Home Improvement Personality Types

Home Improvement Personality Types

A homeowner’s personality can have a big influence on their behavior when it comes to home improvement projects, according to a new survey by the Home Projects Council, a group of home improvement experts that aims to help homeowners improve their property values.

The Home Projects Council identified the following five home improvement personality types: The Sensible Improver, the Project Planner, the Reliable Renovator, the Visionary, and the Extrovert.

To identify the personality types, the council gave more than 1,100 homeowners a personality test along with a survey about their recent or planned home improvement projects.

“It is very common to segment home improvement attitudes and behavior by demographic factors, but by using a well-established model of personality, the Big Five, we were able to confirm a direct relationship between home improvement and personality types,” says Fred Miller of Consumer Specialists, who conducted the research.

Source: Home Projects Council

Homeowner Equity Is Hitting a Record High

Homeowner Equity Is Hitting a Record High

Homeowners are getting richer, thanks to rising home values. The amount of equity that homeowners can tap into is now at the highest level on record, according to Black Knight Financial Services, a mortgage and finance industry solution provider.

The amount a borrower can take out of a home—while still leaving 20 percent in it—increased by a collective $735 billion during 2017. That is the largest annual increase by dollar value on record, according to Black Knight. The collective amount of tappable equity now stands at $5.4 trillion, 10 percent more than the prerecession peak in 2005.

“There’s no question that a majority of homeowners have amassed considerable equity gains since the downturn,” says Lawrence Yun, chief economist of the National Association of REALTORS®. “Home prices have grown a cumulative 48 percent since 2011 and are up 5.9 percent through the first two months of this year.”

Homeowners are being more conservative, and lenders are much stricter when it comes to tapping into home equity. Homeowners took out $262 billion in cash-out refinances or home equity lines of credit last year, which is less than 1.25 percent of all available equity and is at a four-year low.

“While rising rates tend to dampen utilization of equity in general, the market is poised for a strong shift toward HELOCs, as they allow borrowers to take advantage of growing equity while holding on to historically low first-lien interest rates,” says Ben Graboske, executive vice president of Black Knight Data & Analytics. “Over half of all tappable equity—approximately $2.8 trillion—is held by borrowers with credit scores of 760 or higher and first-lien interest rates below today’s prevailing rate, which creates a large pocket of low-risk HELOC candidates.”

The amount of homeowner equity varies depending on location. Thirty-nine percent of the nation’s total tappable equity is in California alone. Seattle and Las Vegas have also seen large increases in home equity, Black Knight notes.

Source: “Homeowners Are Sitting on $5.4 Trillion in Ready Cash, the Most Ever,” CNBC (April 2, 2018)

Ways to Make a Front Porch Summon Buyers

Ways to Make a Front Porch Summon Buyers

It’s a mistake to become so preoccupied with staging the interior of a home that you neglect to spruce up the front porch. But even though it’s the first space buyers will see during a showing, many real estate pros overlook the front porch, Dawn T. Totty, a designer in Chattanooga, Tenn., told realtor.com®. “Designing a well-curated front porch not only adds value to your home, but it also creates another opportunity for you to increase your living space,” Totty says. “Think of it as your outdoor living room.”

Realtor.com® offered a few ideas, including:

1. Set a table. If there’s space, add a cocktail and side table to add coziness to the front porch. A bistro table with two to four chairs may work as well.

2. Add some artwork. “Artwork, or even a mirror placed on an inside wall, can create interest and give the look of an indoor living space,” Totty says. Just make sure to place it in a weather-proofed spot so it doesn’t get damaged.

3. Upgrade the lighting. “Flush-mount lighting is not the only option,” Totty says. She recommends a modern semiflush-mount light or a pendant light.

4. Bring in some furnishings. If space isn’t an issue, choose some sturdy, weather-proofed furnishings, such as a sofa, love seat, or arm chair. Make sure it’s upholstered in outdoor-friendly fabric. Then, add a throw blanket along the side. You want to create “a living room aesthetic for year-round use,” Totty says.

5. Paint the ceiling. Try a color like sky blue on the ceiling of the front porch to “increase the depth of the space and ensure the architecture remains the focal point,” suggests Dee Schlotter, senior color marketing manager at paint company PPG. Pick a color that will harmonize with the surrounding landscape, she suggests.

