June 24, 2016
KITCHEN CONFIDENTIAL: 8 WAYS TO PREP FOR RESALE
Excerpts from an article by Sam Ferris in Houzz
- Get the wood look.If you need to replace your flooring, consider this: Hardwood is king when it comes to resale value. It’s the floor that buyers look for when they’re house shopping, and it will instantly increase the value of your kitchen.
2. Paint your cabinets.Cabinets are one of the first things buyers will notice about your kitchen. If your cabinets aren’t in tiptop shape, a new paint might be the best and most economical way to give them a modern makeover since new cabinets can easily cost more than $10,000. White is both a popular and timeless choice that will have broad appeal to home buyers. It also keeps your space light and open. Avoid colorful or dark tones and stick to a neutral palette.
- Replace your cabinet hardware and faucet.These are minor upgrades that can boost your kitchen’s curb appeal for less than $1,000. The type of finish you choose ultimately depends on your kitchen’s style. Oil-rubbed bronze will do the trick, though stainless steel and chrome are more trendy choice
- Go granite or solid surface.Here’s the deal: Buyers expect a durable, solid-surface worktop like granite. It’s already as standard a finish as stainless steel. If you have dated laminate countertops, now is the time to upgrade.There are many options available for countertops. Granite and quartz are two popular choices.
- Install a designer backsplash. If you haven’t replaced your backsplash in more than a decade, chances are it’s too dated. A flashy glass mosaic or a creative blend of glass and tile can leave an impression on home buyers. Don’t forget about quality stone like marble and travertine either.
- Paint the walls.A new paint job is usually one of the first expenses that homeowners pencil in when they’re preparing to list their home, and for good reason. Your kitchen walls have to look presentable. Patch up areas that need TLC or select an entirely new color.When you’re deciding on a new color, the lighter, the better. Remember, you want your kitchen to feel as open and expansive as possible
- Boost and update the lighting. Lighting is a key feature in creating an open and inviting space that buyers will love. Swap out any dim or broken bulbs for new ones. If you have pendant lights or lamps, make sure they’re still in style. If not, invest in modern lighting fixtures that will have appeal in today’s housing market.
- Stage it well. You can upgrade or improve every finish in your kitchen, but it won’t mean a thing if potential buyers can’t envision the space as their own. It’s also important to keep your kitchen as clean as possible while you’re showing it. Declutter. Make it flow. Use fruits and fresh flowers as decoration.
June 10, 2016
From an article in REALTOR Magazine – 5 Problems Uncovered in Home Inspections:
Here are some of the most common problems inspectors say they uncover:
- Defective plumbing: Leaky faucets or problems with the efficiency of pipes can greatly affect the cost of a home’s utilities.
- Water damage: This can be caused by any number of issues, such as erosion of external grading material that has caused a slow leak into a basement. Water leaks also can lead to damage in a foundation or mold growth.
- Faulty roofing materials: Variable temperatures can cause cracks in some roofing materials, while other materials may be prone to rots or leaks.
- Cracked foundation: Foundation problems can surface from any number of issues, such as water damage, termites, rotting, or structural inadequacy.
- Over-worked electricity system: This also can represent a big safety issue. Inspectors say when they find an overcrowded wiring system it’s typically due to previous owners making adjustments to the electrical wiring.
June 3, 2016
THE PSYCHOLOGY OF PRICING A REAL ESTATE PROPERTY
Snippets from an article by Robert McTague in Inman News
The $19.99 syndrome
- Consumers start their real estate search online. A property priced at $199,900 misses those looking between $200,000 and $225,000. A property priced at $200,000 hits those looking between $175,000 and $200,000 as well as between $200,000 and $225,000.
- Discounters use .99, but luxury brands don’t.
The power of 4 and 7
- A price of $247,000 or $244,000 is precisely priced and it makes it appear that cost has been scrutinized suggesting less negotiating room
- The price is unique and stands out.
How price is written matters
- The Journal of Consumer Psychology found that when people have to spell it out in their heads, it sounds higher. Of the following: $1,400.00, $1,400, or $1400, the last one, $1400 seems lower to the consumer. Advertise $177000, not $177,000.
- A study from Cornell found that 5.00 and five dollars sold more, and $5.00 sold less.
- Advertise one hundred thousand or 100000, not $100,000.
For discounts or price adjustments
- Word the reduction $50,000.00 not $50,000.
May 27, 2016
DESPITE MONEY ISSUES, MILLENNIALS WANT TO BUY
Snippets from an article in REALTOR Magazine by Erica Christoffer
- Millennials have a lower net worth than their parents did at their age, and a lack of money coupled with student loan debt continues to be a roadblock to home ownership.
- Households headed by an individual under the age of 35 had a net worth of $10,460 in 2013 compared with $15,260 in 1983.
- First time buyers represent 32% of buyers today compared with the historic annual average of 40%.
- Currently, 39% of millennials live with their parents.
- The major hurdles to home ownership are flat wages, rising rents and student loan debt.
- 94% of millennial renters say they want to buy.
May 13, 2016
The following were the most common remodeling jobs in 2015, according to NAHB’s Remodeling Market Index Survey:
- Bathroom remodeling: 81% of remodelers reported job as common
- Kitchen remodeling: 79%
- Whole house remodeling: 49%
- Room additions: 47%
- Windows/door replacement: 36%
- Finished basement: 30%
- Bathroom additions: 28%
- Repairing property damage: 27%
- Decks: 26%
- Roofing: 25%
- Handyman services: 20%
- Siding: 20%
- Second story additions: 17%
- Enclosed/added garage: 16%
- Enclosed/added porch: 16%
- Historic preservation: 10%
- Finished attic: 4%
Source: “Kitchen and Bath Remodeling More Common Than Ever in 2015,” National Association of Home Builders’ Eye on Housing (May 3, 2016)