Spring homebuying season kicks off strongly as prices and sales propel higher

- Existing, single-family home sales totaled 416,580 in March on a seasonally adjusted annualized rate, up 4 percent from February and up 6.9 percent from March 2016.

- March’s statewide median home price was $517,020, up 8 percent from February and up 6.8 percent from March 2016.

- At the regional level, the San Francisco Bay Area, Inland Empire, and Los Angeles metro area all experienced healthy annual sales gains of 6.4 percent, 8.5 percent, and 6.7 percent, respectively.

LOS ANGELES (April 17) – California’s spring housing market posted a strong start to the year as existing home sales and median price registered healthy gains in March on both a monthly and annual basis, as did every major region in the state, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. 
Closed escrow sales of existing, single-family detached homes in California remained above the 400,000 benchmark for a full year and totaled a seasonally adjusted annualized rate of 416,580 units in March, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide sales figure represents what would be the total number of homes sold during 2017 if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. The March figure was up 4 percent from the 400,720 level in February and up 6.9 percent compared with home sales in March 2016 of a revised 389,770.

“March’s solid sales performance was likely influenced by the specter of higher interest rates, which may have pushed buyers off the sidelines and close escrow before rates moved higher,” said C.A.R. President Geoff McIntosh. “The strong housing demand, coupled with a shortage of available homes for sale, is pushing prices higher as would-be buyers try to purchase before affordability gets worse.”

Following back-to-back monthly price declines, the median price of an existing, single-family detached California home climbed back above $500,000 in March. The median price was up 8 percent from $478,570 in February to reach $517,020 in March, and was 6.8 percent higher than the $484,120 recorded in March 2016. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling, as well as a general change in values.

“The spring homebuying season is off to a good start, as the economic and market fundamentals remain solid for the most part,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “However, higher interest rates, a dearth of housing inventory, and slow wage growth will continue to have an adverse effect on housing affordability that is putting upward pressure on home prices, and is sure to hamper the market throughout the year.” 
Other key points from C.A.R.’s March 2017 resale housing report include:

• New statewide active listings continued to decline, falling 12 percent from a year ago, and contributed to a full one-month drop in the unsold inventory index.

• The substantial decline in new listings combined with March’s robust sales brought down C.A.R.’s Unsold Inventory Index to its lowest level so far this year and the third lowest level in more than three years. The index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, dropped a full month to 3.0 months in March from 4.0 months in February. The index stood at 3.6 months in March 2016.

• The median number of days it took to sell a single-family home fell from 33.5 days in February to 26.7 days in March and was down from 29.9 days in March 2016.

• C.A.R.’s sales-to-list price ratio* was 99.3 percent of listing prices statewide in March, 98.6 percent in February, and 98.9 percent in March 2016.

• The average price per square foot** for an existing, single-family home statewide was $252 in March, $241 in February, and $232 in March 2016.
• San Francisco County had the highest price per square foot in March at $872/sq. ft., followed by San Mateo ($838/sq. ft.), and Marin ($688/sq. ft.). Counties with the lowest price per square foot in March included Del Norte ($115/sq. ft.), Lassen ($118/sq. ft.), and Siskiyou ($125/sq. ft.).

• Mortgage rates have risen since last fall. The 30-year, fixed-mortgage interest rate averaged 4.20 percent in March, up from 4.17 percent in February and up from 3.69 percent in March 2016, according to Freddie Mac. The five-year, adjustable-rate mortgage interest rates dipped in March to an average of 3.21 percent, from 3.20 percent in February and 2.90 percent in March 2016.

Graphics (click links to open):

• March sales at-a-glance infographic.
• Calif. historical existing home sales.
• Calif. historical median home price.
• Share of sales by price range.
• Calif. price per square foot.
• Calif. sales to list price ratio.

Note:  The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state, and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales.  Movements in sales prices should not be interpreted as changes in the cost of a standard home.  The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold.  The change in median prices should not be construed as actual price changes in specific homes.

*Sales-to-list price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage.  A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.
**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property.  It is calculated as the sale price of the home divided by the number of finished square feet.  C.A.R. currently tracks price-per-square foot statistics for 39 counties.

Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

March 2017 County Sales and Price Activity(Regional and condo sales data not seasonally adjusted)

March-17	Median Sold Price of Existing Single-Family Homes							Sales
State/Region/County	Mar-17	Feb-17		Mar-16		Price MTM% Chg	Price YTY% Chg	Sales MTM% Chg	Sales YTY% Chg
CA SFH (SAAR)	$517,020	$478,570	r	$484,120	r	8.0%	6.8%	4.0%	6.9%
CA Condo/Townhomes	$430,620	$407,040		$400,170	r	5.8%	7.6%	46.8%	6.0%
Los Angeles Metro Area	$474,550	$454,270		$448,420	r	4.5%	5.8%	44.4%	6.7%
Inland Empire	$335,660	$327,510		$309,890		2.5%	8.3%	40.3%	8.5%
S.F. Bay Area	$837,720	$784,470		$761,090	r	6.8%	10.1%	62.7%	6.4%
S.F. Bay Area
Alameda	$833,750	$786,000		$758,000	r	6.1%	10.0%	66.4%	5.5%
Contra Costa	$585,000	$554,250		$548,780	r	5.5%	6.6%	76.7%	11.2%
Marin	$1,250,000	$1,174,500		$1,187,500	r	6.4%	5.3%	67.9%	0.7%
Napa	$675,000	$660,000		$650,000	r	2.3%	3.8%	98.3%	23.2%
San Francisco	$1,350,000	$1,276,000		$1,355,000	r	5.8%	-0.4%	60.4%	12.6%
San Mateo	$1,350,000	$1,352,000		$1,205,000		-0.1%	12.0%	69.9%	8.6%
Santa Clara	$1,130,000	$1,100,000		$1,065,000		2.7%	6.1%	57.2%	11.6%
Solano	$400,000	$382,500		$370,000	r	4.6%	8.1%	42.5%	-6.8%
Sonoma	$635,000	$598,640		$560,000	r	6.1%	13.4%	43.9%	-5.2%
Southern California
Los Angeles	$465,810	$470,200	r	$441,700	r	-0.9%	5.5%	45.3%	8.4%
Orange	$760,000	$745,000		$720,200	r	2.0%	5.5%	48.2%	7.3%
Riverside	$375,000	$367,250		$350,000	r	2.1%	7.1%	47.3%	12.9%
San Bernardino	$263,100	$265,450		$237,350		-0.9%	10.8%	29.1%	1.1%
San Diego	$571,000	$559,950		$550,000	r	2.0%	3.8%	42.3%	8.2%
Ventura	$672,220	$636,180		$620,020	r	5.7%	8.4%	58.0%	-15.8%
Central Coast
Monterey	$562,450	$535,000		$490,000		5.1%	14.8%	31.6%	4.1%
San Luis Obispo	$547,500	$556,000		$550,000	r	-1.5%	-0.5%	64.6%	10.2%
Santa Barbara	$810,000	$844,000		$569,000		-4.0%	42.4%	44.2%	-4.3%
Santa Cruz	$814,500	$799,000		$790,000		1.9%	3.1%	15.5%	-15.8%
Central Valley
