Dec 4, 2018 | Real Estate
Buying a home is one of the most important decisions you can make. There are many decisions involved in choosing the right home from picking a real estate agent, to figuring out what type of home will suit your needs. You want the right sized rooms, a floor plan that fits your family, and certain home features you know you can’t live without.
With all the decisions you have to make surrounding your new place to live, you may want to consider buying a green home. Green homes can be a little more expensive up front, but over time they can save you money and pay for the upgrades. These are several reasons for deciding to buy a green home.
Air Quality And Health
Green homes are built with better air quality in mind. The materials used to build green homes improve the indoor air quality of your home. Furthermore, green homes are built to encourage indoor plant growth. Plants help clean our indoor air and reduce pollution and are an essential part of any green home.
Saving Water
Green homes are also built to conserve water. Buying a green home will cause you to use 30%-50% less water than in a conventional home. Conserving as much water as possible has become more important now than ever before and purchasing a green home can help you use less water.
Use Less Energy With A Green Home
Everyone would love to save money on their heating and electric bills. With a green home, you can do exactly that. Green homes use nearly 30% less energy and have over 30% less greenhouse gas emissions. This translates to savings on your utility bills every month.
Increase The Resale Value Of Your Home
A home isn’t only a place to live, but it’s also an investment. Purchasing a green home can be viewed as a wise investment, as many people consider green homes appealing. They’re attractive for their many cost saving and natural features, besides offering more sustainable living. For these reasons, your green home may increase in resale value.
There are many direct benefits to you by purchasing a green home. Not only do they help the environment, but they are good for your health and your energy bills. Consider making your next home a green home.
If you are in the market for a green home in your area, be sure to contact your trusted real estate professional.
Dec 1, 2018 | Real Estate
Although emerging technologies have disrupted many industries, professionals in the real estate market have been slow to keep up. While things like on-demand app development and artificial intelligence have given rise to a new type of economy and customer experience, realtors have not yet begun to leverage new technologies.
That should no longer be the case. New developments are poised to revolutionize the industry. Those who take advantage of them sooner rather than later will benefit most. If you’re a real estate professional, consider how you can make use of emerging technologies. The following examples illustrate just a few potential innovations worth leveraging.
Virtual Reality
Shopping for property via the internet has grown more and more popular over the years. Surveys indicate nearly half of home buyers start their search online.
It’s easy to understand why. Being able to look for homes in your area (and price range) is much simpler when you don’t have to visit them first.
The problem is, this can make it difficult to highlight a property’s features. A series of pictures doesn’t always give potential buyers a truly dynamic view of a house. That’s why some real estate agents have begun to use virtual reality as a means of showing off their properties. VR tech lets potential buyers “tour” homes viewed over the internet. Immersing someone in this type of experience is clearly more effective than simply uploading a few basic pictures of the house and yard.
The Cloud
Real estate transactions tend to be complicated. All parties involved must frequently provide numerous documents before the process is complete. Additionally, other parties need time to review these documents.
The entire process becomes much more efficient with use of the cloud. Everyone from lawyers to buyers can quickly upload documents and information as soon as they’re available. Anyone who needs to review that information can then access it immediately.
Instead of signing a document, making copies, filing them away, and sending the original to any relevant parties for their review or signature, a buyer could e-sign a document and upload it to the cloud server. A process that once took days can take mere moments.
Blockchain
Most people think of blockchain in terms of its relationship to Bitcoin. However, it’s also very useful in the real estate sector.
Blockchain allows for the distribution of public ledgers across a network of multiple computers (rather than stored centrally, which is typically the case with digital files). This offers several benefits in the real estate industry. First, it adds another layer of security. Hacking a blockchain ledger is difficult because a hacker must target multiple computers instead of one centralized server.
Blockchain also adds transparency to various real estate processes. For instance, after a potential buyer makes an offer on a home, they can use blockchain to monitor the next steps instead of simply relying on their agents to work in their best interests. This actually has the effect of boosting trust.
These three examples alone prove technology can dramatically improve various real estate processes for everyone involved. If you work in the industry, you’ll stand out from the competition by making use of these innovations sooner rather than later.
By Catherine Metcalf
bluelabellabs.net
Nov 30, 2018 | Real Estate
There are many home renovation projects that can increase the comfort and visual appeal of a dwelling. Owners who plan to sell their home in the future, however, prefer to focus on projects that will return a healthy profit at closing. Here are 5 renovation projects that positively impact a home’s resale value.
