On average, homeowners spend about 13 years in their home before they move. That means they are staying put longer, with the median home tenure rising by 3 years since 2008, the National Association of REALTORS® Economists’ Outlook blog reports on data from the American Community Survey.But that can vary quite a bit among the country’s 100 largest metro areas. Residents out West, for example, tend to move more often. NAR’s blog highlights
Child care costs have jumped 49% over the last 25 years. The cost of housing has increased by 14% in comparison, according to a new analysis from Freddie Mac.“The list of expenses for a family can be never-ending … and presents challenges for many looking to buy or rent,” says Sam Khater, Freddie Mac’s chief economist. “One of the major challenges, when it comes to affording a home, is the high cost of child care. Our analysis finds tha
Some of the hottest housing markets in the country aren’t your flashy coastal areas, but instead are much more modest in size and budget. For the sixth consecutive month, Fort Wayne, Ind., was the top metro on realtor.com®’s rankings of the hottest housing markets, reflecting December data. The rankings are based on where homes are selling the fastest and which metros are fetching the most views on realtor.com®.“I'm not shocked,” Beth W
Renters are finding fewer places that charge a security deposit. That may be good news for tenants, but it’s a source of stress for landlords.Security deposits have traditionally been a way for landlords to protect themselves if a resident causes damage to a property or stops making payments. But the large upfront payments before moving in have proved to be problematic for tenants. Renters can spend more than $3,400 on moving costs, according t
Homeowners who opt to downsize into a smaller place say that saving money was their chief motivator, along with having to manage less space after the children have moved out. But some homebuyers could have downsizing regret as they transition into a smaller home.Homes.com surveyed more than 1,000 consumers who have downsized their homes. They found that those who downsized did tend to spend 62% less than the house they owned prior. However, many
The 30-year fixed-rate mortgage averaged 3.64% this week, the lowest level in thirteen weeks. Sam Khater, Freddie Mac’s chief economist, says rates dropped as investors sought the safety of the U.S. Treasury’s fixed-income markets in light of the U.S.’s escalating turmoil with Iran. That said, “the drop in mortgage rates, combined with the strong labor market, should propel a continued rise in home buyer demand,” Khater says.Freddi
Americans are feeling upbeat about the housing market. More than half of Americans—or 63%—say now is a good time to buy a home, and 74% of sellers say now is a good time to sell, according to the fourth-quarter findings from the Homeownership Opportunities and Market Experience survey, conducted by the National Association of REALTORS®.Low mortgage rates and a belief that the economy is improving may be helping to ignite some momen
Make sure that kitchen island shines because home buyers may increasingly be sizing it up. Large islands are a prominent feature in kitchen design today, and most remodeling homeowners are putting high importance on this central kitchen spot.In a survey of nearly 2,600 homeowners conducted by Houzz, a home remodeling website, one-third of homeowners said they added an island during renovations and nearly a quarter of owners said they upgraded the
Fewer For Sale signs means less competition for selling homeowners who want to enter the housing market at the start of 2020. A new report from realtor.com® shows that housing inventories are at their lowest level since January 2018. Housing shortages haven’t appeared to cool home buyers’ desire to buy.Price growth is accelerating faster than national averages in markets with the largest inventory declines, realtor.com® reports. Inventory a
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