Blog

May
22
Realtors Property Resource® Sees Record 2018 Engagement

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Realtors Property Resource®, a subsidiary of the National Association of Realtors®, reached a major user engagement milestone on its real estate data and analytics platform. As of December 31, 2018, engagement with RPR among NAR members soared to a record 14.7 million sessions—a notable 29.5 percent increase from 2017. Throughout 2018, Realtors® spent more than 100 million minutes researching properties and creating reports for consumers using the RPR platform. Additionally, RPR’s residential and commercial Mobile app surpassed 470,000 downloads, accounting for 36 percent of all RPR traffic.


May
15
Clever Real Estate Studies Reveal the True Costs of Homeownership

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ST. LOUIS, May 1, 2019The first study shows that the average homeowner spends $2,676 on maintenance and repairs, $6,649 on home improvements, $2,600 on property taxes and $1,228 on homeowners insurance every year.

However, these numbers don’t tell the whole story.

Millennials are feeling the pressure of homeownership more than any generation, and a full report that compares millennial and Baby Boomer homeowners can be found here.

Key Insights:

● 59% of homeowners making renovations are using some combination of credit cards, personal loans, and home equity loans to fund their projects
● 1 in 4 homeowners have less than $500 saved for home repairs
● In spite of the costs, 65% of homeowners said they’ve never felt home buyer’s remorse
● Where you live matters: On average, New Jersey homeowners pay five times more in property taxes on a $206,000 home than they would if they lived in Alabama

Millennial Insights:

● Millennials are twice as likely to be stressed about homeownership than Baby Boomers
● 67% of millennials put less than 20% down, leading to higher mortgage payments
● Millennials are three times as likely to use a personal loan and twice as likely to use a credit card to finance their renovations than Baby Boomers
● 43% of millennials were surprised by the cost of maintaining their homes

Almost every homeowner (75%) is planning renovations in the next five years, but millennials are planning 50% more renovations than Baby Boomers. Unfortunately, they’re also three times as likely to use a personal loan, and twice as likely to use a credit card to finance their renovations.

Combined with higher than average mortgage premiums due to putting less down, Millennials are twice as likely to be stressed by homeownership. It’s no surprise (to us) that 43% of Millennials were surprised by the cost of maintaining their homes.

The full reports contain additional data, shareable graphics, our methodology, and much more.

The True Cost of Homeownership study can be found here
The Millennial vs. Baby Boomer Homeowner study can be found here

Written By: THOMAS O'SHAUGHNESSY


May
08
May
01
Canada’s Mortgage Stress Test: An Attack on Home Ownership?

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It’s been more than a year since mortgage stress test regulations were implemented in Canada. Home sales are down and economist Will Dunning says the rules will cause employment to drop by up to 200,000 jobs. Alberta’s new premier and other critics say it’s time to make some changes.


Apr
24
5 DIY Things You Can Do Now to Lower Your Electric Bills This Summer

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Every year at this time you, (and we!) start thinking about what we can do to lower our energy output, and therefore our utility bills. If you live in a place where summer heat is an issue, you could be looking at substantially higher costs during the summer. The harsh summer sun and west-facing windows in our Texas house means our electric bill soars to around $350 during the season after topping out at just around $60 for the month in winter.


Apr
17
5 Things That Can Do Double Duty When Cleaning Your House

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It’s spring cleaning time, but this year you don’t have to stock up on all those expensive potions and cleaners. The stuff you already have in your house might be even better at getting—and keeping—it clean.

Here are a few of our double-duty (or triple or more!) products:


Mar
06
Buying A House With Friends: Is It A Good Idea?

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So you want to buy a home but can't swing it on your own - at least not without going the tiny house route or buying in a not-so-great area. But what if you could pool resources with one or more friends and purchase together?


Feb
27
Financing a Home in a Rural Area? Here’s How

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Homes that are located in rural or semi-rural areas can be more difficult to find financing for when researching conventional loans. Homes in these areas by nature are somewhat isolated as well as remote. This is important as it relates to identifying comparable sales in the area. When lenders evaluate a loan application there are actually two separate approvals going on- one for the applicant and one for the property. The applicant will provide income and employment documentation as well as copies of bank statements and more. A credit report will be pulled and reviewed.


Feb
20
Important Things To Know About Home Inspections

If you're hiring someone to inspect the home you want to buy, or you're a seller trying to find out if there are any hidden problems that need fixing before you put your home on the market, here are five things you need to know:


Feb
07
Insurance and Animal Bites

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Question: My condominium association is overrun with dogs. We are concerned that someone will be injured, and we will be sued because we did not impose the proper precautions. What should we do?