High mortgage rates make million-dollar homes less common MABA #MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

 As rising mortgage rates cool the market, the share of U.S. homes worth at least $1 million has fallen from an all-time high last year, according to a new Redfin report. Today, just over seven percent of U.S. homes are worth $1 million or more, down from June 2022’s record eight point six percent. Despite the drop, million-dollar homes are still up from four point two percent before the start of the pandemic. While the national decline is partly due to seasonality, Redfin found the June to January drop to be much larger than usual.

 Locally, however, the share of million-dollar homes continued to rise. Boston homes worth a million or more rose seven perent to eighteen point two percent from seventeen point five percent in 2022. In Worcester, the share of homes worth a million or more rose point five percent to one point three percent from point eight percent. Redfin economics research lead Chen Zhao says even though home values are coming down from their peak, and fewer sellers are getting seven figures, buyers aren’t necessarily getting a break.

 “The typical homebuyer’s monthly mortgage payment is even higher than it was when home values peaked in the spring because rates are so much higher, and although home prices have come down, they certainly haven’t crashed,” Zhao said. “Now isn’t the time for buyers who need to take out a loan to get a good deal: Buying an $800,000 home today would cost more per month than buying a million-dollar home a year ago.”

The post High mortgage rates make million-dollar homes less common appeared first on Boston Agent Magazine.

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Both seller's agent fees and buyer agent's fees are part of a typical real estate transaction and are included in the final negotiated purchase price of the property. There should be no additional fees to the buyer for a buyer's agent above and beyond the negotiated purchase price of a home unless specifically agreed in writing between the buyer and agent before an offer is made.

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