Source: “7 Front Porch Ideas That’ll Help You Make a Good Impression,” realtor.com® (March 28, 2018)

Unstaged Rooms Hamper a Home Sale

Unstaged Rooms Hamper a Home Sale

Sellers may be shooting themselves in the foot when they leave an empty, dark, or cluttered room unstaged, according to a recent realtor.com® article. Empty rooms, for example, can “kill a home sale, especially if the other rooms are furnished,” says Allison Bethell of FitSmallBusiness.com. Imperfections stand out more in an empty room, and the absence of furnishings could make it more difficult for buyers to visualize how to use the space.

A poorly lit room also can give the entire house a darker vibe, adds Desare Kohn-Laski, broker-owner of Skye Louis Realty in Coconut Creek, Fla. Instead, open curtains, consider painting the walls a light color, and add plants or a mirror to brighten the look.

The cluttered playroom is another top offender, real estate agents say. “If a playroom looks like a cluttered mess, buyers get the impression that the current residents aren’t clean,” says Kohn-Laski. Sellers should erase crayon and other marks on walls, as well as wipe fingerprints off doors and windows. Also, ensure the room isn’t stuffed with toys; a room that is too full can appear smaller.

The “creepy basement” may also be giving off the wrong type of vibe. Sarah Pickens with RE/MAX Advantage Plus in Blaine, Minn., recalls showing a home to buyers where the basement was an empty, all-cement room with no windows. “The buyer was so creeped out that we left the property,” Pickens says. “And he said he would never purchase the house because of that room.” Realtor.com® suggests “de-creeping” a basement by staging and brightening any windowless rooms.

Also, make sure a cluttered closet isn’t making buyers want to bolt. Teri Connors, an associate broker at Coldwell Banker M&D Good Life in Patchogue, N.Y., says overstuffed closets can make buyers think there’s not enough storage space in a home. She recommends removing at least two-thirds of the clothes in the closets to give the illusion that there’s plenty of space.

Source: “The One Room That’ll Make Buyers Bail, Even If They Love the House,” realtor.com® (March 28, 2018)

Facebook Accused of Allowing Discrimination in Housing Ads

Facebook Accused of Allowing Discrimination in Housing Ads

Several fair housing organizations sued Facebook on Tuesday, accusing the social media giant of allowing landlords and brokers to discriminate based on gender and family status on its advertising platform. They argue that advertisers could use the personal data of Facebook users to then target ads that could exclude certain populations from viewing them.

The National Fair Housing Alliance and three other housing groups filed the lawsuit, alleging that Facebook’s advertising platform violates the Fair Housing Act, which prohibits discrimination “based on race, color, religion, sex, handicap, familial status, or national origin” on home sale and rental advertisements.

The housing groups that are suing Facebook say they created a fake real estate firm and submitted dozens of housing advertisements to Facebook for review to show that advertisers could exclude users based on their gender, family status, and whether they were interested in “disabled parking permits.”

“Facebook enables a real estate company or landlord to discriminate by selectively targeting housing advertisements to exclude specific populations,” Fred Freiberg, executive director of the New York-based Fair Housing Justice Center, which is also part of the lawsuit, said in a statement. “Facebook’s platform is the virtual equivalent of posting a ‘For Rent’ sign that says ‘no families with young kids’ or ‘no women,’ but it does so in an insidious and stealthy manner so that people have no clue they have been excluded on the basis of family status or sex.”

Facebook has denied any wrongdoing. A Facebook spokesperson told CNN, “There is absolutely no place for discrimination on Facebook. We believe this lawsuit is without merit, and we will defend ourselves vigorously. … We take prompt enforcement action when we determine that ads violate our policies.”

The National Fair Housing Alliance says Facebook has been repeatedly warned about its advertising practices over the years. For example, a customization option called “Ethnic Affinities” faced criticism from housing advocates in 2016 because it allowed advertisers to target or exclude specific groups for ads that appear on Facebook.

“Facebook has known for years that its advertising platform violates civil rights laws, but it has refused to change its ways on a voluntary basis,” Diane L. Houk, one of the attorneys representing the housing groups, said in a statement. “Facebook is not above the law and must answer these civil rights claims in court.”

Housing Opportunities Project for Excellence Inc. in Miami and the Fair Housing Council of Greater San Antonio are also plaintiffs listed on the lawsuit.

Facebook boasts more than 2 billion active users. The lawsuit comes at a time when Facebook is dealing with fallout from Cambridge Analytica and accusations that it mishandled the data of some 50 million users.

Source: National Fair Housing Alliance and “Facebook Sued for Allegedly Allowing Housing Discrimination,” CNNMoney (March 27, 2018)