Ten House Details Borrowers are Spending their Money on in 2015

According to the Demand Institute, one in three U.S. households plan to move in the next five years. Americans will spend more than $7.4 trillion on home purchases and $2.2 trillion on rent as they seek better places to live. They will also spend more than $700 billion renovating their current homes. According to the report, the 10 details below are the characteristics that homebuyers are looking for in their new home in 2015:

  • Increased Energy Efficiency : 71% of households feel that energy efficiency is an         important feature with 51% of households considering buying an energy-use monitor.
  • Renovation Ready: More than 78% of homes are in need of repair with the 5 most likely home improvement tasks being painting walls, replace carpet/flooring, remodel bathroom, remodel kitchen and replace windows/doors.
  • Updated Kitchens and finishes: Americans are cooking and eating more at home,         therefore, there is a need for more updated kitchens with “smart” appliances.
  • Aging-Friendly Homes: Only 53% of residents are satisfied with their current home to grow older in. The older homebuyers are also looking for lower maintenance single-story homes with more accessibility.
  • Safe Streets: Many homebuyers are looking for homes with neighborhood security options to keep their families safe with some even requesting more affordable home security     systems.
  • Affordable Housing: 21% of current households are unsatisfied with their current housing budget. Did you know MWF offers in excess of 100 down payment assistance and       Affordable Housing Programs?
  • Privacy: 21% of households wish they had more privacy while 54% claim to be spending more time at home.
  • More Space: 52% of households say that storage space is a concern in their home
  • Receptive Landlords: Renters get frustrated when maintenance requests are not satisfied.
  • Homes as Investments: 77% of households see homeownership as a great investment and 18% of Renters says their current residences are not good long-term investments.

*Courtesy of Mortgage Professional America

 

 


* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.