Redfin shows why the housing market is better than you think | Louis Velazquez - Official Website, Entrepreneur, Finance, Technology

Higher home prices. Fewer pending housing sales. At first glance, data from Redfin’s Weekly Housing Market Tracker looks kind of dismal.

Not to mention that the 30-year Freddie Mac mortgage rate has hit 6.66% — its highest point in a year.

But the housing market isn’t as bad for homebuyers as it may seem. And I’m not saying that to placate anyone. The data backs it up.

In a recent Redfin report, the company puts today’s real estate market into perspective. In fact, today’s homebuyers have a lot of advantages they might not recognize.

Specifically, the report notes that many homebuyers look back on the market during the Covid pandemic (think 2020-2022) through rose-colored glasses because mortgage rates were so low.

“It’s important for house hunters to remember that while mortgage rates were much lower during the pandemic, every listing was ultra-competitive; buyers often had to pay tens of thousands of dollars over the asking price to win a home,” said Bonnie Phillips, a Redfin Premier agent.

Mortgage rates have spiked since 2022

I can’t deny it — I’m happy that Redfin is helping contextualize today’s housing market.

Not only did I cover the housing market as a journalist in the early 2020s, but I also bought my first home in the Seattle area in 2022. I can testify from both a professional and personal standpoint that the housing market was the Wild West. None of the usual rules applied.

Mortgage rates started to drop in early 2020 when Covid-19 hit the United States. The Federal Reserve began slashing the federal funds rate and buying up more mortgage-backed securities to stabilize the economy, and home loan rates fell in response.

National rates stayed below 4% for about two years, until early 2022. The lowest 30-year fixed mortgage rate on record was 2.65% in January 2021, according to Freddie Mac.

As of July 30, 2026, the 30-year fixed mortgage rate was 6.66%. People are definitely missing those sub-3% rates.

But if you weren’t actively buying a home in the early 2020s, you may not realize how volatile and overwhelming the experience was. In reality, low mortgage rates were among the few things the housing market had going for it at the time.

At the peak of the Covid pandemic, mortgage rates were low, but sales prices were high.

Newsday LLC / Getty Images

Redfin explains the trade-offs of higher rates

The current higher mortgage rates are frustrating, especially when so many people expected lower rates in 2026. But in many ways, the housing market is better for homebuyers than just a few years ago.

“Rates are higher now, but bidding wars are unlikely, and buyers are often able to negotiate prices down and get concessions from sellers,” Phillips said.

In spring 2022, over 53% of homes in the U.S. sold above asking price, according to Redfin data. (Lucky me — this was exactly when I was buying my first home.) Homes selling above the listing price were often the result of brutal bidding wars.

That share dropped to 28% by July 2026.

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Homes also sold much more quickly in the early 2020s, which meant you had to rush to make an offer if you found a house you really wanted. Sometimes you were lucky if you had enough time to view the home in person and craft an offer before someone else swooped in and bought it first.

The typical home sold within 15 days in June and July 2021, according to Redfin data, with many buyers making offers without seeing the properties in person.

The median amount of time a home spends on the market is now 41 days.

As I mentioned, I bought in spring 2022. Like everyone else in the greater Seattle area, I wanted to buy a house to lock in a mortgage rate before rates spiked.

My real estate agent told me at the time that we’d have way more leverage if a house stayed on the market for an entire week, because that was considered a long time. This kind of pressure led to even greater competition, because buyers in my area were panicked.

‘Patience over panic’: How homebuyers benefit in the current housing market

You will almost undoubtedly get stuck with a higher interest rate in 2026 than you would have in 2020 or 2021.

However, the home-buying process will likely be much smoother. America is a buyer’s market right now, meaning homebuyers have more power than sellers.

You don’t have to rush. You don’t have to weigh whether you should try to buy before seeing a house. You don’t have to scrape together savings to offer tens of thousands of dollars over the asking price.

As a result, you have the time to find a home that is actually a strong fit for your family. One you might be happier with in the long term.

And remember, when mortgage rates decrease later, you can refinance into a new loan with a lower rate.

“Marry the house, date the rate.” The saying is a classic for a reason.

“Today’s housing market rewards patience over panic: If you can afford to buy, focus on finding a home you love and negotiating a good deal rather than trying to perfectly time mortgage rates,” Phillips said.