Check out some of the news we want to share with you this May. From mortgage rates dropping to colorful kitchens, we cover it all. Also learn 15 key things that will always fail a home inspection, and how to fix them.
Sales prices on existing single-family homes during the first quarter were up in approximately 70% of major metro areas – 152 out of 221 markets – according to new data from the National Association of Realtors (NAR). However, the $371,200 national median single-family existing-home price was down by a scant 0.2% from one year earlier – in the previous quarter, the national median price recorded a 4% year-over-year increase.
The 30-year fixed-rate mortgage averaged 6.39% of today, according to new data from Freddie Mac (OTCQB:FMCC). This rate is down from last week when it averaged 6.43%. A year ago at this time, the rate 5.27%.
The Fannie Mae (OTCQB: FNMA) Home Purchase Sentiment Index (HPSI) spiked by 5.5 points in April to a level of 66.8, its highest level since May 2022.
All six of the HPSI’s components increased from March and April, most notably in regard to whether this is a good time to buy a home (increased from 20% to 23%) and mortgage rate expectations (those predicting rates will go down in the next 12 months increased from 12% to 22%).
“Over the decades, the kitchen has moved from a primarily functional space to the center of the home,” says Jenn Nash, senior design lead at Magnet. “This evolution of use also brings a new, invigorated appreciation of color. People are increasingly using the home to express themselves but need versatile spaces. Multi-use spaces need extra-thoughtful consideration, but an emphasis on living spaces rather than practical is getting peoples’ imaginations flowing.”
National Association of Realtors
Waiting for home inspection results can be nerve-wracking for both the seller and the buyer. But knowing what parts of a home will fail the test can help alleviate some stress and shock. Whether you’re buying or selling a home, it’s important to be aware of 15 common things that cause a home to fail inspection and what you can do to fix them.