Buyers seeking multi family homes

According to several news articles, there is a dramatic spike in the real estate world, and

it’s not for the traditional. More and more potential homeowners and renters are seeking

out multi-family residences rather than single family. In fact, World Property Journal

reports the rise was 29.4% in multi-family properties and single family properties declined

by .9%.

Today’s generation has an affinity to seek living quarters in and around the city rather than

in a suburban neighborhood, and would much rather rent than buy according to the

reports of Christine Jordan Sexton at Realtor.org.

What are the benefits of renting the multi-family verses owning the single family?

Less worry over maintenance: yard work, appliance fixing, structural malfunctions are just

a few of the up sides to renting, that’s the land lords job to maintain and fix. Whereas with

owning your own property, the responsibility to fix things lands with you.

Living inside the city in a multi-family means less of a work commute and easy pedestrian

access to entertainment and take-out for the young who are not ready to settle down. It

also means easy access to hospital or emergency care.

However, there is no investment in renting as there is in owning. The hundreds of dollars

wasted every month in rent go into the pockets of the landlord, so when you decide to

move there’s nothing there for you. Owing your home means equity; a sold investment

even for a fluctuating market like real estate is always a better option.

To more information in this trend check out the full articles here at:

http://www.realtor.org/articles/the-rise-of-multifamily-housing-multiple-family-

residences-are-dominating-new-construction

http://www.worldpropertyjournal.com/real-estate-news/united-states/new-home-

construction-july-2015-housing-starts-us-department-of-housing-and-urban-

development-new-home-construction-nahb-david-crowe-9234.phpB

Getting your home ready for photos

According to the National Association of Realtors, well over 90% of home buyers look on the

internet for homes. So, setting the stage in photos and making sure they are of good quality is

an important point in selling your home.
Think of the photos you see in magazines like Better Homes and Gardens. The displays of

photos in these magazines have simple style with clear horizontal surfaces with just a few

decorative items placed sparsely. As you see that image in your mind, now look around your

home to find what needs to be done. Less “stuff” in the photos will make the rooms look bigger.

Clear all unnecessary objects from the kitchen countertops, especially bright colored items.

Don’t forget the paper towels, soap dispenser, hand towels. Clear family photos, children’s

drawings and magnets from the refrigerator, and stacks of “out of reach” items from the top.

In the bathrooms, clear objects such as cosmetics and soap dispensers. Tip: group daily

toiletries in Rubbermaid containers for each family member so you can move them to a closet.

This will also help with showings.

Remove personal photos, flowers and statues from walls, mantles and tabletops. Remove

small mirrors to minimize flash reflections. Keep rooms neat and organize toys, magazines, and

books. Remove any blankets off furniture.

Check all bulbs and replace any that are burned out because a burned out bulb will likely be

noticed in the photo. Also, with the new types of bulbs it is sometimes hard to gauge light output

so do not use mismatched bulbs and make sure they are not too bright. Research shows that

buyers feel that lighting adds “warmth” to the photographs.

If you are not able to be present at the photo session, turn on all lights or at least those that

have switches that might be hard to find and turn off all ceiling fans because they might be

blurred in the photos but leave the ceiling fan lights on.

Make sure that pet bedding, bowels and cages are out of the open areas. MLS rules prohibit

showing pets in the photos, so please cage or remove them from the premises on the day of the

photo session.

That first photo of the front exterior shot is perhaps the most important shot out of the whole

series of photos. It’s the primary photo that a buyer looking at their search results online may

use to decide whether to click or not to click to open and see the details of your home. So, take

a walk around the perimeter, remove any trash containers and other items like hoses. Also, tell

your agent when the sun hits the front of your home (morning or afternoon) so the pictures can

be taken with minimal shadows.

The photographer cannot take the responsibility for moving your personal items. It is up to you

to get your home ready. Remember that the photos will be displayed on the Internet on multiple

websites, so remove everything that you do not want the public to see.

Changes to HUD - what it means for closings

Currently, the HUD-1 Settlement Statement can be presented to the buyer on the day of closing and any changes to the statement can take place during the loan closing.  Gone are the days of making last minute changes to loans.

The new TILA-RESPA Integrated Disclosure (TRID) rule establishes new forms, which are replacing the standard disclosure forms known as the Good Faith Estimate, Truth in Lending and HUD-1.

These two forms will be joined by a new three day waiting period to close, whereby all contracts and forms must be filled out and correct three days before the close date. Should an amendment or change need to be made, a new three day period kicks in further pushing back the close date.

With these new documents and rules coming soon, we at least have two months to get use to the new system and adjust our current way of thinking for closing.  

Home Sales Prices Rise Strongly in April

New U.S. single-family home sales rose more than expected in April and the median price surged, suggesting the housing market recovery was continuing to gain traction.

