Tri-City Area and Real Estate Blog

3 New Year’s Resolutions for Buyers in 2017

Posted on January 5, 2017 by Debbie Prosser

Daily Real Estate News | Thursday, December 29, 2016

New Year’s resolution: Buy a home.

You’ve heard that plenty from your contacts. So, now how do they get there with their savings?

There are plenty of preparations would-be home buyers can make to put homeownership more within their reach in 2017. Here are three New Year’s resolutions to adopt to get on the path:

I will automate my down payment savings.

Buyers who are trying to save up the often-recommended 20 percent down payment will need to get savvy at saving, stat. First off, you often don’t really need 20 percent down (read: 3% Loans a Game Changer?), but you do need to save. Here’s a way to commit: Automate your bank accounts so that you regularly set aside a small amount of your paycheck into a separate savings account dedicated as your “house fund.” “Amassing enough for a down payment takes discipline and perseverance, but setting up automatic savings can make it easier,” says Marcia Goodman, a real estate pro with RE/MAX Gateway in Gainesville, Va. “If you never see the cash, you won’t spend it.”

I will clean up my credit.

Pay your bills on time. Keep up on credit card, car, and college loans. Mortgage lenders want to see that you aren’t sloppy with credit. You don’t need to avoid credit altogether, however. “I had a client who made $250,000 a year and was denied a mortgage because his credit card payments were always late,” says Alexandra Axsen, a managing broker with Lake Okanagan Realty Ltd. In Kelowna, B.C. It’s also important to establish a credit history. Dean Sioukas, founder of Magilla Loans in Sacramento, Calif., told realtor.com® that he suggests not using more than 30 percent of your available credit.

I will budget wisely.

Downsize your budget now so you’ll be able to save more for your down payment and pay down any debts. Also, factor in added expenses that come with buying a new home, like furniture and accessories. If you know that a mortgage is going to take a bigger amount of your paycheck, create a budget that factors that in so you can get used to living on less disposable income, says Kevin Lawton of Coldwell Banker Schiavone & Associates in Yardville, N.J.

More Equity Likely Coming to Owners

Posted on January 4, 2017 by Debbie Prosser

Daily Real Estate News | Wednesday, January 04, 2017

Spread the news to your seller contacts sitting on the fence: Home prices nationwide, including distressed sales, rose year over year by 7.1 percent in November 2016 compared to November 2015, CoreLogic’s Home Price Index shows.

Expect more price jumps ahead too, although at a more modest pace. Home prices likely will increase by 4.7 percent on a year-over-year basis from November 2016 to November 2017, according to CoreLogic’s forecasts.

“Last summer’s very low mortgage rates sparked demand, and with for-sale inventories low, the result has been a pickup in home-price growth,” says Frank Nothaft, CoreLogic’s chief economist. “With mortgage rates higher today and expected to rise even further in 2017, our national Home Price Index is expected to slow to 4.7 percent year-over-year by November 2017.”

Home prices in 27 states are now above their pre-crisis peak levels, says Anand Nallathambi, president and CEO of CoreLogic. Oregon had the largest gain of any other state, with a 10.3 percent year-over-year increase in November, followed by Washington (10 percent). Nevada home prices remain the farthest below their all-time high, still nearly 32 percent below their March 2006 peak.

Nationwide, the CoreLogic Home Price Index still remains 4 percent below its April 2006 peak. “It should surpass that peak by the end of 2017,” Nallathambi predicts.

Source: “Home Price Index Highlights: November 2016,” CoreLogic (Jan. 3, 2017)

“Copyright National Association of REALTORS®. Reprinted with permission.”

Posted in Real Estate News | Tagged equity, growth, increase, jumps, lo mortgage rates, owners, price, prices, realtors, seller, states | Comments Off

5 Horrors at Home Showings

Posted on January 1, 2017 by Debbie Prosser

Daily Real Estate News |

From the artwork to the odor, your listing may be inadvertently giving buyers the creeps. Realtor.com® recently interviewed real estate professionals about the items that have scared off their buyers the most during showings. Here are the top five spooks.