Fresno	$245,000	$229,900		$231,000	r	6.6%	6.1%	36.3%	10.2%
Glenn	$211,000	$181,500		$196,000	r	16.3%	7.7%	16.7%	16.7%
Kern	$225,000	$218,000		$220,000	r	3.2%	2.3%	52.1%	4.1%
Kings	$215,000	$222,500		$205,000	r	-3.4%	4.9%	11.5%	-8.4%
Madera	$220,000	$252,000		$219,500	r	-12.7%	0.2%	40.0%	16.7%
Merced	$229,500	$231,000		$185,000	r	-0.6%	24.1%	33.3%	-8.9%
Placer	$440,000	$435,000		$405,000	r	1.1%	8.6%	45.2%	0.9%
Sacramento	$326,750	$324,900		$305,000	r	0.6%	7.1%	37.4%	-1.9%
San Benito	$525,000	$517,500		$495,000		1.4%	6.1%	13.2%	-25.9%
San Joaquin	$320,000	$314,730		$295,000	r	1.7%	8.5%	53.9%	-1.5%
Stanislaus	$271,450	$270,500		$262,000	r	0.4%	3.6%	52.2%	8.1%
Tulare	$210,000	$216,500		$198,000	r	-3.0%	6.1%	27.8%	17.9%
Other Calif. Counties
Amador	$314,900	$265,000		$307,000	r	18.8%	2.6%	113.0%	-10.9%
Butte	$287,500	$290,000		$286,810	r	-0.9%	0.2%	34.8%	-7.7%
Calaveras	$292,000	$294,500		$270,000	r	-0.8%	8.1%	25.7%	-8.3%
Del Norte	$130,000	$265,000		$199,000	r	-50.9%	-34.7%	-21.4%	-52.2%
El Dorado	$450,000	$419,500		$435,010	r	7.3%	3.4%	57.2%	-15.8%
Humboldt	$295,000	$297,500		$280,000	r	-0.8%	5.4%	51.5%	-1.9%
Lake	$215,000	$230,000		$242,450	r	-6.5%	-11.3%	58.7%	-15.1%
Lassen	$182,000	$171,000		NA		6.4%	NA	122.2%	NA
Mariposa	$285,000	$335,000		$227,500	r	-14.9%	25.3%	-40.0%	12.5%
Mendocino	$395,000	$381,500		$379,000	r	3.5%	4.2%	32.3%	-19.6%
Mono	$1,022,500	$520,880		$580,000		96.3%	76.3%	166.7%	-23.1%
Nevada	$383,750	$390,000		$364,900	r	-1.6%	5.2%	44.0%	2.9%
Plumas	$565,000	$210,000		$225,000	r	169.0%	151.1%	-8.3%	-47.6%
Shasta	$239,000	$235,000		$222,250	r	1.7%	7.5%	41.7%	-3.1%
Siskiyou	$184,000	$240,000		$151,000	r	-23.3%	21.9%	69.6%	30.0%
Sutter	$258,000	$269,120		$232,000	r	-4.1%	11.2%	39.1%	-4.5%
Tehama	$201,000	$225,000		$189,500	r	-10.7%	6.1%	110.5%	0.0%
Tuolumne	$270,500	$287,500		$244,900	r	-5.9%	10.5%	33.3%	-4.5%
Yolo	$393,000	$372,000		$362,500	r	5.6%	8.4%	33.3%	-24.1%
Yuba	$254,900	$256,500		$235,450	r	-0.6%	8.3%	15.9%	-4.8%

