helpful advice from realtor.com....
Want to Get the Most Money for Your Home? Don't Do These 9 Things
Owning a home and making mortgage payments is like putting money in the bank. Barring a market reversal, that nest egg of equity in your home will grow and grow. And for most homeowners, their house is their largest asset—which means there’s a lot of money at stake when it comes time to sell.
Want to get as much money back as possible from this big-ticket investment? Of course you do! So avoid doing these nine things when you put your home on the market.
1. Ignoring your agent's advice
Although you don’t technically need to use a real estate agent to sell your home, hiring one can help you get more money in your pocket.
A good listing agent can assist you with pricing your home, marketing it, negotiating with buyers, and guiding you through the closing process. That's a lot of responsibility—and you might feel slightly uncomfortable putting your faith in a stranger's hands. However, because your agent has a fiduciary responsibility to look out for your best interests, you need to trust the person's advice. So, if your agent says to do something—like make a price reduction—you should do it, says Daniel Gyomory, a real estate agent in Northville, MI.
2. Neglecting important repairs prior to listing your home
Most home buyers will require a home inspection contingency. But that doesn’t mean you should wait for the home inspector to tell you what to fix. If your home has noticeable flaws, go ahead and ask your agent whether you should address them before putting your house on the market.
“Something as small as a leaky kitchen faucet can be a red flag to a buyer, since the person might assume there are bigger issues with the home,” says Gyomory.
3. Being restrictive with showings
You want the greatest number of potential buyers to see your home, says Bellevue, WA, real estate agent Holly Gray. Hence, you need to be extremely flexible when responding to showing requests, says Gray. (Read: Be ready to leave your house at a moment’s notice.) Bear in mind that if you decline a showing, the buyer might not come back—and you could potentially lose out on a great offer.
"Expect little privacy when selling your house,” says Karen Elmir, a luxury real estate agent in Miami.
4. Failing to keep the house tidy
To be prepared for last-minute showing requests, you have to keep your home relatively clean, neat, and organized at all times.
“Your home should look as much like a model home as possible,” says Gray. In other words, try your best to make the place look spotless (or close to it) before buyers arrive.
5. Being present for showings or open houses
Home buyers are already apprehensive about touring a stranger’s property, so don’t make things even more awkward by sticking around for open houses or showings. Buyers need to be able to envision your home as their own, which can be difficult to do if they see you hanging around the house, says Danielle Schlesier, a real estate agent in Brookline, MA.
6. Letting a pet spoil your sale
Even though you love your pet, a home buyer might not feel the same way. Also, dogs, cats, and other animals often leave behind a bad odor, which can be an immediate turnoff.
Plus, “some home buyers are allergic to pets,” says Gyomory. So, instead of crating or confining Fido to a special area of the house during showings, take him with you for a walk while buyers are viewing your home. Even better: Drop him off at Grandma’s house for an extended stay while the home is listed for sale.
7. Reviewing offers with a closed mind
Many people form an emotional attachment to their home. But don't let those feelings cloud your vision, especially when you receive offers.
In an ideal world, you’ll nab a full-price (or higher) offer for your home, but be willing to negotiate if you receive an offer that’s below list price.
“Some people will have their mind made up that they won’t take a dollar less than their asking price,” which can kill a potential sale, Gyomory says. Trust your agent to negotiate on your behalf to help you get the best deal.
8. Balking over requested repairs
No matter how well you’ve maintained your house, a buyer’s home inspector is going to find issues with the property. Be prepared to make repairs during the home inspection negotiation period—or at least offer the buyer credit at closing.
Whatever you do, “don’t fight over a few hundred dollars,” says Gyomory.
9. Overlooking closing costs
While home buyers shoulder the lion's share of the closing costs, home sellers still chip in a good chunk of cash at settlement—roughly 1% to 3% of the home’s final sales price. Unfortunately, many sellers don’t budget for closing fees. In fact, "a lot of sellers only look at their agent’s commission” when calculating their closing costs, says Gyomory.
As a home seller, you can expect to be responsible for these closing costs:
•A closing fee, paid to the title company or attorney's office where everyone meets to close on the home
•Taxes on the home sale
•A fee for an attorney, if the home seller has one
•A fee for transferring the title to the new owner
Pro tip: After you sign a sales contract with a home buyer, ask the buyer’s title company for an estimate of what you’ll have to pay at closing, so that you can budget appropriately.
Saturday, July 22, 2017
Is Nature Your Ideal Neighbor? Consider Living In a National Park
more interesting national park properties from trulia.com
For wilderness lovers, buying a home in or around a national park is the perfect way to enjoy majestic views without sacrificing modern amenities.