Conversions
It’s easy for real estate agents to convince buyers to bid higher on properties with more bedrooms. Redesign the attic to easily add an extra bedroom without committing to a major construction project. This strategy works well for smaller homes or those in neighborhoods with multiple homes for sale. Converting a basement into a bonus room or den is another way to use extra storage spaces to increase property value.
Floors
Outdated, stained, or damaged flooring repels potential buyers. High-quality, stain-resistant carpets in neutral colors are the best options for those looking to sell. Other alternatives include hardwood floors and easy-to-clean laminates. Avoid shag carpets, bright colors, or unusual patterns so the property appeals to a wide variety of potential buyers.
Kitchens
For real estate agents, kitchens rank high on the list of value-building remodeling projects. Most home shoppers base their decision on the condition of the kitchen. Update stale or out-of-fashion paint, install new cabinet doors, refresh countertops, and replace old appliances to encourage a higher sale price. Renovators with limited funds should focus the majority of their dollars on kitchen projects.
Bathrooms
After the kitchen, bathrooms have the greatest impact on home values. As long as the plumbing is in working condition, bathroom renovations don’t require a large investment to add value to the home. Refurbish dingy sinks and bathtubs, refresh existing grout, and update fixtures for a quick boost before putting a home up for sale.
Landscape
The exterior of a home is just as important as the inside. Investing in landscaping increases curb appeal and can make a home more interesting to certain buyers. For example, adding a dog run in the backyard is an excellent perk for pet parents. In neighborhoods with older residents, a small deck or hot tub can be an eye-catching extra.
Strategic use of home renovations can improve living conditions and increase property values. Your trusted real estate can guide you through the process of prioritzing which improvements will geet you the best bang for your buck in your area.
Nov 29, 2018 | Real Estate
Obstacles facing home builders have caught up with high builder confidence according to the National Association of Home Builders Housing Market Index for November. Builder confidence dropped eight points to an index reading of 60, which was the largest month-to-month drop in builder confidence since 2014. November’s decline in builder confidence was greater than the largest month-to-month decline during the housing crisis.
Housing Market Index readings over 50 are considered positive, but analysts said that long-standing headwinds caught up with home builders’ outlook on housing market conditions and sub-categories used to comprise the overall Housing Market Index reading.
Obstacles Impacted November Home Builder Confidence in Housing Market
Builders have long cited shortages of buildable lots, rising materials costs and labor shortages, but builder sentiment appeared strong until November. Recent tariffs on building materials and rising mortgage rates further added to builder concerns. Buyer traffic indicated that would-be home buyers may be waiting for home prices and mortgage rates to fall. Less demand for homes would increase inventories of homes for sale and potentially reduce extreme buyer competition that caused rapid price gains in high-demand metro areas.
Components of November’s NAHB HMI also declined in November. Builder confidence in current housing market conditions fell seven points to an index reading of 67. Builder confidence in housing market conditions within the next six months dropped ten points to 65. The reading for buyer traffic in housing developments dropped eight points to 45. Readings for buyer traffic seldom exceed the HMI index reading of 50.
NAHB Housing Market Index: Things to Know
Housing and mortgage industry pros view the HMI as an early indicator of construction pace and for measuring supplies of homes for sale. The National Association of Home Builders HMI is based on survey of NAHB members; the sample size varies according to the number of responses received from builders each month. Analysts noted that November’s reading was impacted by fewer builder responses in November; 315 responses were received in November as compared to 360 builder responses in October. Fewer responses increase the volatility of index readings.
Approaching winter weather typically reduces home construction and plans for new construction; 2018 has seen natural disasters and catastrophic wildfires that destroyed many homes. While these factors did not impact November’s home builder confidence, readings they will likely affect home builder confidence readings in the coming months.
Your trusted real estate agent can help you navigate the sales trends in your area.
Nov 28, 2018 | Real Estate
Buying a foreclosed home is easy, right? After all, they sell for pennies on the dollar, right? Well, that could be a false assumption. Buying a foreclosed property appears easy on TV, but in reality, it can be overwhelming.
