Prep Your Deck and Patio

Maintenance of Decks and Patios

The summer season can be drying for natural wood decks. Now is the time to take care of any maintenance before the rainy season arrives. Check to see if any repairs are needed, such as split boards, nail heads, and so on.

After repairing, clean and wash your deck thoroughly and re-seal or stain if needed. Water-based products can offer easier cleanup and less odor while oil-based products tend to penetrate deeper and last longer.

If you have a composite deck, follow the manufacturer’s instructions on cleaning. If a deck-wash is recommended, be sure to rinse thoroughly so no residue is left behind.

Concrete patios need care too. Thoroughly clean the surface with mild dish soap and water. If stained, check your local home improvement store for concrete cleaning product recommendations.

Once the surface is clean consider applying the protection of a colored or clear concrete sealer.

Replace or Refresh Accessories and Plantings

Renew your outdoor space for the cooler months by changing out accessories and plants. With fall settling in soon and winter ahead, when it is time to put away a table umbrella, replace it with colorful arrangements of pumpkins and gourds.

Replace summer annuals with hearty seasonal blooms. Some good choices are flowering cabbage and kale, ornamental grasses, pansies, and chrysanthemums. Add containers and decorative potswith shrubs like English holly, boxwood, and dwarf evergreens to carry into the frosty winter season.

Create an Inviting Outdoor Space

Firepits and fire tables are a nice focal point for gathering and warmth. Replace weathered or faded cushions with fresh, bold seasonal colors. The right cushions can make the difference in comfort as well as beauty.

If you don’t have the space for a firepit, portable gas heaters come in many sizes, including tabletop.

Use colorful outdoor rugs and weatherproof pillows to bring the indoors out. Keep a basket or storage container nearby with cozy blankets handy for your family, or for guests when entertaining.

In smaller spaces, try creating a conversation area with flameless candles and lanterns. Add outdoor lighting, including strings of LED or battery-powered lights for interest and sparkle.

Think colorful and cozy. A smaller deck or patio can be the most inviting and easiest to maintain and update. Once you’ve created your comfortable outdoor space, fill your favorite mug, grab a cozy blanket, and enjoy the beautiful colors and fresh air of each new season.

Source: First American Home Warranty 

3.8M Homes Are Missing From the Housing Market

Fewer homes are up for sale than historical norms, which is why buyers may become frustrated with house hunting.

There are not enough homes for the population, a new report from realtor.com® warns. The shortage lands at 3.8 million homes nationwide. And the impact could be widespread: Competition among buyers could grow steeper, causing home prices to move higher.

Will the new-home market be able to catch up to demand? “Home builders have a mountain of opportunity, but a big hill to climb,” says Javier Vivas, director of economic research at realtor.com®. “The current inventory crisis and need for 3.8 million new homes means a nearly insatiable appetite from potential buyers, especially in the lower end of the market.”

Between 2012 and 2019, about 5.9 million single-family homes were built. However, during that time, about 9.8 million new households were formed.

Home builders, faced with labor and lot shortages and escalating prices, have started to ramp up their lean inventories over the past year. But levels still remain well below two-decade average lows. Realtor.com® researchers estimate that even with an above-average pace of construction, it would still take builders four to five years to return to equilibrium.

The missing inventory has been most acute in the entry-level and mid-range markets.
"Large populations of renters and well-qualified potential buyers with strong incomes are waiting in the wings,” Vivas says. “Assuming the economy avoids a full-on recession and rates remain low, the window for builders remains wide open. If builders can deliver homes at adequate price points, absorption will continue to strengthen through the first half of the decade.”

Source: 

“Homebuilders Have a Big Hill to Climb but Remain Key to Supply Shortage,” realtor.com® (Jan. 21, 2020)

Single Story Homes Are Gaining Popularity

That single-story home may be more desirable than it once was. The construction of single-story homes is increasing at a more rapid pace than two-story homes, according to new data from the U.S. Census Bureau.

While overall the share of starts of homes of two-plus stories was higher than single-story homes in 2018, the two-story percentage is shrinking while one-story construction is growing. The share of new homes started with two or more stories dropped from 55% in 2017 to 53% in 2018. However, the share of new homes with a single-story increased from 45% to 47%, the data shows.

