Americans’ Top Housing Concerns?

Americans’ Top Housing Concerns?

It might not be all low inventory and high prices. It seems Americans have a confidence problem when it comes to the housing market. They’re increasingly apprehensive to move forward, citing concerns over the economy and job security, according to the latest ValueInsured Modern Homebuyer Survey, a measure of confidence in the health of the housing market among more than 1,000 home owners and buyers.

Americans also still express lingering concerns from the housing crisis of 2008, particularly millennials. Sixty-three percent of Americans and 72 percent of millennials say the crash worried them and impacted their decision to either purchase their first home or upgrade to a new one, according to the survey.

Cleve Bellar, chief marketing officer of ValueInsured says that though the results demonstrate “renewed confidence that housing is a smart investment,” he adds that it is “tempered by thoughtful consideration of the undeniable risks, especially given the recent uptick in security and economic events in the U.S. and abroad.”

And confidence could be the key to increasing the low rate of home ownership. Sixty-eight percent of Americans and 81 percent of millennials who say they want to buy a home add that they would do so sooner if they had more confidence in the housing market, the survey found.

The top concerns Americans’ expressed in the survey are:

• Global economy: 59% of Americans and 68% of millennials say that the global economic climate has them worried.
• American economy: 63% of Americans and 70% of millennials say that the current U.S. economy has them concerned about the risks of buying a home.
• National security: 48% of Americans and 61% of millennials say that national security is taking a toll on their home-buying decisions.
• Job security/mobility: 55% of Americans and 71% of millennials say that the possibility of a job change or loss has them concerned.

Source: ValueInsured

What Moms Want in a House

What Moms Want in a House

The configuration of the home is more important to buyers with children these days, Jeff Martel, a real estate professional with Better Homes and Gardens Real Estate, told MarketWatch.

“Ten years ago, the only thing families were looking for was square footage and a large yard,” he says. But now more family home shoppers are placing an open floor plan high on their list rather than separated rooms.

“Everything happens in the kitchen,” he says. “Kids use the islands now for breakfast, lunch and dinner.”

Here are other house features that parents desire the most, according to real estate professionals:

Office nook: Martel sees a declining interest in having a separate home office. Instead, he has more clients asking for an office nook off the main living space so that parents can better monitor their children while the kids are online. “You want a family office that’s very visible with a direct sightline to the kitchen,” he says.

Garage access: Location of the garage is also important, adds Lindsay Alteri, who works for BHGRE in Raleigh, N.C., and is also a mother of two young children. “If there are stairs to and from the garage, are you going to be willing to go up and down them carrying a child” in from the car? she notes.

Mud room: Also, a garage that walks into an area in the laundry room is desirable, adds Stacy Barry, a real estate professional at Century 21 Scheetz in Indianapolis. “You want a ‘mud room’ that has a bench and some storage for boots that’s done in a hardwood or laminate where you can drop everything like backpacks and jackets,” Martel adds.

Built-in storage: “Kids come with clutter,” Martel says. Parents are wanting a lot of built-in storage in bedrooms, attics, spaces under stairs, and even hidden storage behind bookshelves.

Source: “What Moms Look for When Buying a House,” MarketWatch (June 19, 2016)

States With the Highest, Lowest Energy Bills

States With the Highest, Lowest Energy Bills

The month of July tends to produce the highest monthly energy bills for consumers, according to the personal finance website WalletHub.

But where you live has a lot to do with how much energy bills will bite you’re your paycheck. WalletHub’s analytics team recently compared the average monthly energy bills in each of the 50 states and the District of Columbia, accounting for residential energy types (like electricity, natural gas, etc.).

WalletHub found the following states have the highest residential energy costs:

1. Connecticut: $404 (the average monthly energy bill in the state)
2. Massachusetts: $346
3. Rhode Island: $338
4. Vermont: $332
5. Georgia: $328
6. North Dakota: $328
7. Maine: $327
8. New Hampshire: $325
9. Indiana: $325
10. Mississippi: $323

On the other hand, the following states have the least expensive energy costs:

1. Iowa: $270
2. Montana: $265
3. Idaho: $262
4. California: $251
5. New Mexico: $249
6. Arizona: $247
7. Oregon: $238
8. Colorado: $235
9. District of Columbia: $219
10. Washington: $218

Source: “2016’s Most & Least Energy-Expensive States,” WalletHub (July 2016)

Most Popular Exteriors on New Homes

Most Popular Exteriors on New Homes

Vinyl is the most widely used exterior on new single-family homes, according to the latest Census Bureau data. Vinyl (which includes vinyl-covered aluminum) was used for siding material on 27 percent of new homes nationwide in 2015, followed by stucco at 25 percent, brick or brick veneer at 22 percent, and fiber cement siding at 19 percent. Wood or wood products accounted for 5 percent of new homes.

The materials used can vary drastically from region to region. For example, stucco was the most popular siding material in the Pacific and Mountain regions, at 57 percent and 55 percent, respectively. In the East and West South Central regions, at least 55 percent of new single-family homes last year used brick or brick veneer.

Take a look at this map from the National Association of Home Builders to see the most popular siding materials by region.

Source: “Vinyl Is the Most Widely Used Exterior on New Homes,” National Association of Home Builders’ Eye on Housing blog (July 7, 2016)