The typical home buyer could save $260 per month with an adjustable-rate mortgage over a 30-year fixed-rate mortgage, or more than $15,000 in five years, a new study from Redfin shows. That marks the largest savings since at least 2015.A 5/1 ARM means the interest rate is fixed for the first five years and then adjusts once a year for the remainder of the loan term, usually 30 years. ARMs that first reset in seven years or 10 years also are commo
Since the pandemic began, homeowners have been eager to spruce up their spaces. Even recently, homeowners are spending more on home improvement projects than they have—due partially to higher building material costs, but also to a desire to widen the scope of their projects.Kitchens and bathrooms continue to be the most popular areas to renovate, according to the 2022 U.S. Houzz & Home Study. The median spend in 2021 on a kitchen remod
A growing number of consumers are exploring unconventional pathways to homeownership, including buying a home with a friend, family member, or partner, according to the National Association of REALTORS®’ 2021 Home Buyers and Sellers Generational Trends Report.With rising costs, home buyers may find pooling their money together can put homeownership more within reach.“This strategy can help ease the financial burden of purchasing a home
About 14% of new home buyers—or one in seven—forgo a home inspection, a survey finds from Clever Real Estate. Buyers are more likely to hire a home inspector when purchasing an existing home.But new homes can turn up problems too.For those who did do an inspection, 65% said they uncovered issues with their newly constructed home. The majority of those problems were minor and did not delay closing. However, about a quarter—24%—of new
Refinishing hardwood floors is the remodeling project that pays back the most, recovering the highest percentage of its cost—147%—at resale, according to the 2022 Remodeling Impact Report, a joint study from the National Association of REALTORS® and the National Association of the Remodeling Industry.Home remodeling projects aren’t only offering a potential boost at resale; they’re also making homeowners happier. Painting a hom
Simple kitchen and bath improvements can leave home shoppers swooning over a listing, according to a new study by Knock, a site about homeownership.Homes are selling fast, but certain home updates can help them sell even faster. An updated home can sell an average of 30% faster than a home without improvements, the analysis shows.Knock compared the average days on the market for homes that are updated before being listed with those that sell
As the weather cools across the country, frozen pipes in homes or businesses are a growing risk. Pipes can freeze, swell, and crack, leaving owners with costly flood damage.Any pipe exposed to temperatures below 20°F for several hours runs the risk of freezing.The biggest areas at risk are unheated areas, such as in the basement, attic, garage, or crawl spaces, according to Emerson, a global technology, software, and engineering compan
Classic white remains the most popular color choice in kitchens, but homeowners continue to experiment with wider palettes for that room and other areas of the home.“With white kitchens, there’s never a risk of looking dated in a few years, while the sleek minimalistic feel is effortlessly complemented by dark counters or contrasting kitchen accessories,” says Living Cozy, a home design resource, which analyzed global search data about desi
Since the pandemic began, more homeowners have been adding plants inside their homes—a closer tie to the outdoors after being cooped up indoors more. Studies have suggested that the extra houseplants are making people better at their jobs and happier too.A recent study conducted by Cinch Home Services, a home warranty firm, found that people with five or more houseplants are more likely to indicate feeling satisfied with their jobs, productivit
As the homebuying and remodeling spree continues amid the pandemic, homeowners are showing they really care about what their home looks like. Google searches for “interior design styles” have increased 40% in the past week alone, according to a study from Uswitch, a mortgage comparison firm.Researchers analyzed more than 4 million pins across Pinterest to find which decor styles are the most desired across each room of a home and to determine
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