Homeowners are underestimating the cost of expensive remodeling projects, often by thousands of dollars. For example, homeowners’ estimate for the price of a kitchen remodel is off by more than $9,500, a difference of 48%, according to a new study from Discover based on a survey of 969 consumers. The kitchen renovation, one of several common remodeling jobs that researchers evaluated, was the most underestimated home project.“P
Many markets have seen significant price recoveries since hitting their bottom values in the housing crisis, but a quarter of markets still have not fully recovered, according to HSH.com’s latest Home Price Recovery Index. The index examines the home values of the top 100 metro areas from 1991 through the second quarter of 2019.“Despite years of economic expansion and improving real estate markets, a quarter of the nation’s most populated m
Increased demand and slow-moving construction are making national rents higher, according to new data from the RentCafe and Yardi Matrix. The national average rent in August rose 3.3% year over year to $1,472.However, rents are rising at a slower pace. The August data marks the slowest rise since February, the report notes. Ninety-seven percent of the cities analyzed saw a seasonal slowdown in August with rents either dropping or only r
The 30-year fixed-rate mortgage reversed course this week, rising to an average of 3.56%. Despite the uptick, this is the first time that the 30-year fixed-rate mortgage has been under 3.6% for more than four consecutive weeks since the fourth quarter of 2016, Freddie Mac reports.“Pipeline purchase demand continues to improve heading into the late fall with purchase mortgage applications up 9 percent from a year ago,” says Sam Khater, Freddie
Buyers are doing everything from tapping into their retirement savings accounts to taking financial gifts from family and friends in order to bring more money to the closing table. Bankrate.com recently surveyed more than 2,500 adults about their home purchase to find the top ways they’re saving.About 47% of first-time home buyers said they saved on their own to purchase a house. But others also sought help elsewhere, such as through a fir
Housing inventories grew tighter in August following what had been a year of improvement, and median listing prices saw their largest July-to-August drop since 2012, realtor.com® reports in its latest housing report. Consumers are growing cautious over the economy, realtor.com®’s August 2019 housing trend report explains.Inventories of homes for sale fell 1.8% year over year in August, the first time in a year that inventories have dropped."T
A strong housing market over the last few years has put the foreclosure crisis in the rearview mirror, but many Americans are still haunted by their past housing challenges. New data shows that they should be able to comfortably leave their past behind them.In 2018, there were more than 600,000 homes in foreclosure in the U.S., the lowest number since the days of the 2008 financial crisis. Foreclosures peaked at 2.9 million in 2010.Homeowners who
Mortgage rates, which remain near three-year lows, stand to help not only homebuyers but current homeowners who want to unlock potential savings through mortgage refinancing. In fact, homeowners who purchased property as recently as a year ago could reap significant financial benefits by refinancing today.Eighty percent of mortgages originated in 2018 have an interest rate at least 0.75 percentage points higher than today’s 3.4% average. But t
The 30-year fixed-rate mortgage averaged 3.49% this week, the lowest average since October 2016, Freddie Mac reports. “Mortgage rates continued the summer swoon due to weaker economic data,” says Sam Khater, Freddie Mac’s chief economist. “While economic growth is clearly slowing due to rising manufacturing and trade headwinds, economic fundamentals are still solid for U.S. consumers. The unemployment rate is low, housing affordability is
Millennials are jumping into homeownership in larger numbers, and they’re firing up home prices as they hunt within limited supplies, real estate data firm CoreLogic reports.Overall, home price gains had been shrinking over the last year, but increases reversed course and annual gains started trending higher this summer. Home prices increased 3.6% in July compared to a year ago. That is higher than the 3.4% increase in June. CoreLogic economist
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