The Top Landscaping Trends for 2018

The Top Landscaping Trends for 2018

Native plants, outdoor yoga spaces, and charging stations are among the hottest landscaping trends growing in consumer demand for 2018, according to a new report released by the American Society of Landscape Architects. Landscape architects were asked to rate the popularity of several residential outdoor design elements. Landscape architects noted a growth in the use of native plants, low-maintenance landscapes, and flexible-use spaces, for yoga classes or movie night.

Overall, landscape architects ranked the following outdoor design elements as the overall most popular in 2018:

1. Fire pits/fireplaces
2. Lighting
3. Seating/dining areas
4. Outdoor furniture
5. Outdoor kitchens
6. Decking (i.e. rooftop decking)
7. Grills
8. Movie/TV/video theaters, wireless/internet, stereo systems
9. Outdoor heaters
10. Stereo systems
11. Pools and spa features (hot tubs, Jacuzzis, whirlpools, indoor/outdoor saunas)
12. Utility storage
13. Hammocks
14. Outdoor cooling systems (including fans)
15. Showers/baths

Source: American Society of Landscape Architects

Single-Family Rental Giant Hit With Class-Action Suit

Single-Family Rental Giant Hit With Class-Action Suit

Invitation Homes is being accused of excessive and illegal late fees charged to tenants who fall behind on their rent, according to a class-action lawsuit. In the suit, plaintiffs claim the single-family rental giant charges a late fee of $95 even when rent is only an hour late. The lawsuit also alleges that Invitation Homes adds extra late fees of $95 or more on any accrued balance of late fees, even if tenants pay their most recent rent on time.

The lawsuit was filed in California, but claims Invitation Home’s late fees violate the law in all 12 of the states in which the company operates. Invitation Homes owns 82,570 single-family homes across the country and is the largest single-family rental company in the nation.

The lawsuit alleges: “The penalty is illegal, and thus, void, because it is excessive and bears no relation to any actual damages incurred by [Invitation Homes] when rent or other fees are paid late. Some people have been evicted purely as a result of this late rent penalty, and in particular this penalty stacking practice.”

Invitation Homes has yet to comment publicly on the pending lawsuit.

Source: “Invitation Homes Hit With Class-Action Lawsuit Over Late Fees,” Curbed.com (May 29, 2018)

Are There New Homes on Sale?

Are There New Homes on Sale?

Home buyers who seek something brand new may be able to score a deal. Although real estate prices have been on the rise generally, there are exceptions. The cost of buying new-construction has fallen to its lowest point in the last 12 months, realtor.com® reports.

The median price of a new home fell nearly 6.9 percent from March to April, reaching $312,400, the Commerce Department reported this week. The price is up just 0.4 percent from a year ago.

“This could be a sign that builders are trying to build at lower price points,” says Danielle Hale, realtor.com®’s chief economist. That would be welcome news to first-time buyers and home shoppers who are on a tight budget. “The largest share of home buyers and home shoppers in the market are looking to buy entry-level homes,” she adds.

Five percent of new-home sales were for properties priced under $150,000 in April, which is the largest share since August 2016, Hale notes.

The prices may be coming down a bit, but the cost of a new home is still more than purchasing an existing home. New homes remain about 24.8 percent more expensive than the $250,400 median cost of an existing home, according to the National Association of REALTORS®.

Plus, buyers may be hard-pressed to find enough choices in the new-home sector.

“The absolute level of [new-home] sales remains quite low compared to current demand levels and the overall population. But you can’t sell what hasn’t been built,” said Freddie Mac’s Len Kiefer in a statement. “As long as single-family home construction remains at a low level, so too will new home sales.”

Source: “Get One While You Can: New-Home Prices Have Fallen to a 12-Month Low,” realtor.com® (May 23, 2018)

Outside Remodeling Projects Pay Off

Outside Remodeling Projects Pay Off

Tackling a project to spruce up a property’s outside may be a wise investment for both residential and commercial property owners, according to the National Association of REALTORS®’ and National Association of Landscape Professionals’ 2018 Remodeling Report: Outdoor Features. The outdoors doesn’t require a major overhaul to see a strong return either financially or in homeowner enjoyment.

