RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Does Your House Match National Construction Trends?

July 27, 2016 1:27 am


The U.S. Census Bureau recently unveiled the latest national annual data on the characteristics of new, privately-owned residences, gathered in the 2015 Survey of Construction (SOC). The SOC’s statistics divulge trends in homebuilding, painting an insightful portrait of the American home today.

According to the SOC, the median size of a single-family house built last year is 2,467 square feet. Of the 648,000 single-family homes built last year:

• 600,000 have air conditioning
• 282,000 have at least four bedrooms
• 246,000 have at least three bathrooms
• 183,000 have a fiber-cement exterior
• 137,000 have an open foyer
• 122,000 have a patio and porch
• 66,000 have at most two bedrooms
• 25,000 have at most one and one-half bathrooms

The median size of a single-family house sold last year is 2,520 square feet, according to the SOC. Of the 501,000 single-family homes sold last year:

• 453,000 are detached homes
• 348,000 were paid for with conventional financing
• 327,000 have a two-car garage
• 278,000 have two stories
• 200,000 have one story
• 131,000 have at least a three-car garage
• 49,000 are attached homes
• 42,000 were VA-guaranteed
• 24,000 have at least three stories

The median sale price of a new single-family house sold last year was $296,400—the average sale price, conversely, was $360,600, per the SOC.

To learn how your home aligns with these trends, view the interactive graphic, “New Single-Family Homes in 2015,” at www.census.gov/construction/chars/interactive/.
 

Published with permission from RISMedia.


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Savings from Raised Homeowners Insurance Deductibles Vary by State

July 27, 2016 1:27 am


Raising the deductible on any type of insurance policy typically reduces the premium. Raising the deductible on a homeowners insurance policy, however, may not guarantee savings, according to a recently released study by insuranceQuotes.

Insurance policies—and opportunities to save on them—vary by state, the study reveals. In North Carolina, for example, policyholders reap a 16.4 percent savings when the deductible is raised from $500 to $1,000; in Texas, on the other hand, policyholders save just 1.8 percent for the same raise.

The states with the highest savings rates on a $500 to $1,000 deductible raise, based on the study’s findings, are:

1. North Carolina (16.38 percent)
2. Rhode Island (14.02 percent)
3. Connecticut (12.23 percent)
4. Massachusetts (10.54 percent)
5. Nebraska (10.15 percent)
6. Pennsylvania (9.88 percent)
7. New York (9.85 percent)
8. Alabama (9.69 percent)
9. Iowa (9.52 percent)
10. Maine (9.40 percent)

“Choosing a higher deductible means you share more potential financial risk with an insurer and also makes you less likely to file a claim,” says Laura Adams, senior insurance analyst for insuranceQuotes. “In return, insurers charge a lower premium.

“What you do with your home insurance deductible should depend on where you live,” Adams says. “If there’s no significant savings, it may not make financial sense to increase your deductible. Be sure to review your coverage every couple of years to make sure your policy and insurance provider is still right for you.”

To learn the savings rate in your state, and rates for higher raises, visit insurancequotes.com/home/raising-homeowners-deductible-saves-money-071316.

Source: insuranceQuotes
 

Published with permission from RISMedia.


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