The mortgage industry is seeing a steady trend of more and more homes reaching the million-dollar price tag. According to a Redfin report, there are currently 9.4% of houses throughout the United States valued at over one million dollars. This trend is being driven by rising real estate costs, especially in major metropolitan cities such as New York City, San Francisco, and Seattle.
The appreciation value of homes in these cities are higher than ever before, meaning more homeowners are making a sizable profit when selling their house. However, this trend has been largely contributed to by the first-time buyers who are looking to purchase million-dollar homes, as opposed to those already living in these cities. This data suggests a viable and lucrative opportunity for mortgage lenders as the demand for million-dollar homes continues to increase.
Summary:
• Nearly one in ten homes in the U.S. are now valued at over one million dollars
• Rising real estate costs, particularly in cities such as NYC, San Francisco, and Seattle, are responsible for the trend
• This has mainly been driven by first-time buyers eager to purchase these million-dollar homes
• Mortgage lenders can take advantage of the continuing increase in the demand for million-dollar homes
You can read this full article at: https://www.housingwire.com/articles/million-dollar-homes-nearing-10-of-market-as-property-prices-rise/(subscription required)
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