Posts Tagged ‘real estate news’

Staging Your Home Like A Pro

home stagingh

 

Follow these five professional tips to make your space more functional and enjoyable to live in – whether you’re selling it or staying put.

 

  1. Clean and de-clutter – A clean house speaks volumes and gives the impression it’s usually clean. So crank up Pandora, find your favorite station and get to cleaning!
  2. Light It Up – For a warm glow, aim for 100 watts per 50 square feet. Open those windows and showcase the natural light too!
  3. Refresh your palette – Updating paint colors to meet current trends and is great (and cost effective) way to change the overall look of your home. Just be sure the new color coordinates with existing features.
  4. Curb Appeal Matters – First impressions are so important! Simple things such as power washing your home, pulling weeds, adding flowers, or even trimming the shrubs make a huge difference visually.
  5. Do a scent check – Do you smell that? Just because you love Yankee candles newest fragrance doesn’t mean a potential buyer won’t be overwhelmed by the smell. Choosing a “clean” scent is best if you need to use an air freshener.

 

G Team

Cumberland Real Estate

121 Public Square

Lebanon, TN 37087

http://www.GTeamTN.com

 

Sources: Wells Fargo Volume 8 Issue 5 Newsletter

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Rent is HOW MUCH?!

The rent may indeed be “too darn high,” but it’s only going up, according to a new report from online real estate listing service Zillow. According to new analysis from Zillow, U.S. renters paid $441 billion in rent in 2014, up $20.6 billion from 2013’s total of $420.4 billion. That represents an increase of 4.9%. Accounting for an estimated 770,000 additional U.S. renters in 2014, the average renter household spent $26 more per month in 2014 than in 2013, for a total of $312 more paid in rent this year compared to last, Zillow said. “Over the past 14 years, rents have grown at twice the pace of income due to weak income growth, burgeoning rental demand, and insufficient growth in the supply of rental housing,” said Zillow Chief Economist Stan Humphries. “This has created real opportunities for rental housing owners and investors, but has also been a bitter pill to swallow for tenants, particularly those on an entry-level salary and those would-be buyers struggling to save for a down payment on a home of their own.” Humphries said that increases in rent are only going to continue. “Next year, we expect rents to rise even faster than home values, meaning that another increase in total rent paid similar to that seen this year isn’t out of the question,” he said. “In fact, it’s probable.” Source: HousingWire

Most younger renters think owning is a more sensible housing choice for financial reasons, according to Fannie Mae’s National Housing Survey. Seventy-six percent of young renters, defined in this study as between 18 and 39, think owning makes more sense because they’re protected against rent increases, and owning can be a good investment over the long-term. “However, a large majority of young renters have remained pessimistic over the last few years about their ability to get a home loan; in contrast, younger owners have grown more optimistic,” says Sarah Shahdad, strategic planning analyst at Fannie Mae. “Demographic differences between younger renters and younger owners may explain part of the gap in attitudes.” Younger owners are more likely to fall in the higher end of the age range, earn more, and be employed full-time compared with younger renters, Shahdad notes. “The widening of that same gap during the last few years suggests that confidence in one’s ability to get a home loan is growing primarily among those who have already met financial requirements,” she notes. Young renters consider down payments and credit scores to be the top obstacles of getting a home loan. Also, the presence of student loans heightens the difficulty, they feel. But, young renters say, one day, they still plan to buy. “Enhanced housing education and alternative approaches to housing and savings may help renters fulfill their housing aspirations in a financially sustainable way,” Shahdad says. “Educational resources and tools may help renters make more informed decisions about their housing choices and begin managing their finances early and efficiently in order to fulfill their goals.” Also, promoting alternative paths to home ownership may help. Shahdad notes that about three-quarters of younger renters and owners said a lease-to-own arrangement would make renting more desirable to them since it would lead to home ownership. Source: Fannie Mae

Americans 55 years old and older are increasingly expected to begin trading residences as they near retirement, and that has many housing analysts and homebuilders predicting a surge in active-adult homes and communities that appeal to seniors. Homebuilders PulteGroup, Lennar, and Toll Brothers are reporting higher sales in this segment. Builders also are trying to lure this age group with multigenerational amenities, such as a separate private entrance, bedroom, bathroom, and eat-in kitchen attached to a traditional home. The National Association of Home Builders’ 55+ Housing Market Index also reflects greater optimism in the 55-plus housing market. This year, the index reached its highest second-quarter reading since it began in 2008, and it posted its 11th consecutive quarter of year-over-year gains. “One of the factors contributing to the positive signs in the 55+ housing market is the slow but steady increase in existing-home sales in the past several months,” says NAHB Chief Economist David Crowe. “The 55+ market is strongly driven by consumers being able to sell their existing homes at a favorable price in order to buy or rent in a 55+ community.” Source: Investors Business Daily

