One of the most common mistakes sellers make is assuming they need to sink a bunch of money into home staging. Some choose the expensive route—swapping out their furniture and art at the behest of a hired professional home stager—but that’s not the only way to impress potential buyers.
“Everyone needs to stage their home to sell it efficiently,” says Laura McHolm, co-founder of NorthStar Moving. “But you do not need to spend a lot of money to stage your home.”
Want to get your house in tiptop shape without spending a dime? Follow these home staging ideas that are 100% free.
At the national level, housing affordability is down from last month and down from a year ago. Mortgage rates rose to 4.99 percent this November, up 19.1 percent compared to 4.19 percent a year ago.
- Housing affordability declined from a year ago in November moving the index down 10.6 percent from 161.0 to 144.0. The median sales price for a single family home sold in November in the US was $260,500 up 5.0 percent from a year ago.
- Nationally, mortgage rates were up 80 basis point from one year ago (one percentage point equals 100 basis points).
- The payment as a percentage of income was up from last month at 17.4 percent this November and up from 15.5 percent from a year ago. Regionally, the West has the highest payment at 23.8 percent of income. The Northeast had the second highest payment at 17.1 percent followed by the South at 16.8 percent. The Midwest had the lowest payment as a percentage of income at 13.7 percent.
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In 2019, it’s possible your house is smarter than you. Designed to provide energy efficiency, security and comfort conveniences, the smart home can do it all on command. Control lighting, heating, cooling, appliances, televisions, computers and other security features with smart technology that communicates with each other and can be remotely controlled via a smart phone or online. Internet connectivity and cloud storage makes all this smart home technology possible by bringing convenience and electronic intelligence right to your fingertips. If you’re technically-challenged, don’t worry – we suggest starting small to go big with technology with three easy technologies to make your home smarter this year.
- Set Smart Temperatures
Most thermostats only read the temperature in one area (usually the hallway) which can make other rooms too hot or too cold. Technology like ecobee4 or Nest comes with room sensors to help manage hot or cold spots. When sensors are placed in the most popular rooms, the smart gadget can read the temperature, detect occupancy and adjust the temperature so it’s just right.
- Sensing Leaks
Smart leak detection sensors monitor your home’s plumbing with the purpose of discovering leaks and malfunctions. They can assist you in preventing water damage and the growth of mold and mildew inside a wall due to a slow leak.
- Open and Shut
If you have ever left home for the day or, even worse, been on vacation and suddenly you’re unsure if you left the garage door open – a smart garage door opener offers convenience, improved home security and peace of mind. Check the open or closed status of your garage door via an app on your smartphone as well as open it or close it remotely – in other words, it’s possible to be on the other side of the Earth and still control your garage door.
What’s behind the rise in homeownership? Growing interest from millennials. Here are the 2019 millennial real estate trends you need to know about this year.
Empowered with Knowledge
First-time, homebuying millennials are much more informed when it comes to renovations, repairs and real estate process than other generations. Growing up during the development of the internet has made them very tech and research savvy and able to find ways to access important information such as listings, neighborhood reports, HGTV home renovation videos and other types of industry information on their own. In 2019, they will rely on real estate agents to share information that they can’t find online such as neighborhood developments, local market forecasts, local housing regulations and more.
Buying homes – despite rising rates
Millennials continue to make up the largest segment of buyers, accounting for 45 percent of mortgages, compared to 17 percent of baby boomers and 37 percent of Generation Xers. While first-time buyers will struggle, older millennial move-up buyers will have more options in the mid-to upper-tier price point and will make up most of the millennials who close in 2019. As their housing needs adjust over time, millennials are on track to make up the largest share of homebuyers for the next decade.
Many millennials grew up watching renovations and makeovers on HGTV, which means many of them are ready to invest sweat equity in their new home. Millennial homebuyers, overall, are more aware of the costs, work and implications of renovations than the previous generations. This is good news as interest rates rise and buyers should be prepared to settle for homes in need of TLC.
New Buying Strategies
Social media continues to impact millennial homebuying habits. They rely on online reviews to make purchasing decisions, and a strong online reputation for real estate professionals is a must in catering to this market. In fact, a recent study showed that millennials would prefer to buy a house from a real estate agent influencer over a traditional real estate agent. Showcasing a home on social media, especially on visual-heavy platforms like Instagram, is essential for appealing to millennial buyers.
Research your way to the right real estate agent who can make all the difference. RE/MAX agents are more recommended because they recommend what’s right for you and your future. Contact Jennifer today!
2018 Home Sales Cool Off, While Inventory Recovers and Price Increases Moderate
December’s declining home sales and growing inventory solidified 2018 as the year the red-hot seller’s market moved toward a balanced market. Price growth also moderated, though December was the 33rd consecutive month of year-over-year increases in home prices, according to the RE/MAX National Housing Report, which includes 53 metro areas.
December’s year-over-year decline in home sales of 12.1% set a December record in the 10-year history of the report and also marked the fifth consecutive month that home sales were lower than 2017. December was 2018’s 10th month of year-over-year declines in home sales with only April and July topping 2017 sales.
Most telling was December’s 4.6% growth in inventory, which was also a report record. December’s year-over-year inventory increase marked the third consecutive month of growth – a trend reversing a decade-long streak of year-over-year inventory declines.
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With the Washington state Legislature scheduled to start its 2019 session on January 14 and Realtor Hill Day slated for January 24, Realtors and other real estate-related organizations will be coalescing around the housing crisis and strategies for improving supply and affordability.
Among legislative priorities are:
- Condominium liability reform, specifically, language that would 1) prohibit individual HOA officers/board members from being sued; 2) modify statutory “implied warranties” that condo buyers receive from builders; and 3) require purchasers who sue to establish a “performance” defect.
- GMA reform, including a requirement for cities to enact minimum densities in urban areas, thereby making more efficient use of available urban lands designated for jobs and housing.
- Housing Trust Fund legislation that may be proposed to allow use of a portion of the monies for building owner-occupied housing in addition to publicly-owned housing.
- Other budget and financial issues affecting tax collections; education funding subsequent to the 2017 “McCleary Fix;” expenses resulting from compliance with the “Culverts case” that required the state to improve fish passage on almost all culverts under state roadways; B&O and REET related proposals to increase those taxes; and a new capital gains tax (depending on the final number of Democrats in the State Senate).
To help focus attention on the housing crisis and its “real world impacts,” a coalition of nonprofit organizations, builders, Realtors and others joined forces to launch a multi-media campaign.
Using the theme “Unlock the Door,” the campaign invites members of the public and Realtor members to share stories on how the housing affordability crisis has affected them, and their family, friends, and clients.
The effort, now underway, is in response to the struggle families across the state and in all income groups are facing in their search for homeownership opportunities. Organizers cite research from the Rundstad Department of Real Estate at the University of Washington which indicates first-time buyers in King, Kittitas, Pierce and Snohomish counties face home prices that area nearly double what they can afford.
The campaign’s primary focus is on affordable home ownership opportunities, but it will also contain elements related to homelessness and low income housing.
Questions? Contact Jennifer Gilbert-Smith, volunteer member of Seattle King County REALTORS and Tacoma-Pierce County Association of REALTORS Government and Public Affairs Committees