r = revised
NA = not available

March 2017 County Unsold Inventory and Time on Market
(Regional and condo sales data not seasonally adjusted)

March-17	Unsold Inventory Index					Median Time on Market
State/Region/County	Mar-17	Feb-17		Mar-16		Mar-17	Feb-17		Mar-16
CA SFH (SAAR)	3.0	4.0		3.6		26.7	33.5	r	29.9
CA Condo/Townhomes	2.4	3.3		2.9		24.3	27.3		27.6
Los Angeles Metro Area	3.3	4.5		4.0		37.6	45.3		48.6	r
Inland Empire	3.6	4.8		4.5		44.7	50.2		54.4
S.F. Bay Area	2.2	3.0		2.6		21.1	24.3		21.2
S.F. Bay Area
Alameda	1.9	2.6		2.2		18.3	20.2		18.0
Contra Costa	2.1	3.0		2.4		19.6	22.3		18.9
Marin	3.7	4.6		3.5	r	24.2	40.7		24.6	r
Napa	3.4	6.2		4.5	r	50.2	73.1		48.3	r
San Francisco	2.0	2.7		2.7		21.2	23.9		20.4
San Mateo	2.0	2.5		2.3	r	18.1	19.8		18.6
Santa Clara	2.0	2.5		2.6	r	17.9	20.7		18.1
Solano	2.4	3.1		2.5	r	40.2	47.7		38.5
Sonoma	2.8	3.4		3.0	r	42.4	48.7		44.7
Southern California
Los Angeles	3.0	4.1		3.6		29.8	38.8		43.2
Orange	3.4	4.5		3.9		32.6	44.0		49.0
Riverside	3.6	5.3		4.8		45.6	50.1		57.5
San Bernardino	3.5	4.1		4.0		42.8	50.3		48.7
San Diego	2.7	3.5		3.4		21.7	24.4		23.2
Ventura	3.6	4.8		4.0		52.0	64.6		53.8
Central Coast
Monterey	4.2	5.3		4.9	r	27.4	29.8		29.7
San Luis Obispo	3.6	5.4		4.7		29.0	46.8		28.8
Santa Barbara	4.8	6.3		4.6		32.5	48.7		31.0
Santa Cruz	3.6	3.2		3.4	r	20.1	35.0		21.1
Central Valley
Fresno	3.5	4.4		4.2		25.5	27.5		27.8
Glenn	6.4	6.9		5.3		52.8	50.3		100.7
Kern	3.1	4.7		3.8		27.4	38.3		29.1
Kings	3.2	3.0		2.9		27.8	37.2		37.8
Madera	4.6	5.9		6.9		45.5	71.2		80.3
Merced	3.1	3.7		3.4		29.5	25.4		41.2
Placer	2.6	3.2		3.2		22.7	24.7		23.0
Sacramento	2.1	2.5		2.4		20.2	23.8		21.1
San Benito	3.3	3.6		2.9	r	33.4	47.6		23.1
San Joaquin	2.6	3.5		2.6		23.6	28.2		24.2
Stanislaus	2.4	3.4		2.8		23.8	28.8		24.6
Tulare	4.1	4.9		4.6		29.2	43.7		33.5
Other Counties in California
Amador	4.6	7.9		3.9		56.0	38.3		75.5
Butte	2.9	3.5		3.4		24.8	50.0		26.6
Calaveras	5.1	5.9		5.1		72.6	85.7		95.8
Del Norte	11.4	8.7		5.9		123.4	112.8		112.8
El Dorado	3.7	4.6		3.9		39.1	45.5		38.0
Humboldt	3.8	5.4		3.7		23.6	34.2		42.1
Lake	4.8	7.4		4.3		59.1	55.2		76.4
Lassen	6.0	12.2		NA		123.6	82.8		NA
Mariposa	7.6	3.9		13.1		27.1	50.3		91.0
Mendocino	7.3	8.5		7.3		121.7	81.3		95.8	r
Mono	8.9	14.3		NA		129.3	121.0		NA
Nevada	3.4	4.2		4.3		38.7	54.0		29.7
Plumas	20.9	15.0		11.8		129.3	130.7		129.7
Shasta	3.9	5.1		4.4		29.5	39.3		47.7
Siskiyou	5.8	9.2		7.7		79.1	91.0		80.3
Sutter	3.0	3.4		3.3		24.8	39.7		48.6
Tehama	4.8	9.7		5.3		91.0	65.8		55.2
Tuolumne	5.0	6.0		5.3		68.3	82.8		80.9
Yolo	3.0	3.4		2.4		22.8	26.6		21.5
Yuba	2.5	2.5		2.7		28.0	28.0		25.4

r = revised
NA = not available

Home Security Systems: What to Know Before Buying

Everyone wants to protect their home, their property, and, most of all, their families. In fact, market research suggests the home security business is growing at a rate of about 9 percent a year.

Home security systems are not all alike, however. Some systems can not only warn you of intruders, but can also notify authorities, monitor smoke and carbon monoxide detectors, and/or include video surveillance. Mot security alarm installers can provide services that include equipment plus installation and monitoring service.

