Not only is new construction starting to come back, there is also an upswing in remodeling! According to Harvard University’s Joint Center for Housing Studies, spending for remodeling is expected to climb 20% from September 2012 to September 2013! House.com says that 53% of homeowners think now is a great time to remodel! During the worst of the housing market crash most home owners were only doing must do repair work and if possible they did it by themselves to keep the costs down. Now that home prices are starting to rise people are starting to hire companies to do their remodeling projects. One major difference is that people are tending to pay cash or do their projects in small steps unlike the height of the housing market where everyone financed their remodels and did huge projects all at once. Kitchens and bathrooms are still the top remodeling projects.
What are the top 10 showing no no’s? Realtor Magazine spoke with over 50 buyers agents to compile this list of the topp 10 worst home showing offences. If your home is for sale, make sure you avoid these mistakes!
According to numbers released by CoreLogic, about 22.3% of homeowners with mortgages were underwater at the end of the second quarter this year. This number is still high, but it is down from 23.7% at the end of the first quarter of the year.
On the positive side, 1.3 million borrowers moved to being above water on their mortgages in the first half of the year but still 27% of mortgage holders were considered to be underwater or near underwater at the end of the first half of the year.
Another interesting fact is that people that purchased a home for under $200,000 are the most underwater on their mortgages with 32% while only 17% of people with homes purchased over $200,000 are upside down on their mortgages.
According to CoreLogic, just another 5% increase in home sales prices would dramatically lower the amount of homeowners that are underwater on their mortgages.
Although mortgage rates are at their lowest point in at least 40 years and the current 30 year rate is at about half of the historical average are loan rates boosting the home market? These low rates are helping to jump start the housing market but there a few problems that are still keeping the market from coming back in full force.
Overall the market is up and is continuing an upward trend but it will take time for everything to be back in balance.