Doors with too many locks. If the doors have more than the standard two locks, your buyer may wonder if something happened on the premises to make the seller feel unsafe, says Glenn Phillips, CEO of Lake Homes Realty in Birmingham, Ala. “Given a choice, most people won’t buy in places they think are unsafe,” he says.
Taxidermy. A single deer head may pass muster in some areas, but taxidermy runs the risk of making some buyers uncomfortable. “One house I helped stage had a stuffed bighorn sheep in the dining room and a stuffed bear in the family room,” says Amy Bly of Great Impressions Home Staging/Interiors in Montville, N.J.
Questionable art choices. Any artwork displayed should be neutral and carry no risk of offending or confusing potential buyers. Jeff Miller, cofounder of AE Home Group in Baltimore, recalls a seller who was obsessed with feet and displayed framed paintings and sculptures of feet—and even keychains with feet on them. “I told the seller to get their feet out of the picture,” Miller says.
Obvious DIY repairs. Amateur repair work that’s left half done can prove to be a big turnoff to buyers. “I once encountered a little house of horrors that actually had caution tape across a very outdated bathroom with a hole in the floor,” Bly told realtor.com®. The home also had “dark rooms with lights that didn’t work, as well as nonfunctioning appliances in the kitchen.”
Odd smells. Pet odors, mold, or musty smells can also give buyers the creeps. “Almost every home has a unique smell, and the owners rarely realize it,” says Jerry Koller, a sales associate with International Home Realty in Irvine, Calif. “Of course, it’s smart to try remedies such as Febreze or candles. But sometimes, you just need to replace carpet before putting your house on the market.”

“Copyright National Association of REALTORS®. Reprinted with permission.”

Posted in Home Owner Tips | Tagged air, appliances, bath, buyers, color, data, family, floor, home, home staging, homes, house, house on the market, kitchen, light, lights, mold, national association of realtors, new, open, owners, paint, potential, potential buyers, real estate, Real Estate News, realtor, repair, repairs, risk, room, Sale, Sales, seller, time, work | Comments Off

5 Home Design Fads That Are Out in 2017

Posted on December 30, 2016 by Debbie Prosser

Daily Real Estate News | Friday, December 30, 2016

Shiplap and white-on-white kitchens may finally be falling out of favor. The two trends have dominated home design in recent years, but realtor.com® says they’ll be fading fast in 2017. Here are some of the home design trends realtor.com® predicts will fall to the wayside in the new year.

Gray. Once the hottest color, gray is now looking gloomy. “It’s been overdone,” says Tanya Campbell of Denver-based Viridis Design Studio. “Diversity in the palette will strike a contrast. We may even see a transition from gray color palettes to warmer mochas and taupes.”
The glam look. This style’s signature is bold whites, bright silvers, and deep blacks, which have been popular in kitchen and bathroom designs. “We’re going to leave the glam era behind. That slick, stark, severe minimalism will be replaced with warmer elements,” says interior designer Bea Pila. “At the end of the day, we’re seeking a deeper comfort level in our personal spaces. That perfect showroom feel we were once into doesn’t make this possible.”
Shiplap. Shiplap surged to popularity as Joanna Gaines, host of HGTV’s “Fixer Upper,” turned to it as her go-to remodeling piece. But realtor.com® notes: “If you’ve ever wondered what 2016’s version of tacky wood paneling would be, look no further than this trend that seems to have overtaken TV design shows.” It’s difficult to remove, and designers now say it often makes little sense to use, particularly in a Colonial or Tudor home style.
White-on-white kitchens. White everything in the kitchen — from countertops to cabinetry and even the floor — is fading fast. “It’s just too much,” says Sara Chiarilli, a designer at Sarasota, Fla.-based Artful Conceptions. “This trend started to go in 2016, but you will find it completely gone in 2017.” That said, Chiarilli predicts that whites will stick around, but they will take on more depth and tones in kitchens in the new year.
Copper. Expect to see less of this heavy metal in 2017. Copper fixtures are another trend on the chopping block in the new year, realtor.com® notes.

Source: “10 Interior Design Trends That Are So Completely Over for 2017,” realtor.com® (Dec. 29, 2016)

“Copyright National Association of REALTORS®. Reprinted with permission.”

Posted in Home Owner Tips | Tagged bathrooms, cabinetry, color, copper, countertops, design, fads, favor, fixtures, floor, gray, home, home design, kitchen, overdone, palette, remodeling, shiplap, trends, wayside | Comments Off

Is the Home Office on Its Way Out?

Posted on December 29, 2016 by Debbie Prosser

Daily Real Estate News | Thursday, December 29, 2016

The home office is becoming less important to homeowners, even though more people are working from home now than ever before.

Homeowners are finding less need for a central space for their work, according to a recent article in Bloomberg. Developers are realizing the change and are adopting house plans to accommodate the greater desire for open spaces instead. They’re adding in workplace nooks and power stations rather than an entirely separate space to work from.

Homeowners’ needs for a dedicated office with a big computer, fax, and printer are fading. Workers are no longer tethered by a cord and are favoring laptops and mobile accessories to do their work. That allows homeowners to take their work anywhere around the home, from their kitchen and living room to their bedroom.

