SELLING YOUR HOME: Remodeling Improvements That Entice Buyers

Over the last few years, some homeowners have opted to stay put for the time being and that's caused them to consider remodeling instead of moving. But most homeowners know that one day they might need or want to sell their home so which remodels help to add value and entice buyers?

Here are a few of the renovations that are adding value to homes and creating appeal from home buyers.There are a few areas that are better than others to improve. It's pretty easy to understand why these home remodels are enticing buyers when you consider the way the housing market has been for the past several years.

Aging in Place

With the tough economic times, more short sales and foreclosures, extended families are combining homes and reducing their cost of living by residing together in one larger house. The National Association of Home Builders found that 62 percent of builders in a survey were working on home projects that were helping families "age in place". Included in these types of remodels are placing a bedroom on the entry-level of a home, wider doorways that would accommodate a wheelchair, and overall modifications for the elderly including reducing steps outside and inside.

At one time, these designs might have been unattractive but with many Americans wanting to "age in place" and extended families living together, remodels like these are becoming common, necessary, and valued.

Savvy Kitchen

The great rooms that bring the kitchen and the eating areas together are still popular. More space is preferred so families can have room to sit and spend time together over a meal even if that means having less space to actually prepare the food. Cabinets and shelving are being customized to suit the homeowners' needs and many are favoring pantries or utility rooms. Kitchens are taking on the look of a chef's cooking space with open shelving and islands to help homeowners be able to quickly prepare meals and still mingle with guests and family.

Totally Wired

Fast-placed, busy buyers who often work from home will find smart homes that are wired and built to handle all the high-technology needs a huge plus when it comes time to market and sell their homes. Another plus is having space-saving workstations in the home. Remodeled homes

Just saying . . .

HOME MAINTENANCE: Painting Surfaces That Don't Need Painting

This just in from the Paint Quality Institute: you can paint "maintenance-free" building materials.

Why?

The same people who gave us a paint primer on using colors tomanipulate moods and insight on slathering on acrylics to addaction to seasonal decor also offers tips for painting materials that could do just fine without an extra coat.

Why not?

Perhaps blue has your bored, yellow isn't so sunny after all or white is just too, well, white.

Whether it's to spruce up the appearance or provide an extra layer of protection against a forecast for stormy weather you can paint vinyl siding, composite decking, fiberglass trim, factory-finished aluminum and other materials designed to hold up with little more than regular cleaning.

"Most of the time, you can paint these materials," says Debbie Zimmer, paint and color expert at the Paint Quality Institute.

"But it's important that you follow the right procedures when doing so," Zimmer added.

Just as you would prepare for any paint job, the first step is to make any necessary repairs.

Then, scrub clean and fully rinse the surface before applying any coating, says Zimmer.

You must also remove any mold or mildew with a water/bleach solution that's three parts

HOME HEALTH: Condensation in Your Home

As we near the end of Winter (hopefully!) many areas of the nation are entering their rainiest season. What does this mean for the health of your home?

  "We often get calls from homeowners who are concerned that their windows are 'sweating' or leaking either inside or outside the home because they see moisture on the glass," says Gary Pember, vice president of marketing at Simonton Windows. "In reality, that's simply not the case. While condensation may collect on the interior or exterior of energy-efficient windows, the units are really doing their job by helping serve as a barrier in the home."It all comes down to moisture and condensation. Many homeowner’s first instinct is to check windows and doors for leaks. Slightly askew installation can mean water accumulation, which will eventually turn to mold and rot.

Pember points out that windows do not cause condensation --- they simply prevent the moisture in the home from escaping to the outside. "If the inside glass surface on double- or triple-glazed windows show excessive moisture, you can be reasonably sure that the moisture is also collecting on your walls and ceilings," says Pember. "This means you should take steps to reduce the humidity level in your home by using exhaust fans and dehumidifiers."

