4 Bathroom Fads That Turn Buyers Off

4 Bathroom Fads That Turn Buyers Off

For some buyers, the bathroom is a deal breaker. So if your listing includes these fading bathroom trends, you might have a harder time selling it. Realtor.com® notes some fads you may want to suggest your sellers change before putting their home on the market.

All-white bathrooms: They’re tough to keep clean, so this trend is definitely reaching its end. “White tile and flooring can stain very easily, and any little mark glares at you from across the room, tainting the crisp, clean concept of an all-white look,” says Tonya Bruin, CEO of Canada-based To Do-Done Handyman Services. “I have so many homeowners coming to me now to ask for these white baths to be torn out and replaced with a more varied color design.” To offset an all-white look without a complete overhaul, paint one wall a different color or add colored towels and a bath mat, Bruin suggests.

Too many funky colors: However, you don’t want to be too bold with your color scheme. Mustard, salmon, and avocado, for example, aren’t the most desirable colors in a bathroom. “Colors like these tend to look tacky and make your bathroom feel like it’s stuck in the 1980s,” says Scott Allis with Miracle Method, a bath and kitchen refinishing company. Go for a more muted palette for your listing, such as a mix of three colors in a 70/20/10 distribution. “Use the most neutral color for 70 percent of the walls, floor, and tile, a rich contrasting color for 20 percent of the look, and then an accent shade for the last 10 percent,” says Bee Heinemann, an interior design expert at Vant Wall Panels.

A big bathtub: Design magazines may celebrate the luxurious standalone bathtub in the center of a bathroom, but it doesn’t always work in reality. “This elaborate, oversized fixture is far from practical and actually has low resale value,” Heinemann says. Bathtubs are used less often than showers, and if there’s at least one bathtub in the home, there’s no need to spotlight one in another bathroom. For bathroom remodels, designers recommend investing in a quality water-saving shower.

Subway tile and nickel finishes: Subway tile and cool finishes such as nickel and chrome are on their way out, designers say. Instead, “large format tile is a good way to go, as are mini mosaics and geometric tiles,” says Nicole Rojas, a designer with Tellus Design in Southern California. Also, brushed gold and even black finishes are gaining popularity. “The silhouette is still clean and streamlined,” adds Bea Pila, author of Sacred Spaces for Inspired Living. “But these newer tones add an element of modernity and sophistication.”

Source: “7 Bathroom Design Trends Home Buyers Want to Flush Away,” realtor.com® (April 19, 2017)

Green Matters in Real Estate, Surveys Show

Green Matters in Real Estate, Surveys Show

Your clients want to hear more about green real estate and why it matters, surveys show.

Whether they’re first-time buyers or existing homeowners, consumers are showing more desire to learn more about environmental matters in housing.

Indeed, 61 percent of homeowners have researched energy-efficient improvements, according to the Bank of America Home buyer Insights Report. Eighty-six percent of homeowners say they have some type of energy-efficient product in their home.

And it’s not just a young generational thing. That same study shows that 93 percent of seniors say they have energy-efficient products in their home compared to 78 percent of millennials.

Indeed, more than half of REALTORS® say that their consumers are showing a greater interest in real estate sustainability issues and practices, according to NAR’s REALTORS® and Sustainability report, which stems from NAR’s new sustainability program. More multiple listing services are adding data fields to spotlight a property’s green features as well.

The green home features REALTORS® say their clients are showing the most interest in involve a home’s efficient use of lighting; a smart or connected home; green community features, such as bike lanes and green spaces; landscaping for water conservation; and renewable energy systems, such as solar and geothermal.

