There’s a lot of tried-and-true advice out there for would-be home buyers (including our own). But the housing market is changing all the time, and if you’re on the hunt for a home, you need to stay aware of the latest trends—and how they’ll hit you where you live (literally).
In order to help buyers land their dream home in 2016, the realtor.com® economic data team has done its homework on the stats that matter to come up with a short list of its best advice. “Buyers looking to close this year need to keep an open mind and be prepared to move quickly when they find a home that meets their needs,” says Jonathan Smoke, our chief economist, citing “fierce competition among buyers.” Start your search earlyThe No. 1 tip that his team came up with, Smoke says, is to kick off your home search early. “If you’re intending to purchase, based on the volume of house hunters who are just like you, consider doing it sooner rather than later—you’re likely to get a better price and a better mortgage rate,” he says, pointing out that there’s far more inventory available relative to the number of sales in the off-peak months. More than 85% of buyers who plan to purchase in the next year intend to buy in the spring or summer of 2016, according to the most recent realtor.com survey. With roughly 50% more listings inventory relative to the number of potential home sales expected in January and February, buyers who start their search early face less competition with nearly the same number of homes. Comparison shop for mortgages“Work as hard on the mortgage as you do on finding a home—this will pay dividends over the life of the mortgage that you have,” Smoke says. “Don’t just assume that the 30-year fixed mortgage is the best for you.” Mortgage rates are expected to reach 4.65% by the end of the year (while prices are predicted to rise 3% year over year), but many consumers aren’t aware of the variety in mortgage products that can affect what they pay, Smoke says. A lower interest rate can make the difference in qualifying for a loan to buy a certain home—not to mention saving you thousands over the life of the loan. So make sure to shop around! Consider a new homeIf there’s anything that can ease the current housing crunch, it’s new construction. But many people just rule out the option, Smoke says. Click here to read more If you’re planning to sell your house this year, well, you’re in luck. “The 2016 housing market is forecasted to be mainly a seller’s market, filled with increasing home prices, relatively low inventory, and fierce competition between buyers,” says Jonathan Smoke, chief economist for realtor.com®. But you could still make missteps on the way to the bank. Yes, your house will likely sell, but when? Remember, time is money. “For sellers, it’s about understanding the ins and outs of their local market so they can optimize the price of their home and close quickly,” Smoke says. Smoke and his team analyzed market trends to distill their best advice for homeowners looking to sell in 2016. Follow these tips to get the most out of your home sale. Price your home to the market“What Realtors® tell me over and over again, and from the analysis that I’ve seen historically, the most important thing is getting the price right,” Smoke says. In 2016, prices are expected to increase nationally 3% year over year. Local price changes are anticipated to be more dramatic, with markets such as Stockton, CA, and Las Vegas, NV, expected to increase by 10%. But that doesn’t mean those stats are true of your town, or your neighborhood. “Making the error of going for a price that’s well above the market price is a recipe for being let down and potentially not selling the home at all,” he adds. A home that sits on the market eventually will turn off buyers, who will suspect that something is wrong with it. Sellers who work with a local Realtor to optimize the price of their home based on its unique features and surrounding neighborhood are often able to receive the highest price for their market and sell more quickly. List during peak seasonUnlike buyers, who want to minimize competition, sellers benefit from demand. Prime home-buying season begins in April and reaches its peak in June, according to realtor.com analysis of home sales. Sellers who list their home during the prime spring and summer months benefit from a larger population of buyers and potential bidding wars, which often result in higher prices and faster closings. Offer incentivesThis one seems counterintuitive, given what we’ve said about a seller’s market, but hear us out. Last year—the best for U.S. home sales in nearly a decade—37% of all sellers offered incentives to attract buyers. “The nature of this market is that you’re going to have more first-time buyers, who are more dependent on financing,” Smoke says. Getting a loan is one thing; coming up with a chunk of cash for closing costs, on top of the down payment, is another. “If you’re a seller and you’re able to offer some money toward closing costs, you’re actually making it easier on that buyer, and they might be more willing to give you the full asking price,” Smoke explains. You could end up with a faster sale and more profit. Click here to read more New Orleans is an eclectic mix of basically everything we love about architecture, and this stately home—spanning six decades of style—has all that kitchen-sink charm rolled into one classic home.Listed for $875,000, the five-bedroom home in New Orleans’ Fontainebleau neighborhood has a lot going on. On the outside, it is a circa 1949 Georgian-style estate built by architect Paul G. Charbonnet Jr. On the inside, the home is a reflection of its two owners. (Only two families have owned this home since it was built over six decades ago.)
