Redfin Survey: 1 in 5 Homebuyers Expect to Sell Stocks to Fund Down Payment
Redfin Corporation (RDFN)
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Source: Business Wire
With stock values dropping, would-be homebuyers may back off as their bank accounts shrink and their confidence in the economy is shaken, according to a Redfin survey SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) — One in five (20%) prospective homebuyers expect to sell stocks to help fund their next down payment, according to a new survey from Redfin (www.redfin.com), the technology-powered real estate brokerage.When it comes to people who own homes, roughly one in eight (13%) homeowners report selling stocks to help fund their down payment. One in 10 (10%) homeowners have sold stocks to help afford their mortgage payments. Renters are less likely to use stock investments for their housing payments: Just 6% of renters have sold stock to afford rent.“Some prospective buyers are pulling back because they’re worried about volatility in the stock market,” said Heather Mahmood-Corley, a Redfin Premier agent in Phoenix. “In my area, this is mostly a concern for buyers in their 50s and older.
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