Last year, over 330 million people grabbed their hiking boots and slathered on SPF to visit at least one of America’s 59 national parks. However, if your yearly trip to Yosemite isn’t enough to satisfy your wilderness wanderlust, consider buying a home literally in—or just minutes away from—one of America’s national parks. From a farmhouse next to the Blue Ridge Mountains to a log cabin surrounded by sequoias, here are eight homes that get to call a national park their nearest neighbor.
Eight homes in or around national parks
1. Live among the wildlife at Yosemite National Park
2636 Mariposa Ave, Wawona, CA
$1,150,000
In the early 1900s, a visitor to Yosemite famously wrote that Wawona was “like a bright green emerald set between the sparkling diamonds of Yosemite Valley’s waterfalls and the red rubies of the Sequoias in the Mariposa Grove.” Not too much has changed in the last century. The town of Wawona, which was incorporated into the park in 1932, is home to some truly gorgeous properties like this beautiful three-bed, two-bath cabin with vaulted ceilings and a wraparound deck—an excellent option for a vacation home with high rental potential.
2. Explore your artsy side in Sequoia National Park
109 Mineral King Rd, Three Rivers, CA
$599,000
The creative and tight-knit community of Three Rivers, CA sits at the base of the Sierra Nevada Mountains and is the gateway to not one, but two, national parks: The Sequoia National Park and the Kings Canyon National Park just to the north. This three-bedroom, three-bath log home purposefully incorporates the natural landscape of both parks into its interior design. And while the surrounding woods may contribute to a sense of being isolated, you’re not entirely off the grid. The town of Three Rivers hosts a First Saturday every month with an art walk and performances from local dancers and musicians.
3. Get your bike on in Biscayne National Park
19350 SW 288th St, Homestead, FL
$1,200,000
If your idea of nature is more palm trees and white sands and less grizzly bears and log cabins, you’re in luck. This four-bedroom, four-bath Homestead home and cottage is bordered by two national parks—Biscayne National Park to the east and the expansive Everglades to the west—but also features stunning marble floors, a spacious kitchen, and plenty of space for entertaining guests. And for days you might want to venture a little further out, Homestead is teaming up with the National Park Service to secure funding for the Biscayne-Everglades Greenway Project, a 42-mile bike path that will connect the two parks and provide even more recreational opportunity for both visitors and residents.
4. Enjoy a pastoral paradise in Shenandoah National Park
2100 Homestead Farm Road, Free Union, VA
$1,695,000
Take 21 acres with a view of the Blue Ridge Mountains, and throw in a 30-minute drive to Shenandoah National Park, and you’ve found yourself at this gorgeous modernized farmhouse in Free Union, VA. This pastoral paradise comes with a large pond, raised vegetable garden, and even a regulation size dressage ring should you happen to own that prized pony. And just beyond the rolling hills that constitute your backyard lie 200,000 pristinely preserved acres of Shenandoah National Park. Shenandoah has 500 miles of hiking trails, along with plenty of picnic areas, camping sites, and Skyline Drive, a public road that runs 105 miles north to south along the crest of the Blue Ridge Mountains. And with the bustle of Washington DC only 75-miles away, Free Union makes a great case for being the perfect countryside retreat for the urban commuter.
5. Take in the Northern Lights in Glacier National Park
519 Apgar Vw, Columbia Falls MT
$1,499,000
If enjoying a glass of wine while soaking in your outdoor hot tub and staring out at the Northern Lights sounds good to you, then look no further than this Columbia Falls, MT home next to Glacier National Park. Built in 2003, the house pays homage to the natural landscape, with large custom windows to take in the views, numerous fireplaces and even an RV garage with attached apartment. Glacier National Park is just beyond the backyard, with 700,000 acres of wilderness that extends to the Canadian border. Not that Columbia Falls is some small wilderness town. The area saw a 22% population increase at the last census, and year-round festivals, government support for local business, and plenty of recreation make Columbia Falls a sustainable and thriving community.
6. Enjoy unbeatable views of Denali National Park
1 Caribou Ave, Cantwell, AK
$169,500
There’s nothing quite like Alaska’s Denali National Park, which includes six million acres of expansive wilderness and North America’s highest peak. Bisected by a single ribbon of road in Alaska’s interior, this level of wilderness is not for the faint of heart. But for those who crave seeing caribou every day and battling a winter tundra, this highly-affordable three-bedroom home sits at milepost 210 on your way into the park. Gorgeous exposed beams of pine and a wood-burning stove give the property a proper rustic feel and the breathtaking mountain views are unbeatable. If nature is your ideal neighbor, then look no further.
