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
Due to rising home prices, the Federal Housing Finance Agency announced Tuesday that it would raise loan limits for mortgages backed by Fannie Mae and Freddie Mac.In most of the country, the 2021 maximum conforming loan limit for single-family properties will be $548,250. That marks a 7.4% increase from last year’s limit of $510,400. The FHFA’s loan limits define the maximum amount that Fannie and Freddie can finance for a one-unit single-fam
More Americans were seeking a mortgage to purchase a home in the third quarter. Lenders issued about 1.05 million purchase loans in the third quarter, up 28% from the second quarter and 25% from a year ago, according to real estate data firm ATTOM Data Solutions. That represents the highest level since the third quarter of 2006.The metros seeing the largest quarterly increases in purchase mortgage originations in the third quarter were:Springfiel
Property owners in the majority of opportunity zones saw home prices climb significantly over the past year, according to a new report from ATTOM Data Solutions. Seventy-four percent of qualified opportunity zones saw median home prices rise from the third quarter of 2019 to the third quarter of 2020. Further, median home prices climbed by more than 10% in more than half of the 1,737 designated zones analyzed by ATTOM Data Solutions.The federal o
Nearly half of more than 2,000 Americans recently surveyed say they plan to move soon to reduce living expenses, according to a new survey from LendingTree. Forty-six percent of respondents say they plan to relocate within the next year.The pandemic has motivated more Americans to consider a move. Sixty-four percent of remote workers say they are considering a move. Many consumers say the COVID-19 outbreak also has led them to change their living
Home buyers and refinancing homeowners likely have never locked in this low of rate before for the 30-year fixed-rate mortgage. For the 13th time this year, the 30-year fixed-rate mortgage set a record low, averaging 2.72% this week, according to Freddie Mac’s records, which date back to 1971. The previous all-time low was set the week of Nov. 5, when 30-year rates averaged 2.78%.“Weaker consumer spending data, which accounts for the majority
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