The growth of single-story homes was most pronounced in the South, the National Association of Home Builders’ analysis of the data shows.

© National Association of Home Builders

A separate report from the real estate brokerage Redfin showed single-story or ranch homes were the most popular home style of home sold last year. The style also tended to be more affordable, they noted.

The preference of a single-story home rises with age, a recent survey of home buyers by the NAHB shows. Eighty percent of baby boomers say they prefer a single-story home so that they can more easily age in place. However, only 35% of millennials say they want a single-story home.

“Homes with one story are more common in non-metro areas, while two or more stories homes are common in metro areas,” the NAHB notes on its blog, Eye on Housing. “However, we experienced an increasing share of one-story homes in both metro and non-metro areas from 2017 to 2018.”
 

Source: 

“Single-Story Home Construction Increased in 2018,” National Association of Home Builders’ Eye on Housing (Sept. 30, 2019)

Why Renovations May Not Boost Your Sale

As modest increases in inventory begin to attract more buyers to the market, it may seem wise for your sellers to undertake renovation projects to boost their competitive edge. Kitchen and bathroom upgrades, for example, are among buyers’ most desired features and can fetch a handsome return on investment, according to the National Association of Home Builders. But even as remodeling demand rises—the NAHB predicts home improvement activity will jump 1.6% and 1.1% in 2019 and 2020, respectively—some real estate professionals aren’t sold on the idea that renovating always fast-tracks a home sale.
There are two types of homes that sell quickly in today’s market: fixer-uppers and completely renovated properties, says Blayne Pacelli, a sales associate with Rodeo Realty in Studio City, Calif. You’ll need to pay attention to local market dynamics to determine the salability of each type of home in your area. For example, if your market has an abundance of investors, who typically renovate anyway for flips or rental properties, your sellers may not need to upgrade their homes in order to sell. Traditional buyers, however, may want a move-in–ready property.

NAR’s 2019 Remodeling Impact Report
Homeowners and renters remodel, redesign, and restructure their home for a variety of reasons. This report takes a deep dive into the differences between remodeling when hiring a professional compared to individuals who “do it yourself.”

In the Los Angeles neighborhood where Pacelli works, investors and traditional buyers are both aplenty. His renovation advice to clients depends on each one’s situation. “If a house is already fixed up except, say, one bathroom, I would suggest updating that bathroom to [appeal to a wide market],” he says. “If the bathrooms and kitchen need updating, I would leave them as is” and market the home to investors.

Weighing Your Options

There’s no doubt that home improvement increases property values, but renovating can be expensive—and there’s no guarantee your clients will recoup all of the costs at resale. With that in mind, you must help your clients decide: Is the expense of remodeling worth it? Small improvements rather than large-scale projects may suffice. “Timing matters as does the cost to renovate,” says Elisa Uribe, a sales associate with Golden Gate Sotheby’s International Realty in Oakland, Calif. “It is a seller’s market in our area. In some cases, minor changes such as interior and exterior painting and updating the landscaping can add a lot of curb appeal and make the house more appealing to a buyer.”
Uribe has also used virtual staging to present renovation options to buyers, relieving her seller of having to do the work. In March, she sold a client’s unrenovated three-bedroom, one-bathroom home, built in 1910, at the list price of $564,000. The sale occurred even though the seller had not updated the property’s exterior siding, windows, landscaping, and hardwood floor finishes.
The buyer was attracted to Uribe’s virtual staging of the home, which showed what it would look like with the updates and new furniture. Uribe also virtually staged the home’s layout with an additional bathroom to show buyers the renovation possibilities. “My client was out of state and didn’t have the time, or the funds, to update the house himself,” Uribe says. “The buyer was an investor who planned to update the property and put it back on the market fully renovated.”