The living spaces are a fascinating blend of new and old. You’ll find the old disappearing spiral staircase, as well as the formal parlor with a Georgian fireplace and chandelier that looks as if it stepped out of the 19th century. Then there’s the stunning and thoroughly modern study, which earns our vote for most reflective room.The unique study features wall-to-wall mirrors on each side, a gray ceiling, black tile flooring, and a lighted, art deco–style bar. There’s even a mirrored fireplace!But the time hop doesn’t stop there. Upstairs, there are five bedrooms that whipsaw back to the 19th-century vibe, all decorated with lush carpets, wainscoting, and vintage wallpaper. If you’re into a mix-and-match home that spans a variety of styles and periods, this fascinating blend might be the pot of gumbo you’re in search of. Click here to read more If you’re using your basement to do laundry and store broken appliances and awful unwanted gifts from extended family, we’re here to tell you: You’re doing it wrong.
We think you already know that’s valuable square footage you’re wasting. But you might not have realized that with a face-lift, your basement could become the coolest room in your house—and that remodel might also help you sell for a higher price. Basement remodels have a 70.4% cost recoup on average—one of the highest ratios of any remodeling job, according to Remodeling magazine’s 2016 Cost vs. Value report. But to get the most value from the space, your basement needs more than a few beanbag chairs and a dart board. Join us as we explore some of the best basement design trends to open your eyes to the possibilities that lie beneath your feet. The entertainment megaplexWith little to no natural light and the surrounding ground as soundproofing, a basement makes the perfect media room. You can set up a simple home theater or, if you have more space to work with, turn the whole basement into a full-on entertainment center. Pro tip: For media rooms, consider the space practically. “If you’re a huge movie buff, it’s probably worth your time to invest in high-quality chairs as well as your entertainment center,” says Cheryl Reed, director of external communications for Angie’s List. “If you’re more casual about it or just want a place for kids to watch cartoons, you might not need as much.” Beyond the actual equipment, you’ll also need to protect those expensive electronic investments hung on the walls. Reed recommends a vapor barrier—polyurethane sheeting that’s stapled to the framework of basement walls to help prevent moisture from penetrating the walls. It will protect against mold and condensation. ———The Old World pubLots of basements have a wet bar, but this is a basement Don Draper would love to grab a workday cocktail in. This bar has backlit shelving, a sink, and a refrigerator. Click here to read more President Barack Obama’s final State of the Union address on Tuesday night ran over 5,400 words and longer than an hour, and housing was mentioned … once. Sort of.
“We’re taking steps to give homeowners the freedom to generate and store their own energy—something environmentalists and tea partyers have teamed up to support.” That’s all housing got. So if the president and his would-be successors are not willing to put housing first, I will. We as a country have to answer four big questions—regardless of who the next president is or who controls the next Congress: First, how do we give everyone a fair shot at homeownership in this new economy? Second, how do we make finance work for us, and not against us—especially when it comes to solving urgent problems such as the lack of affordable housing? Third, how do we provide a home to every American who wants one without becoming the country’s primary landlord? And finally, how can we make smart development work, when politics at the national, state, and local level seem to lead to inadequate construction to address the country’s housing needs? Changing face of homeownershipWe live in a time of extraordinary change, and our country’s demographics reflect it. Injust a few years, we will have a majority of minorities. Yet because minorities historically have had lower homeownership rates, many seem to think that this growing diversity will push down overall homeownership rates substantially further. I see opportunity where others see peril. And no, that doesn’t mean we chase higher homeownership rates in a foolhardy, scorched-earth way like we did a decade ago. By broadening income reporting requirements, expanding beyond traditional forms of credit scoring, and enabling more innovative approaches for funding down payments, we can maintain today’s homeownership rate—or better still, boost it. But while the housing market has made enormous progress in the past seven years on many fronts, it is still far too difficult to qualify for a mortgage today. This is critical, because homeownership is the primary method of wealth accumulation for low- and middle-income Americans. Homeownership creates much-needed stability for families and provides the foundation for communities. And although we at realtor.com® are big supporters of homeownership, we also recognize that housing policy needs to support renters as well. Any politician claiming he or she can solve income inequality without addressing housing is peddling fiction. Renting in the United States is an inflation trap. Households who rent are most likely to have little to no savings, which limits their ability to provide opportunity for their children or to handle unexpected expenses. More and more households are spending 50% or more of their income on housing—and that will have long-term damaging consequences for our economy and our society. Click here to read more Hockey Hall of Famer Sergei Fedorov, who carried the Stanley Cup three times over his storied career, just sold his penthouse in Miami Beach, FL, for $11 million.