7. Summer in Saguaro National Park
500 S Players Club Drive, Tucson AZ
$1,250,000
Named after the large saguaro cactus that dots the landscape, Saguaro National Park contains numerous hiking trails, scenic drives, picnic areas, and even an interactive outdoor museum and zoo—perfect for a weekend jaunt up the road from this stunning four-bedroom three-bath single family home. Situated in the foothills of Saguaro and in the neighborhood of Starr Pass, this property has all the amenities of a luxury hotel, including an outdoor swimming pool and a second-floor wrap deck lets you take in the majestic mountains in the distance.
8. Camp out in Cuyahoga Valley National Park
2572 Main St, Peninsula, OH
$350,000
Equidistant between the urban centers of Cleveland and Akron, Ohio, lies Cuyahoga Valley National Park—a true natural wonder carved out of this Midwestern landscape. The “crooked” Cuyahoga River winds through the park, giving way to forests, hills and open farmland, and this two-bedroom, two-bath cabin retreat in Peninsula, OH. If you’re going to make like Lincoln and settle in a log cabin, then this spacious and renovated version is the way to go. A wood-burning fireplace, cathedral ceilings, and a screened-in porch all make you feel like you’re setting up camp in the middle of the woods—just with fewer bugs. And the neighboring national park provides more than just serene peace and quiet. Historic trails, canoeing and kayaking and a rich cultural events calendar endow a genuine community vibe to the area.
For wilderness lovers, buying a home in or around a national park is the perfect way to enjoy majestic views without sacrificing modern amenities.
Last year, over 330 million people grabbed their hiking boots and slathered on SPF to visit at least one of America’s 59 national parks. However, if your yearly trip to Yosemite isn’t enough to satisfy your wilderness wanderlust, consider buying a home literally in—or just minutes away from—one of America’s national parks. From a farmhouse next to the Blue Ridge Mountains to a log cabin surrounded by sequoias, here are eight homes that get to call a national park their nearest neighbor.
Eight homes in or around national parks
1. Live among the wildlife at Yosemite National Park
2636 Mariposa Ave, Wawona, CA
$1,150,000
In the early 1900s, a visitor to Yosemite famously wrote that Wawona was “like a bright green emerald set between the sparkling diamonds of Yosemite Valley’s waterfalls and the red rubies of the Sequoias in the Mariposa Grove.” Not too much has changed in the last century. The town of Wawona, which was incorporated into the park in 1932, is home to some truly gorgeous properties like this beautiful three-bed, two-bath cabin with vaulted ceilings and a wraparound deck—an excellent option for a vacation home with high rental potential.
2. Explore your artsy side in Sequoia National Park
109 Mineral King Rd, Three Rivers, CA
$599,000
The creative and tight-knit community of Three Rivers, CA sits at the base of the Sierra Nevada Mountains and is the gateway to not one, but two, national parks: The Sequoia National Park and the Kings Canyon National Park just to the north. This three-bedroom, three-bath log home purposefully incorporates the natural landscape of both parks into its interior design. And while the surrounding woods may contribute to a sense of being isolated, you’re not entirely off the grid. The town of Three Rivers hosts a First Saturday every month with an art walk and performances from local dancers and musicians.
3. Get your bike on in Biscayne National Park
19350 SW 288th St, Homestead, FL
$1,200,000
If your idea of nature is more palm trees and white sands and less grizzly bears and log cabins, you’re in luck. This four-bedroom, four-bath Homestead home and cottage is bordered by two national parks—Biscayne National Park to the east and the expansive Everglades to the west—but also features stunning marble floors, a spacious kitchen, and plenty of space for entertaining guests. And for days you might want to venture a little further out, Homestead is teaming up with the National Park Service to secure funding for the Biscayne-Everglades Greenway Project, a 42-mile bike path that will connect the two parks and provide even more recreational opportunity for both visitors and residents.
4. Enjoy a pastoral paradise in Shenandoah National Park
2100 Homestead Farm Road, Free Union, VA
$1,695,000
Take 21 acres with a view of the Blue Ridge Mountains, and throw in a 30-minute drive to Shenandoah National Park, and you’ve found yourself at this gorgeous modernized farmhouse in Free Union, VA. This pastoral paradise comes with a large pond, raised vegetable garden, and even a regulation size dressage ring should you happen to own that prized pony. And just beyond the rolling hills that constitute your backyard lie 200,000 pristinely preserved acres of Shenandoah National Park. Shenandoah has 500 miles of hiking trails, along with plenty of picnic areas, camping sites, and Skyline Drive, a public road that runs 105 miles north to south along the crest of the Blue Ridge Mountains. And with the bustle of Washington DC only 75-miles away, Free Union makes a great case for being the perfect countryside retreat for the urban commuter.
