“If you’re getting a mortgage for your new home, your lender will require homeowners insurance, says Consumer Reports. And even if you’re among the rare home buyers purchasing without a mortgage, you still should get homeowners insurance to protect against costly perils like fire and wind damage.”
“Generation Z is eager to get on the property ladder. Fifty-nine percent of Americans between the ages of 18 and 23 want to buy a house in the next five years, and more than half have already started saving for one, according to a survey by Bank of America Corp.”
“After climbing for much of 2018, mortgage rates have been falling since the beginning of the year. The average mortgage APR (annual percentage rate) was recently at 4.28%, according to Freddie Mac, compared to a high of 5% in 2018. But just because rates are down doesn’t mean you’re getting a good deal, says Consumer Reports.”
A new study from Chubb finds that while homeowners are nearly unanimous (90%) in saying they are “vigilant” or do an “okay job” at home maintenance, their responses tell a different story when it comes to water damage prevention, the number one cause of property-related claims.
Luxury home sales continued their record-breaking pace in July, as prices hit double digit gains in 19 major markets, according to the Realtor.com 2018 Luxury Home Index. Additionally, the number of sales at or above the $1 million mark rose 13% over last year.
The Appraisal Institute, the nation’s largest professional association of real estate appraisers, today encouraged homeowners to pay close attention to their property’s landscaping as it could have a major impact on value. In fact, a well-landscaped home can add approximately 6 to 13% in value compared to a property with no landscaping, according to one source.