Saturday, July 8, 2017

The 10 Paint Colors Designers Use Most







With hundreds of paint colors to choose from, selecting the shades just right for your home can be daunting. Good Housekeeping magazine recently rounded up the top 10 paint colors most often used by professional home designers. Get inspired by them:

1. Palladian Blue – By Benjamin Moore, this blue-green-grey shade can be used in any room, and is especially ideal for cooling down a sun-filled room or adding tranquility to a bedroom.

2. Garden Stone – By Clark+Kensington, this classic warm grey shade is a designer favorite projected to stand the test of time.

3. Manchester Tan – By Benjamin Moore, this shade is a go-to warm neutral favored because it changes with the light, going from rich to fresh.

4. Compatible Cream – By Sherwin Williams, this creamy yellow shade is warm and inviting, but not too sunny.

5. Intense White – By Benjamin Moore, this shade gives off a light grey-ish tone. Designers use it as a backdrop for rooms with brightly colored furniture.

6. Sprout 0.6 – By Colorhouse, this shade has a slightly pinkish hue, and is often chosen for ceilings because it reflects flatteringly on people in the room.

7. Revere Pewter – By Benjamin Moore, this fail-safe neutral shade is the perfect alternative to white, ideal for open floor plans with just a hint of color.

8. Decorator’s White – By Benjamin Moore, this shade has pure white undertones that provide a crisp, clean look on ceilings or trim, or in bathrooms. 

9. Essential Grey – By Sherwin Williams, this shade is best paired with white trim for a clean, sophisticated aesthetic.

10. Wool Skein – By Sherwin Williams, this neutral shade coordinates well with any color.
 

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Friday, July 7, 2017

Renovations That Cause Neighborhood Feuds

Homeowners doing renovations can develop feuds with their neighbors if they’re not cognizant of how work on the project affects the rest of the neighborhood. After all, one homeowner’s upgrade could be another’s downgrade. Realtor.com® recently ticked off common home improvement spats.
Additions that block views. Large additions that block views or cast shadows onto a neighboring lot are the most common sources of neighbor disputes involving a remodeling project, according to Mark Grisafe, an architect in Long Beach, Calif. Homeowners would be wise to consider what the neighbors will see from their windows—will they suddenly have a view of a brick wall?—once the addition is built.
Lengthy projects. Tension with neighbors is bound to brew if there’s “a permanent front yard landscape palette that features weeds and a chain-link construction fence that lingers for a year,” Grisafe says. Owners should work with contractors to limit construction noise and traffic congestion as much as possible to be respectful of the neighbors.
Distracting colors. “Bright primary colors are just not proper for exterior use unless you live in Key West or the Caribbean,” says Juan Carlos Daetz, a home design expert at Max Warehouse. “Any color that goes against the theme or general use of the neighborhood can be distracting and may harm property values.” Owners should consult HOA guidelines and neighborhood covenants when tackling an exterior paint job.
Too much lighting. “Make sure [construction] lights aren’t aimed at your neighbors’ windows, and be considerate about the hours that you use high-beam lights,” says Brad Woods, owner of American Turf and Tree Care in Colorado.
Source: “7 Home Improvements That Could Turn Your Neighbors Against You,” realtor.com® (June 29, 2017)
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Wednesday, June 7, 2017

June 2017 National Housing Trends Newsletter

Angela Yglesias

Levesque Realty 

Cell: 805-490-4944   
Phone: 805-490-4944 

Housing Trends

June 2017

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National market update

Existing-Home Sales Slip 2.3 Percent in April; Days on Market Falls to Under a Month

WASHINGTON (May 24, 2017) — Stubbornly low supply levels held down existing-home sales in April and also pushed the median number of days a home was on the market to a new low of 29 days, according to the National Association of Realtors®.




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Housing Gets Off to a Good Start

Despite weak economic growth, housing got off to a good start in 2017. This is in part because interest rates have been a bit of a surprise, drifting down since March. Lower interest rates and strong job growth have bolstered housing demand. The U.S. housing market is now on track to eclipse last year as the best in over a decade.



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National housing indicators

Existing home sales (April)

5.57 millions units*

Existing home median price (April)

$244,800

Housing Starts (April)

1.172 millions units*

New home sales (March)

0.621 millions units*
*Seasonally adjusted annual rate. Source: NATIONAL ASSOCIATION OF REALTORS®.

