Value, Value, Value!


Morning Briefing: Home prices picking up pace

Home prices picking up pace

Home prices were up 7 per cent in the year to February 2017, the latest CoreLogic HPI reveals.

The data shows a 1 per cent rise month-over-month from January as demand increased while supply remained subdued. Frank Martell, CoreLogic president and CEO says that despite higher interest rates, price appreciation is set to continue.

“Home prices are at peak levels in many major markets and the appreciation is being driven by a number of dynamics—high demand, stronger employment, lean supplies and affordability—that will continue to play out in the coming years,” Martell said. “The CoreLogic Home Price Index is projecting an additional 5 per cent rise in home prices nationally over the next 12 months.”.

An extra bedroom increases mortgage by 50 per cent

Moving house to gain an extra bedroom can increase mortgage payments by as much as 50 per cent, Zillow research shows.

Going from a 2-bedroom to a 3-bedroom home means an increase nationally of $447 per month for mortgage payments; in some coastal markets it could mean an extra $500 and in the hottest markets homebuyers could need an extra $1,600 a month!

Chicago, Cincinnati and St. Louis are kinder on the budgets of growing households with an extra bedroom adding just $150 to monthly mortgage costs. Cleveland has the lowest additional cost though at $74.

by Steve Randall 


If you enjoyed this post, please consider sharing it with others.


Post Category: Home Buying, Home Improvements & Repair, General

Local : Conroe Northeast

Go to Stephony Garrett Blog Contact Stephony Garrett

Join the discussion

To post a comment on this blog post, you must be an HAR Account subscriber, or a member of HAR. If you are an HAR Account subscriber or a member of HAR, please click here to login. If you would like to create an HAR Account account, please click here.

Login to Comment
Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
Advertisement

Contact Stephony Garrett

Please limit to 500 characters.

Request Information
Click to view phone
Advertisement

Blog Archive

  • Archive
    •     2019
    •     2017
    •     2015
Advertisement