REAL ESTATE NEWS
|REAL ESTATE NEWS
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|Remodelling Stats and Spending Trends to Inform Your Improvement Plans
|Thinking about remodeling? You're not alone. According to a report from the Harvard Joint Center for Housing Studies, home improvement spending in the U.S. is up more than 50% since 2010.
The study found that 'Spending on improvements and repairs to the US housing stock continued on an upward trend in 2017, setting a new high of $424 billion. This represents a 10% increase from 2015 and more than 50% gain from the low in 2010.' According to their analysis, 22 million homeowners across the country completed at least one home improvement project in 2017.
'The report[…] attributed part of the increase to a shortage of new construction and a reliance on ageing housing stock that requires upkeep and repair,' said the New York Times. 'Other factors include higher housing prices that have increased the available equity for home improvement loans and a growing population of older homeowners who are financially equipped to pay for renovations.'
The primary 'spenders' fall into three main categories: Homeowners using surging equity to make improvements, homeowners playing catch-up on deferred maintenance and updates, and rental property owners.
The average expenditure on home improvement was rather modest; 40% of participants reported spending less than $2,500, and almost 75% spent less than $10,000.
Most common improvements
The most common project in 2017 was adding or replacing flooring, with 5.2 million homeowners, or 7%, upgrading their floors. The next most common projects were:
- Adding or replacing plumbing fixtures
- Built-in dishwashers or garbage disposals
- New windows or doors
- New water heaters
|USDA Loans: They're Not Just for Homes in the Boonies
|Have you heard of USDA loans? If you're a low-to-moderate-income homebuyer who doesn't have a lot of money for a down payment and who needs lenient credit requirements, you (or your lender) are probably focused on FHA loans.
But if you haven't taken a look at USDA loans, you may be missing out on an incredible opportunity.
If you're saying to yourself, 'But USDA loans are only for homes out in the sticks,' that's understandable. It's true that the loans were designed to help buyers in rural areas. But 'rural' is a broader term than you may realize.
On the USDA website, you can enter an address in the search bar and check if it's eligible, or you can a pin in a location to find out whether USDA financing is available in the area. Consider these interesting results: Frisco, TX, currently the fastest-growing city in the nation, is not eligible for a USDA loan, but Prosper, just to the north and being called, 'The next Frisco,' is eligible. The popular Valencia, CA, north of Los Angeles is not eligible, but areas of Santa Clarita, the city in which Valencia is located, are eligible. There's no harm in looking, and you might find a real gem in an up-and-coming area.
Economic Roundup February 2020
5 myths surrounding home loans
Cost vs. Value: 2020 Home Improvement Projects With the Highest ROI
Housing is Healthy Heading Into 2020
What Happens at Closing?
Inspections vs. Appraisals vs. AVMs
Credit Scores Demystified
A quick guide to home loans on investment properties
What will 2020 Bring for Borrowers?
4 Resolutions for Home Improvements to Make in 2020
4 Things NOT to Do When Putting Your Home on the Market
Economic Roundup January 2020
FROM ONLINE TO IN STORE: HOW TO CRAFT THE PERFECT HOLIDAY SOCIAL MEDIA MESSAGES
How to know when refinancing is a good or bad idea
Exploring the benefits of VA home loans
Market Movement November 2019
Easy Ways to Give Back During The Holidays
REAL ESTATE NEWS
Your mortgage refinance checklist:
Pending Sales Surprise, Up 1.5 Percent
Learn About Your Local Neighborhood -- Or One You're Considering
The Myth of the 20% Down Payment
2020 Housing Market: What the Experts Think
How to decide to remodel your home or sell it
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