National economic indicators

Home ownership

1st Quarter 2017

63.5%

1st Quarter 2016

63.6%
The homeownership rate of 63.6 percent was not statistically different from the rate in the first quarter 2016 (63.5 percent) or the rate in the fourth quarter 2016 (63.7 percent).

New home sales

March 2017

+5.8%

April 2017

-11.4%
Sales of new single-family houses in April 2017 were at a seasonally adjusted annual rate of 569,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 11.4 percent (±10.5 percent) below the revised March rate of 642,000, but is 0.5 percent (±11.3 percent)* above the April 2016 estimate of 566,000.
Source: U.S. CENSUS BUREAU

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Consumer tips & hot properties

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Home Sales Expected to Soar Through 2018: What Buyers Need to Know

Even though there still aren’t enough homes on the market, existing-home sales are expected to rise 3.5% in 2017—and keep up the momentum in 2018.


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In It to Win It: Land Your Dream Home by Avoiding These 7 Mistakes on Your Offer

Making an offer that wins the house can be easier said than done—especially in a competitive market. Don’t blow your chances with any of these common home offer mistakes.


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These 4 New Rules of Selling a Home Can Make or Break a Deal

It might be a seller’s market, but getting top dollar for your home these days involves a bit more than sticking a "For Sale” sign on your lawn.


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8 Signs It’s Time to Walk (and Maybe Run) Away From a Hom

Sometimes, when you look more closely at a house, things emerge that should probably be deal breakers.


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10 Sneaky Tricks to Make Your Living Room Look Expensive

When it comes to designing your living room, you don't have to spend a lot of money to make it look like you spent a lot of money.


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Existing Home Statistics

View statistics based on national data, regional data and data gathered from 159 cities & metropolitan areas.

National Statistics

Statistics by City or Metropolitan Area

Regional Statistics

Source: NATIONAL ASSOCIATION OF REALTORS®.
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Wednesday, May 3, 2017

Home Inspections: Items That Aren’t Deal Breakers


After making an offer on a home, you’ll enter into a contract. Part of that contract should always include getting a home inspection. It is recommended that any homebuyer make an offer to purchase contingent upon a home inspection. This allows you to withdraw your offer if there are any major issues discovered during an inspection.
More than likely, the home inspector will find problems that need to be fixed before closing. Major foundation issues and significant water damage are at the top of the list of signs to walk away from.
On the other hand, there are some home defects found during an inspection that don’t have to be deal breakers. Many of them can be fixed, and they can be used to negotiate with the seller for a lower selling point or additional help with the closing costs.

Lead-based paint

Lead-based paint was banned in 1978, but it’s still possible that you could purchase a home that contains it, if it was built before the ban. The sellers should disclose this, but the home inspector may find it as well.
Ultimately, it is up to you to decide how comfortable you are with purchasing a home that has lead-based paint, but it doesn’t have to be a deal breaker. You can hire a contractor who is certified to remove lead-based paint, and the home will be completely safe.

Concrete floor cracks

Cracks in a concrete basement floor may seem like a structural problem, but this is natural and not indicative of significant damage. Small cracks occur in concrete because it’s a porous substance. These cracks can be fixed at a relatively low cost, and shouldn’t be a reason for you to back out of a contract.
What is something that’s cause for concern are cracks in concrete walls, as these may or may not be associated with the structure. If the wall has moved or if the cracks have a large opening, then these would be deal breakers.

Mold

Mold is something that no one ever wants to see in a home you put an offer on, but just because you find a little bit of mold by the shower, doesn’t mean you need to back out of your offer, at least not immediately.
If mold is found during the home inspection, have a qualified mold inspector take a look. Not all molds are toxic, but the safest way to determine if this is a deal breaker is by hiring a mold professional.

Bug infestations

Bug infestations can cause significant damage to the home’s structure if they aren’t exterminated quickly and efficiently. A home inspector may find signs of an infestation during an inspection, but how do you tell if it’s truly a deal breaker?
The best way to know if there is pest damage to the home’s structure or foundation is to ask a qualified pest expert to do an additional inspection of the home. Someone who is a specialist will be able to tell you if the home just has a few bugs, or if you need to rescind your offer.
When problems arise during home inspections, it doesn’t always mean you have to back out of your contract. Home inspectors will often find problems outside of their scope of expertise, so always get a second opinion from a specialist before making a final decision. In many instances, these problems are opportunities to negotiate with the seller. You can request that the seller do the repairs, or ask for money to put towards repairs.
You can also ask the seller to include a home warranty on the home in the contract of sale, but it won’t repair the problems found in a home inspection contract. A home warranty is there to protect you from aging systems and appliances after you buy. Think of getting car insurance on a car that was just wrecked and then opening a claim. It wouldn’t work, because the insurance was put on after the damage happened. The same goes for a home warranty.
Courtesy of Whitney Bennett and  Housecall
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Millennials Finally Flee Parents’ Homes

