Category: My Blog

  • Spruce Up Your Home- Design Trends in 2014

    For recent buyers, or soon-to-be sellers, here’s ten big design trends in 2014:

    1.) Wider reclaimed wood and wood-like porcelain floors
    Floorboards are becoming wider, sometimes up to 5-6 inches. Mixing in different types of wood, even reclaimed boards, and keeping the stain colors warm is becoming popular. Porcelain flooring is also becoming more popular as it’s very sturdy and comes in a wide variety of styles, sizes, and colors. These types of flooring can look good with either traditional or contemporary styling.

    2.) Simple cabinets and big drawers
    Warm gray colors are replacing oranges and browns in the kitchen. Styles are becoming more modern and clean, rather than traditional. Hardware is also becoming less visible and more modern. Having large lower drawers instead of cabinets is becoming the preference because large drawers allow easier access, and can be fitted with removable storage receptacles.

    3.) Color Palettes
    Brighter colors are being sought after. Instead of beiges and whites, warm grays are becoming very popular. This is being accented with colors such as lighter greens and blues, lavender, soft corals, shell colors, and even some darker purples and metallics. Blue is being used a lot throughout decor. Four main color palettes are making a comeback: black, white and gray with warmer woods and textures; flesh tones, beiges, gray, and off-white; bolder and darker colors such as purples, reds, golds, and teals; and very bright colors balanced with neutrals.

    4.) Indoor/Outdoor Living Spaces
    French Doors that open to the outside, large windows, and screened or covered porches are continuing the trend of blending indoor and outdoor areas. Pool houses are being remodeled to include living areas, kitchens, and fireplaces. People are also adding in fire pits, and propane heaters to outdoor areas.

    5.) Kitchen colors and appliances
    Home owners are adding in kitchen appliances with bold colors, and that are more energy-efficient. New counter top materials such as metals instead of granite are also becoming popular.

    6.) Luxury bathrooms
    Big steam showers with rain heads, large whirlpool tubs, anti-fogging devices, and even installing a T.V. are making bathrooms even more luxurious than before.

    7.) More Technology
    Technology is being integrated more and more from anything to lighting and heat, windows/window treatments and doors, to digital displays for watching T.V. or cycling through photos. This is becoming more popular due to less costly wireless technology.

    8.) Global Styles
    Mixing ethnic elements in with traditional or modern spaces can be a great way to add color into a space. Whether it’s a rug, artwork, or embroidered fabrics.

    9.) Unique Qualities
    People are becoming more willing to spend money on unique one-of-a-kind design elements for interior spaces. Metal or sculptural furnishings, creative rugs, and a wide variety of other unique products are being used.

    10.) Accent Chairs
    Accent chairs are becoming more common in order to provide more seating space, and also pops of color throughout a room. They’re also a smaller, more affordable way of introducing a new style to a room.

  • 7 Tips for Remodeling a Bathroom

    Average bathroom remodels can be pretty up there in price, but here’s some simple tips to help get you a budget-friendly bathroom remodel with the maximum value for your investment.

    1.) Planning is important.
    DO NOT improvise. Think beforehand about how you want to use the space available, what materials you want to use, and just how much you’re willing to spend. This is no area to just start the renovation with no idea in place. And once you’ve made the plan, stick to it. Making last minute changes and alterations adds cost, and many contractors charge more for changing original plans.

    2.) Keep the same floor plan.
    Keeping the same amount of square-footage saves you time and money, and cuts down on demolition. Make the most of the space that you already have. Glass doors on showers and tubs open up spaces. A pedestal sink takes up less space than a vanity. Maybe use a medicine cabinet for storage instead of just a mirror.

    3.) Make lighting a priority.
    The lighting in a bathroom space  will make the overall space look better. Use two ceiling or soffit-mounted fixtures with 60/75 watts each, and side fixtures or sconces with 150 watts each. Four bulb lighting fixtures also work well for side lighting.

    4.) Air Ventilation.
    This is important as it reduces mirror fogging, slippery bathroom floors, and mold and mildew growth. And it also improves the air quality of your home. Excess humidity can cause cabinet damage, and mold is often very expensive to remove. A bathroom vent and water closet fan should exhaust the air outside, not just to the space between ceiling joists.

    5.) Additional Storage.
    Finding areas for additional bathroom storage is tricky. Add storage vertically by installing shelves over towel racks, or multi-tiered shelf units designed to fit over toilet tanks to take advantage of unused wall space. You can add moveable storage by adding baskets or a floor-standing coat rack for towel storage. Add slide-out trays to vanity cabinets.

    6.) DIY Labor.
    Take off some cost by doing some projects yourself. Maybe install a window, add baseboard trim, paint the walls, install a toilet, or add a towel bar or shelves.

