The typical home seller lives in their house for more than a decade before they put it up for sale. And during that 10 years, there are probably a few things they let go. So it’s no surprise that the vast majority of them feel the need to fix their place up before putting in on the market. In fact, according to one recent analysis, nearly 80 percent of home sellers complete one home improvement project before they invite potential buyers to have a look. This can include anything from a fresh coat of paint to a bathroom remodel. Fortunately, the money sellers spend sprucing up their home often helps them sell it for more than their asking price. So, if you’re thinking about selling, how much should you expect to spend on home improvement projects? Well, the national average is $6,570, though it does depend a lot on where you are. For example, in San Francisco, sellers usually spend closer to $8,000, while in St. Louis the cost is under $4,000. Wherever you are, though, it’s good to consider not only what needs to be repaired and refreshed but also which projects are most likely to provide some return on your investment. More here.

Spring is typically the season when housing market activity picks up. And this year – after a slow fall and winter that saw mortgage rates rising and affordability concerns increasing – the spring sales forecast has been a question mark. Will home buyers stay on the sidelines convinced that there are better conditions ahead or will they see declining rates and an increasing number of homes for sale as a sign that it’s a good time to buy? Well, according to Fannie Mae’s most recent Home Purchase Sentiment Index, Americans are feeling more optimistic and just in time for the market to heat up. Results show a 7 percent increase in the number of respondents who said it was a good time to buy a home and a 13 percent increase in the number who think it’s a good time to sell. Doug Duncan, Fannie Mae’s senior vice president and chief economist, says things are trending in the right direction. “A brighter housing market outlook drove this month’s increase in the HPSI – a welcome sign from consumers as we enter the spring and summer home buying seasons,” Duncan said. “The results further corroborate the positive effect of falling mortgage rates on affordability, which we expect will help support a rebound in home sales.” More here.

No matter how much money you have, you still have to make choices about how to spend it. Spending too much on one thing means not having as much for another. This is simple budgeting. And, since your mortgage will likely be among your biggest monthly bills, you’ll want to give some thought to how much of your income you’d be comfortable putting toward it. Conventional wisdom says you shouldn’t spend more than 30 percent of your income on housing. But historically, Americans’ mortgage payments have been closer to 21 percent of their income. These days, it’s even lower. At the end of last year, the mortgage payment on a typical home required about 17.5 percent of the median income, according to a recent analysis. But that, of course, also depends on where you live. For example, the percentage you’d spend on a mortgage payment in Cleveland is about half of what the typical New Yorker spends. Wherever you are, though, giving some consideration to your household expenses, income, and prospective payment before heading out to find a house will help you avoid buying more than you can comfortably afford. More here.

There’s a long list of things you need to consider when looking for a house to buy. Whether it’s the size of the kitchen, the number of bedrooms, or just what condition its in, there’s no shortage of considerations. And, for people with dogs, a home that’s a good fit for their furry friend is definitely among them. Dogs have needs too. And, since they’re a part of the family, those needs will have an impact on which house you choose. For example, having an outdoor space – whether it’s a fenced in yard or a nearby dog park – is important for dog owners who will need a place to go for walks and exercise. A house that works in every other way may be less attractive if it lacks enough space for your pet. So what are the cities that are best for dog owners? Well, a recent analysis looked at 14,000 cities across the country and calculated their dog-friendliness by focusing in on factors like how many homes for sale had a listing mentioning dogs, walkability ratings, and the number of available dog sitters/walkers. The top 20 included places like Portland, Chicago, Denver, Los Angeles, Houston, and Atlanta, with big metropolises like New York and San Francisco leading in walk scores. The top spot for dog friendliness, though, went to Seattle, which lead the list in pet-friendly features. More here.

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The decline was significant and caused demand for loan applications to surge. In fact, refinance activity was up 39 percent week-over-week and purchase demand rose 3 percent from one week earlier. Demand for loans to buy homes is now 10 percent higher than at the same time a year ago. Joel Kan, MBA’s associate vice president of economic and industry forecasting, said some loan types have seen rates drop to their lowest levels in more than a year. “There was a tremendous surge in overall applications activity, as mortgage rates fell for the fourth week in a row – with rates for some loan types reaching their lowest levels since January 2018,” Kan said. News of favorable rates comes at the right time for potential spring home buyers and will help relieve some of the affordability concerns that caused buyer traffic to slow last fall. More here.

Where you are in life will determine what type of home you shop for when it comes time to buy a house. For example, first-time home buyers – because they tend to be younger and at the beginning of their careers – buy smaller homes and then trade up to a bigger house when they make more money, have more children, etc. But societal changes affect your choice of home as well. How? Well, a recent survey from the National Association of Realtors provides an answer. Their 2019 Home Buyer and Seller Generational Trends study found that Gen X home buyers have recently surpassed younger baby boomers as the generation most likely to buy a multi-generational home. And, the majority of them did so because their adult children had either moved back in with them or never left home. Lawrence Yun, NAR’s chief economist, says there are some obvious societal factors driving this trend. “The high cost of rent and lack of affordable housing inventory is sending adult children back to their parents’ homes either out of necessity or an attempt to save money,” Yun said. But though it may seem like a negative development, it does provide younger millennials who live with their parents the ability to save for homeownership and gain some financial stability before buying their first house. More here.

New numbers from the U.S. Census Bureau and the Department of Housing and Urban Development show new home sales reached an 11-month high in February. In fact, sales rose 4.9 percent over the previous month, beating economists’ expectations and rising above numbers from last year at the same time. There was also a revision to January’s estimate, which added nearly 30,000 sales to initial reports. Regionally, new home sales surged in the Midwest and Northeast, while remaining relatively flat in the South and West. Overall, the numbers were encouraging, as it shows home buyers are returning to the market after rising mortgage rates slowed activity last fall. Since then, however, rates have retreated and, according to recent data, buyers have taken notice and demand for homes is increasing. If softening prices and steady mortgage rates continue through the spring and summer season, home buyers can expect to find improved affordability conditions and a better balanced market. Also in the report, the median sales price of new homes sold in February was $315,300, which is a 3.6 percent drop from last year. More here.