Here are some expert tips to help reduce moisture -- and it’s negative effects -- in your home.

1. Keep Bathrooms Ventilated. Between steamy showers, baths, and sometimes laundry this can be a very damp room in a very small space. Do your best to keep this area free of dampness. Keep windows open during mild months and be sure to use an exhaust fan and to properly vent your dryer.
2. Use Kitchen Exhaust Fans. Steam from your pots and pans can damage walls and cabinets. A great way to prevent damage is to install an over the stove fan.
3. Prevent Damp Basements. Be sure that your existing sump pump is in good working order so that you don’t end up with a flood in your basement. That’s the worst kind of moisture!
4. Inspecting Older Homes. Older homes that haven’t been properly maintained can be a

GREEN LIVING: Incentives for Going Green

Are you thinking green this Spring? Not only can energy efficient windows, doors and skylights reduce energy bills they can also reduce your federal tax load!  

The categories you'll find include: 

 Visit Energystar.gov to see how you can save! These incentives are rewards for making your home more efficient and consuming less energy.  

Biomass Stoves. These energy saving stoves burn biomass fuel, such as agricultural crops and trees, wood and wood waste and residues, plants, grasses, residues, and fibers. You can take up to a $300 tax credit on units with a thermal efficiency rating of at least 75%.  

Heating, Ventilation, and Air Conditioning. These advanced system upgrades can be used for a tax credit of $50 when they use no more than 2 percent of a furnace's total energy.

Air Source Heat Pump. According to EnergyStar.gov, "Heat pumps offer an energy-efficient alternative to furnaces and air conditioners in moderate climates. Like your refrigerator, heat pumps use electricity to move heat from a cool space into a warm, making the cool space cooler and the warm space warmer. During the heating season, heat pumps move heat from the cool outdoors into your warm house; during the cooling season, heat pumps move heat from your cool house into the warm outdoors. Because they move heat rather than generate heat, heat pumps can provide up to 4 times the amount of energy they consume." You can

MARKET TRENDS: Home prices at lowest point in more than 10 years

NEW YORK (CNNMoney) -- Home prices fell to their lowest point in more than a decade in January, which helped to lift the pace of home sales, according to a report from an industry trade group.

The National Association of Realtors reported that the median home price in January fell 2% from December to $154,700. That's the lowest price reading since November 2001, before the run-up in home prices that became known as the housing bubble.

The median price is the point at which half of homes are sold for a higher price, and half are sold at a lower price. (Multi-million Serving as a drag on existing home prices is a large inventory of homes in foreclosure. Distressed home sales, which includes homes in foreclosure and so-called short sales in which the home is sold for less than what is owed on the mortgage, made up 35% of sales in January.

"Prices will continue to fall through the first half of 2012 due to the high share of distressed sales," said Stuart Hoffman, chief economist with PNC Financial. "The recent agreement between the big mortgage servicers, state attorneys general and the Obama administration will also result in more homes going to foreclosure over the next few months,

MARKET TRENDS: Existing-Home Sales Rise Again in January, Inventory Down

Existing-home sales rose in January, marking three gains in the past four months, while inventories continued to improve, according to the National Association of Realtors®.

Total existing-home sales¹, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 4.3 percent to a seasonally adjusted annual rate of 4.57 million in January from a downwardly revised 4.38 million-unit pace in December and are 0.7 percent above a spike to 4.54 million in January 2011.

Lawrence Yun, NAR chief economist, said strong gains in contract activity in recent months show buyers are responding to very favorable market conditions. “The uptrend in home sales is in line with all of the underlying fundamentals – pent-up household formation, record-low mortgage interest rates, bargain home prices, sustained job creation and rising rents.”

Total housing inventory at the end of January fell 0.4 percent to 2.31 million existing homes available for sale, which represents a 6.1-month supply² at the current sales pace, down from a 6.4-month supply in December.

