Increased Rates Fail to Discourage Buyers -

Despite mortgage rates reaching a two-year high a week ago, home buyers say the increased rates aren’t scaring them away from their real estate search, in accordance with a new Redfin survey. Only 2.6% of respondents to the survey say they have chose to postpone their search since rates rose above 4%.

Increased Rates Fail to Discourage Buyers

25% of respondents say the rise in rates does not impact their home-buying decisions, and about 24% say they think an increased sense of urgency to buy before rates get higher. However, 23% say the rate increases may prompt them to look in other locations or buy a smaller home. About 26 % of buyers say they might take more time with their search and see if rates go back down again.

Why are buyers feeling resilient facing increasing rates on mortgages? According to Redfin’s blog: “While there’s no definitive answer, often home buyers are searching for a new home as a result of major life event, such as a birth or a marriage or even a job relocation, which can’t easily be timed to the market – but which still motivates a purchase along its own timeline.”

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9123 Otter Pass, Tampa, FL

9123 Otter Pass
Tampa, FL

$179,000
- Lot Size
  
  4,792 sqft
- Home Size
  
  1,040 sqft
- Beds
  
  2 Beds
- Baths
  
  2 Baths
- Year Built
  
  1984
- Days on Market
  
  1
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