This helps explain why “the bigger, more ornate home offices that we once did have kind of gone away,” says Tim Shigley, a home remodeler in Wichita, Kan. “People started saying, ‘Do I need a home office? I have other things I want to buy.’”

The home office may be losing its power as a selling point too. Mentions of home offices on real estate listings have dropped 20 percent over the past year, according to Zillow’s chief marketing officer.

The loss of the home office may be generational, however. A 2016 John Burns Real Estate Consulting survey showed that half of older adults still prefer to have a dedicated home office space. Younger adults, on the other hand, say they don’t care about having a home office as much.

Some owners are adapting the home office into other types of spaces. “It seems like people I know are bringing in a big-screen TV and a comfy chair,” Pete Reeb, a principal at John Burns, told Bloomberg. “While the kids are playing video games in the living room, Dad is watching football in his office.”

That said, there can still be a tax benefit to keeping that dedicated home office for those who do work from home. Owners and renters may be able to write off insurance, utilities, and other home office expenses on their taxes.

Source: “The Home Office Is Dying,” Bloomberg (Dec. 7, 2016)

“Copyright National Association of REALTORS®. Reprinted with permission.”

Posted in Real Estate News | Tagged computer, cord, fax, home, house plans, insurance, laptops, mobile, nook, office, owners, printer, renters, selling point, tax benefit, taxes, utilities, work, workplace | Comments Off

10 States With Best Economic Prospects

Posted on December 28, 2016 by Debbie Prosser

Daily Real Estate News | Wednesday, December 28, 2016

North Dakota tops a list of states poised to have the healthiest economies in 2017, followed by Oklahoma and Texas. The list was compiled by business solutions site ExpertMarket.com, which culled data on housing, employment, and other trends in all 50 states. North Dakota had the highest growth in startup density of any other state, seeing an average increase of 5.56 percent in new business activity, according to the site. Its residents are also seeing the biggest growth in household incomes, with an average increase of 4.1 percent.

“There has been a huge surge in oil extraction in North Dakota, which has led to a steep rise in GDP growth and household income, which explains how they managed to take the top spot,” says Bobbi Brant, an ExpertMarket.com researcher who authored the site’s study.

States that topped the list represent those that have recovered from the recession the fastest and are continuing to see strong growth. “States that came out on top in our study have a bright future ahead of them, especially for 2017,” Brant says.

These are the 10 states that topped ExpertMarket.com’s list for strongest economic outlooks for 2017:

North Dakota
Oklahoma
Texas
Michigan
California
Montana
Ohio
Washington
Minnesota
Massachusetts

Source: “These Are the States with the Best Economic Prospects for 2017,” Fast Company (Nov. 30, 2016)

“Copyright National Association of REALTORS®. Reprinted with permission.”

Posted in Mortage/ Finance News, Real Estate News | Tagged data, economies, Employment, growth, healthiest, household, housing, income, outlooks, recession, recovered, states, trends | Comments Off

Garage Makeovers: The Final Frontier?

Posted on December 27, 2016 by Debbie Prosser

Daily Real Estate News | Tuesday, December 27, 2016

The garage is usually an afterthought, overstuffed with tools, seasonal supplies, and miscellaneous household goods. But more home owners are sprucing up the space, even seeking to transform it into a showpiece, according to The New York Times.

Real estate brokers say a finished garage adds value and may help improve potential buyers’ impressions of the home overall. “I don’t think you have to take it to the nines, where you have heated floors,” says Libbe Pavony, a real estate professional with Houlihan Lawrence in Briarcliff Manor, N.Y. “But the garage is a reflection on how you maintain your home in general. Some people take their old kitchen cabinets and attach them to the walls.”

Renovations can cost anywhere from a few thousand dollars to up to $50,000. For remodels, contractors say they’re installing drywall, custom cabinetry, wall-length storage systems, and new flooring. Organizers advocate the use of hooks to hang tools, bicycles, patio chairs, and ladders, with the idea being to get everything off the floor.

“It’s such a perfect example of conspicuous consumption and keeping up with the Joneses,” Elizabeth Currid-Halkett, a professor of public policy at the University of Southern California and the author of the forthcoming book, The Sum of Small Things: A Theory of the Aspirational Class, told The New York Times. “But there’s also a virtue of organization and cleanliness. Being organized shows that you are an upstanding citizen.”

The New York Times calls these garage renovations the “final frontier in remodeling.”