    7.) Use a soft color scheme.
    Use neutral colors for permanent fixtures and surfaces. But add color in small items and areas that can be easily changed. Use colorful towels or bath rugs or add a pop of color to the walls.

  • 2013 Home Sales Strongest In 7 Years

    Home sales in December 2013 went up, closing the 2013 year with the highest amount of home sales since 2006.

    There were 5.09 million home sales throughout all of 2013, which is a 9.1% higher increase from 2012. Housing has been steadily recovering over the past two years. Home sales have risen almost 20% since 2011.

    The median home price for all housing types in December 2013 was 9.9% higher than those in December 2012. Home sales of foreclosures and short sales made up 14% of total home sales in December 2013, whereas in December 2012 it made up 24%.

    The average time that homes were on the market increased in December due to the extreme weather throughout the U.S. but overall the housing market is making a good recovery in comparison to the past few years.

  • Great News For Homeowners!!

    Almost half of the country is within 10% of 2006 peak home prices!

    Prices are up 12.5% year-over-year. This includes distressed sales.

    The housing market is finally catching it’s breath as we head in to 2014, according to the president of CoreLogic. We are seeing  normal and anticipated seasonal patterns with strong gains in the spring months and slowing  in the fall months.

    These five states have seen the highest year-over-year appreciation in home values.

    Nevada +25.9%

    California +22.4%

    Georgia +14.2%

    Michigan +14.1%

    Arizona +14%

    New Mexico was the only state that saw a decline of 0.5% year-over-year.

    Increasing home prices are helping more states experience a much needed housing recovery. While we are seeing gains in the housing market, it is expected to slow in the coming  years to a more sustainable level of 4-7% annually.

  • Buyer Urgency!!

    Buyer Urgency Expected to Drive 2013

    DAILY REAL ESTATE NEWS | WEDNESDAY, DECEMBER 19, 2012

    Home shoppers will likely have more urgency in the new year, wanting to buy before home prices rise even more.

    Home prices are edging up in most markets, and buyers are taking notice. Buyer surveys recently have shown that home shoppers expect home prices to continue to inch up, and they want to cash in before they rise too much higher.

    “Every single thing about housing is flashing green” with household formation rising, inventory falling, and affordability hovering at record highs, James Dimon, chief executive of J.P. Morgan Chase told CNBC last month.

    In 2013, rising rents are expected to push more renters to buy, The Wall Street Journal reports. Also, investors who’ve had a big appetite for housing in recent years may start to decrease their share in some markets that have seen prices rise, such as Phoenix, and focus on other markets still in recovery mode, like Chicago and Atlanta.

    “Rising prices could eventually encourage more sellers to put their homes on the market, which would help boost demand even further,” The Wall Street Journal reports.

    To meet the expected increase in demand in 2013, some real estate companies are going on a hiring spree. For example, Redfin says it plans to increase its 400 agents nationally by 50 percent by the end of January after having to send about half of its referrals to other companies earlier this year because demand outstripped its supply of agents.

    Source: “2013: How Rising Prices Could Boost Housing Demand,” The Wall Street Journal (Dec. 18, 2012)

  • 4 Million Homes Return to Positive Equity

    Many home owners had a return of equity in their homes last year due to rising home prices. 4 million homes returned to positive equity in 2013, this brought the total up to 42.7 million.

    Of those 42.7 million homes with positive equity- around 21.1% of them have less than 20% equity. More than 1.6 million homes have less than 5% equity.

    Around 13.3% of residential properties- 6.5 million homes- stayed in negative equity by the end of 2013.

    Mark Fleming, a chief economist for CoreLogic commented, “The plight of the underwater borrower has improved dramatically since negative equity peaked in December 2009 when more than 12 million mortgaged home owners were underwater. Over the past four years, more than 5.5 million home owners have regained equity, reducing their risk of foreclosure and unlocking pent-up supply in the housing market.”

    For properties with a mortgage, the bulk of home equity is concentrated at the higher-end of the housing market. 92% of homes valued at more than $200,000 have equity, compared to 81% of homes less than $200,000 have equity.

    There are five states that account for almost 37% of negative equity in the U.S. The five states with the highest percentage of mortgaged property in negative equity are:

    1. Nevada- 30.4%

    2. Florida- 28.1%

    3. Arizona- 21.5%

    4. Ohio- 19%

    5. Illinois- 18.7%

  • 59 Metros Back to Normal

    According to National Association of Home Builders/First American’s latest Leading Markets Index, 59 out of 350 housing markets across the country have returned to, or exceeded their last normal level of housing and economic activity.

    Markets nationwide are running at around 87% of their normal economic and housing activity. The Leading Markets Index evaluates metro areas to see if they’re getting close to, or even exceeding, their previous levels of normal activity. This factors in average single-family permits, home prices, and employment levels for the past 12 months and then compares it to that market’s past levels.

