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High prices and reopening offices are making people rethink buying a second home, according to Redfin

7 days ago   |   By Business Insider

Summary List Placement One segment of the real estate market is beginning to look a little more normal.
The number of buyers who locked in an interest rate for a mortgage on a second home returned to pre-pandemic levels in May after a year of high demand, according to a report by Redfin.
The report uses "rate locks" as a proxy for likely purchases, as it is one of the final stages of the purchase process and roughly 80% of locks are followed by a completed sale.
Demand for vacation homes increased in May by 48% over the same month last year , showing growth is continuing but at a more...
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