Furniture, appliances, and remodeling projects are among the biggest expenses for new homeowners, who spend an average of $10,600 in the first year of homeownership, according to a recent analysis by the National Association of Home Builders. New owners spend an average of $3,778 on furnishings alone, according to NAHB’s analysis. Here are a few common expenditures recent home buyers made: Living room chairs and tables: $687 Dining room and kit
Average mortgage rates are moving up, posting increases for the second consecutive week.“After fully absorbing the sharp increases in Treasury yields over the past couple of weeks, the 30-year mortgage rate has cleared the psychologically important 4 percent mark for the first time since May,” says Sean Becketti, Freddie Mac’s chief economist.Freddie Mac reports the following national averages with mortgage rates for the week ending July 13
Homeowners are bracing for the July heat as they prepare for some of their steepest utility bills.Energy costs in the U.S. consume from 5 to 22 percent of families’ total after-tax income, according to a new analysis by WalletHub, a financial resource.“And lower energy prices don’t necessarily equate to savings,” WalletHub notes in its study. “Where we live and how much energy we use are a big part of the equation.”For example, elec
Your clients may be under a false assumption on the necessary down payment they need to buy a home. Four in 10 recently surveyed Americans believe that a down payment of 15 percent or more is needed to purchase a home, according to the National Association of REALTORS®’ 2017 National Housing Pulse Survey, a survey of 1,500 adults nationwide.The reality is that the median down payment for first-time buyers is about 6 percent, and repeat b
What homeowners, renters, millennials and boomers are regretting (or not) about their most recent home decisionKey Takeaways Homeowners regret not choosing a larger home, while renters wish they'd taken the leap to buy. Parents and high-income respondents were more likely to report regrets.Do you know if that buyer you helped find a house last year is really happy with her choice … or do you think she feels like she settled for less?According
What seems like a convenient and easy solution masks some serious drawbacksKey Takeaways Instant home purchase offers aren't designed to benefit the homeseller; they are designed to benefit the investor or company. Sellers are positioned to get low offers and still pay fees at or above an agent's fees.Sue stood in her parents’ San Diego garage, overwhelmed by the years of stuff they’d accumulated and the volume of repairs needed. Add to that
Not every improvement made to a house will ultimately raise its value. Homeowners who are looking for projects that will pay back at resale would be smart to consult a local real estate professional to determine whether the project they have planned would help boost their home’s value. Home office remodels.More people work from home nowadays, but that doesn’t mean they necessarily want a dedicated office. As such, investing more than $2
Owners believe their homes are worth an average of 1.7 percent more than what appraisers say, according to the latest Quicken Loans National Home Price Perception Index. Appraiser and homeowner value opinions did narrow slightly in July for the first time in seven months. In June, consumers estimated their homes to be worth an average of 1.93 percent higher.That schism could cause trouble for your next transaction.“While a 1 or 2 percent diff
Total mortgage application volume for refinancings and home purchases tumbled last week, plunging 7.4 percent from the previous week, the Mortgage Bankers Association reported Wednesday. Rising mortgage rates were the likely culprit, as they increased by the largest amounts since November 2016.“Rates continued to increase last week, given increasing evidence that the Fed and other central banks are more likely to raise rates,” says Michael Fr
Real estate professionals see a lot of dumb reasons why home buyers ultimately end up losing out on a deal. Practitioners recently shared some of the more common mistakes with realtor.com®, including ways to correct the situation:1. Shopping outside their price range.“It sounds obvious, but some home buyers just have trouble sticking to a budget,” says Benny Kang, a real estate professional in Irvine, Calif. Shopping online may increase the
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