Tag: realtor in whitefish

  • 4 Million Homes Return to Positive Equity

    Many home owners had a return of equity in their homes last year due to rising home prices. 4 million homes returned to positive equity in 2013, this brought the total up to 42.7 million.

    Of those 42.7 million homes with positive equity- around 21.1% of them have less than 20% equity. More than 1.6 million homes have less than 5% equity.

    Around 13.3% of residential properties- 6.5 million homes- stayed in negative equity by the end of 2013.

    Mark Fleming, a chief economist for CoreLogic commented, “The plight of the underwater borrower has improved dramatically since negative equity peaked in December 2009 when more than 12 million mortgaged home owners were underwater. Over the past four years, more than 5.5 million home owners have regained equity, reducing their risk of foreclosure and unlocking pent-up supply in the housing market.”

    For properties with a mortgage, the bulk of home equity is concentrated at the higher-end of the housing market. 92% of homes valued at more than $200,000 have equity, compared to 81% of homes less than $200,000 have equity.

    There are five states that account for almost 37% of negative equity in the U.S. The five states with the highest percentage of mortgaged property in negative equity are:

    1. Nevada- 30.4%

    2. Florida- 28.1%

    3. Arizona- 21.5%

    4. Ohio- 19%

    5. Illinois- 18.7%

  • Average Home Size Growing

    An average new home size now has increased 300 square feet since 2009. It has increased from an average of 2,362 square feet in 2009, to 2,679 square feet in 2013.

    With this additional square footage, there are more homes adding more bedrooms, bathrooms, and amenities than there were in 2009.

    48% of homes built in 2013 had four bedrooms, whereas there were only 34% of homes with four bedrooms built in 2009. 35% of homes built in 2013 had three or more bathrooms, there were only 23% in 2010.

    Additionally, homes are now accommodating more space in the garage. 22% of homes in 2013 had space to fit three cars or more, compared to only 16% in 2010.

    Builders say that amenities that are most likely to be included in new homes are: a walk-in closet in the master bedroom, low-e windows, a laundry room, and a great room. Some other amenities that are favored by many builders are things like: granite counter tops, double sinks, a central island in the kitchen, 9 foot or higher ceilings, a front porch, exterior lighting, and a patio.

    Bigger homes though, also mean higher prices. Average sales prices have increased from $248,000 in 2009, to $318,000 in 2013.

    Some other features at the bottom of the list that builders will include in new homes during 2014 are: laminate kitchen counter tops, an outdoor kitchen, a sunroom, a two-story foyer, and a whirlpool tub in the master bathroom.