Many homeowners have spruced up their homes during the pandemic. But major remodeling upgrades could result in homeowners needing to update their insurance, too. Otherwise, the home may be under-insured if a disaster ever strikes.“Remodeling your home can lead to higher insurance rates, since a home remodel often increases the rebuild cost of a home,” a new report from QuoteWizard.com states. “Your dwelling coverage limit should match the r
Mortgage rates are on a continuing streak of record lows. For the fourteenth time this year, the 30-year fixed-rate mortgage averaged its lowest on record: 2.71%, Freddie Mac reports. The previous record low of 2.72% was set just last month.Could home buyers be starting to take the low rates for granted?“Despite persistently low mortgage rates, home sales have hit a wall,” says Sam Khater, Freddie Mac’s chief economist. “While home b
The Federal Housing Administration announced on Wednesday that it would be raising its loan limits in the new year to keep pace with climbing home prices.The FHA national loan limit, or floor, will increase from $331,760 to $356,362 for single-family home loans, marking about a $25,000 increase over 2020’s limits. The FHA’s loan limit is set at 65% of the national conforming loan limit of $548,250.In about 65 high-cost areas of the country, t
Buying a home in a small town isn’t necessarily cheaper than purchasing in a big city. Sometimes, small-town living can come with the higher price tag, according to a new study from LendingTree.The online lending marketplace recently analyzed 50 towns with populations under 50,000 that had the most expensive median home values. Researchers then ranked the towns based on where home values were the highest. They also compared home values in these
Home shoppers are taking advantage of some discounts occurring in the condo market, fueling the sector’s recovery since the start of the COVID-19 pandemic.Many home buyers have been drawn to upsizing during the pandemic, heading to the suburbs in favor of larger single-family homes with greater privacy. But as single-family home prices soar, some buyers are being priced out and drawn back to condos for their affordability. The average single-fa
Solar photovoltaic panels can offer homeowners reduced electric bills and are a more environmentally friendly way to power up a home. But they can be pricey to install, leading to questions about whether the return on investment is worth it.Home Innovation Research Labs recently analyzed the cost-effectiveness of rooftop solar panels on new homes in five markets: Phoenix; Tampa, Fla.; Kansas City, Mo.; Boston; and Seattle. The analysis did not fa
More subdivisions of new single-family rental homes are emerging amid the pandemic as renters are drawn to the extra space in the suburbs. Investors are backing the "build-to-rent" homes under construction across the country on the assumption that the trend of renters looking to upsize from their smaller urban apartments will continue.This year, about 55,000 to 60,000 new rental housing starts are under construction or have been completed in the
As mortgage rates dip to record lows, many homeowners are in a position to save hundreds of dollars a month.A record number of homeowners are eligible to refinance into a lower mortgage rate, saving an average of $309 per month, according to new research from Black Knight, a mortgage technology and data provider. About 19.4 million homeowners are good candidates to refinance, the report notes.Freddie Mac reported that for the week ending Nov. 25
As home sale prices rise across the country amid the pandemic, wealthy buyers are seeking larger homes with more land in scenic destinations as remote work continues for their jobs and for their children in school. The pricing of those homes has also resisted the slowdown in other segments of the economy.“Luxury buyers are more resilient to economic conditions like the ones we’re having now,” Eliza Theiss, a senior writer at PropertyShark,
With nearly half of Americans planning a move to reduce living expenses, according to a new study, many will be targeting cheaper towns. Move.org researched rent prices, utility costs, gas prices, and internet rates in the 75 largest U.S. cities to find the most affordable areas in the country. They identified the following 15 cities as having the lowest cost of living, factoring in average utilities, internet, monthly gas, rent for a one-be
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