Housing experts offer up several ways homeowners can be more green with their homes and save money to boot, including:

• Upgrade leaky windows: About one-quarter of a home’s heat loss during colder months is due to the windows and doors. Buying energy-efficient windows can help to improve thermal insulation, preserve energy, and reduce noise and dust in the home, according to Ply Gem, an exterior building product company.
• Insulate walls and attic: An extra layer of insulation will help curb the work that your heating and cooling systems have to do, according to the BofA report.
• Improve the heating system and A/C unit: Air conditioning alone eats up more than 8 percent of all the electricity produced in the U.S. Heating accounts for 30 to 50 percent of annual energy bills and is the largest energy expense in most homes in moderate and cooler climates. A more energy-efficient system can help curb costs.
• Opt for vinyl: Vinyl is one of the most durable, cost-effective solutions for buildings because it’s low maintenance and boasts a long lifespan. It can help save on energy and material costs too, according to the U.S. Green Building Council. Opt for vinyl siding, fence, railing, and windows.

—Source, REALTOR® Magazine

The Big Boomer Sell-Off Coming in the 2020s?

The Big Boomer Sell-Off Coming in the 2020s?

Arthur C. Nelson, a University of Arizona professor, predicts the “great senior sell-off” will occur in the mid to late 2020s. It’s a few years later than what Nelson had originally predicted in 2013 (he originally said by 2020). He says baby boomers are living in their homes longer, holding off on selling in the hopes of netting an even higher price later on.

Indeed, homeowners are holding onto their properties significantly longer than they used to—now about nine to 10 years. With ample housing shortages across the country, they are having a tough time finding a replacement home—but they may also be waiting to recover even more in value from what they may have lost in the Great Recession, Nelson notes.

“It’s not that boomers are going to ‘age in place,’” says Nelson. “They’re going to be stuck in place, and they’re going to make the best of it.” He says that those who can afford it will opt to remodel.

But Nelson says it may not be easy for boomers to sell their homes. Millennials—who are largely expected to be the buyers of boomers’ homes—have differing tastes, with more opting to live in central cities or in the oldest, closest suburbs, or they’re showing preferences for smaller homes and not sprawling McMansions in the exurbs. Nelson says the surrounding cities likely will be the toughest for boomers to sell their homes in.

“The boomers in the exurbs are going to be in a real pickle,” says Nelson. “Even in a dynamic market like Washington, D.C., or other booming cities, the market for those homes is going to be soft.”

Exurbs and rural areas may see the biggest fall-out from the boomer/millennial house preference mismatch, says Jennifer Molinsky, a senior research associate at Harvard’s Joint Center for Housing Studies.

Nevertheless, “the baby boomers are a large generation,” Molinsky says. “Nothing they do is going to happen en masse.” She also believes that boomers will demand a variety of housing options, which will help spread out sales over the time. Therefore, she doesn’t foresee a sudden glut of housing appearing.

Source: “Who Will Buy Baby Boomers’ Homes?” The Atlantic CityLab (April 14, 2017)

Why Removing That Wall Isn’t Always So Easy

Why Removing That Wall Isn’t Always So Easy

Design TV shows make it look so easy: Just remove a wall or two and you have the open floor plan you’ve always wanted. But not so fast.

Tearing down a wall could open up a host of other problems—some structural, if not done properly. It could also prove unexpectedly costly.

To hire a professional contractor to remove a wall could cost you anywhere from $500 to $4,000, according to HouseLogic.com. To that cost, you’ll likely want to add a structural engineer to design a customized plan for removing the wall.

“You’ll then get the peace of mind of knowing that you’re not going to do serious damage to your home,” says Jesse Fowler, president of Tellus Design + Build in Southern California.

Too often, homeowners looking for a cost-saving move grab a sledge hammer and do a DIY wall teardown. The risks run high that a number of problems can surface if done incorrectly and without proper preparation, such as the home’s ceiling caving in, electrical problems, and even plumbing issues.

If the homeowner removes a load-bearing wall, “in most cases, the plaster will crack and the ceiling will sag,” says Brian Kelsey, a licensed contractor and host of “Kelsey on the House,” a series of online videos. “The ceiling could cave in right away.” A structural engineer can determine for sure whether the wall is a load-bearing one.

Further, tearing down a wall may also cause damage to an interior wall that contains electrical wiring. “You might not see electrical outlets on the exterior of the wall, but that doesn’t mean there aren’t potential electrical issues beneath the surface,” says J.B. Sassano, president of Mr. Handyman, a national home improvement company based in Ann Arbor, Mich.

