Easy Improvements to Boost Your Home Value
When sellers are getting ready to move on from their home they want to make sure they’re getting top value even in today’s market. Some home improvements could cost thousands and not provide the return that sellers are hoping for. Here are a few tips of things to do to increase your home’s value. Increase Curb Appeal: According to a report from HomeLight the cost to upkeep landscaping provides a 267% return at the time of sale. Replace Your Garage Door: According to multiple agent’s reports they have seen clients refuse to even enter a property because of the condition of a garage door. A relatively cheap replacement could make a huge difference. Update the Kitchen: Typically one of the most important spaces for a family, updating the kitchen is an investment that you’ll see great returns on. Remodel the Bathroom: Along with remodeling the kitchen, this fix may cost a good amount of money but you will see almost 55% of the money returned when you sell. If you plan on living in your home a while longer, investing in an updated kitchen and bathroom will give you more enjoyment in your home and you’ll be able to recoup a large portion of the money invested when you...Mortgage Numbers Increase Last Week
According to data from the Mortgage Bankers Association mortgage application volume increased 4.2% in the week ending June 17th. Refinance volume specifically fell 3% during the same period making the year-over-year refinance application volume 77% lower than the same week ago last year. Refinance application volume made up only 29.7% of total applications last week. The FHA share of total application volume increased to 12% from 11.8% the prior week. The VA share of total application volume decreased to 10.7% from 11.7% the prior...Almost Half of All Homeowners Considered Equity Rich
As home prices continue to soar, the number of homeowners that are now considered “equity rich” has reached nearly 45%, a 13% increase year-over-year. For a homeowner to be considered equity rich they must have at least 50% equity in their home, which has become a much easier feat with rising home prices across the country. Idaho, Vermont, Utah and Washington had the highest rate of equity rich owners in Q1 of 2022. In the opposite case, only 3.2% of mortgaged homes were considered seriously underwater in the first quarter of 2022. Any homeowner owing 25% more than the current market value of their home is considered seriously underwater. Mississippi, Louisiana, and Wyoming had the highest level of mortgages considered seriously underwater. As home prices continue to rise as the back half of 2022 comes into sight, it’s expected that more and more homeowners will be considered equity rich going into 2023. By the same token it’s expected less homeowners will be considered seriously underwater on their...First-Time Buyers Becoming Timid About Homebuying
Fannie Mae’s Home Purchase Sentiment Index tracks the housing market and consumer confidence to either buy or sell a home. In April, this index reached 68.5 marking the lowest level in the index since May 2020. The index is made up of six components including whether or not consumers believe it’s a good time to buy or sell and whether or not mortgage rates will rise or fall. According to the survey 76% of consumers think it’s a bad time to buy a home. The largest portion of survey responders that answered this way were between the ages of 18 to 34, showing that an increase in interest rates is concerning to many first-time homebuyers. Also included in the survey are questions about a consumer’s employment and income outlook. 84% of consumers believed they had nothing to worry about in regard to losing their jobs, but only 26% of consumers were making more money than this time last...Connect With Us
