Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Oct. 16, 2019

Designers Sound Off on the Worst Bathroom Colors

 

Nothing ruins a bathroom like a bad hue, and the gray trend may be one of the worst offenders, designers say.

“Bathrooms tend to be enclosed spaces, so greige-y muddy colors can make the space feel smaller and dingy,” Ariel Okin, an interior designer in New York City, told Apartment Therapy. “Lighter colors like bright crisp whites, powder blues, and spring greens always play really well in a bathroom, as do moodier shades such as inky navy and hunter green.”

A “gold beige” is a color that design consultant Kelly Bernier told Apartment Therapy she avoids as a bathroom color. “It’s not a current color, doesn’t work with any recent tile, and will make your room look dated,” she says. “Greige” is a range of colors combining grey and beige; some tones are warmer and some are cooler.

On the other hand, bright and neutral paints—like blues and whites—work great in bathrooms when paired with textures and color in the finishes, Sara Raak, a lifestyle and product stylist, told Apartment Therapy.

 

Posted in Staging
Oct. 16, 2019

Be on the Lookout for Gen Z: The Next Generation of Homebuyers?

 

 

Be on the Lookout for Gen Z: The Next Generation of Homebuyers

You’ve likely heard a ton about Millennials, but what about Gen Z? In the next 5 years, this generation will be between the ages of 23 and 28, and they’re eager to become homeowners faster than you may think.

According to realtor.com, “Nearly 80 percent of Generation Z members say they want to own a home before age 30,” and Concentrix Analytics said, “52% of prospective Gen Z buyers are already saving to buy a home.”

Wikipedia defines Generation Z (Gen Z) as “the demographic cohort after the Millennials. Demographers and researchers typically use the mid-1990s to mid-2000s as starting birth years.”

The report from Concentrix goes a little deeper on Gen Z, identifying the main reasons this cohort wants to own homes:

  • 55% want to own a home because they want to start a family
  • 47% want to build wealth over time
  • 33% want to make their family proud

Although they’re eager to buy, this generation also perceives a few challenges ahead:

  • 66% believe saving for a down payment and closing costs will be challenging
  • 58% feel covering the monthly costs of owning may be difficult
  • 52% perceive a lack of knowledge about where to start

It is also interesting to note that 21% of Gen Zers think their parents will provide financial help, 17% will use a down payment assistance program, and 15% believe other family members will help them. One of the highlights of the report mentioned,

“More than half of Gen Zers who think they’ll receive help also think they will need to pay their parents back, compared to 40 percent of millennials.”

Bottom Line

It is never too early to start saving for your own home, whether you are part of Gen Z or a different generation. If you would like to know where to start and how much you need to save to reach your goal of buying a home, contact a local real estate professional to help you to understand the process.

Posted in Market Updates
Oct. 11, 2019

5 Homebuying Acronyms You Need to Know ?

 

5 Homebuying Acronyms You Need to Know [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

  • Learning the lingo of homebuying is an important part of feeling successful when buying a home.
  • From APR to P&I, you need to know the acronyms that will come up along the way, and what they mean when you hear them.
  • Your local professionals are here to help you feel confident and informed from start to finish…and this infographic will help you as you go.

 

Posted in For Home Buyers
Oct. 11, 2019

62% of Buyers Are Wrong About Down Payment Needs

 

 

62% of Buyers Are Wrong About Down Payment Needs

According to the ‘2019 Home Buyer Report conducted by Nerdwallet, many first-time buyers still believe they need a 20% down payment to buy a home in today’s market:

“More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.”

When potential homebuyers think they need a 20% down payment to enter the market, they also tend to think they’ll have to wait several years (in some markets) to come up with the necessary funds to buy their dream homes. The report continues to say,

“The truth: 32% of current U.S. homeowners put 5% or less down on their home, according to census data.” (as shown below):

62% of Buyers Are Wrong About Down Payment Needs | Keeping Current MattersThe lack of knowledge about the home-buying process is unfortunately keeping many motivated buyers on the sidelines.

Bottom Line

Don’t let a lack of understanding keep you and your family out of the housing market. Meet with a local real estate professional who can show you your options today.

 

Posted in For Home Buyers
Oct. 10, 2019

Homeownership is the Top Contributor to Your Net Worth

 

 

Homeownership is the Top Contributor to Your Net Worth

Many people plan to build their net worth by buying CDs or stocks, or just having a savings account. Recently, however, Economist Jonathan Eggleston and Survey Statistician Donald Hays, both of the U.S. Census Bureau, shared the biggest determinants of wealth,

“The biggest determinants of household wealth [are] owning a home and having a retirement account.” (Shown in the graph below):

Homeownership is the Top Contributor to Your Net Worth | Keeping Current MattersThis does not come as a surprise, as we often mention that homeownership can help you to increase your family’s wealth. This study reinforces that idea,

 “Net worth is an important indicator of economic well-being and provides insights into a household’s economic health.”

Having equity in your home can help your family move in that direction, building toward substantial financial growth. According to the report noted above, people are not only creating net worth in the homes they live in, but many are also earning equity in rental property investments too. (See below):Homeownership is the Top Contributor to Your Net Worth | Keeping Current MattersJohn Paulson said it well,

If you don’t own a home, buy one. If you own one home, buy another one, and if you own two homes buy a third and lend your relatives the money to buy a home.”

Bottom Line

There are financial and non-financial benefits to owning a home. If you would like to increase your net worth, meet with a local real estate professional to help you understand all the benefits of becoming a homeowner.