And that same wall also may contain plumbing pipes within that, if damaged during the teardown, could even cause your home to flood. “I’ve seen sledgehammers cut right through water pipes,” Kelsey says.

Again, a structural engineer, he says, will be able to advise of any potential plumbing problems before knocking down a wall and whether a plumber should be hired to investigate further before proceeding.

“If you need to relocate a waste line, it’s going to be expensive,” Fowler says.

However, homeowners who want to tear down a wall will find that consulting the right experts will cost them less money in the end than, say, accidentally damaging a water pipe during the removal and opening up bigger issues.

Source: “4 Terrible Tragedies That May Befall You if You Tear Down That Wall,” realtor.com® (April 18, 2017)

Court College Grads: Here’s Why

Court College Grads: Here’s Why

Americans with an education level of bachelor’s degree or higher are more likely to own a home by age 30, according to a new study from the Federal Reserve Bank of New York. That’s regardless of their student debt situation too, the study finds.

Researchers who tracked college attendance and home ownership rate by age for those born between 1980 and 1986 concluded that college graduation is associated with higher home ownership rates. By age 33, the home ownership rate for those who did not attend college trails about two years behind those who did attend college with debt but did not graduate, the study showed.

“Past research has not been able to disentangle how different types of educational attainment and student debt interact to impact the likelihood of owning a home,” according to a blog post at Liberty Street Economics. “Because we observe not only whether an individual owes student debt and has attended college but also graduation status, level of degree obtained, and home ownership status, we are able to further disentangle the relationship between different education levels and home ownership.”

Yet, the amount of student debt a person has is related to homeownership rates, the study concluded. Americans carrying more than $25,000 of debt are less likely to own a home than those with smaller debt numbers.

Source: “Those With Bachelor’s Degree More Likely to Own Home, Study Says,” RISMedia (April 16, 2017) and “Diplomas to Doorsteps: Education, Student Debt, and Homeownership,” Liberty Street Economics (April 3, 2017)

Save

Forget Millennials: Gen X Is Driving the Market

Forget Millennials: Gen X Is Driving the Market

Millennials may often get all the attention, but members of Generation X are really the ones who have been driving the housing market lately. Gen Xers, who are between the ages of 37 and 51, make up the second largest share of home buyers, comprising 28 percent in 2016, according to data from the National Association of REALTORS®. They also are buying the largest, most expensive homes compared to any other generation.

The median price of homes purchased by Gen X buyers is $261,000, and the median size of the homes is 2,100 square feet, according to NAR. Further, Gen Xers boast a median household income of $106,600, higher than any other generation.

Some Gen Xers are drawn to previously owned homes for their charm and character, while others prefer new homes in order to customize design features, NAR data shows. Gen X buyers are also the most likely to purchase a home in neighborhoods that are convenient to schools. But they’re willing to compromise: 21 percent of Gen Xers indicate a willingness to make concessions on the condition of a home, more than any other generation.

The largest share of sellers are also members of Gen X at 29 percent, according to NAR. They are selling homes at a median price of $240,000. One in five Gen X sellers say they wanted to sell earlier but couldn’t because their home had been worth less than their mortgage. On average, Gen X sellers purchased their home 10 years ago.

Other findings about Gen X home buyers include:

• They tend to have the largest families: 62 percent have at least one child under the age of 18 years old living at home; 30 percent have two children.
• Sixty-eight percent are married couples, more than any other generation.
• The primary reasons they purchase a home are the desire for a larger home, job-related relocation, or a change in family situation.
• The median age of this group is 43 years old.
• They have the largest number of single-family home purchasers at 87 percent.
• They are the most racially and ethnically diverse group of home buyers (21 percent identify their race as other than white/Caucasian) and have the highest percentage of non-English speakers.

Source: “Generation X: Buying the Biggest Homes and Biggest Home Sellers,” National Association of REALTORS® Economists’ Outlook blog (April 14, 2017)