Less Is More

Sometimes, some form of home improvement is necessary to elevate the profile of an otherwise undesirable property. In these cases, it may be best to choose simple projects with big impact, such as refreshing the paint or hardwood finish. James McGrath, co-founder of Yoreevo LLC in New York, says one of his buyers recently closed on a condo that had been extensively renovated. The seller, an interior designer, saved money by designing the remodeling projects herself, but she still spent $100,000 on the actual work, which included gutting the kitchen and bathroom among other changes, McGrath says. “If it’s not the highest price per square foot in the building’s history, it’ll be pretty close,” he says of the deal.
The renovated unit received a lot of foot traffic, with 60 to 70 showings. “That being said, the owner won’t make money on the renovation,” McGrath says. Though the renovation generated a higher price for the condo—which McGrath’s client bought for $690,000— it wasn’t enough to cover the seller’s remodeling costs, he adds. This is an example of why McGrath suggests that homeowners avoid big projects prior to selling.
Another renovation con: While the improvements may be a hit with some buyers, others may have different preferences and won’t pay a higher price for the work that was done. In fact, McGrath’s buyer brought in his own contractor because he wanted to replace the tile in the kitchen and backroom. Though the tiles were new and in pristine condition, the buyer had a different vision for the space, McGrath says. “Presumably, the seller would have gotten the same offer from [my buyer] had she not spent thousands of dollars on those tiles.”

Protect Clients’ Bottom Lines

You can help keep your sellers on budget by reminding them that “restoring the home to a good state of repair” is all that’s necessary before listing, says Michael Edlen, SFR, a sales associate at Coldwell Banker Pacific Palisades in Pacific Palisades, Calif. But that may mean something different in each market. In areas where buyers have the advantage, a seller may need to do more work on his or her home. “If an owner does not perform basic repairs, many buyers tend to ‘horribilize’ what they think they see and how much it could cost to fix it.”
If your client’s home needs an overall update, focus on the smallest items that have the biggest impact first and test it on the market before deciding to invest in larger projects. Updated light fixtures and window treatments, which are eye-catching accents, are often enough to move buyers, says Dawn Levy, a sales associate with Berkshire Hathaway HomeServices Georgia Properties in Atlanta. If your clients want to take it a step further, they can install new energy efficient windows, which can be costly but is a huge selling point with buyers, Levy adds. “A home with good bones that needs a cosmetic facelift is much more appealing to buyers,” she says. “Price point also plays a role here.”
Of course, the value of any renovation depends on your market. What works in one area may not work in another, so you must be knowledgeable about your specific neighborhood. In New York, for example, condos and townhomes that aren’t completely renovated typically don’t get much attention from buyers, says Eric Rosen, a broker with Halstead Manhattan LLC. “If the apartment or townhouse requires work, then the seller would be penalized,” he says. “This means that the property will trade for less than the repairs would have netted in a sale.”

Source: Realtor® Magazine;

Danielle Braff

Danielle Braff is a freelance writer, living in Chicago with her husband, two daughters, two cats, and a dog. Learn more about her at DanielleBraff.com.

Most Wanted Home Features You May Grow to Hate

When you go house hunting, you've got a list of must-haves, including some features that you think you'd just love. But beware: As real-life homeowners have found, some of those most-wanted things will actually drive you crazy.

Just like dating, we all go into home shopping with a list of things we'd really like in order to settle down. So when you find a place that ticks all of the boxes—or at least most of them—it’s all too easy to get googly eyes and fall hard.
But the truth is—just like in romance—some of the things you think you want will actually end up driving you crazy.

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Open floor plans have long been at the top of everyone’s wish list. But what’s it like to actually live in a house with one? To some people, it's a bit like living in a large echo chamber.“Sounds are multiplied in an open floor plan; they don't offer sound protection,” says Laura Mineff, a Cleveland-based interior designer and owner of Array Design Studio.

There’s also a little thing called privacy to take into consideration. If you live with moody teenagers or several young kids, an open floor plan might mean nobody gets the space they need. It also might mean that a toilet flushing upstairs can be heard all the way downstairs in your living room.
“You'll need rugs and window panels to help absorb the sound, as well as tall dimensional artwork and plants to help fill in the space,” Mineff says. “Creating a warm, cozy atmosphere in a vast, open living space can be costly.”

2. An upstairs laundry room

An upstairs laundry room sounds like the dream, doesn't it? So convenient—no more unsolicited cardio as you lug piles of linens up and down the stairs.
But beware: This dream scenario can quickly turn into a noisy nightmare.
“People think that laundry rooms being near the bedrooms will be practical, since most of the laundry is generated in the bedrooms,” explains Leslie Saul, designer and owner of Leslie Saul & Associates. “Some laundry rooms are so noisy that we end up rebuilding them or moving them to the first floor or basement.”