If you are thinking about buying a home security system, the Federal Trade Commission (FTC) suggests that you:

Get references from friends, neighbors or relatives;

Check out companies online and check the Better Business Bureau for complaints;

Verify that the contractor’s license is in good standing via the National Association of State Contractors Licensing Agencies;

Get written estimates from several companies;

Read the fine print regarding costs, installation timeline, warranty, and an explanation of your right to cancel within three days of signing a contract; and

Ask lots of questions:

• Who will perform the installation and monitor the system? Some companies subcontract this work to a third party.
• What is the contract period for monitoring? One year? More? Are there penalties for early termination? What happens if you move before the contract term is up?
• How much does the monitoring cost? How often will you be billed?
• Does the company call you before notifying the police?
• How soon after the alarm sounds will you be notified?
• What happens if the alarm company can’t reach you when the alarm is sounding? Is the alarm reset? Are the police called? Are alternate numbers called?
• What happens if the power goes out? Is there a back-up battery system?
• What does the warranty cover, and for how long? Is it from the manufacturer or their installer?
• Who is responsible for repairs or upgrades to the system?
• Does the company offer interactive services like smoke and fire detection, remote control, video surveillance, email notifications and special apps for smart phones?

By Barbara Pronin

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Mortgage Rates Descend to Lowest Level of the Year

The average 30-year fixed mortgage rate descended this week to its lowest level so far in 2017, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The 30-year fixed rate mortgage came in at 4.08 percent, down from 4.10 percent the previous week.

“Following a weak March jobs report, the 10-year Treasury yield dropped about five basis points,” says Sean Becketti, chief economist at Freddie Mac. “The 30-year mortgage rate fell two basis points to 4.08 percent. Not only did the average 30-year fixed-rate mortgage decline for the fourth consecutive week in our survey, it also fell to a new 2017 low.”

The 15-year fixed mortgage rate followed suit, falling two basis points, as well, to 3.34 percent. The 5-year Treasury-indexed hybrid adjustable mortgage rate fell one basis point to 3.18 percent.

Source: Freddie Mac

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Creating A Patio Scene That Sells

Whether you're selling an oceanfront property in Miami Beach or a Colorado mountain escape, a home's outdoor space is often key in the potential homeowner's willingness to say, "We'll take it!" With property values on the rise, it’s important to create additional living space by bringing the indoors out.

Read more: Decks vs. Patios: Which Is More Popular?

No matter the size, creating an inviting area for entertainment and daily living doesn’t have to be a massive construction ordeal. Instead, just a few simple additions to the outdoor space can make all the difference. Let’s take a look at ways to create a refreshing outdoor scene that sells, complete with fresh patio furniture and accessories perfectly matched to the home's architecture and surrounding scenery.

Work with What You’ve Got

While outdoor spaces are key to selling a property, there’s no need to do a complete overhaul. Instead, work with what you’ve got and take advantage of smart design to maximize the space. Overgrown lawns can look like new with some pruning, and weathered concrete patios can be given a new life with simple patio resurfacings or overlays. A good power wash can take years off of an outdoor space, while a slick coat of paint on some well-loved fences and trims can make all the difference at adding new life to a patio.

Channel Style with Outdoor Furniture

Elevating your patio with outdoor furniture is a sure way to have potential homeowners coming back for more. Like any room, furniture is essential for tying together a space—it channels style and makes it easier for clients to visualize themselves entertaining or lounging in the space.

The key is to channel the style of the demographic and the home. Are you selling a swanky Malibu pad fit for a movie star? Time to bring in some sleek and modern lounge chairs for late night business deals. Or are you working with a French-style chateau that would make anyone feel like royalty? Bring that outdoor space alive with an outdoor dining set with rustic wood accents perfect for big family gatherings.

Have Fun with Accessories

Once the outdoor furniture is in place, it’s time to put a bow on it with fun accessories. If the patio seems barren, remember that outdoor walls are perfect for metal wall art pieces and a new sconce or two. Bring outdoor dining areas to life with a centerpiece or some festive linens, and have fun with patterned pillows and lanterns around a seating area. Don’t forget a fashionable bar cart—it’s a great little addition for urban patios. No matter what style the home is, adding a few key accessories to the outdoor space will make all the difference at creating an appealing sell.

Source: An accredited ASID interior designer, Kerrie Kelly writes for The Home Depot and several other publications about decorating both indoor and outdoor spaces. She provides great advice on increasing backyard appeal by building an outdoor space with great patio furniture and some outdoor accessories.

