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Redfin’s latest housing market update points to a split market where high costs are thinning buyer traffic while price cuts create openings for prepared borrowers.
Homebuyer affordability took another hit in Redfin’s housing market update for the four weeks ending September 6, with the brokerage reporting that homebuying costs are at their highest level in more than a year. Redfin said those costs are sidelining some would-be buyers, even as the shoppers who remain in the market may be gaining negotiating power.
The practical mortgage takeaway is straightforward: fewer casual buyers may be raising the bar for qualification and payment comfort, but motivated clients who stay engaged could have more room to ask for concessions. Redfin also reported that 21% of sellers are dropping their price, and its agents say pricing realistically from the start is key to getting a home sold.