locking in mortgages for second homes dropped to its lowest level since 2016 in February and remained nearly as low in March SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014 Mortgage-rate locks for second homes were down 52% from pre-pandemic levels on a seasonally adjusted basis in March, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That is compared to a 13% decline for primary homes. Second-home rate locks fell to their lowest level since 2016 in February and remained nearly as low in March. The drop in second-home demand follows a meteoric rise during the pandemic homebuying boom. 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