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American homeowners poured $827 billion into homeimprovement projects during the two-year period ending in 2023, according to the latest U.S. Census Bureau American Housing Survey. Rising Costs and Project Trends From 2021 to 2023, the average cost of a homeimprovement project rose from $4,800 to $6,200.
Home Depot raised its fiscal outlook after strong third-quarter 2024 sales, driven by demand for seasonal goods and hurricane preparation in the Southeast. The world’s largest homeimprovement retailer and fourth-largest U.S. retailer by market capitalization reported $40.2 billion in sales for the quarter ending Oct.
real estate investors are planning to grow their portfolios and invest significantly in property improvements in 2025, according to a new survey from property management software provider RentRedi. A majority of U.S. he survey, conducted during a two-week period in November 2024, found that 59% of U.S.
Home Depot is expects same-store sales in 2025 to be just 1.0% better than this past year, an indication that the housingmarket will remain slow. In the near term, the company isnt expecting to see meaningful changes to interest rates, housing turnover or the macroeconomic environment.
We’ve all witnessed the housingmarket slowdown that has occurred over the last year. Across the country, homes are spending more days on the market as interest rates rise. Basic listing prep: 297% ROI Normal wear-and-tear is expected, but makes a home look lived-in.
As high home prices continue to impact the market, many homeowners are deciding to stay put in their homes. But most still have plans to purse home renovations and younger generations are leading this new focus on homeimprovement. But renovation plans remained top of mind for most of them.
In a challenging and expensive housingmarket , some prospective homebuyers may compromise on certain standards and features to secure their purchase. This finding likely stems from an increase in renovation costs over the past three years, forcing some buyers to pursue costly financing sources to improve their homes.
According to the Improving America’s Housing 2025 report , the strength of the remodeling industry has long been supported by the aging of both homes and households, as well as high property values. The average homeowner spent almost $4,700 on improvements that year.
The Home Depot Foundation — the philanthropic arm of the homeimprovement retail conglomerate — announced that it is investing $10 million for the purpose of enabling older military veterans to age in place in their homes. Home Depot’s recent earnings report could give context to its moves in the housingmarket.
Having previously written about the Greater Boston housingmarket a few times for HousingWire, I’ve had the opportunity to get to know some of the area’s top agents and brokers. The homes I toured all went under contract within a week of being listed and, so far, at least two have sold for more than $20,000 over asking price.
Brian Hommel, owner of Saugerties-based Brian Hommel HomeImprovement , said his company is booked until September 2022 — and most clients are fine taking the appointments that late. ” The post Kingston is latest hot housingmarket for those leaving NYC appeared first on HousingWire.
As mortgage rates continue to be volatile, our rate sale helps provide relief to customers who entered the housingmarket when rates were elevated, or help address an immediate cash need, such as for debt consolidation, funding retirement, homeimprovement, paying off credit cards, etc.,
Fifty-five percent of surveyed baby boomers plan to remain in their existing homes as they age, but less than a quarter of those surveyed have any plans to renovate their homes to more safely and easily accommodate natural changes that come with aging. The housingmarket is caught in a generational tug-of-war.
Additional inventory and more home building activity will help price increases moderate next year.” While the sales pace of existing homesimproved in October, properties typically remained on the market for 29 days, up from 28 days in September and 23 days a year ago.
Stubborn inflation and high interest rates continue to wreak havoc on the mortgage-origination market, but there is one asset class in the housingmarket that is arguably flourishing in these hard times – home equity.
Keep reading to learn whether a turnkey home or fixer-upper is the right option for you: More for Real Estate Enthusiasts. A homebuyer’s guide to a competitive housingmarket. Four renovations to consider before selling your house. How much house can you afford to buy? Buying a house that needs work?
These offers can include providing sellers an immediate cash offer, upfront loans for homeimprovements, and giving special incentives to essential workers such as police officers, nurses and teachers. We partner with great companies that specialize in how to take the MOFIR to market.”
Evergreen topics might include: how to prepare to list your house, everything your client needs to know about VA loans; or which homeimprovements yield the best financial return in a home sale. RealTrends.com Housingmarket data by city and state, agent news, and advice.
It allows for actual homeimprovements to complement contemporary lifestyles. In turn, the program opens access to much-needed renovation capital for borrowers. As with any program, there are parameters, but this one isn’t confined to repairs.
Despite ongoing lockdowns, social distancing and cutbacks on how many customers can enter the store at a time, Home Depot still managed to boost customer transactions by nearly 9% from the year prior. The share of people who made improvements to their home that amounted to more than $10,000 was 10%, double that of pre-COVID-19 levels. .
DP: The events following the outbreak of COVID-19 rapidly led to a liquidity crisis across the mortgage industry, something seasoned veterans never thought they would witness again after the collapse of the housingmarket in 2008. HW: How do you think an increase in Non-QM lending could impact the housingmarket?
The housingmarket remains in a gridlock as homeowners, faced with high mortgage rates and soaring home prices, find themselves unable to move. As of June 2024, existing-home sales dropped by 5.4% Market Stuck in a Holding Pattern The housingmarket gridlock is unlikely to break soon.