The pace of young adults leaving their parents’ homes is accelerating significantly, Fannie Mae’s Economic and Strategic Research Group notes in a new analysis.
Young adults in their mid- to late 20s or early 30s living with their parents fell between 2013 and 2015—a period known as the economic recovery—much more so than between 2010 and 2012, when the economy and housing market were still recovering from the Great Recession, researchers note.
Young adults aged 24 to 25 in 2013 and 26 to 27 in 2015 residing with their parents dropped by 7.6 percentage points. On the other hand, those who passed through that same age range between 2010 and 2012 saw a decline of only 5.4 percentage points, researchers note.
“Stronger income growth and an accelerated rate of marriage are likely two primary reasons why millennials are starting to leave their parents’ homes at a faster pace,” researchers note.
Millennials in their 20s or early 30s saw their income, adjusted for inflation, grow by at least 23 percent between 2013 and 2015 when compared to 2010 and 2012. Further, their incomes are at least 81 percent greater than between 2008 and 2010.
Also, millennials in their late 20s and early 30s between 2013 and 2015 were getting married at a markedly faster rate than their predecessors did in that same age range during the recession and the recovery thereafter, Fannie Mae’s report notes.
“Millennials’ accelerated rate of departure from their parents’ homes bodes well for housing demand,” Fannie Mae’s Economic and Strategic Research Group notes in the report. “Cohort analysis shows that the increased pace of leaving home has been accompanied by accelerated young-adult household formation.”
Source: “Starting to Launch: Millennials Are Leaving Mom and Dad’s Basement,” Fannie Mae’s Housing Insights (2017)
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Friday, April 28, 2017

Owners: Be Smart When Financing Renovations

The number of homeowners who are planning to take on home improvement projects or repairs this year is expected to increase 6.7 percent, according to the Joint Center for Housing Studies at Harvard University. As more owners look to remodel, they may be weighing how to fund their renovations.
One-third of affluent homeowners—those who earn at least $100,000 a year—plan to use credit cards to pay for home renovation projects, according to a new survey of more than 3,000 respondents conducted by LightStream, a lending division of SunTrust Banks. The percentage of those who are turning to credit cards to pay for their renovation projects is rising: This year, 32 percent said they would use credit cards, compared to 26 percent in 2016.
Homeowners may be using credit cards, even though they intend to pay for the balance as soon as it’s due, because they want the benefits of getting airline miles or other rewards from using the credit card, says Todd Nelson, LightStream’s business development officer. But for those who don’t intend to pay the credit card off right away, they may want to think twice about using credit cards to pay for their home renovation projects, warns Shomari D. Hearn, a certified financial planner with Palisades Hudson Financial Group in Fort Lauderdale, Fla.
“It’s fine to tap savings or use a home-equity loan or line of credit, but I don’t think it’s a good idea to use credit cards for home improvements,” Hearn says. “Interest rates on credit cards tend to be in the double digits, plus it’s personal debt and the interest is not tax-deductible.”
With recent home price increases of 5.5 percent in 2016, the number of mortgage holders who now have tappable equity is at 39.5 million, according to Black Knight Financial Services, a real estate data firm. With a HELOC—a home-equity line of credit—the interest may be tax-deductible and there are no upfront frees, says Ann Thompson, a senior vice president and divisional sales executive for Bank of America in San Francisco. A cash-out refinance is another option, where borrowers refinance for more than what they owe on the property and then take the difference out in cash.
For either a HELOC or cash-out refinance, homeowners do need to factor in added fees, such as refinance fees from the application, which start at $475 at Bank of America. There are also extra processing fees and closing costs to factor in too.
Source: “More Homeowners Pay for Repairs With Credit Cards,” realtor.com® (April 26, 2017)
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4 Checks to Protect a Home in the Spring