3. An in-ground pool

Before you sign your name on the dotted line of a home purchase contract, save yourself some heartache and remorse: Take a minute to browse our list of buyers’ most-wanted features—or, more specifically, the ones they wanted but end up hating later on. Are any on your wish list?

An Open Floor Plan:

Open floor plans have long been at the top of everyone’s wish list. But what’s it like to actually live in a house with one? To some people, it's a bit like living in a large echo chamber.
“Sounds are multiplied in an open floor plan; they don't offer sound protection,” says Laura Mineff a Cleveland-based interior designer and owner of Array Design Studio.

There’s also a little thing called privacy to take into consideration. If you live with moody teenagers or several young kids, an open floor plan might mean nobody gets the space they need. It also might mean that a toilet flushing upstairs can be heard all the way downstairs in your living room.
“You'll need rugs and window panels to help absorb the sound, as well as tall dimensional artwork and plants to help fill in the space,” Mineff says. “Creating a warm, cozy atmosphere in a vast, open living space can be costly.”

An Upstairs Laundry Room:

An upstairs laundry room sounds like the dream, doesn't it? So convenient—no more unsolicited cardio as you lug piles of linens up and down the stairs.
But beware: This dream scenario can quickly turn into a noisy nightmare.
“People think that laundry rooms being near the bedrooms will be practical, since most of the laundry is generated in the bedrooms,” explains Leslie Saul, designer and owner of Leslie Saul & Associates. “Some laundry rooms are so noisy that we end up rebuilding them or moving them to the first floor or basement".


An In-Ground Swimming Pool:

Pools are great, and for many buyers, a true must-have. But they can also be money pits, and difficult to maintain if you don’t have the budget.
“The features that some of our clients end up hating are the ones that require a lot of maintenance,” Saul says. “The wealthier clients can afford to hire pool maintenance companies, so they tend to continue to love them. But the less wealthy find that all of their free time goes to home maintenance projects, instead of spending time with their kids—the very reason they wanted the pool to begin with.” Whoa, ironic!
So before you commit to a house with a large pool, make sure you have the resources (and interest) in maintaining it. Because the only thing worse than no pool is a dirty, neglected one.

A Half Bath on Main Level:

Having a bathroom that’s readily available for guests might sound ideal, but in practice it’s unlikely to see much use, according to Ian Gordan, co-principal broker of Seattle-based Coldwell Banker Bain.
“When you have people over,” he explains, “who wants to use the powder room right off the kitchen and dining room? Sorry, nope. People usually go downstairs or upstairs to use the more private baths.”
If your dream home has a half-bathroom downstairs, it doesn’t necessarily mean you shouldn’t buy the house—just maybe skip the expensive tile remodel you had in mind.

Designer Sinks:

Pedestal sinks, bowl sinks, vessel sinks, you name it—they’ll make your bathroom look très chic. But once you have one, we’d bet you’ll be singing another tune.
“In home design magazines, [bowl sinks] look like the height of luxury,” says Jennifer Harder, founder and CEO of Jennifer Harder Mortgage Brokers. “However, when you need to actually use the sink, it is incredibly awkward. The height of the bowl makes them uncomfortable to use, and they use up valuable counter space.”
And although pedestal sinks look pretty and petite, they won’t be quite so charming once your cleaning products have to live out in the open for lack of storage.
“If someone is buying a house with these in the primary bathroom,” Harder says, “I gently encourage them to consider a bathroom remodel.”

Hardwood Flooring:

Although everyone loves a good hardwood floor (especially in those places that usually have ugly carpeting), there are simply some rooms in the home that weren’t meant for unfinished wood floors, says Daniel Meyer, co-founder and CEO of San Francisco–based home renovation company Pocketdoor.
Chiefly? Kitchens and bathrooms.
“Many finishes look great but cannot handle everyday life for buyers,” he explains. “Especially those with young children. In the best-case scenario, they catch the issue and refinish the floors before spills or water become stains that become permanent. In other cases, people are investing in new flooring.”
So when you ask your real estate agent for a home with hardwood flooring, make sure they have the proper finish and that you're not buying a home that might have you replacing the floors before you ever get to enjoy them.