5. Take in the Northern Lights in Glacier National Park
519 Apgar Vw, Columbia Falls MT
$1,499,000
If enjoying a glass of wine while soaking in your outdoor hot tub and staring out at the Northern Lights sounds good to you, then look no further than this Columbia Falls, MT home next to Glacier National Park. Built in 2003, the house pays homage to the natural landscape, with large custom windows to take in the views, numerous fireplaces and even an RV garage with attached apartment. Glacier National Park is just beyond the backyard, with 700,000 acres of wilderness that extends to the Canadian border. Not that Columbia Falls is some small wilderness town. The area saw a 22% population increase at the last census, and year-round festivals, government support for local business, and plenty of recreation make Columbia Falls a sustainable and thriving community.
6. Enjoy unbeatable views of Denali National Park
1 Caribou Ave, Cantwell, AK
$169,500
There’s nothing quite like Alaska’s Denali National Park, which includes six million acres of expansive wilderness and North America’s highest peak. Bisected by a single ribbon of road in Alaska’s interior, this level of wilderness is not for the faint of heart. But for those who crave seeing caribou every day and battling a winter tundra, this highly-affordable three-bedroom home sits at milepost 210 on your way into the park. Gorgeous exposed beams of pine and a wood-burning stove give the property a proper rustic feel and the breathtaking mountain views are unbeatable. If nature is your ideal neighbor, then look no further.
7. Summer in Saguaro National Park
500 S Players Club Drive, Tucson AZ
$1,250,000
Named after the large saguaro cactus that dots the landscape, Saguaro National Park contains numerous hiking trails, scenic drives, picnic areas, and even an interactive outdoor museum and zoo—perfect for a weekend jaunt up the road from this stunning four-bedroom three-bath single family home. Situated in the foothills of Saguaro and in the neighborhood of Starr Pass, this property has all the amenities of a luxury hotel, including an outdoor swimming pool and a second-floor wrap deck lets you take in the majestic mountains in the distance.
8. Camp out in Cuyahoga Valley National Park
2572 Main St, Peninsula, OH
$350,000
Equidistant between the urban centers of Cleveland and Akron, Ohio, lies Cuyahoga Valley National Park—a true natural wonder carved out of this Midwestern landscape. The “crooked” Cuyahoga River winds through the park, giving way to forests, hills and open farmland, and this two-bedroom, two-bath cabin retreat in Peninsula, OH. If you’re going to make like Lincoln and settle in a log cabin, then this spacious and renovated version is the way to go. A wood-burning fireplace, cathedral ceilings, and a screened-in porch all make you feel like you’re setting up camp in the middle of the woods—just with fewer bugs. And the neighboring national park provides more than just serene peace and quiet. Historic trails, canoeing and kayaking and a rich cultural events calendar endow a genuine community vibe to the area.
The 10 Biggest Threats Facing Real Estate Right Now
food for thought from realtor.com
The 10 Biggest Threats Facing Real Estate Right Now
Global uncertainty and political polarization are the top issues facing the housing industry in 2017 and 2018, according to The Counselors of Real Estate’s annual list of the Top 10 Issues Affecting Real Estate. The list was compiled using feedback from 1,100 real estate advisers from around the world who met at a recent CRE conference.
Many of the issues are interconnected and reflect disruption in the economy and multiple real estate sectors, says 2017 CRE Chairman Scott Muldavin. “Despite this unsettling environment, opportunity remains embedded in every issue on the list,” the CRE report notes. Here are the top 10 issues cited in the report.
1. Political polarization and global uncertainty. “Uncertainty about changes to trade, travel, and immigration policy threaten cross-border investing, hospitality properties, retail, and manufacturing supply chains, among other effects,” the report notes. “Rising interest rates and retail inflation will make middle-class homeownership that much more difficult. Longer-term implications could be much more severe, as polarization prevents long-term fixes to issues such as infrastructure, affordable housing, local and state pension liabilities, and education.”
2. The technology boom. An unprecedented wave of commercial real estate technology innovations are expected to change the way real estate is bought, sold, and managed. Investments in commercial real estate tech startups hit $2.7 billion in 2016. About 1,600 of these startups now exist worldwide. Robots, big data, autonomous vehicles, and online retail are also expected to have a major impact.