According to the South Florida Business Journal, the former Detroit Red Wing center passed off his 5,680-square-foot penthouse to a fellow Russian. Fedorov bought the penthouse in Portofino Tower for $2.28 million shortly after the 44-story complex was constructed in 1997. It’s “the tallest condo in all of South Beach” and “the highest sale ever at the Portofino Tower,” listing agent Dina Goldentayer says. The palatial penthouse comes with four bedrooms, 5.5 bathrooms, and nearly 2,000 square feet of rooftop space, which includes a pool. There’s also stunning views of South Beach and the city skyline. The interior has been updated, and the unit boasts all-new fixtures, appliances, and finishes. Fedorov last skated in the NHL during the 2008-09 season for the Washington Capitals. After leaving the NHL, he returned to Russia for three additional seasons in the KHL. Now retired, the 46-year-old legend is the general manager of CSKA Moscow. The six-time NHL All-Star is bound to come back to the U.S. at some point--it’s speculated the Red Wings may soon retire his No. 91. Click here to read more As the housing market heats to a boiling point, so does people’s interest in real estate investing—and that means a proliferation of seminars that promise to teach you how to get filthy, stinking rich by flipping properties. And yeah, some of these instructional workshops can indeed offer skills and insight to help you navigate the crazy, tightrope-walk of real estate investing.
But let’s get real: Far too many of these seminars are a waste of valuable time, oxygen, and (most important) money. Some of them are all-out scams. So how do you separate the helpful from the hype? Keep an eye out for these red flags that a self-professed real estate “guru” may not be all that. For starters, who the hell calls himself a “guru,” anyway? Aside from that, here are some less obvious warning bells. They flaunt a celebrity connectionFrom Donald Trump (whose now defunct Trump University has drawn governmental scrutiny) to a slew of HGTV stars, there’s no shortage of real estate celebrities attaching their names to investment seminars. Don’t get starstruck! In most cases, the celebs don’t make personal appearances at the events, and their involvement is often minimal. More important than a celebrity endorsement is a referral by folks who’ve been through the workshop and can vouch for its usefulness. “Ask for the names of two or three people in your county who can talk about how they’ve used the advice in your local market,” says Ed Magedson, founder and editor of RipoffReport. And just in case they’re friends of said guru faking rave reviews, ask them what properties they’ve bought and, if possible, cross-reference to make sure they’re legit. They promise you’ll ‘get rich quick’Real estate is a (relatively) long-term game that comes with a lot of risk and often requires a significant financial investment. Those who are most successful are experienced pros who put in long hours. So know this: Learning the ropes is generally not quick or easy. You should avoid anyone with a whiff of “get rich quick” in his sales pitch, as well as “no down, low down” buying strategies. Also beware of any course in which the material seems to skirt practical advice and veer more toward hackneyed motivational mantras. “Anyone can do it if they believe in themselves?” Uh, yeah right. They don’t pass a basic background checkBefore signing up for a seminar, do some due diligence and Google the company or people who’ll be running the seminar. Please. You’re looking for someone with demonstrable success making money from real estate--not just seminars.Then check sites such as Scams Galore and ConsumerAffairs to see if the company has good (or bad) reviews. A few negative write-ups are OK, but if they outnumber the positive ones or all the criticism focuses on the same flaw in the program, take note. Click here to read more Tucked into the Vail Valley is this contemporary manse with walls of windows overlooking some of America’s most gorgeous scenery.On the market for $33 million, the Edwards, CO, property—designed by architect Annabelle Selldorf of Selldorf Architects, who also designed Neue Galerie in New York City and Le Stanze del Vetro in Venice—is dubbed Walden House and features seven bedrooms and 10 bathrooms. It is one of Selldorf’s few residential projects and the Vail Valley’s highest-priced listing at the moment.
The owners had worked with Selldorf on another property they own and fell in love with her open and airy designs. “They wanted something beautifully private,” says listing agentLiza Hogan. “It’s really exquisitely thought out.” Although it measures 10,515 square feet, the interior doesn’t feel massive. A courtyard is open to the rest of the house, the rooms aren’t large (considering the overall space), and there are many pocket doors to temporarily close off areas. A pro-grade kitchen, designed by Bulthaup, could entice the next owner, with its “simple, clean look,” says Hogan. And the dining area is far from fussy. The owners “really wanted people to use the dining area and look at that spectacular scenery,” says Hogan. Ice skating, snowshoeing, and boating are all activities the owners have enjoyed on the property’s pond. There’s also a gym, a chicken coop, a greenhouse, and a caretaker’s two-bedroom, two-bathroom unit. There’s another enticement for enterprising buyers—the room to expand on the nearly 100-acre lot. “Depending on what somebody wanted, there’s room to build more,” says Hogan. Now, she says, the owners have “decided it’s time to move on. The market is good. They’re ready to make their move, sell it, and do something else,” says Hogan.Is this home an indicator of a design shift in Colorado’s ski towns? “For so many years we were mired in the heavy mountain-log look,” says Hogan. “It’s definitely moved to more of a lighter, contemporary style in the homes.” The next owner, she says, will be “someone that has an appreciation for art or an artistic sense about them. It’s going to be someone who loves the outdoors,” says Hogan. “Not everybody gets that opportunity to live in something that was so thought out.” Click here to read more Like securing a mortgage, decorating your first home is a rite of passage. But not everyone always knows what they’re doing.