Patrick Dodd, CEO of CoreLogic, said home equity grew in tandem with home prices, which were up by 20% in March, compared to a year earlier. This has led to the largest one-year gain in average home equity wealth for owners and is expected to spur a record amount of home-improvement spending this year,” Dodd said in a statement.
” “Meanwhile, the housingmarket continues to face challenges as home sellers are less active this spring. In addition to the “locked-in effect” of mortgage rates, sellers are facing another issue caused by high inflation: the increasing costs of homeimprovements prior to selling.”
Falling home prices will not only make it more difficult for retirees but will impact existing homeowners that may want to purchase something larger or in a more desirable neighborhood. The relationship between diversity, economic growth, housing and GDP The housingmarket is large and varied. GDP, roughly $3 trillion.
The ongoing shortage of housing inventory helped spur an increase in home building and homeimprovement activity, Kan said. On the housingmarket, she said that conditions are still favorable for households, supporting housing demand.
This, in part, is causing the tight inventory we’re seeing in the housingmarket today, as two out of every three houses have mortgages with interest rates below 4% and aren’t motivated to sell their house unless a significant circumstance warrants it.” through the first quarter of 2024.”
Still, contacts emphasized that the number of units for sale stayed far short of what they considered a balanced market, and that a dearth of inventories had contributed to faster house price growth from 2022 to 2023. New York: Housingmarkets strengthened as the spring selling season got underway a bit earlier than normal.
He originally wrote an article for the Cleveland Appraisal Blog, back in July, entitled “4 Home Repairs You Need to Hand Over to a Professional” I hope you find his new article to be helpful! High-Impact Home Upgrades for Any Budget. Making a few upgrades around the home can be surprisingly affordable!
Remodelers are generally optimistic about the homeimprovementmarket, although some are noting negative effects of material shortages and higher inter e st rates ,” Alan Archuleta, NAHB Remodelers Chair, said in a statement.
HousingWire recently spoke with Lee Smith and John Gibson at Flagstar Bank about what originators can do to align their mortgage products and services with the ebb and flow of the housingmarket and what Flagstar is doing to help clients remain at the top of their game during this turbulent time.
In light of a difficult housingmarket filled with high home prices and low supply, Discover Home Loans issued a survey to better understand homeowners’ attitudes towards homeimprovements, purchasing and refinancing.
What to Expect When Undertaking These 4 Common Home Renovation Projects. When homeimprovement gives way to major renovations, the implications can be more impactful than you might realize. Familiarizing yourself with these renovations will give you a great start in mapping out your homeimprovement strategy.
David Peskin: As we all know, the housingmarket is booming right now. HousingWire: What are some potentially overlooked products that originators could add to their portfolios to grow their businesses in the rising rate environment?
After nearly two years of trudging through a frozen housingmarket , the consensus among mortgage professionals is that the worst of it is over. If customers are looking for homeimprovement, debt consolidation or other spending goals, Home equity products can be positive at current rates.
Major Home Renovations & Home Appraisals: What You Should Know Are you planning house renovations and want to know the best homeimprovement investments? Or maybe you are planning to sell your house and are wondering about renovations that increase home value the most.
It comes at a time in which the housingmarket favors buyers and seller concessions become more frequent. The new products complement UWM’s “Game On” initiative , a cut-rate pricing strategy devised to grow market share with purchase buyers.
Buyers are seeing this as a rare opportunity from recent years to make offers at or below the list price and negotiate on everything from home repairs to who pays closing costs. They are also passing on homes that might need a refresh, with 71% of buyers too afraid to purchase one that needs upgrades.
Luckily, your serendipitous muses at The Robert Weiler Company are here to offer some awesome, functional, and fun gift ideas for your favorite real estate investor – whether they’re into homes, buildings, or anything in between! Here are some fantastic ideas for residential real estate investors: 1.) An Amazon Gift Card.
The first half of the Atlanta 2023 housingmarket shared many similarities with the first half of the 2022 real estate market. Despite continuous caterwauling from the MSM about a crash, home prices around greater Atlanta haven't really moved from a year ago. In fact, some market are ahead of those record highs of '22.
Once we know how much the home costs to replace, we can extract a percentage of how much the homeimprovement has depreciated. Let’s say that in this example, the home that sold for $500,000 has a replacement cost of $425,000. If that is the case, the home’s improvements have depreciated approx.
NEW YORK – Home Depot sales continue to slide as Americans wrestle with persistent inflation and the company narrowed its outlook for the year. But the nation’s biggest homeimprovement retailer still topped expectations for the quarter. Sales of new homes are falling, too, but for much different reasons.
Luckily, your serendipitous muses at The Robert Weiler Company are here to offer some awesome, functional, and fun gift ideas for your favorite real estate investor – whether they’re into residential homes, commercial buildings, or anything in between! Here are some fantastic ideas for residential real estate investors: 1.)
The home remodeling industry is a $368B business, according to Harvard researchers , and is expected to reach $432B by the end of this year. Soaring costs of labor and construction materials is certainly contributing to the rising figure but there is evidence of a sharp increase in homeimprovements since the start of the pandemic.
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