In the first year of ownership, 44 percent of homeowners say they experienced an unexpected home repair. And 12 percent said they experienced a surprise repair within their first month of moving in, according to a new NerdWallet survey of about 2,000 U.S. adults.Nearly half—or 48 percent—of surveyed American homeowners say unexpected home repair costs have caused them anxiety. Thirty-one percent of homeowners say they do not have money set as
A labor shortage of remodelers is prolonging or delaying kitchen and bath projects, according to a new report released by the National Kitchen & Bath Association. The labor shortage could also lead to higher project costs.NKBA members cite delays on 30 percent of jobs due to a shortage of contractors, according to the report. Installers, carpenters, and kitchen and bath designers are among the toughest jobs to fill.“The shortage of tradesp
As mortgage rates rise, more buyers in expensive metros are turning to adjustable-rate mortgages to curb costs.But the potential savings between a fixed-rate mortgage and an adjustable-rate mortgage is narrowing. The average rate on the 30-year fixed-rate mortgage and 5/1 adjustable-rate mortgage have both jumped by about 70 basis points from August 2017 to August 2018, according to Freddie Mac. ARMs, however, still do typically offer a slightly
More households are increasingly being headed by older adults—50 or older--and that requires different types of housing to meet this aging group’s needs and preferences, according to “Housing America’s Older Adults 2018,” a new report released by Harvard University’s Joint Center for Housing Studies. The report found that more than half of the nation’s households—some 65 million--are now headed by someone at least 50 years of age
For the past five quarters, the majority of Americans said their housing markets were overheating. Now, in the fourth quarter, 75 percent of Americans say their local housing market is starting to cool, according to ValueInsured’s Q4 2018 Modern Homebuyer Survey. Homeowners in California, Colorado, Texas, and Washington are most likely to say their local market is starting to cool off.The survey “revealed some concerning evidence about the ch
After a yearlong search, Amazon has chosen two East Coast cities—Crystal City, Va., and Long Island City, N.Y.—to house its new headquarters. The online retail giant is expected to announce its decision on Tuesday that it’s coming to Long Island City, a neighborhood of Queens, and Crystal City, an area within Arlington, Va., just outside of Washington, D.C.The two real estate markets have already seen their housing markets rising in anticip
Quicken Loans ranks highest in customer satisfaction for the ninth consecutive year, according to the newly released 2018 U.S. Primary Mortgage Origination Satisfaction Survey. Customers overall are happier with their mortgage lender this year compared to last year, and a lot of that is attributed to lenders’ use of mixing in more digital interactions in the process, according to the survey, which is based on responses from more than 5,000 cust
The number of For Sale by Owner transactions fell to a record low of 7 percent of all home sales in 2018, down from 8 percent last year, according to the National Association of REALTORS®’ 2018 Profile of Home Buyers and Sellers. FSBOs—homeowners who try to sell their properties themselves without a real estate agent—have decreased dramatically since 1981, when they accounted for 15 percent of all home sales.Today, consumers rely heavily
Mortgage rates were on the rise this week, and as a result, home buyers faced higher borrowing costs. The 30-year fixed rate rose to its highest average in seven years, averaging 4.94 percent this week, Freddie Mac reports.“The economy continued to show resilience as strong business activity and the growth in employment” drove mortgage rates higher, says Sam Khater, Freddie Mac’s chief economist. “Higher mortgage rates have led to a slowd
The Federal Reserve voted on Thursday to keep its key interest rate on hold, but signaled that rate hikes and tightened borrowing costs are likely on the horizon.The Fed kept its benchmark target for rates unchanged in the 2 percent to 2.25 percent range. The Fed’s rate does not directly influence mortgage rates but does tend to have an effect.“The labor market has continued to strengthen and … economic activity has been rising at a strong
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