The 30-year fixed-rate mortgage continued to hover near historical lows this week, lowering borrowing costs for home buyers and refinancing homeowners. Freddie Mac reported that the 30-year fixed-rate mortgage averaged 3.60% this week, unchanged from last week’s average.“The sound and fury of the financial markets continue to warn of an impending recession; however, the silver lining is mortgage demand reached a three-year high this week,”
Home builders are starting to lower their prices to better reach out to the growing demand for smaller, more affordable homes. Sales prices of new homes dropped 0.5% in the second quarter of this year from 2018 levels.Prices for new homes reached a median of $372,900 in the second quarter, while the median sales price of existing homes was $309,700.Builders appear to be shifting their focus to less expensive homes. “While this change was a clea
A lush lawn can help improve a home’s aesthetics. But it’s not always easy to do, says William Moss, a horticultural educator known nationally as the “garden boss." Moss says he sees several common mistakes that homeowners are making with their lawns, including:Watering ErrorsMany homeowners water too frequently for short periods, such as daily for 15 minutes or so. Instead, Moss says it’s better to water for a longer period of time every
Montana has seen the most growth in vacation homes over the past decade, nudging out traditional choices like Florida and California, according to a new study from IPX 1031, a 1031 exchange resource.Since 2009, Montana has seen its number of vacation homes grow the most (by 63%), followed by Mississippi (58%), Idaho (56%), Nevada (51%), and Alaska (48%).Overall, the number of vacation homes has risen over the past decade nationwide, increasi
Housing shortages likely will worsen over the next year as a shift in the housing market occurs, according to a report from realtor.com®. That shift could make it tougher for home buyers to find a home to purchase, despite low mortgage rates that are making it increasingly attractive to do so.Housing inventories could likely get near record lows by early 2020, says Danielle Hale, realtor.com®’s chief economist. In June, the number of newly li
Homeowners don’t care only about how well an appliance performs. They are also placing more emphasis on its look too, finds the J.D. Power 2019 Kitchen and Laundry Appliance Satisfaction Studies. That trend will likely continue too as “HGTV diehards and Pinterest enviers work to improve their living spaces and as manufacturers expand their offerings in this space,” the study notes.“Staying at the forefront of appliance design trends while
The way the furniture is positioned in a room can have a big impact on how prospective buyers perceive the space. Apartment Guide recently highlighted some of the most common layout mistakes that designers see in a space. Here are four mistakes to avoid.Placing furniture against the walls. “Not all furniture pieces need to go against a wall,” says Tammy Price, an interior designer and owner of Fragments Identity in Los Angeles. “Actual
Finding the right property is particularly stressful for families with children under the age of 18, and choosing the neighborhood carefully is critical to their home search, according to the National Association of REALTORS®’ 2019 Moving With Kids survey, based on responses from more than 7,000 consumers.The two characteristics that buyers say they weigh the most when deciding on a neighborhood are the quality of the school district
Real estate has surpassed stocks as Americans’ favorite long-term investment, according to a nationwide Bankrate survey of about 1,000 respondents. Thirty-one percent of survey respondents named real estate as their favorite investment for building wealth that they don’t need access to for a decade or more. That is the best that real estate has performed on Bankrate’s annual survey in the last seven years. In 2018, stocks were the most popu
Fannie Mae’s Home Purchase Sentiment Index surged to a new high as consumers became more upbeat about buying and selling, mortgage rates, and their jobs. Five of the six components measured by the index rose month over month.“Consumer job confidence and favorable mortgage rate expectations lifted the HPSI to a new survey high in July, despite ongoing housing supply and affordability challenges,” says Doug Duncan, Fannie Mae’s senior vice
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