With housing supply still tight, the median price for a new home rose 8.3 percent from a year ago to $297,300. While higher home prices could reduce affordability, they boost household equity, which could boost consumer spending.

The Commerce Department said on Tuesday sales increased 6.8 percent to a seasonally adjusted annual rate of 517,000 units. March's sales pace was revised up to 484,000 units from the previously reported 481,000 units.

The upbeat report added to housing starts data in indicating that housing was gaining momentum after treading water for much of last year. Economists believe housing will take the baton from a lethargic manufacturing sector and help to drive economic growth this year.

Housing is being buoyed by a strengthening jobs market, which is encouraging young adults to set up their own households.

New homes sales jumped 36.8 percent in the Midwest to a seven-year high and increased 5.8 percent in the South. Sales fell 5.6 percent in the Northeast and slipped 2.3 percent in the West.

The stock of new houses available on the market rose 0.5 percent last month to 205,000. Supply still remains less than half of what it was at the height of the housing boom, good news for home builders who will need to ramp up construction.

At April sales pace it would take 4.8 months to clear the supply of houses on the market, down from 5.1 months in March.

EASY WAYS TO ADD CHARACTER TO YOUR HOME

Lighting -  You may be able to find charming period lighting if you scour second-hand stores, antique shops, or flea markets. Or, you can pick up a reproduction piece and instantly transform a space.
1. Moldings - Crown molding is among the easiest ways to bring some character and architectural interest into your home, and it's inexpensive, especially if you do it yourself. But if the idea of mitering corners is making you hyperventilate, a handyman can quickly transform your blah space into something beautiful.
2. Cabinetry that looks built-in - Those charming built-ins you see in old Craftsman homes—you know, the ones that flank an old fireplace or create a great hutch in the dining room—are lovely. Although it would be hard to find a home built nearly 100 years ago with perfect—condition built-ins. You know what would be easier? Creating your own built-in-looking cabinetry. It's not as hard as it sounds, and it doesn't have to cost much either.
4. Cozy reading nook - Is there anything more charming, really, than an inspiring space to curl up with a book?  This can be easily achieved by building a platform or with in-stock cabinets from Lowe's and a DIY cushion. See some great ideas here.
5. Think hardware - This is key when deciding on a style for the home, whether it be Victorian, French Colonial, Modern, etc.. You want to stay consistent so the house will have a uniform feel. The last thing you want is a house with multiple personalities.   

Written by Jaymi Naciri 

Home Upgrades that Pay Off the Most

All renovations are not created equal. 

Curb appeal is one of the most common updates - some buyers won't bother to come into the house if the exterior is not looking it's best.

Some say that the greatest return for your investment is a mid-range bathroom remodel, a $3,000 job that returns $1.71 for every dollar spent. 

Some say that the worst home improvements for value are kitchen remodeling and finishing a basement. A top-of-the-line kitchen reno will cost you $22,000, and you’ll only get about $0.51 back for every $1 you spend - I have found that buyers LOVE the remodeled kitchen.

You might consider adding a deck or windows.... just be careful that  you aren't spending money that would be better spent for buyer's closing costs or other incentives.

Real Estate recap this week

The rate of distressed home sales fell to 2008 levels in February and should return to a historically normal level in mid-2017 if the annual decrease seen that month holds steady, according to data aggregator CoreLogic.

Here’s what happened this week in the real estate market:

The number of seriously underwater homeowners inched up slightly during the first quarter due to slow home price appreciation, according to housing data provider RealtyTrac.

Home prices continued to rise in February, posting higher annual gains than in January, according to the latest Case-Shiller 20-city Composite.

The number of homes that went under contract rose for the third straight month in March, the National Association of Realtors reported.

Although most analysts have shown optimism for a strong spring homebuying season, online mortgage marketplace provider Zillow reported that its 30-year fixed mortgage rates have been flat for the past month.

New research from emerging markets portal Lamudi shows that Pakistan has the most eco-friendly homes for sale and for rent among the 30-plus countries in Asia, Africa, the Middle East and Latin America the site examined — for the second year in a row.

Better inventories and softer prices in the mid and upper tiers, improved levels of equity, strengthening income levels, and forecasts of rising rates coupled with pent-up demand and faster rising prices for entry-level homes could make this the perfect year for move-up sellers and buyers to move on up.

Mortgage rates inched up this week amid mixed economic reports.

Purchase mortgage loan activity is gaining momentum as the housing market enters the peak spring buying season, according to Ellie Mae’s latest Origination Insight Report.

The big news of the week: The U.S. economy stalled in the first quarter, GDP rising 0.2 percent. And long-term rates, which go down on weak economic news, instead went up.

provided by Inman