Fireplaces Spark Interest in Buyers

Fireplaces Spark Interest in Buyers

Fireplaces are eye-catchers across all levels of homes, and savvy selling agents know that buyers will linger over a photo of one in a listing. With HVAC and smart-home technology controlling the environment, fireplaces have become purely a pleasure item, to the point where you can just watch a fireplace YouTube video on your smart TV.

For buyers who want the real thing, one design element they consider is the depth of the fireplace. A deeper firebox, according to Curbed.com, shows that the emphasis is for pleasure over function and allows a safer layout, keeping the burning logs away from the room.

But buyers who plan to use their fireplaces look for the Rumford fireplace design, a shallower design that reflects more heat back into the living area while moving air efficiently to keep smoke out.

Benjamin Thompson, who dubbed himself a Count during a stay in Europe, published an essay in 1796 that presented his design for a more efficient fireplace. By having a shallow firebox with widely flared sides, “the design… draws air into the fireplace very efficiently,” says Bruce Irving of Hammond Real Estate in Cambridge, Mass., a renovation expert who was a producer of PBS series “This Old House.” “That allows the flame to have plenty of oxygen to burn strongly and cleanly. And, on top of that, it effectively reflects heat into the room.”

Rumford’s design is a mainstay of homes built in the first half of the 19th century, but still comes up occasionally in modern homes designed for those who appreciate the element.

Source: “What’s the Deal With Old Fireplaces?” Curbed.com (March 24, 2016)

How Much Space Buyers Really Crave

How Much Space Buyers Really Crave

For the majority of home buyers, they want a home with about 9 percent more space than they currently have. A new study translates that to a median of 2,020 square feet.

But the amount of desired square footage can vary quite a bit among the different age groups, according to findings from the National Association of Home Builders’ “Housing Preferences of the Boomer Generation: How They Compare to Other Home Buyers.” For example, millennial and Gen X buyers desire the most space, at more than 2,300 square feet. Baby boomers and seniors, on the other hand, mostly would be happy with homes that are under 1,900 square feet.

NAHB’s study also found that more than half of all home buyers across all age groups would like to have a home with three bedrooms. Thirty percent of respondents say they’d prefer four bedrooms or more. Millennials and Gen X’ers are most likely to want a home with at least four bedrooms.

Source: “Housing Preferences Across Generations (Part II),” National Association of Home Builders’ Eye on Housing (March 17, 2016)

Help City Dwellers Adjust to Life in the ‘Burbs

Help City Dwellers Adjust to Life in the ‘Burbs

City dwellers confronted with the lack of space and high costs of city-living are making the move to the suburbs. But it can be an adjustment. To make the transition easier, some real estate firms are offering seminars and suburb specialists to help buyers make the decision of city versus the ‘burbs.

In New York, real estate professionals are teaming up with suburban agents to offer seminars and “immersive tours” of the suburbs, The New York Times reports. The seminars dive into the concerns of families who are hesitant about leaving the city and offer step-by-step guidance on how to make the jump to suburbia.

“I’ve been referring to these people as reluctant urban defectors, because they don’t want to leave,” says Oliver Gold, a sales associate at Douglas Elliman who with a business partner created custom tours of the suburbs for city clients. “It is a real weighing of the pros and cons: ‘Can I live in that three-bedroom, fourth-floor walk-up with one bathroom, or do I want to make the move?’ … I tell everyone that brings this up to me, ‘We don’t revoke your citizenship when you go to the suburbs. You’re allowed back.’”

A real estate advisory firm called Suburban Jungle also works with those who live in the city to help potential buyers find the right suburb fit to their lifestyle. The service expanded last year beyond just New York with offices now in San Francisco and Chicago.

Clients who take part fill out questionnaires, which include questions like:

• Where did you grow up?
• What did you love/hate about each place?
• What’s your ideal commute?
• What things are most important to you in a community?

Participants are then assigned a “suburb strategist,” who works with them and suggests towns to explore. The service is free and clients are later referred to real estate professionals in the town they choose. (Suburban Jungle receives payment from a portion of the commission if the referred agent then sells a home.)

Some real estate professionals are offering their own events or seminars specifically catered to city dwellers who are being priced out of the city and unsure of where to move. Some agents are talking from their own experiences of moving from city to suburb to help others make the adjustment.