“The people who spend serious money on their garages are the ones who have already done everything else to the house, and they’ve got nice cars,” says Paul Greskovich, the owner of Garage Craft Interiors. “They suddenly realize that possibly the biggest room in the house is a debris field.”

Source: “Final Frontier in Home Renovation: Giving Garages a Makeover,” The New York Times (Dec. 26, 2016)

“Copyright National Association of REALTORS®. Reprinted with permission.”

Posted in Home Owner Tips | Tagged cabinets, contractors, drywall, flooring, floors, garage, home, household, maintain, makeovers, owners, remodels, renovation, seasonal, supplies, tools | Comments Off

Home Shopping Mistakes to Avoid in Winter

Posted on December 23, 2016 by Debbie Prosser

Daily Real Estate News | Thursday, December 22, 2016

Winter can be a great time to snag a deal in real estate. But there are several pitfalls your home buyers will want to watch for at this time of year. Here are a few:

Accumulating too much holiday debt.

The holidays can be an easy time to add on more debt. But if you’re in the process of buying a home, you need to make sure you don’t add on any more debt. “Even if your credit is in good standing, suddenly racking up a ton of holiday shopping debt will change your debt-to-income ratio and potentially negate your pre-approval,” warns Alicia Brison, a real estate professional in Sacramento, Calif.

Not seeing past all the winter blahs.

Homes don’t always look the best in the winter. Bare tree limbs and dead grass isn’t the best for curb appeal. But buyers need to think past the gray backdrops and envision what the home looks like at other times of year so they don’t miss out on a great house.

Oblivious to closing date delays.

The winter can pose several delays to closing, particularly for new builds or anything that needs to be fixed on the home. Be prepared. “While many trades will work through winter, there are certain processes that cannot be completed during heavy snowfall or dramatically low temperatures,” Luke Sahlani, the lead project manager and director of Sensus Design & Build, told realtor.com®. “This can be frustrating and particularly problematic if the home buyers’ closing date on their current home is coming up quickly.”

Making lowball offers.

Don’t assume you can always score a discount just because it’s the winter months, when the real estate market tends to slow. “A lot of buyers assume they can get a better deal in the winter because [fewer] people are competing,” Brison says. “That’s not usually the case. Inventory is lower, so the number of people who are competing is smaller.”

Source: “6 Killer Mistakes You Can’t Afford to Make When Buying in the Winter,” realtor.com® (Dec. 21, 2016)

“Copyright National Association of REALTORS®. Reprinted with permission.”

Posted in Real Estate News | Tagged buyers, buying, buying a home, credit, curb appeal, grass, holidays, home buyer, homes, house, look, market, national association of realtors, offer, real estate, real estate market, realtor, Sale, Sales, shopping, Snow, winter | Comments Off

The Nation’s Fastest-Growing States

Posted on December 21, 2016 by Debbie Prosser

Daily Real Estate News | Wednesday, December 21, 2016

Utah is officially the fastest-growing state in the nation. The population there surpassed 3 million last year, an increase of 2 percent from July 2015 to July 2016, new Census data shows.

“States in the South and West continued to lead in population growth,” says Ben Bolender, chief of the agency’s population estimates branch. In 2016, about 38 percent of the nation’s population lived in the South and nearly 24 percent lived in the West.

The Census’ report shows the following states saw the largest percentage increases in population from 2015 to 2016:

Utah: 2% growth
Nevada: 2%
Idaho: 1.8%
Florida: 1.8%
Washington: 1.8%

North Dakota had been the fastest-growing state for the last four years, partially due to the booming oil market there, but has since fallen out of the top 10 completely as energy prices decreased.

Illinois saw its population decrease the most compared to any other state, falling by 37,508 in the past year. Pennsylvania, New York, and Wyoming also saw its populations decrease.

Overall, the U.S. population increased by 0.7 percent to 323.1 million.

Source: “Census: Utah Leads All States in Growth in 2016,” BUILDER (Dec. 20, 2016)

“Copyright National Association of REALTORS®. Reprinted with permission.”

Posted in Real Estate News | Tagged Fall, growth, home, market, national association of realtors, population growth, population increase, real estate, realtor, size, top 10, WA, washington | Comments Off

Tri-City Area and Real Estate Blog

3 New Year’s Resolutions for Buyers in 2017

More Equity Likely Coming to Owners

5 Horrors at Home Showings

5 Home Design Fads That Are Out in 2017

Is the Home Office on Its Way Out?

10 States With Best Economic Prospects

Garage Makeovers: The Final Frontier?

Home Shopping Mistakes to Avoid in Winter

The Nation’s Fastest-Growing States

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