 

Posted in For Home Buyers
Oct. 10, 2019

20 Tips for Preparing Your House for Sale This Spring

 

20 Tips for Preparing Your House for Sale This Spring [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

  • When listing your house for sale, your top goal will be to get the home sold for the best price possible!
  • There are many small projects that you can do to ensure this happens!
  • Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help!

 

Posted in For Sellers
Oct. 10, 2019

The Impact Staging Your Home Has On Your Sale Price

 

The Impact Staging Your Home Has On Your Sale Price [INFOGRAPHIC]

The Impact Staging Your Home Has On Your Sale Price [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

  • The National Association of Realtors surveyed their members & released the findings of their Profile of Home Staging.
  • 62% of seller’s agents say that staging a home decreases the amount of time a home spends on the market.
  • 50% of staged homes saw a 1-10% increase in dollar-value offers from buyers.
  • 77% of buyer’s agents said staging made it easier for buyers to visualize the home as their own.
  • The top rooms to stage in order to attract more buyers are the living room, master bedroom, kitchen, and dining room.

 

Posted in Staging
Oct. 10, 2019

The Top 4 Renovations for the Greatest Return on Investment

Top 4 Renovations for the Greatest Return on Investment! [INFOGRAPHIC] | Keeping Current Matters

 

Some Highlights:

 

  • Minor renovations can go a long way toward improving the quality of your everyday life and/or impressing potential buyers.
  • Whether you plan to stay in your house for a long time or just a few years, it’s smart to know which home renovations add the most value.

 

 

Posted in Market Updates
Oct. 10, 2019

WWhat to Expect From Your Home Inspection

You made an offer and it was accepted. Your next task is to have the home inspected prior to closing. Agents often recommend you make your offer contingent upon a clean home inspection.

 

This contingency allows you to renegotiate the price you offered for the home, ask the sellers to cover repairs, or in some cases, walk away if challenges arise. Your agent can advise you on the best course of action once the report is filed.

 

How to Choose an Inspector

 

Your agent will most likely have a short list of inspectors they’ve worked with in the past to recommend to you. HGTV suggests you consider the following five areas when choosing the right home inspector for you:

 

1. Qualifications – Find out what’s included in your inspection and if the age or location of your home may warrant specific certifications or specialties.

 

2. Sample Reports – Ask for a sample inspection report so you can review how thoroughly they will be inspecting your dream home. In most cases, the more detailed the report,
the better.

 

3. References – Do your homework. Ask for phone numbers and names of past clients who you can call to discuss their experiences.

 

4. Memberships – Not all inspectors belong to a national or state association of home inspectors, and membership in one of these groups should not be the only way to evaluate your choice. Membership in one of these organizations does, however, often mean continued training and education are required.

 

5. Errors and Omission Insurance – Find out what the liability of the inspector or inspection company is once the inspection is over. The inspector is only human, after all, and it is possible they might miss something they should see.

 

Ask your inspector if it’s okay for you to tag along during the inspection, so they can point out anything that should be addressed or fixed.

 

Don’t be surprised to see your inspector climbing on the roof or crawling around in the attic and on the floors. The job of the inspector is to protect your investment and find any issues with the home, including but not limited to: the roof, plumbing, electrical components, appliances, heating and air conditioning systems, ventilation, windows, fireplace and chimney, foundation, and so much more.

 

Bottom Line

 

They say, ‘ignorance is bliss,’ but not when investing your hard-earned money into a home of your own. Work with a professional you can trust to give you the most information possible, so you can make the most educated decision about your purchase.

 

Posted in Market Updates
Sept. 30, 2019

Millennial Buying Power Poised to Boost Homeownership

In a recent article by Realtor Magazine, Mark Fleming, Chief Economist of First American Financial Corporation, notes,

 

“The largest group of millennials by birth year will turn 30 in 2020, which puts them entering their prime homebuying years”.

 

The article continues to describe how millennials have more buying-power than the generations that preceded them, making their interest in embracing homeownership stronger than ever,

 

“Millennials—the most educated generation—have the highest incomes across their generational cohorts, even when salaries are adjusted for inflation.”

 

This combination of power and desire has the potential to drive positive growth in the homeownership rate heading into the near future. According to Fleming,

 

‘“The gap between the potential and actual homeownership in 2018 narrowed slightly as the growth in homeownership modestly exceeded the increase in potential demand,” he says, citing First American’s Homeownership Progress Index.

“We expect the homeownership rate to further close the gap with potential in the years ahead as millennials continue to make important decisions, such as attaining an education and, later in life, getting married and having children.”’

 

That said, the shortage of sellable inventory in the entry and mid-range levels that’s attractive to potential millennial buyers may be a contributing factor as to why many millennials haven’t yet purchased a home. According to another recent report citing Frank Martell, President and CEO of CoreLogic,

 

“Lower rates are certainly making it more affordable to buy homes and millennial buyers are entering the market with increasing force. These positive demand drivers, which are occurring against a backdrop of persistent shortages in housing stock, are the major drivers for higher home prices, which will likely continue to rise for the foreseeable future.”

 

With millennials aging-up into mortgage-ready and home-buying territory, along with their strong buying interest and buying power, this generation is poised and ready to have positive impact on homeownership rates across the country. Many of them just need to find a home they’re excited to buy in this competitive end of the market.

 

Bottom Line

 

If you’re thinking of selling, reach out to a local real estate professional to determine if now is a great time for you to list your house and move-up. More millennials are getting ready to jump into the market and join the ranks of homeownership, so demand for homes in the starter and mid-level range will continue to be strong.

 

Posted in Market Updates