By Clea Benson | Bloomberg
As a deep freeze grips parts of America in a typically slow season for housing, first-time buyers are flocking to Redfin Corp.’s property tours and classes, signaling their renewed interest in the market.
“We are really hitting records in early-stage demand, in terms of people going on tours or even writing offers,” said Nela Richardson, the chief economist at Seattle-based Redfin, which has real estate offices in 26 states. “People are like, ok, this is the time to buy.”
Younger Americans who have been locked out of the housing recovery as lenders raised standards and wages stagnated are getting a boost this year. Federal regulators late last year adjusted mortgage rules to reduce risks for lenders and cut premiums and down payments for lower-income borrowers. The slowdown of home purchases by investors has also created an opening for first-time buyers.
