Ways Sellers Can Show Off Outdoor Space

Ways Sellers Can Show Off Outdoor Space

Take a close look at your listing from the eye of a home buyer. Are the bushes overgrown around the front windows? Has the mulch all washed away? Is the paint on the shutters fading?

These are the questions Jon Coile, chairman of the multiple listing service MRIS in Rockville, Md., asks in a recent column at The Washington Post that aims to help sellers examine the exterior of their homes. Here are some simple ways to solve common curb appeal issues:

Stick to similar plant groupings. Aim for a continuous flow with a landscape. “It can often make small spaces feel much larger,” Coile says. To do this, select only few different types of plants for the landscaping, instead of selecting a wide variety. The majority of the landscaping should consist of similar plants so the landscape doesn’t look look broken up into too many different sections, Coile notes. Then, feel free to use a small number of accent pieces to add color and visual interest.

Use visual markers. Visual markers help draw buyers’ eyes from one end of the yard to another. “The easiest way to do this is to lay a path that subtly transitions in the same places the yard does, at slight changes in elevation or where shaded areas transition to open sun,” Colie notes. “If that isn’t possible, then a few strategically placed taller plants, subtle decorations, or lighting fixtures can create the same impression.”

Show off the entertainment value. Show grassy areas where kids can play safely as well as places where adults can socialize, Coile writes. Consider these features for an added touch to show the possibilities of a space: Fire pits and outdoor gas flames, outdoor speakers, or a wet bar near a grill.

Source: “How to Enhance Your Home’s Curb Appeal,” The Washington Post (April 11, 2016)

Gen X Home Ownership Likely to Stay Low

Gen X Home Ownership Likely to Stay Low

Generation X suffered the most compared to any other age segment during the housing crisis, and they’re still in the process of recovering. In fact, home ownership rates will likely stay low for Generation X – those born between 1965 and 1984 – for years to come, according to a study by the Harvard Joint Center for Housing Studies.

Generation X has gone from being the most successful in terms of home ownership rates in 2004 to the least by 2015. In 2004, Gen Xers aged 25 to 34 at the time had a home ownership rate of 49.5 percent, the highest compared to any other age group, according to U.S. Census data. But last year, the home ownership rate for the now 35-to-44-year old age group fell to a more than three-decade low of 58.5 percent.

Baby boomers, who entered the housing market prior to the housing crisis in the early 2000s, have fared better in the aftermath than Gen Xers.

Generation X “came into the market at precisely the wrong time,” says Rick Sharga, executive vice president at Ten-X.com, an online real-estate brokerage. “We’ve effectively wiped out a group of home owners who historically would have been on their second or third properties by now.”

As such, housing analysts have mostly centered their talks on the millennials, those born between 1985 to 2004. Generation X consists of around 83 million people compared to the larger 87 million that make up the millennial cohort. By 2025, millennials are expected to grow to 93 million too, due to immigration. Generation X is expected to stay the same number. Housing analysts are betting on the millennials to have the largest impact on the housing market.

However, they may need Gen Xers to get moving. As Generation X continues to recover from the housing crisis, fewer middle-aged buyers are trading up with their homes. That is contributing to the severely limited inventory of homes available, which is plaguing many housing markets.

Source: “Housing Bust Lingers for Generation X,” The Wall Street Journal (April 9, 2016)

First-Time Buyers Use Guest House for Savings

First-Time Buyers Use Guest House for Savings

Some first-time buyers are finding ways to cover the costs of home ownership by purchasing a multi-unit home that can accommodate a mother-in-law apartment or another rental unit. The added money can then help them cover their mortgage.

“Renters like the privacy and homey feel of an accessory dwelling over renting a room in an apartment complex,” notes a recent article at RISMedia “Thanks to this demand, savvy buyers know they can rely on a steady stream of income from a rental unit. Many home owners use this money source as a way to save for retirement or pay down their mortgage.”

What’s more, at resale, buyers stand to net more for their multi-unit home. According to an article in the New York Times, 15 percent of buyers say they are willing to pay extra for a home with an accessory dwelling. These buyers say they want the extra space for a tenant, relative (multi-generational households are growing), or for a detached home office.

Taxes can also work to the advantage of multi-unit home owners. For example, owners may be able to deduct expenses from their taxes like repairs, maintenance, insurance, supplies, and travel.

Still, buyers to these properties likely will need to expect to pay more. Multi-unit homes tend to sell at a premium. Some fully permitted units fetch up to 60 percent more than single dwelling homes, according to some surveys. Also, buyers need to carefully consider whether they truly are ready to step into a landlord-type role and the responsibilities that can hold.

Source: “First-Time Home buyers: How to Save Money with an In-Law Apartment, Duplex, or Guest House,” RISMedia (April 7, 2016)

from  Robert F. Connor & Rachel Connor (04/11/2016)

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First-Time Buyers Bypass the Starter House

First-Time Buyers Bypass the Starter House

Seventy-five percent of first-time buyers say they prefer to not purchase a starter home and instead want to purchase a home that will meet their future needs, according to the Bank of America Home buyer Insights Report.

Seventy-six percent of first-time buyers say they want to buy a home for emotional reasons, such as a desire to call a place their own and a strong desire to put down roots, according to the survey.

While many of the 1,000 buyers surveyed say they’re willing to save more and pay down debt to buy the home they want, sixty-six percent of millennial first-time buyers say they expect some type of help from their parents when buying a home. That help may take the form of financial support or assistance in moving in to their new home.

Source: Bank of America Homebuyer Insights Report

Stage a Baby Boomer Home the Millennial Way

Stage a Baby Boomer Home the Millennial Way

Like every generation, millennials’ needs and tastes differ from their parents’ generation, as plenty of surveys have attested to. But as millennials become home owners, how can your baby boomer home sellers amp up their homes’ appeal to this younger generation’s tastes?

David Charron, president and chief executive of the multiple listing service MRIS, offered up a few tips on presenting a home to appeal to millennials in a recent column in The Washington Post. Here are a few of his suggestions:

Entryway: “Millennials prefer their living spaces to be streamlined,” Charron notes. “A home’s entryway is one of the easiest places to make a good first impression.” For example, builders are adding shelves next to electrical outlets for charging stations in new construction. Sellers can do the same. Set up a dedicated command center near the door with a place to stow keys, mail, coats, and bags, and add a tastefully styled power strip or charging center.

Common areas: Millennials place a high emphasis on socializing, so make sure the kitchen and living room show the spaces as great places to host a party. For example, a taller-than-usual kitchen table with bar chairs may offer up that picture. An open layout arranged with several seating areas also can help buyers visualize how the home can accommodate big group gatherings without feeling too crowded. For an open house, offer up a beverage and snacks station so that visitors can see and experience the entertaining aspect of the home.

Children areas: Millennials span the ages of 20 to 35, and many are starting families or plan to soon. They are looking for places where they can keep an eye on young children as they play indoors along with kid-friendly areas. Display maps with nearby playgrounds, parks, and bike paths outlined to show the area has plenty to offer children.

Source: “How Boomers Can Appeal to Millennial Home Buyers,” The Washington Post (March 31, 2016)