March Data: Spring On the High Prices, Low Inventory

The housing market’s high/low dynamic continued uninterrupted at the start of the spring homebuying season, with home prices hitting another record high and inventory still low in March, according to a data preview from realtor.com®. The median list price in March will push past $250,000—where it has hovered since May 2016—to $260,000, while new listings will total 492,000, up 2 percent from February but down 13 percent year-over-year.

“Calendars might say spring is only a week old, but we’re already in the thick of the most frenzied spring home-buying season on record,” says Javier Vivas, manager of Economic Research at realtor.com. “The median days on market for homes on realtor.com in March saw the biggest drop since the end of the recession, and half of homes are now selling in less than 69 days nationally. Low inventory continues to be a significant problem, but record-high prices are also keeping waves of buyers at bay.”

Realtor.com expects the median age of inventory to be 69 days in March, thudding down a whopping 24 percent from February.

The markets with the most spring in their step, according to the Realtor.com Hotness Index—based on realtor.com views—are:

1. Vallejo-Fairfield, Calif.Median Age of Inventory: 33 days

2. San Francisco-Oakland-Hayward, Calif.Median Age of Inventory: 26 days

3. Dallas-Fort Worth-Arlington, TexasMedian Age of Inventory: 38 days

4. Denver-Aurora-Lakewood, Colo.Median Age of Inventory: 30 days

5. San Jose-Sunnyvale-Santa Clara, Calif.Median Age of Inventory: 25 days
   

For more information, please visit www.realtor.com.

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Fair Housing Month Puts Spotlight on Housing Discrimination

April is National Fair Housing Month. 2017 marks the 49th anniversary of the Fair Housing Act, which protects against housing discrimination due to “race, color, national origin, religion, sex, disability and the presence of children” when applying for home financing or buying or renting a home, according to the Department of Housing and Urban Development (HUD). HUD is hosting Fair Housing Month events this month to shine a light not only on discrimination, but also on efforts the agency has taken to uphold the Fair Housing Act.

Equal access to housing is a fundamental promise of America,” said HUD Acting Assistant Secretary for Fair Housing and Equal Opportunity Bryan Greene during a kickoff event at HUD headquarters this week. “When access to housing is unfairly limited, it, in turn, limits access to good paying jobs, quality schools, and economic opportunity.”

The event featured commentary from HUD Secretary Ben Carson and Malcolm E. Peabody, Jr., deputy assistant secretary for Fair Housing in the Nixon Administration.

Over 8,000 complaints alleging housing discrimination were submitted to HUD through its Fair Housing Assistance Program in 2016. Some 12 percent of those complaints were related to discrimination on the basis of having children, or “familial status discrimination.” HUD allocates a portion of its $42 million Fair Housing Initiatives Program (FHIP) budget to combat this type of discrimination.

Anyone who believes they have experienced housing discrimination can file a complaint with the Office of Fair Housing and Equal Opportunity at www.hud.gov/fairhousing or 800-669-9777.

Source: Department of Housing and Urban Development (HUD)

Most Popular Bathroom Trends for 2017

Move over traditional styles. Contemporary and transitional-styled bathrooms are overtaking traditional in design preferences, according to the 2017 Kitchen & Bath Design Trends Report by the National Kitchen & Bath Association. The member survey reveals some of the following bathroom trends this year:

Most popular color schemes: Whites, off/whites, and gray

Also, young design professionals are showing greater preferences for incorporating violets and purples.

Most commonly used bathroom storage solutions: Linen storage cabinets and wood vanities

Floating vanities and open shelving are catching on, while the use of toilet topper cabinets are fading. Also, more bathroom remodels are adding in power outlets directly inside drawers or vanity cabinets for powering up hair dryers, curling irons, and shavers.

Designer: Leslie Lamarre; Co-designer: Erika Shjeflo
Photo by: Bernard Andre

Most popular flooring: Ceramic tile

High-quality vinyl flooring also is inching up in popularity.

Designer: Leslie Lamarre; Co-designer: J. Michael McGinn
Photo by: Bernard Andre

Most popular bathroom sinks: Undermount sinks

Requests for vessel sinks are starting to wane, as well as pedestal sinks. Trough sinks are gaining more popularity, NKBA notes.