The outdoor project that produces the most substantial financial payout at resale is standard lawn care service. That alone recovers 267 percent of the project cost at resale, according to the report, which analyzed 13 outdoor residential projects and 10 commercial projects, based on REALTORS® responses of value. Landscape maintenance and tree care, both of which recovered 100 percent of the cost at resale, are also among the highest payback outdoor projects. Installing an irrigation system recouped 86 percent of the cost, according to the report.

“REALTORS® understand that a home’s first impression is its curb appeal, so when it comes time to sell, a well-manicured yard can be just as important as any indoor remodel,” says NAR President Elizabeth Mendenhall. “Even homeowners with no immediate plans to sell can gain more enjoyment and satisfaction from their home by taking on a project to revive their outdoor spaces.”

As for which outdoor projects can bring the most enjoyment to homeowners, a fire feature and irrigation system tied for first place in the survey. Eighty-three percent of homeowners who installed a fire feature said they have a greater desire to be home since completing the project, and 69 percent of homeowners who installed an irrigation system said they feel a major sense of accomplishment when they think of the project. Other appealing projects included: a new wood deck, a water feature, statement landscaping, and an overall landscaping upgrade.

“This report validates that landscaping is an investment worth making, offering the immediate benefits of increased enjoyment of your property, as well as desirable long-term value that holds if or when it comes time to sell,” says Missy Henriksen, vice president of public affairs at NALP. “From lawn and tree care to installing a new fire or water feature or landscape lighting, there’s no shortage of opportunities to enhance your landscape and to reap the benefits these upgrades provide.”

Further, 43 percent of REALTORS® surveyed said they suggested that a commercial client improve the curb appeal of a property before listing it for sale. The most frequently recommended projects were for standard lawn care, completing a landscape management service, and an overall landscape upgrade.

“It is not just homeowners that need to think about curb appeal when it comes time to sell; a beautiful exterior is just as important for commercial property owners,” says Mendenhall. “In fact, 81 percent of REALTORS® said they believe curb appeal is important in attracting a buyer.”

Source: National Association of REALTORS®

The Best Housing Markets for Home Flippers

The Best Housing Markets for Home Flippers

House flipping activity surged to an 11-year high this year, with more than 207,000 homes flipped, according to ATTOM Data Solutions, a real estate data firm. But the key is knowing where to be and when. “The sweet spot for successful home flipping is finding the neighborhoods just emerging as the next hot neighborhoods in a city,” says Daren Blomquist, a senior vice president at ATTOM Data Solutions. The firm says the average profit for a housing flip in 2017 was $68,100.

Realtor.com® ranked the 200 largest metros according to the share of all home sales categorized as a flip (defined as any type of home that is bought and resold within a three- to 12-month period). Researchers limited their rankings to two metros per state for geographic diversity and only included markets where the average profit was at least $30,000.

The following are the best housing markets for home flippers, according to realtor.com®:

1. Nashville, Tenn.

• Ratio of flips to all home sales: 4.1%
• Average flip profit: $87,200

2. Fresno, Calif.

• Ratio of flips to all home sales: 3.5%
• Average flip profit: $53,200

3. Palm Bay, Fla.

• Ratio of flips to all home sales: 3.3%
• Average flip profit: $71,500

4. North Port, Fla.

• Ratio of flips to all home sales: 3.3%
• Average flip profit: $85,300

5. Baton Rouge, La.

• Ratio of flips to all home sales: 3.2%
• Average flip profit: $70,000

6. Chattanooga, Tenn.

• Ratio of flips to all home sales: 3.1%
• Average flip profit: $65,800

7. Los Angeles

• Ratio of flips to all home sales: 3%
• Average flip profit: $169,400

8. Lubbock, Texas

• Ratio of flips to all home sales: 2.7%
• Average flip profit: $46,000

Source: “Flip It Good! Top 10 Home-Flipping Hotbeds Where Profits Are Through the Roof,” realtor.com® (May 23, 2018)

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VA jumbo loan program guidelines:

• You must have a minimum 550 credit score
• Only the primary residences are eligible
• 1 – 4 units (one must be occupied by the veteran)
• Townhomes are ok
• Warrantable condos are ok
• Planned unit development (PUD/builder communities are ok)

Please note that a jumbo VA loan is available only to VA eligible borrowers who quality with income and credit requirements as well as the VA county guaranty limits

Contact me today for a financing solution that is just the right fit for your next home!