 

 

Make Sure Your Property Isn’t Getting Eaten Up

A termite infestation can be costly, and sadly, many homeowners don’t discover there’s a problem until these wood-eating pests have already caused a great deal of damage to a home or an inspection uncovers it during a home sale.

“Termites are referred to as the hidden enemy,” says Mike Duncan, an associate certified entomologist and eastern region trainer for Truly Nolen, a pest control company. The damage can reach $7,900 or more before they’re found, Duncan told realtor.com®.

Some homeowners may be unknowingly attracting termites to their homes. An article at realtor.com® recently flagged some ways owners may be creating a termite spot, beyond just rotting wood.

For example, even the tiniest bit of moisture, such as from poor drainage, leaks, or poor ventilation, along with wood can be a big draw for termites. “Because they consume the cellulose in wood for nutrition, they require high moisture so that they don’t dry out,” Natasha Wright, a board-certified entomologist and technical director for Braman Termite & Pest Elimination in southern New England, told realtor.com®. Soggy soil near your foundation can also be a big draw to termites.

Don’t assume stucco houses are safe either. Termites are drawn to the protection from foam board insulation and exterior wall solutions, like Dryvit, a synthetic version of cement siding, Wright says. “They will chew through and travel in these sheltered areas until they stumble upon wood,” Wright says.

Cracks in a foundation can be another way termites can enter. “Should they find cracks or gaps, termites may investigate and enter,” says Mike Deutsch, an urban entomologist for Arrow Exterminating Co. in New York. “They may eventually intercept wooden members of the structure and begin to feed, causing damage.”

Be on the lookout for mud tubes, soft or hollow-sounding wood, and visible piles of wings, experts say. “These are signs that you have a termite problem,” says Erin Richardson, president of All-American Pest Control in Nashville, Tenn.

Call in a professional to investigate further and to remedy the situation if you suspect termite problems.

Source: 

“Knock on Wood: 8 Surprising Things Attracting Termites to Your Home,” realtor.com® (June 11, 2019)

Buy Before You Sell

In today’s competitive real estate market, you may be worried about listing your home. You may be thinking; if it sells quickly, you won’t have enough time to find and buy the next home that’s right for you.
At Howard Hanna, we strive to make the home buying and selling process simple for you. Our one-stop shopping is convenient for everyone, including sellers who are also looking to buy.

Buy Before You Sell

When you list a home with Howard Hanna, one of our exclusive one-stop shopping programs available is “Buy Before You Sell,” which lets you take the equity in your current home and apply it towards the down payment of a new home. It’s among our most popular programs because enrollment can be renewed if needed and initially includes deferred interest payments. By using the “Buy Before You Sell” program, you can use the value of your current home to invest in your preferred home!

Advantages of our Buy Before You Sell program:

1. You can purchase a home without having to wait until your present property is sold.
2. You can take advantage of today’s low mortgage interest rates and potentially get better terms for the home you are buying.
3. You can move without worrying about the logistical issues of moving out of one property and into the new one on the same day.
4. Once you’ve found your new home, the home you are selling can be staged without having to overly disrupt your life.
5. We can also more easily show potential buyers your home, allowing more buyers to see your home than if you were still living in it.
6. Our program produces more buyers who can buy your home by removing the sales contingency.

Buy with confidence.

It’s important to be able to buy with confidence, even before a current home is sold. It doesn’t matter if you’re looking to upgrade, right-size, switch school districts, or just enjoy a change of scenery, our “Buy Before You Sell” program covers it all!

• Our program provides down payment funds for your next home purchase
• Our program eliminates home sale contingency
• Payments can be deferred for qualified buyers

We’ve been taking the hassle out of the home buying and selling process for decades, and our mortgage professionals are here to help explain our loan programs. We make home ownership accessible and affordable, allowing you to take advantage of today’s low interest rates.
Don’t wait to act on the home you want, buy before you sell!

***Contact me in order to speak to a Howard Hanna Mortgage loan officer!

Source: Howard Hanna Blog