Foreclosure sales continue to decline in the market from 38.6 percent in 2011 to 14 percent in 2017 but ticking up a bit in 2018 according to Attom Data Solutions, a national property data company. As foreclosure sales drop, competition for these properties become stiffer and more complex. And as home prices increase in most cities, buyers often turn to foreclosures as affordable alternatives for landing their dream home
Foreclosures usually occur when homeowners can no longer pay their mortgages and the mortgagees seize the properties. Once former owners vacate the properties, lenders typically put it on sale at discounted price or auction to the highest bidder.
Foreclosures give homebuyers the opportunity to get great deals. While foreclosures can save you thousands of dollars, it may come with risks. Having a stomach of steel can help when pursuing a foreclosure.
To mitigate the risks involved, keep the following hacks and tricks in mind.
Budget Carefully
Don’t allow a small price tag to entice you into a quick deal. Ask yourself the following:
- Do you have sufficient dollars for extensive repairs?
- Do you have a team ready for any required repairs or are you handy at doing them yourself?
- Can you find a tenant if you intend to rent?
If you conduct thorough research, you’ll minimize the risks.
Get A Home Inspection
Though foreclosures are usually sold “as is”, you need to know the property deficiencies. The home seller can allow you to bring in a competent home inspector. Your inspector will give you a list of what the property lacks and the cost estimates needed to complete the renovations. You may even want to hire a home inspector after purchasing a foreclosure just to get a thorough review of the property.
Ask For Vacancy Duration
Ask how long the house remained vacant. In most cases, long vacancy means more damages. For example, plumbing seals may dry out, bugs get into the house and sewer gases back up.
Don’t Ignore The Landscaping
Neglected landscaping contribute to house deterioration. Tree seedlings grow roots into the foundation and vines crawl into the windows. Small trees can also mess up pavers, and dead branches can break and crash into the house.
Be Cautious With Auctions
Although auctions are common with foreclosures, it’s best to avoid them. And if you can’t, be vigilant when bidding. Competitive bidding can raise the value so high that you end up losing money after the cost of repairs.
It’s always best to work with your trusted local real estate professional to find foreclosure properties. They are experienced in determining the quality of the properties and can help you through the tenuous foreclosure purchase process.
Nov 27, 2018 | Real Estate
“Staging” a house means to prepare it for sale in ways that make it more attractive to potential buyers. Homeowners can do much of this staging work themselves and should get suggestions from their real estate agent. They can also hire a professional to do the staging work for them.
Value-Added Staging
A study of 4,200 sold homes, conducted by Home Staging Resource (HSR), found that 85% of the staged homes sold for 6% to 25% more than a home that was not staged.
Forbes reports that 95% of staged homes sell in 11 days or less. This is 87% faster when compared to the time it takes, on average, to sell a home that is not staged.
An average home sells for 10% to 20% less than the asking price. It may be even more beneficial to stage a home that would otherwise have to sell as a “fixer-upper.” When listing a home, which is in disrepair, the asking price must be at a steep discount from the market value of a similar home that is in a better condition. This steep discount may be reduced by staging the home properly.
The general rule-of-thumb is that every $100 dollar invested in staging may return up to $400 in a higher sales price.
Staging Priorities
The National Association of REALTORS® published the 2017 Profile of Home Staging, which says the staging priorities are:
- Declutter: Decluttering a home creates more open space that makes the home look bigger. Remove at least half of the items in the home and two-thirds of the stuff in the closets. De-personalize the home by removing photos, kid toys, items for pets, etc.
- Cleaning: The entire house needs to be immaculately clean, inside and out, to the level of a five-star hotel.
- Carpet Cleaning/Replacement: Carpet needs to look and smell like new or it should be replaced.
- No Pets or Children: Do not have children or pets in the home, when showing it to potential buyers.
- Renovations: Repairs, re-painting, and re-decorating should be done tastefully and by using neutral colors that appeal to most people.
- Rooms: Priority staging concentrates on these rooms, in this order: 1) Living Room; 2) Kitchen; 3) Master Bedroom and Bath, and 4) Dining Room.
- Vacant Home: A vacant home will probably sell much easier when staged using rented furniture.
Conclusion
Staging a home for sale makes perfect sense and is worth the investment of time, energy, and money. The benefits are that the home usually sells for a better price, probably sells more quickly, and the investment in staging usually makes a profit for the home seller. Consult your trusted real estate professional for guidance in selling your home quickly for a great price.