“The overall message: Life isn’t so terrible in the ‘burbs,” The New York Times concludes. “In addition to highlighting the better real estate values, each broker emphasized the cultural attractions, farmers’ markets and culinary options of their respective neighborhoods, often drawing comparisons to New York City.”

Source: “From the City to the ‘Burbs, Step-by-Step,” The New York Times (March 25, 2016)

Among Younger Clients, E-mail May Be Dying

Among Younger Clients, E-mail May Be Dying

“E-mail is dying among mobile’s youngest users,” reads a headline from TechCrunch.com. Messaging apps may be the future mode of communication.

A new study shows that e-mail is lessening its dominance as messaging apps gain more steam among young users. For your future clients, you may need to soon embrace a change in how you communicate with them.

A report from App Annie shows that those aged 13 to 24 spend more than 3.5 times of overall usage time in messaging apps than those over 45 years old. (Note: The company’s report only focuses on Android smartphone users.)

“For those who did not grow up with a smartphone in hand, there’s a propensity to use the device like a smaller personal computer, it seems,” TechCrunch reports. “Those aged 45 or older spent a higher share of their time in the top five mobile web browsers on their phone than any other age group, for example. Plus, they spent more time in the top five e-mail apps for Android and less time in the top five messaging apps.”

Younger users, on the other hand, are more likely to use messaging apps than e-mail on their devices.

Many companies are already taking notice. For example, Facebook has been working to make its Messenger and WhatsApp products more than just an alternative to texting and are integrating business-to-consumer communications. Messaging platforms like KakaoTalk, LINE and WeChat also are gaining in popularity.

Some message apps are becoming the entry portal to the Internet rather than a web browser like Google or a social network, such as Facebook.

The report also shows that the youngest users are heavy users of video streaming services on their phones. The time spent in the top five video streaming apps on Android was more than double that of those aged 45 or older.

Source: “E-mail Is Dying Among Mobile’s Youngest Users,” TechCrunch.com (March 24, 2016)

Pros and Cons of 6 Common Roof Types

Pros and Cons of 6 Common Roof Types

Are you familiar with the most common roof types? Century 21’s blog recently reviewed the pros and cons of these popular options:

1. Asphalt shingle—The most common roofing material

• Pros: Available in a wide assortment of colors; affordable; simple to install
• Cons: Shorter life spans; often have lower levels of insulation compared to other roof types

2. Wood shake

• Pros: Natural, rustic look
• Cons: Flammable; more prone to mold or rot; limited life span (similar to asphalt shingles)

3. Metal—Various types available (aluminum, steel, copper, and copper-asphalt are the most popular)

• Pros: Strong and durable; high solar reflectance for efficient home cooling/heating
• Cons: Often the most expensive choice

4. Ceramic and cement tile

• Pros: Durable; energy efficient
• Cons: Expensive; heavy (may require extra framing for support)

5. Slate roofing

• Pros: Extremely durable; sustainable; many variations in thickness/color
• Cons: Expensive; heavy (may require extra framing for support)

6. Synthetic roofing

• Pros: Durable; affordable
• Cons: May absorb moisture

Source: “How to Choose Roofing: 6 Types to Consider,” Century 21 Blog (Feb. 21, 2016)

Home Fixes Not Worth It at Resale

Home Fixes Not Worth It at Resale

Bathroom remodels and additions may offer some of the fewest paybacks at resale, at least when compared to 20 other popular projects.

The National Association of REALTORS® and the National Association of the Remodeling Industry released a report showing some of the home renovation projects that offer the biggest and smallest returns when selling a home.

The report found that installing a new roof and refinishing hardwood floors was worth every penny of the cost at resale. But which of the 20 projects evaluated offered the smallest percentage back when home owners went to sell their home?

Bathroom addition

• Average cost: $50,000
• Recouped at resale: 52%

Master suite addition

• Average cost: $112,500
• Recouped at resale: 53%

Closet renovation

• Average cost: $3,500
• Recouped at resale: 57%

Bathroom renovation

• Average cost: $26,000
• Recouped at resale: 58%

New wood-frame windows

• Average cost: $26,000
• Recouped at resale: 58%

Source: “6 Worst Home Fixes for the Money,” Bankrate.com (March 2016)