    At the top of the list of major metros is Baton Rouge, L.A. which is now performing at a 41% higher rate than its previous levels of activity. Some other top markets include: Oklahoma City; Honolulu; Austin and Houston, Texas; and Harrisburg and Pittsburgh, Pennsylvania. All of those markets are experiencing more activity than in the past.

    There are also some smaller metros that are experiencing double their activity in comparison to activity prior the recession, like Odessa, Texas and Midland, Texas. Some other strong smaller metros are: Casper, Wyoming; Bismarck, North Dakota; and Grand Folks, North Dakota.

    David Crowe, a chief economist for NAHB, says, “The strong energy sector is at the forefront of the recovery and centered in many small and mid-sized markets in Texas, Louisiana, North Dakota and Wyoming. In fact, these four states account for eight of the top 10 markets on the LMI and 45 percent of the markets that are at or above normal.”

  • 4 Million Renters Say They’re Eager to Buy

    According to a new survey by Zillow of renters in the 20 largest housing markets in the U.S., 10% of renters say they want to buy a home in the next year. If those 10% of renters all buy homes in the next year, it’ll amount to 4.2 million first-time home buyer sales. That number is double the amount of first-time buyers in 2013.

    Normally, first-time home buyers make up about 40% of the housing market. NAR recently released a report though saying that the share of first-time home buyers has fallen to the lowest number on record since 2008. First-time home buyers only accounted for 26% of the housing market in January.

    However, more renters are now expressing a desire to buy homes, especially as the housing market is recovering and home prices rise. In some of the areas that were hit the hardest during the housing downturn, such as Miami, Atlanta, and Las Vegas, renters showed the strongest home ownership aspirations.

    Stan Humphries, a Zillow’s chief economist commented, ” Even after a wrenching housing recession, this data shows that the dream of home ownership remains very much alive and well, even in those areas that were hardest hit. But these aspirations must also contend with the current reality, and in many areas, conditions remain difficult for buyers. The market is moving toward more balance between buyers and sellers, but it is a slow and uneven process.”

  • 10 Most Expensive Places To Live In The World

    It could cost as much as $6.64 in U.S. dollars for a cup of coffee, or $6,960 to rent an unfurnished, two-bedroom apartment In Hong Kong. Hong Kong ranked # 3 on Mercer’s latest annual Cost of Living Survey. The survey is aimed at giving those who are working abroad insight into the cost of living and is frequently used by employers to come up with compensation packages for employees with international assignments.

    In order to come up with this list, Mercer researchers looked into cities in five continents, then measured the comparative cost of over 200 items in each location, items like housing, food, clothing, transportation, household goods, and entertainment. They used New York as a baseline city to compare against the other cities.

    “Despite increasing prices in most European cities, European currencies for the most part slightly strengthened against the U.S. dollar, which pushed most Western European cities up in the ranking,” Nathalie Constantin-Métral, who compiled the survey, told Forbes. Increased rental prices has also pushed some European cities up in the rankings, particularly Copenhagen, Amsterdam, and Frankfurt, according to the study.

    The following are the most expensive cities in the world in 2014, according to Mercer’s survey:

    1.     Luanda, Angola
    2.     N’Djamena, Chad
    3.     Hong Kong, Hong Kong
    4.     Singapore, Singapore
    5.     Zurich, Switzerland
    6.     Geneva, Switzerland
    7.     Tokyo, Japan
    8.     Bern, Switzerland
    9.     Moscow, Russia
    10.   Shanghai, China

  • Jumbo Mortgages Are More Affordable

    Wealthy home buyers are paying lower average rates on jumbo mortgages and sometimes, they don’t even have to come up with a large down payment or mortgage insurance.

    In the last several months interest rates on jumbo loans (mortgages that are $417,000 or more or $625,000 or more in high-priced markets) have been lower than what average borrowers pay. The average rate on jumbo loans, for example, was 4.24 percent the last week, compared to 4.36 percent for a 30-year, fixed-rate conventional mortgage.

    lenders also have reduced their down payment requirements, requiring as little as 10 percent down, which is about half the normal rate. Some lenders are even waiving the private mortgage insurance requirement.

    Several banks have lowered their credit score standards for jumbo loans. In the past, most jumbo loan borrowers were required to have at least a 700 credit score to qualify, but now lenders are approving some applicants with credit scores as low as 650.

    Banks are seeking out jumbo loan customers in order to gain them as clients for other banking services too, such as retirement planning, says Malcolm Hollensteiner, who is the head of retail lending for TD Bank. Jumbo borrowers tend to have better track records in repaying their loans and have fewer mortgage defaults, so more banks are willing to take a chance on them.