“The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers,” Yun said. “Foreclosure sales are moving swiftly with ready home buyers and investors competing in nearly all markets. A government proposal to turn bank-owned properties into rentals on a large scale does not appear to be needed at this time.”

Total unsold listed inventory has trended down from a record 4.04 million in July 2007, and is 20.6 percent below a year ago.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said buying power is enticing more potential home buyers. “Word has been spreading about the record high housing affordability conditions and our members are reporting an increase in foot traffic compared with a year ago,” he said. “With other favorable market factors, these are hopeful indicators leading into the spring home-buying season. We’re cautiously optimistic that an

BOSTON REAL ESTATE NEWS: Home sales up in January

The lack of snow and rock bottom interest rates boosted single-family home sales in the Bay State last month as the region’s modest housing recovery posted its seventh consecutive month of gains despite a slide in median prices.

“We are thankful for the great weather and low interest rates,” said Kimberly Allard-Moccia, president of the Massachusetts Association of Realtors    . “Surprisingly, the pace of home sales in January was strong. People are buying because all signs say this is the right time to buy. Some of our agents say the problem right now is the lack of inventory.”

Interest rates under 4 percent and lower home prices fueled 2,130 home sales in January, up from 2,036 one year ago, a 4.6 percent increase, according to the MLS Property Information Network    . But as sales increased, the median price for a single-family fell by

REALTORS: Why Consumers Need Proper Representation from Real Estate Professionals

Our belief – one of our CORE beliefs – is that consumers are best served through proper representation from a licensed professional.

For most, buying or selling a home is an infrequent transaction with enormous financial and emotional considerations.

It’s stressful, emotionally-charged and high-stakes. Having a real estate professional central to the process of pricing, listing, selling and purchasing a home is important; real estate is not entertainment, and it’s not a game – bad data, inaccurate “value estimates,” and inflating inventory levels on websites creates confusion about what’s really happening in a market.

We understand that serious consumers want the real facts about a market. And we understand that these consumers also want to find a professional who can clearly articulate what these facts mean to their personal situation.
That’s why REALTOR.com® works tirelessly to be the most accurate site with the largest database of homes for sale. And that’s why we update most listings every 15 minutes.
Consumers know they can trust the data; the quality and accuracy of the listing content is second to none.
But searching for homes and researching the market is just the beginning. Market conditions vary from city-to-city and neighborhood-to-neighborhood. So when consumers move forward and take their search from online to real-life, we help them with the next step:

Connecting with a local real estate professional that can help.
A professional that’s immersed in local trends. Well versed in neighborhood nuances. Someone who can take the science of real data and apply it to the art of local real estate.
For sellers, this professional is someone who can navigate changing markets deftly and help price a home appropriately. Someone that helps ensure a smooth ride all the way from contract acceptance to settlement.
For buyers, this professional is a sounding board during their search, and their advocate during contract negotiations all the way to the first day in a new home.

Ultimately, there is a lot more than search to consider throughout the course of a transaction.
Pricing. Negotiations. Offers. Counter-Offers. Contracts the size of novellas. Addenda. Financing. Contingencies. Walkthroughs. Punch Lists. The list goes on and on and on. Navigating all of this takes skill and determination, and licensed real estate professionals are just the folks that can help.
After all, it’s what they do for a living, 24-7, 365.

http://lockbox.realtor.com/realtor-marketing/why-consumers-need-proper-representation-from-real-estate-professionals/

MARKET TRENDS: Top 10 Cities for Moves

More people are flocking to the South, according to a list from Penske Truck Rental on the top moving destinations from last year. 

Atlanta once again tops the list, which was compiled through online consumer truck rental reservations by Penske from 2011. 

“As this list indicates, U.S. residents continue migrating primarily toward warm weather areas,” says Don Mikes, Penske’s vice president of rental. 