Real Estate News

Builder confidence in the new-home market rose to its highest reading in nearly 9 years, according to the latest reading from the National Association of Home Builders/Wells Fargo Housing Market Index. September marked the fourth consecutive month that builder confidence has been on the rise. “Since early summer, builders in many markets across the nation have been reporting that buyer interest and traffic have picked up, which is a positive sign that the housing market is moving in the right direction,” says NAHB Chairman Kevin Kelly. For the new-home market, builder confidence rose to a level of 59 in September, according to the index. Any reading above 50 indicates that more builders view conditions as “good” than “poor.” The seasonally adjusted index measures builder perceptions of the single-family new-home market on home sales and sales expectations for the next six months, as well as builders’ perceptions of buyer traffic. All three of the index components in September posted gains, with current sales conditions and traffic of prospective buyers rising to 63 and 47, respectively. Expectations for future sales also rose two points to 67. Source: National Association of Home Builders

Some home buyers are making an unusual request: They’re asking to spend the night at a home before they make an offer on it. HGTV’s “Sleep On It,” which follows potential buyers as they stay overnight in two homes with the sellers’ approval before deciding which one to buy, hasn’t seemed to spark a national trend. But it has prompted such proposals to surface more often, real estate professionals say. The sleep-overs can help buyers gain a better perspective on what it actually would feel like to live at the home, whether the kitchen is the right size, the noisy neighbors are too distracting, or the water pressure just isn’t right. Corlie Ohl, a real estate professional at Citi Habitats in New York City, recalls a client who requested to take a shower in an $865,000 apartment he was considering purchasing. He wanted to make sure the place had adequate water pressure. “It’s the strangest request I’ve ever experienced in my life for someone who wanted to purchase an apartment,” Ohl says. “The seller said, ‘Yeah, I guess, as long as he brings his own towel.” Contracts are a good idea for any buyer sleep-overs to protect both parties from liabilities, such as loss of personal belongings, say real estate professionals. A couple in Boulder, Colo., were staying at a condo when they decided to check out the condo’s parking area at night. But, “as they exited the elevator, they were abruptly confronted by two police officers, weapons drawn,” says real estate professional Bob Gordon. The neighbors had thought they were burglars. But the incident prompted the couple to put in an offer immediately on the home, “knowing the neighbors would be concerned enough to call police,” Gordon says.
Source: US News and World Report

Did you know?

According to the 2013 annual report from the Wilson County, TN Joint Economic & Community Development Board (JECDB), presented by Executive Director, G.C. Hixson, here are a few stats we thought our readers might find interesting:

2,314 residential homes were sold in 2013 (increase of 18.7%)

$217,000 – Median Home price (increase of 14.2%)

74 Days – average days on the market

 

Wilson County is the place to be!!! Call us to make your move! 615-466-3030

Real Estate Report March 2014

Wilson County Real Estate Report
March 2014

Spring is in the air and the Real Estate Market in Wilson County is in full bloom.

March real estate rebounded very well from our “freeze” in February. March ended with 174 residential single family home sales across the county, an improvement of 69 over the month before.

Mt Juliet dominated the market with 55% of the sales for the month with a total of 96. 6 of those sales were foreclosures/short sales while 31 were new construction. The median sales price in March in Mt Juliet of existing home sales is $225,900 with a median price p/sq foot of $105.55 and a median day on the market of 42. Homes are selling on average for 97% of sales price and have a median square footage of 2289. Of the 31 new home sales, 3 are in Del Webb and the rest are spread throughout Mt Juliet. The 28 new homes that sold out of Del Webb had a median sales price of $348,450 with a median price p/sq foot of $123.94 and a median square footage total of 2952.

Lebanon came in a strong second with 38% of the market share with 64 total sales in March. Of the 47 existing home sales, the median sales price was $164,500 with a median price p/sq foot of $90.06 and a median days on the market of 67. Homes in Lebanon are selling for an average of 97% of asking price and have a median square footage of 1959. New home construction is proving to be a strong factor in Lebanon as well. 17 new homes sold in Lebanon in March with a median sales price of $224,90, a median price p/sq foot of $111.25 and a median sq feet of 1947.

Watertown wrapped up March with 6 sales, none of which were new construction and 3 (50%) were foreclosures/short sales. The median sales price in March was $210,000 with a median price p/sq foot of $85.72. Homes in Watertown averaged selling for 94% of list price.

Old Hickory ended the month with 8 sales, 1 of which was new and no foreclosures/short sales. The median sales price in Old Hickory is $169,900 with a median price p/sq foot of $95.65 and a median days on the market of 82. The 1 new construction that sold in March sold for $466,000 with 3787 sq feet and had a lake view.

As the housing market in Wilson Co continues to in a seller’s market, we are experiencing a housing shortage as well as seeing multiple offers on the same homes become a common occurrence. Homes that are presented well and priced in the market are selling and selling quickly for the most part, some areas much quicker than others.

If seller’s are thinking of selling or buying, call your Realtor to see if now if the right time for you and your situation. Don’t miss out on this prime opportunity if you’re in the market!

Submitted by:
Amy Hamilton
2014 President
Eastern Middle TN Association of REALTORS