The spring season can bring about dangers to a home from strong wind gusts, rains, and fluctuating temperatures. Be sure to take steps to protect your home this season.
1. Check outside faucets and exteriors for flood risks.
Inspect your outside hose faucets for any damage from the winter. Hold your thumb over the opening. If the flow stops completely, the pipe indoors could possibly be damaged and may need to be replaced. Also, check the hose for dry rot and examine the foundation and exterior walls for any cracks or potential areas where water could enter.
2. Check the roof and gutters.
The roof may have been damaged by heavy storms or hail. Don’t assume that because there are no visible signs of damage, there isn’t some beneath the shingles. Have it inspected. Also, clean the gutters to avoid risks of pooling water and leaks.
3. Check the landscaping.
Beware of trees that are too close to the home. In a storm, these could pose a threat. Have any tall overhead branches trimmed if they could potentially fall and hit the roof or damage the home.
4. Check the foundation.
Examine the lawn and near the foundation for any low areas. Water will collect and pool in any low areas. This could then potentially seep through any cracks in the home’s foundation or create a breeding ground for insects. Fill any low areas with compact soil and repair cracks in the foundation. (Read more: 5 Things to Watch for with a Foundation Check)
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Tuesday, April 25, 2017

Generation X: Buying the Biggest Homes & Biggest Home Sellers

Generation X, buyers ages 37 to 51 years, make up the second largest share of home buyers by generation at 28 percent of all home buyers in 2016. The median age for this group is 43 years old and they were born between 1965 and 1979. They tend to have the largest families; 62 percent of these buyers have one or more children under the age of 18 years living at home—30 percent have two children under 18 years at home—and they make up the highest share of buyers that are married couples at 68 percent. The primary reasons that Generation X purchases homes is the desire for a larger home, job-related relocation, and change in family situation more than other generations.
Generation X make up the second largest share of first-time home buyers at 26 percent. Correspondingly, they make up the largest share to purchase detached single-family homes at 87 percent. They also have the highest median household income at $106,600, boosted by double income couples. They also purchase homes in accordance with their incomes and buy the most expensive homes of all generations—a median home price of $261,000. This generation of buyers also purchases the largest homes in size at a median square feet of 2,100.
gen x
Buyers 37 to 51 years are also the most racially and ethnically diverse group of home buyers, with 21 percent identifying as a race other than White/Caucasian. This group also have the highest percentage of home buyers that speak another language besides English. Thirteen percent of buyers 37 to 51 years were not born in the United States.
Generation X purchases new homes for the ability to choose and customize design features and previously owned homes for more charm and character. These buyers, like Millennials, purchase the shortest median distance from their previous home at a median of 10 miles. Generation X are the most likely to purchase in neighborhoods that were convenient to schools. This group is the most likely to compromise on the condition of the home at 21 percent. The length of the home search is the longest for Generation X buyers at 12 weeks, while all other generations search for a median of 10 weeks.
Generation X primarily uses savings and proceeds from a previous sale for the downpayment of their home purchase. However, these buyers are delayed four years from purchasing a home due to debt. Eighteen percent of buyers 37 to 51 are delayed five years and 27 percent are delayed more than five years from buying a home. Of these buyers that said saving for the downpayment was the most difficult step in the buying process, 41 percent have credit card debt and 15 percent have child care expenses, more than other generations. This group of buyers also have the highest median amount of student loan debt at $30,000. This group of buyers cancels vacations more than other age groups in order to save for a home. Equal with Millennials, 45 percent said that the mortgage application was not difficult or no more difficult than expected. Of the six percent that have a mortgage lender reject their application, 20 percent said it was due to their debt to income ratio. Generation X also has the highest share that sold a distressed property at 14 percent, primarily in 2011. More than other generations, buyers 37 to 51 use a fixed-rate mortgage at 93 percent.
Generation X is the largest share of home sellers at 29 percent. They also have the highest median selling incomes at $122,100 and sell median priced homes at $240,000. Among Generation X sellers, one in five wanted to sell earlier but could not because their home was worse less than their mortgage. Sellers typically purchased their home 10 years ago, in 2006. Generation X sellers equally are the most racially and ethnically diverse of the generations. On par with Millennials, they move within the same state at the highest rates. Buyers 37 to 51 sell the most homes in urban and central city areas and move the shortest distances. Their primary reasons for selling is a job relocation, the neighborhood is less desirable, and a change in family situation.
Posted in Economist Commentaries, by  on April 14, 2017
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I help people selling their homes get them sold quickly and almost always at 100% asking, even over in some markets. I save my real estate b...