Here are the top places the company says people are moving to: 

1. Atlanta
   2. Phoenix
   3. Orlando, Fla.
   4. Dallas/Fort Worth
   5. Chicago
   6. Houston
   7. Denver
   8. Seattle
   9. Sarasota, Fla.
   10. Charlotte, N.C.

http://realtormag.realtor.org/daily-news/2012/02/15/top-10-cities-for-moves

NEW CONSTRUCTION: 2012 shaping up as a strong year for multifamily construction starts

This year could bring a turnaround in both single-family and multifamily housing construction starts, analysts at Capital Economics said.

 

Capital Economics made its assertion after the National Association of Home Builders reported homebuilder confidence in the single-family segment rose for the fifth consecutive month in February, marking a four-year high.

Analysts at Barclays Capital ($15.03 0%) see the news as positive for homebuilder performance and said it presents an "compelling opportunity at current valuations," in a note emailed to clients. "We believe this is an early read on a strong Spring selling season," remarked analyst Stephen Kim in regards to the results of the latest homebuilder survey.

In fact, the multifamily segment is braced for a positive year, Capital Economics said, with starts in the segment last year rising 56% to 177,000 units, three times higher than the sector's previous low.

Furthermore, demand in the segment is up with the rental vacancy rate for multifamily homes hitting 10.1% in the fourth quarter of 2011, a rate that is below the long-run trend level for the industry.

Capital Economics believes 850,000 households a year could join the rental sector over the course of the next few years, propping up demand for multifamily units.

"We think that growing investment demand will prompt homebuilders to increase significantly construction of multifamily units in 2012. But in a turnaround from last year’s performance, we also expect single-family starts to increase this year," Capital Economics said.

Capital Economics anticipates multifamily starts will increase by as much as 50%, or

NEW CONSTRUCTION: Home Builder Confidence Reaches Highest Level in Four Years

Home builder confidence in the market for new single-family homes rose to its highest level in more than four years in February, according to a new survey released on Wednesday.

AP

Confidence on the National Association of Home Builder's monthly sentiment index jumped 4 points to 29. Fifty, however, is still the line between positive and negative sentiment.

“This is the longest period of sustained improvement we have seen in the HMI since 2007, which is encouraging,” said NAHB Chief Economist David Crowe. “However, it is important to remember that the HMI is still very low, and several factors continue to constrain the market. Foreclosures are still competing with new home sales, and many builders are seeing appraisals come in at less than the cost of construction. 

Additionally, prospective home buyers are finding it difficult to qualify for a mortgage.”

Each of the index’s three components improved for a fifth consecutive month in February. The component measuring traffic of prospective buyers rose to 22 from 21 while the component measuring sales expectations for the next six months increased to 34 from 29. The component measuring current sales increased to 30 from 25.

Although the index showed signs of improvement, NAHB Chairman Barry Rutenberg cautioned that the housing sector remains fragile with differences in housing strength between individual markets.

“Builder confidence has doubled since September as measured by the HMI,” said Rutenberg,

HOUSING & ROMANCE: How Your Housing Situation Affects Your Love Life

Where you live affects who you date—and who will absolutely refuse to date you. In honor of Valentine’s Day, the real estate website Trulia commissioned Harris Interactive to conduct a survey looking at the intersection of attitudes about housing and romance. Are homeowners regarded as “marriage material” more so than noncommital renters? Are people more interested in potential mates if they live alone? Just how bad is your love life impacted if you live with your parents? When it comes to dating and housing, what’s hot and what’s not?

Owners vs. Renters 
While owning a home has always been a part of the traditional American Dream, it’s apparently not a deal breaker (or maker) when it comes to dating. Nearly two-thirds (63%) of unmarried U.S. adults said that homeowners had no significant “home advantage” in terms of attracting dates. Only 28% of those surveyed said they’d prefer someone who owned a home. So you can’t really use the fact that you’re a renter as an excuse for why you can’t find a date. Well, perhaps guys can use that more as an excuse than the ladies: While just 19% of men say that they have a preference for dating homeowners, 36% of women prefer dates who own property.

