The first-time buyers surveyed, on average, went over budget by $3,615 in their first year of homeownership. Within their first-home budget, they spent the most money on new appliances, a new roof, a new furnace or air conditioning, and landscaping. Forty-eight percent of first-time buyers said they did not set aside enough money for their first year of ownership.“Purchasing a first home is not only expensive but can be emotionally exhausting,â
Budget-conscious home buyers may have a tough time finding the right property, as only 30 percent of listings on realtor.com® are priced below $200,000—down from 53 percent in 2012, according to a recent analysis of the online portal’s data. But there are some surprising cities that still offer plenty of cheaper options for hungry house hunters.House hunters on the East Coast and in the Midwest may have the greatest number of choices, but th
Nationwide, single women own about 22 percent of homes, which far outpaces single men, who own less than 13 percent, according to a new study by online marketplace LendingTree. More single women are homeowners than single men in all 50 of the largest metros as well, even though women tend to earn 80 percent of the average man’s income, the study shows. But do the genders tend to gravitate toward certain areas of the country?Analyzing data from
Home buyers are bringing more money to the closing table. The median down payment on single-family homes and condos purchased with financing in the third quarter was $20,250—up 7 percent from the previous quarter. The median down payment as a percentage of the median home sales price was 7.6 percent in the third quarter—the highest percentage since the fourth quarter of 2003, according to ATTOM Data Solutions, a real estate data provider.Amon
The Federal Housing Administration has announced that most of the country will see an increase to loan limits in the new year. The loan limit for lower-cost areas will be set at $314,827—or 65 percent of the national conforming loan limit of $484,350. In high-cost areas, the new FHA limit for 2019 will increase to $726,525, up from $679,650. The new loan limits will take effect Jan. 1.The FHA sets single-family forward loan limits at 115 perc
The U.S. saw a 0.3 percent increase in homelessness this year, marking the second consecutive year for such an uptick, according to the U.S. Department of Housing and Urban Development’s annual report to Congress. The uptick comes at a time when unemployment is nearly at a 50-year low and incomes are on the rise. “There is a critical shortage of affordable rental housing in every jurisdiction across the country,” Barbara Poppe, an official
Home shoppers and refinancers saw some relief in mortgage borrowing costs this week. The 30-year fixed-rate mortgage moved to its lowest average since mid-September, Freddie Mac reports.“Mortgage rates have either fallen or remained flat for five consecutive weeks and purchase applicants are responding with an uptick in demand given these lower rates,” says Sam Khater, Freddie Mac’s chief economist. “While the housing market softened in r
December is typically the slowest month in the housing market, but it can be a great month for home buyers who have been sidelined to finally make their move. This month may be busier than previous December’s for that reason, too, economists say. Some buyers may be looking to take advantage of steadier mortgage rates—which are still averaging below 5 percent—and home prices that are easing somewhat.Mortgage rates are still nearly a percenta
The Federal Trade Commission warns that a tropical investment scam is targeting Americans who hope to retire and live abroad. Developers were reportedly selling lots in a remote jungle area in Belize as a luxurious resort community. But the FTC alleges that instead the developers pocketed the investors’ money—up to $100 million--and have built barely anything.The FTC has alleged fraud and filed a lawsuit against the developers and Belize’s
Mortgage financing giant Freddie Mac is helping to lower the utility bills for hundreds of thousands of low- and middle-income renters through water and energy-efficiency improvements of units. The efforts are part of Freddie Mac’s three-year "Duty to Serve" plan, which aims to increase rental and homeownership opportunities in underserved markets across the country.“Workforce families don’t typically live in newly constructed apartment bui
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