Cost of living is defined as the amount of money needed to sustain a certain level of living including basic expenses such as food, housing, taxes, transportation, healthcare, and more. Cities with a high cost of living are usually more difficult to maintain a standard of living and require more income than the U.S. average to enjoy basic necessities. For instance, in a place like Manhattan, a gallon of milk costs about $2.39, whereas in Indianapolis, the cost of a gallon of milk is $1.50. It’s evident based on this data that Manhattan has the higher cost of living.
The cost of milk isn’t the only expense worth exploring, below, we’ve compared the cities with [...]
Comps. They’re the one thing that can cause a seller some tense moments as they work with their real estate agent to come up with a price for their home. ‘Comps’ is actually the shortened version of comparisons. Basically, they’re the prices of homes sold in your area in the past 3-6 months. While the concept of a comp is pretty easy to understand, that doesn’t mean that comps are without nuances.
There are several things you need to keep in mind as you use comps to set the price for your home or, in the case of a buyer, use comps to determine whether a home’s price is fair.Comps, CMAs, and Why They’re Important
A CMA is a [...]
A lot of factors affect the homebuying decision. No matter where you choose to move, you want to be comfortable, right? Determining an area’s housing affordability is important information to arm yourself with during the beginning stages of your home buying search. The expenses incurred after the purchase of your home don’t end when you move in, you’ll be responsible for utilities, taxes, and the upkeep of your home. Are your pockets crinkling at the thought of all the expenses? Don’t worry, according to U.S. News and World Report, these are the cities with the best housing affordability. If you’re in the market for a new home, finding one in any of [...]
If you are looking for ways to increase the value of your home for the 2018 market then look no further! Here are four materials that you can use to improve your house now:Choose a Green House Siding
Fiber cement siding is a great material to use that is very sturdy. Proven to be able to withstand high-winds, including hurricane-force winds, using this material on your home will surely up the value of your home. Fiber cement siding will protect your home from fire with its fire-resistant properties but will keep your house warm when you need it the most. It is also resistant to insects, moisture, and UV rays.
This sturdy material withstands the effects of harsh [...]
Many home improvements add value to your home, and that is not as hard to realize as they may seem. Instead of hiring a designer to make your home more modern, try to find inspiration and ideas yourself. Home magazines, remodeling TV shows, books, and websites have an overload of wonderful DIY ideas you can implement into your style.
Instead of taking on some major and time-consuming projects, try tackling some of these simpler ones. With a little effort, goodwill, and some help from family and friends, the value of your home will increase significantly, and you can confidently put it on the market.1. Add Insulation
Proper insulation is one of the most important things [...]
The dawn of a new year brings with it the new chairperson of the Federal Reserve, Jerome Powell. In one of Janet Yellen’s final acts before leaving office in early February, she presided over the Fed’s decision not to raise mortgage interest rates during the first quarter of the year.
Powell is expected to continue the Federal Reserve’s conservative policy of raising rates gradually if the economy remains strong. Should inflation increase, we can expect the Fed to act more aggressively and raise rates faster. During the current economic boom, inflation has been low but may increase as the economy grows.
Other factors besides the Federal Reserve’s [...]
Backyard decks have replaced patios and front porches as the social centers of suburbia in the summer. Decks are elevated to catch summer breezes and to facilitate conversations with neighbors on their decks. Large enough for a table and grill, most decks are more versatile than front porches and provide privacy from street traffic.
So how much is a deck worth? If you are house-hunting, how much does a deck add to the value of a home you are considering? If you are thinking about adding a deck, will it pay for itself when you sell, adding more value than the cost of construction? Remodeling magazine’s annual Cost vs. Value Report looks at a range of projects by cost, [...]
Conversations about schools and their effect on a home’s value are often of the “chicken or the egg” variety. Homes in the best school districts, on average, sell for higher prices than similar homes in less-popular school districts. A simple analysis might say that good schools are wholly responsible for this added value.
At the same time, on average, more affluent homeowners live in more sought-after school districts. Statistics often show that for large sample sizes, the more affluence there is in a community, the higher test scores will be in that same community. Test scores are just one measure of “good schools,” but they’re a highly [...]