Homeownership = Marriage Material?

Buying a home demonstrates some level of commitment. But for the most part, owning a home is not viewed as a sign that you’re ready, or even interested, in marriage. In the survey, 43% of unmarried U.S. adults said that homeownership is not an indication of a person’s desire to get married or be in a serious, long-term committed relationship. However, young people are more likely to view homeowners as capable of committing to a partner. A higher percentage of millenials equate homeownership to stability and commitment. Baby Boomers, by contrast, are generally past the stage of first-time homeownership, so it matters less to them in terms of viewing the commitment potential of a new partner.

Lose the Roommate
The majority of those surveyed (62%) say they’d rather date someone who lives alone. Location matters too: When comparing the preferences of men and women, Trulia found that more men would rather date someone who lives alone in a big city. On the flip side, more women would go for a date

SELLING YOUR HOME: 5 ways to make buyers fall in love with your home

It’s no secret, men and women are wired differently. But recent research shows that when it comes to features that motivate them to buy, the connection between the sexes isn’t a battle.

America’s most lovable features

While there’s a small difference in what they love the most, our recent survey showed both men and women agree on which top features make them fall in love with a home.

When we asked first-time home buyers “which home amenity would make you, personally, fall in love with a home?,” here were the top answers:

Amenities	All Respondents	Men	Women
Master Bathroom	70%	64%	75%
Walk-in Closet	63%	55%	72%
Gourmet Kitchen	56%	51%	62%
Outdoor Deck	55%	51%	58%
Wood Floors	50%	46%	53%
Pre-wired for entertainment system (e.g., home theater, surround sound)	35%	42%	28%
Pool	27%	27%	26%
Hot Tub	24%	26%	22%
Other	15%	15%	15%

The big feature conflict

While men and women agree that the master bath,

CONDOS: Townhouse's New Light

The central problem of a New York City townhouse is getting light into the interior, as brothers Shepard and Willard Morgan discovered growing up on West Ninth Street in a house that was gloomy despite large front windows.

Enlarge Image

Natalie Keyssar for The Wall Street Journal

The living area looking out on the back patio.

Now, decades later, the Morgans have gutted the interior of that 19th-century townhouse and excavated down through 14 feet into a long-forgotten streambed. They rebuilt the house around shafts of light using an ultra-modern minimalist design.

The property is for rental with a non-minimalist asking price: $75,000 a month.

The gloom has been replaced by a central column of light created by a five-story open staircase and clear-glass landings that go from the basement to the roof.

The steel staircase wraps around a 65-foot obelisk-like tower of granite, with strips of lights in the corners between stone slab, hiding the elevator in plain sight.

Natalie Keyssar for The Wall Street Journal

Skylights surround the top of the granite-covered elevator shaft.

"It solves the puzzle of what to do with the elevator," said Timothy Brian Barry, a family friend and one-time sculptor and carpenter, who created the design for the space and is overseeing construction

The Morgans' father, a podiatrist, bought the 22-foot-wide townhouse in the 1940s, and turned the English basement into space for his office and operating room. The family lived upstairs for some years.

Until a few years ago, members of the family still lived upstairs and the brothers maintained a real-estate office in the building, Mr. Barry said.

Willard Morgan also has a another career as an actor, director, comedian, musician and multimedia artist. He is best known for a 2006 comic documentary, "Me & Michael" in which he stalks the documentary filmmaker Michael Moore, looking for a break in the movies.

Enlarge Image

Natalie Keyssar for The Wall Street Journal

The kitchen

When deciding to fix up the place and clear out a warren of small rooms, the Morgans and Mr. Barry had to decide whether to do a traditional townhouse renovation with fine moldings and finishes.

"We went the other way to the extreme," Mr. Barry said. "It is a charged building—there is energy in the air."

The house has a mix of features designed to