Designer: Gladys Schanstra
Photo by: Eric Hausman

Fixture style on-the-rise: White

White fixtures are growing in popularity. Also, watch out for brushed brass and gold as well as designer faucet colors. Bone and bisque colored fixtures, meanwhile, are losing favor with homeowners.

Designer: Lori Carroll; Co-designer: Alex Burch
Photo by: John Mancuso

Most popular amenity solutions: Safety and comfort first, such as comfort heights, shower seats, lighting in showers, and no-threshold showers.

Water-saving toilets and faucets are becoming more mainstream too. Further, smart toilet, music in the shower, easy maintenance features, and radiant floor heating are growing in demand.

Most pronounced fading fad: Tub or whirlpool.

More than half of National Kitchen and Bath Association members say they have eliminated a tub or whirlpool in a bathroom remodel over the past year. A freestanding tub, however, seems to be more of homeowners’ preference nowadays.

Designer and photograper: Molly Hustoft

Most popular bathroom style: Contemporary and transitional.

Contemporary and transitional-styled bathrooms have dethroned traditional style preferences. Shaker style is gaining popularity, as well as mid-century modern. Asian Fusion is still a niche design, but also getting more attention in remodels.

Designer: Leslie Lamarre; Co-designer: J. Michael McGinn
Photo by: Bernard Andre

By Melissa Dittmann Tracey, REALTOR® Magazine  http://styledstagedsold.blogs.realtor.org/2017/04/03/most-popular-bathroom-trends-for-2017/

Why Sellers Are So Stressed in a Seller’s Market

Home sellers say the greatest challenge for them this year is the lack of homes to choose from when it’s time for them to move, according to a new survey of more than 800 real estate professionals from Redfin.

“It’s a seller’s market, but the catch is, most sellers need to buy as well,” says Eileen Lorway, a Redfin real estate professional in the Boston area. “This is a conversation I have with many clients at our first meeting. We discuss options like ‘seller to find suitable housing’ contingencies for the sale contract, ‘purchase contingent on sale of current home’ options for the buy offer, rental options, stay-with-family options, and bridge loans. Sellers who are buying need to think outside the box a little bit. It’s not easy, but we often do end up closing on sale and purchase on the same day.”

Lorway also encourages more of her sellers lately to sell first, then buy. They will need to consider temporary housing options, but “then they will be able to take the time they need to find their dream house, know exactly what they’ll have to work with financially, and won’t end up adding unnecessary contingencies to offers, which will give them a better chance to get the home,” Lorway says.

Inventories of homes for sale have hit record lows in many parts of the country. Buyer demand, however, remains high. About fifty-seven percent of real estate professionals surveyed by Redfin say they have been involved in at least one instance of a home receiving 10 or more offers this year.

Source: “Lack of Homes for Sale Is a Problem for Sellers, Too,” Redfin (March 31, 2017)

Millennials Buying Big in the ‘Burbs

Millennials are calling. They want the suburbs back.

Like generations before them, millennial homebuyers are beginning to shy away from city life, taking up residence in the suburbs—with one key difference.

According to a report by Zillow, millennial homebuyers are passing over starter homes, paying up for square footage typical of older generations: roughly 1,800 square feet.

Their preferences, however, reflect those of their older counterparts—specifically, an appetite for community amenities and townhouses.

“Millennials have delayed home-buying more than earlier generations, but don’t underestimate their impact on the housing market now that they’re buying,” says Jeremy Wacksman, CMO at Zillow. “As members of this huge generation start moving into the next stage of life, expect the homeownership rate to tick up and suburbs to change to suit their urban tastes. We’re constantly learning about this young group of homebuyers—we’re finding that they are more similar to older generations than many thought. Their views on community and homeownership are pretty traditional, and they don’t all fit the urban stereotype you might have in your head.”

Millennial homebuyers are also putting down roots like older generations—64 percent of those who moved in 2016, in fact, stayed within the same city, and only 7 percent relocated to another state, according to the report.

Half of millennial homeowners are in the suburbs, while 33 percent are in urban areas and 20 percent are in rural areas. Forty-two percent of homebuyers in 2016 were millennials.

For more information, please visit www.zillow.com.

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