You can tell a lot about the way an area grew by the age of its homes. The pace of suburban sprawl, for example, can be mapped just by observing the way homes get newer as you get further from the city’s center. Houses built in the 1920s give way to homes from the ’50s and ’60s and so on. But that’s not all you can learn from paying attention to the collective age of the country’s housing stock. You can also tell a lot about the housing market’s ups-and-downs. One example can be found in a recent analysis from the National Association of Home Builders. According to the NAHB, the median age of owner-occupied homes is now 37 years, which is up from 31 years in 2005. In fact, more than half of our homes were built before 1980 and 38 percent were built before 1970. In other words, America’s homes are getting older. But why? One reason is that there have been fewer new homes built over the past decade, mostly due to the housing crash and financial crisis. That has caused an increase in the median age of the housing stock. It also has caused a boost to the remodeling industry, as older homes require more renovations to keep up with new technology and features desired by home buyers. More here.
How Long Does It Take Renters To Save For A House?
With rental costs and home prices both increasing, it’s become more challenging for renters to save for a down payment. How much so? Well, according to one recent analysis, the typical renter will have to save for nearly six and a half years to come up with a 20 percent down payment on a median-priced home. And, since the median home value is currently $216,000, depending on your prospective neighborhood, it could take even longer to save up for a house. Renters who aspire to homeownership shouldn’t get discouraged, though. Despite the fact that a 20 percent down payment is the standard amount recommended by financial experts, it is not a requirement in order to buy a house. In fact, depending on the particular terms of your mortgage, you can put down as little as 3 percent. In 2017, for example, 29 percent of first-time buyers had a down payment between 3 and 9 percent. That’s why it’s important to explore your options before deciding homeownership is out of reach. More here.
Log And Timber Homes Increasing In Popularity
If you were asked to name a hot home design trend, you probably wouldn’t guess log homes. And yet, new data from the National Association of Home Builders shows last year’s sales of log and timber homes were 56% higher than in 2012. That’s a big jump. So what’s behind the increase? Well, for one thing, today’s log and timber homes don’t resemble what might come to mind when thinking of an old-fashioned “log cabin.” According to the NAHB, “Revenues from log and timber frame homes have risen at a faster pace than units sold over the past six years as floorplans for the homes have expanded and offerings more extravagant.” In other words, today’s log homes are bigger and more luxurious than in the past. In fact, the average log home is 2,031 square feet. Still, the popularity of the homes is impressive when considering the fact that sales last year were only 7.8 percent below the number sold in 2006, while the rest of the single-family construction industry is down 42 percent. In short, log homes have been around forever and, based on their current popularity, they aren’t going anywhere any time soon. More here.
A Quick List Of Things To Do Before The Move
A Common Mistake Home Buyers Should Avoid
Home Buyer Must Haves Mean Compromise
Searching for a home to buy can be frustrating. Mostly because it’s not always easy to find a house in the right neighborhood with every one of the features you dreamed of. If you find the perfect kitchen, the house will have too few bedrooms. Or you’ll find a house with the right number of bedrooms and the kitchen will be too small. In other words, buying a house means compromise. And, in today’s market, buyers are having to make difficult choices. For example, a new analysis from the National Association of Realtors’ consumer website found that for 73 percent of recent buyers school district was an important factor in deciding which house to buy. But, among those buyers, nearly 80 percent said they had to give up other home features in order to find a house in their preferred district. Some of the features these buyers said they gave up included a garage, a large backyard, an updated kitchen, and an outdoor living area. In short, you might not get everything you want in one house. So prioritize your wish list and know what’s most important to you. More here.
Are Unequal Housing Markets Good For Buyers?
Income inequality is a hot topic these days. But what about housing market inequality? Well, a recent analysis looked at 50 of the largest metropolitan areas with an eye for which had the biggest city-wide disparity between high-end homes and the lowest-priced available homes. The results may surprise you. That’s because, the housing markets with the widest range between the high and low end of the market aren’t necessarily the markets that would immediately come to mind. In other words, cities like San Francisco – which features some of the country’s highest priced homes – were more equal than Midwestern cities where the cost of living is much lower. In fact, the number one most unequal housing market was Detroit, where the home values range from $32,000 to $431,000. Salt Lake City, on the other hand, was the most equal market, with median prices between $191,000 to $597,000. In this case, inequality might just be better for buyers. That’s because, the most unequal markets offer a wider range of prices for buyers to choose from, which means home buyers at all ends of the spectrum will have an easier time locating something that fits their budget. More here.
Remodeling Index Finds Home Repairs On The Rise
Maintenance is a big part of being a homeowner. Put simply, owning a home means having a never-ending to-do list and, depending on your level of know-how, some of it will require the help of a professional. These jobs can range from major renovations such as putting an addition on your house to basic upkeep and repairs like having ducts cleaned and fixing leaks. Essentially, you are your home’s temporary caretaker and how well you take care of it will affect not only how comfortable and enjoyable your home is to live in but also how much you can ask for it when you sell. These days, it seems Americans are increasingly interested in fixing up their homes. In fact, newly released data from the National Association of Home Builders shows home remodeling contractors are busy right now. So what kind of jobs are most in demand? Well, results show demand is highest for basic maintenance and repairs, while additions and alterations – both major and minor – saw slight declines during the second quarter. In short, Americans are tackling their to-do lists and fixing up their homes. This could be due to improved economic conditions and a stronger job market, though it may also be that current homeowners are tending to their homes in hopes of listing them someday soon. More here.
Majority Say They Want To Own A Home In Retirement
The vast majority of surveyed Americans say that homeownership is among their retirement goals, according to a recent survey. In fact, 85 percent of non-retiree respondents said they want to own their own home in retirement and believe they can pay off their mortgage before they retire. But, though non-retiree participants feel like they’ll have their mortgage paid off in time, more than 25 percent of retired respondents said they’re still paying off a mortgage and over half of those had a balance of more than $50,000. In short, Americans may be a bit too optimistic. But regardless of whether or not they make it, the debate about homeownership and retirement will continue. On the one hand, tax breaks and equity make a good case for the wealth-building benefits of owning a home. But, on the other hand, property tax, maintenance and potential renovation costs can add unpredictability to a household budget that may largely be fixed. In the end, which situation is the right one for you will ultimately depend on your personal finances, assets, and outlook – as there is no one-size fits all strategy for meeting your retirement goals. More here.
This Summer’s Luxury Home Market Is Hot
The challenge of finding an affordable entry-level home in today’s housing market gets a lot of coverage. First-time buyers facing higher rent, difficulty saving for a down payment, and low inventory are an important demographic and their habits have implications for the overall health of the market. But, at the same time as the starter-home market has been hot, demand for luxury homes has also ramped up. In fact, new research shows sales of homes $1 million and higher are up 25 percent over last year – which represents the largest jump since January 2014. In short, the improved economy and job market has also led to an increase in demand for luxury homes, the same way it has elevated demand across all segments of the housing market. Among specific regions, northern California leads the pack with four of the top 10 fastest-growing luxury markets. Other fast-growing markets include Denver, Seattle, and Nashville, which all have seen homes on the high-end of the market going under contract in fewer days than at this time last year. More here.