Each week we bring you some short real estate article highlights, and here they are for this week:
Most Americans Not Moving – Instead Remodeling
With the lack of confidence in the housing market and any return to appreciation soon, homeowners are deciding to remain in their current homes and instead remodel or in some other way improve their residence. An American Express survey shows that only 10 percent of Americans plan to move. 44 percent of those say that they’ll buy a home, while 42 percent say that they’ll rent.
Of the remaining homeowners, 70 percent say they have a project, planning on spending an average of $3,500. Of these projects, 58% will be interior remodel and the top project in that category is paint, at 37 percent.
3 Generations Under 1 Roof
As the economy continues to stagnate, a high percentage of consumers are finding that dealing with their financial situation is much easier if they move in with someone else. Parents are moving in with children and children are finding that their parents’ homes are not so bad.
The Census reported that “doubled up households,” those including at least one extra adult who is not enrolled in school and isn’t a spouse or partner, grew by 10.7% to 21.8 million households in spring 2011. This was up from 19.7 million households four years earlier.
Rents Keep Rising as Prices Stagnate
If you have the money and credit score to buy a home these days, the cost to own is becoming less than the cost to rent in many areas. The low prices and interest rates are the reason. However, most people can’t make the down payment or can’t qualify for a mortgage. Many others are stuck in their current home with an underwater mortgage.
While asking prices for homes declined 0.7% over the past 12 months through March, rents rose by 5%. The median rent for all types of rental homes hit $1,350 per month in March. This was up from $1,285/month from the same period a year earlier. Investors rejoice, as there are plenty of bargains for us and rent returns are solid.
Each week we bring you some short real estate article highlights, and here they are for this week:
Most Americans Not Moving – Instead Remodeling
With the lack of confidence in the housing market and any return to appreciation soon, homeowners are deciding to remain in their current homes and instead remodel or in some other way improve their residence. An American Express survey shows that only 10 percent of Americans plan to move. 44 percent of those say that they’ll buy a home, while 42 percent say that they’ll rent.
Of the remaining homeowners, 70 percent say they have a project, planning on spending an average of $3,500. Of these projects, 58% will be interior remodel and the top project in that category is paint, at 37 percent.
3 Generations Under 1 Roof
As the economy continues to stagnate, a high percentage of consumers are finding that dealing with their financial situation is much easier if they move in with someone else. Parents are moving in with children and children are finding that their parents’ homes are not so bad.
The Census reported that “doubled up households,” those including at least one extra adult who is not enrolled in school and isn’t a spouse or partner, grew by 10.7% to 21.8 million households in spring 2011. This was up from 19.7 million households four years earlier.
Rents Keep Rising as Prices Stagnate
If you have the money and credit score to buy a home these days, the cost to own is becoming less than the cost to rent in many areas. The low prices and interest rates are the reason. However, most people can’t make the down payment or can’t qualify for a mortgage. Many others are stuck in their current home with an underwater mortgage.
While asking prices for homes declined 0.7% over the past 12 months through March, rents rose by 5%. The median rent for all types of rental homes hit $1,350 per month in March. This was up from $1,285/month from the same period a year earlier. Investors rejoice, as there are plenty of bargains for us and rent returns are solid.