Accessory dwelling units are popping up in more backyards, CNBC reports. These standalone housing units are either serving as rentals to generate extra income for homeowners or extra space for aging parents or adult children who move back home.The growing interest in ADUs has sparked changes to local and state zoning rules to allow for more construction. Some communities are even pointing to ADUs as a solution for a lack of affordable housin
The median price for a new home posted a significant drop last month, but it’s not because builders are discounting their inventories or offering any special deals. Instead, the drop in prices was due to a greater mix of price points that builders are now selling.The median price of a newly built home was $299,440 in September, down 8% compared to a year ago, census data shows. That is also the lowest median price reading since 2016. A year ago
As prices rise, more buyers are turning to unconventional loans to finance their new-home purchase, particularly in some western southern markets.The share of unconventional financing is comprising more than a quarter—or 28.6%—of the new-home build market, a new analysis of census data by the National Association of Home Builders shows. Unconventional forms of financing include loans insured by the Federal Housing Administration, VA-backed lo
Many homeowners attempting to save money on household projects are turning to DIY projects. But do-it-yourself fixes can be costly, shows a new survey from Clovered, a home insurance company.Eighty-seven percent of more than 1,000 homeowners recently surveyed admitted to making a mistake while attempting a do-it-yourself home improvement project. The median amount spent on fixing those DIY mistakes was $137.50, the survey showed. Millen
Eighty percent of homeowners anticipate taking on a home improvement project in the next year, and more than 70% of that group plans to do the work themselves, according to a new survey from Chase Home Lending. The top motivators for sprucing up a home include adding value to the property, creating a comfortable space for family and entertainment, and accommodating a DIY hobby, the survey of 1,000 homeowners found.“More and more, homeowners are
Certain home remodeling projects are making homeowners happier and proving to be well worth the cost and time when they sell their properties, according to a new survey from the National Association of REALTORS®, which includes insights from the National Association of the Remodeling Industry.After completing a home remodeling project, 74% of more than 2,100 consumers surveyed reported having a greater desire to be in their home, 65% say th
A big culprit to the ongoing housing shortage: The dwindling number of new-home construction over the last several years. A new study from John Burns Real Estate Consulting is putting it into perspective at just how much new-home construction has been lagging: The top 10 housing markets in the country are building at a rate that is 54% lower than they were 14 years ago.Markets like Chicago, Riverside-San Bernardino, Calif., and Las Vegas have bee
Housing starts posted “healthy gains” in recent weeks as homebuilders feel more confident about the new-home market, the National Association of Home Builders reports.Led by an increase in multifamily production, total housing starts surged 12.3% in August, reaching a seasonally adjusted annual rate of 1.36 million units, the Commerce Department reported Wednesday. This marks the highest level since May 2007.Single-family starts rose 4.4
Today’s homes are filled with sensitive, sophisticated electrical appliances that may take commands from phone apps and voice-activated devices. But they can’t yet ward off increasingly unpredictable weather.Bad storms bring powerful lightning and hurricane-force winds that cause an increase in power surges that shut off lights, stop refrigerators, and in worst cases, overheat and fry appliances. Replacing equipment can become costly.Plugging
A master bedroom is meant to be a peaceful place to relax and recharge. That’s why designers say a lot of attention needs to go into its look: to make sure it fulfills that purpose. Design experts also say an uninviting master retreat could negatively affect resale value, so there’s more at stake in the bedroom design than a night of restful sleep.“One thing to keep in mind is that form follows function, meaning the visual appearance of you
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