“When I first bought my house, I was totally into shabby chic, and then I bought a lot of those things only to realize that I actually hated them,” says Anna Sundman, the creative half of Annabode + Co., the interior decorating firm she runs with her husband in Denver. To this day, “my taste is still evolving.” Yours truly has been there, too. After upgrading to a one-bedroom apartment in Manhattan, I quickly began bombarding my husband with links to pricey ceramics, West Elm furniture and whatever else I thought we “needed.” Turns out, I was just overwhelmed by seeing so much blank space. Since Sundman and I know we aren’t alone, we put together a handy list of first-time homeowners’ decorating mistakes, from buying too much all at once to hanging curtains too low. And while we regret those spending decisions, we’re grateful for the lessons they taught us. After all, you don’t learn how to manage your money without making some mistakes along the way. 1. Thinking you must buy matching furniture setsWhether it’s a table and chair or all-in-one bedroom, “that’s a big no-no for me,” Sundman says. “The most beautiful homes look collected over time.” Also: Furniture sets are the equivalent of buying all your clothes from one store—boring! Instead, it’s a good idea to buy your items in stages—it could save you from running up high credit card balances, too. Going overboard on your credit cards is one of the biggest financial problems new homeowners face—they want to move in and immediately fill the house with furniture, no matter the cost. That move can put undue strain on your new budget. You can see how your credit card use is affecting your credit scores by viewing your free credit report summary each month on Credit.com. 2. Hanging artwork too highSundman’s done it, I’ve done it, and chances are you have, too. Generally, artwork should be centered at eye level—around 57 inches from the floor unless it’s especially large—or eight to 10 inches above furniture, Sundman advises. 3. Hanging curtains too lowMost people do the instinctive thing and hang their curtain rod above the window frame, Sundman says. Not only does this make a room feel smaller, it also makes the ceiling look lower. Hanging the rod closer to the ceiling is a visual trick that makes windows look larger. It also helps to make sure the curtain isn’t too long or short. “It definitely shouldn’t float above the floor,” Sundman says, nor should it pool “unless you have a super formal, elegant room.” 4. Holding onto pieces you don’t likeWe’ve all been guilty of keeping pieces we no longer like. I, for one, have refused to part with a teak coffee table I bought in college even though it matches nothing in my apartment. Sundman can relate: “You spend a lot of money on something and feel like you have to keep it.” But there are so many ways to offload used furniture—e.g., sites such as eBay, Craigslist, and Chairish—and it’s smarter to use the money to buy something you love. “If the piece isn’t working, get rid of it,” she says. “Otherwise it’s going to drive you crazy.” 5. Not making use of what you haveJust as rookie homeowners keep things that no longer serve them, they also tend to overlook what might. For instance, I spent hours favoriting pretty vases on Etsy only to realize what I needed to dress up my console was already in my closet. “I definitely would recommend just combing through your things and using that to decorate,” Sundman says, especially old books, which can add personality to any space. “You don’t need to buy a bunch of accessories.” Click here to read more We know Davis Love III loves golf. With 21 wins on the PGA Tour, Love has pocketed plenty of dough thanks to his skills on the links. But he also loves the slopes and the snow. Asked about his dream job, Love told Golfweek: “Obviously I’d like to be a backcountry snowboard guy and live in the mountains.”He’s moving further away from his dream if this listing is any indication. After an impressive PGA Tour at the age of 51, Love is looking at spending more time on the Champions Tour, and his five-bedroom ski lodge in Ketchum, ID, is on the market for $4 million.
His 5,822-square-foot home is the textbook definition of lodge—right down to the deer head chandelier in the dining room. The living spaces are cozy and inviting with their plank wood floors, massive fireplaces, and cathedral ceilings with exposed wood beams. Rows of windows and french doors show off the impressive mountain view in the backyard. The master suite is spacious with a private balcony. There’s even a locker room with storage for snow gear (or golf clubs). Click here to read more |
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February 2017
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