Rates up, Median home price hits high, ROI on Remodeling Projects this week

Dated: April 8 2022

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Mortgage Rates Creep Toward 5%

 

Five percent mortgage rates are on the horizon. The 30-year fixed-rate average ticked up from 4.67% a week ago to 4.72% this week, according to Freddie Mac’s weekly Primary Mortgage Survey. The 15-year fixed-rate average rose to 3.91%, up from 3.83% last week. 

 

U.S. Median Home Price Hits an All-time High

 

With national inventory down significantly from last year, the median U.S. home price for active listings grew to a record-high $405,000 in March. That’s according to Realtor.com’s monthly housing market trends report, which also found that the typical home spent 38 days on the market last month, down from 49 days a year ago.

 

Home Remodeling Projects with Great ROI

 

Americans spent $420 billion remodeling their homes in 2020, according to the National Association of Realtors’ newly published 2022 Remodeling Impact Report. The study found that refinishing hardwood floors yielded the highest return on investment among interior home improvements, followed by installing new wood flooring and upgrading insulation.

 

Home Buyers Sticking Close to Home in Their House Search


With so many employers offering remote work options, more home buyers have the freedom to relocate. Yet according to a new survey by OJO Labs, most house hunters are looking to purchase a home that’s close to their current address. About four out of 10 buyers (41%) surveyed said they were looking for a home between 6 and 50 miles from their current residence, and 36% said they were looking for a home less than 5 miles from their current home. In comparison, only 9% said they were looking to move 51 to 200 miles from their current address, 4% were looking to move 201 to 500 miles away, and 11% said they were looking to move more than 500 miles from their current home.

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Matthew Ledford

Matthew Ledford is a Realtor® with the PREMIERE Group powered by eXp Realty. He has led the real estate industry by being a Mega Icon Team Leader and a certified Menor. He is an internet commerce ....

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