Homes today spend a median time of three weeks on the market—far shorter than the median of 11 weeks five years ago, according to new data from the National Association of REALTORS®. “The inventory shortage and the growing economy and job creation has increased the interest in home buying,” says NAR Chief Economist Lawrence Yun. “There is just not enough inventory; people need to fight over the few homes available on the market.”Histor
Baby boomers are the fastest-growing group of renters in the nation, increasingly drawn to the convenience of apartment life. Between 2009 and 2015, the number of renters ages 55 and older jumped 28 percent, while renters ages 34 and younger only increased 3 percent, according to Census data. Further, more than 5 million baby boomers nationwide are expected to rent their next home by 2020, according to a 2016 study by Freddie Mac.“You would thi
Among the home improvement projects buyers are most likely to value are those that increase storage space and preserve vintage features. Southern Living magazine recently rounded up some of the renovations that get sellers the most attention for their properties, including:Temperature-controlled square footage: “From the appraiser’s point of view—and really from everyone’s—heated and cooled square footage is the biggest winner” in
The cities where homeownership rates are growing the fastest are mostly in the Rust Belt, as well as smaller metros near bigger and more expensive urban areas, according to research from realtor.com®. The South is also seeing an uptick in homeowners thanks to booming job markets in the region. “Affordability is a strong draw to these areas,” says realtor.com® Chief Economist Danielle Hale.More than half of the metros on realtor.com®’s li
For the past two years, consumers have been spending more money at mom-and-pop retail stores than big-box chains, and America’s shopping malls are feeling the impact, according to credit card company Mastercard, Inc. “The consumer is shopping small,” Mastercard Senior Vice President Sarah Quinlan told Bloomberg.Big retail chains still account for the majority of purchases—but many of the wealthiest consumers are bypassing malls for more
Developers are continuing to shrink the size of new single-family homes, according third-quarter housing data compiled by the National Association of Home Builders. The median square footage of a single-family home was 2,378 square feet in the third quarter.In the years following the Great Recession, builders were focused on the higher end of the market, catering to larger-sized homes. But more recently, builders have renewed their focus on the e
Home buyers were taking out mortgages in higher numbers last week. Applications to purchase a home increased 5 percent and are now 4 percent higher than the same week one year ago, the Mortgage Bankers Association reported Wednesday.But higher home prices appear to be pushing more buyers toward adjustable-rate mortgages, the MBA reports. ARMs tend to carry lower initial interest rates. The ARM share of total mortgage applications is now 8 percent
It’s that time of year when everyone feels the need to share delicious treats, especially at the office. That’s why Lifehacker recently posed the question to its readers of how to work among junk food without pigging out. They collected a list of helpful habits to consider during a season that can sometimes lead to excess. Plan ahead: If you pack a lunch or healthy snacks, you’re much less likely to be tempted by the Christmas cookie tray a
Townhouse construction continues to post gains as home shoppers are lured to the sector. Single-family attached housing comprised 26,000 of total housing starts during the third quarter of 2017, according to Census data. That is 18 percent higher than a year prior, the National Association of Home Builders reports in its analysis.The share of new townhomes now stands at 11.8 percent of all single-family starts, NAHB reports. Still, the peak ma
It's all about warm shades, rugged textures and simple fixturesCool neutrals, white kitchen accessories and marble is out, and earth-toned shades, stonework and concrete accents are in, says Houzz for its 2018 home design predictions.Here are the ten design trends expected to define the upcoming year:Photo credit: Rikki Snyder © 2015 Houzz1. More color in kitchens. Houzz says white will always be a classic color for kitchen design, but homeown
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