3. Generational disruption. “Boomers’ and millennials’ divergent views of where they live, work, and play increasingly impact the property markets,” the report notes. “The generations are crossing paths everywhere: in the workplace, in housing, and at the local bar and grill, intersecting and sharing spaces despite their often disparate priorities when it comes to the built environment.”
4. Retail disruption. “The trend toward transforming retail into ‘experiences’ continues to develop and is offsetting shrinkage in the physical bricks-and-mortar consumer-goods platform,” the report says. “‘Experiential’ retail drives customer traffic to a more diverse and highly participatory environment targeted to a variety of age groups and interests. This sector has transitioned into a kind of ‘Omni Channel’—encompassing e-commerce, reduced or repurposed physical elements, and a host of previously unforeseen spaces, both physical and virtual—with a current emphasis evolved from bricks-and-mortar shopping to the timely, efficient transfer of goods from source to inventory to consumer.”
5. Infrastructure investment. The private sector is directing significant funds to infrastructure projects, recognizing the need and long-term rewards of investing in roads, bridges, tunnels, ports, and airports. Investors now oversee $376 billion in U.S. infrastructure dollars. “It is clear that the need for infrastructure investment is critical,” the report says. “The movement of goods, which involves everything from ports to airports to warehouses to roads, highways and railroads, is further straining an aging and highly vulnerable interior framework. Add to this the need for pipelines, electricity transmission, and water distribution, and the immediacy of infrastructure needs becomes even more pronounced.”
6. Housing disparity. “Safe, decent, affordable housing has been shown to have a stabilizing effect on urban economies, crime, and public health,” according to the report. “A current lack of inventory has generated a spike in home prices and, as a result, declining affordability for many home buyers, particularly those in lower-income sectors. A critical disparity exists between housing needs and housing supply.” The report cites a growing affordability gap and limited availability of housing in locations with significant job growth, such as major cities and coastal regions.
7. Threats to the middle class. In 2007, the average middle-class income was $57,403. Now it hovers below inflation-adjusted levels from nearly two decades ago at $57,909. These income levels have yet to return to their pre-recession highs, and stagnant income growth will continue to press on the middle class.
8. Emerging role of healthcare in real estate. The nation spends more than $3 trillion each year on healthcare costs—about $10,000 per person—which is double the average for developed countries worldwide. “The real estate industry has emerged as a major player to cost-effectively improve people’s health,” the report notes. “Building occupants are increasingly demanding that the space they inhabit be designed, constructed, and operated in ways that advance positive health outcomes.” A growing focus on healthy buildings is emerging, as people spend about 90 percent of their time indoors. Research from the Mayo Clinic shows that healthcare contributes 20 percent to maintaining people’s health, while environmental and behavioral factors account for 40 percent.
9. Immigration. As the Trump administration seeks to enact more restrictive immigration laws, some housing leaders are growing concerned about labor shortages in homebuilding. Demographers note that immigrant groups are a source of household formation. “New immigrants tend to rent, boosting demand for multifamily housing, especially in gateway cities,” according to the report. “Recent surveys suggest that immigrant populations aspire to own homes and to move relatively freely from cities to suburbs and back in the search for employment. Labor mobility and homeownership rates will be constrained by limiting immigration.”
10. Climate change. The National Oceanic and Atmospheric Administration released a report this year that shows sea level rises are expected to more than double from 2013 forecasts—to between 6.6 and 8.6 feet by 2100. “While a potential rise of sea level may seem far in the future, NOAA also estimates that annual frequencies of disruptive and damaging flooding would increase 25-fold with only a 14-inch increase in local sea level rise,” according to the report. “Major cities such as Miami, New York, New Orleans, Tampa, and Boston are projected to have the most costly problems, with South Florida and most coastal areas all exposed to differing levels of sea rise risk and cost. The implications of potential sea level rise and related flooding on real estate values is positioned to explode due to dramatic increases in the volume and accessibility of information on the consequences of sea rise.”
The 10 Biggest Threats Facing Real Estate Right Now
Global uncertainty and political polarization are the top issues facing the housing industry in 2017 and 2018, according to The Counselors of Real Estate’s annual list of the Top 10 Issues Affecting Real Estate. The list was compiled using feedback from 1,100 real estate advisers from around the world who met at a recent CRE conference.
Many of the issues are interconnected and reflect disruption in the economy and multiple real estate sectors, says 2017 CRE Chairman Scott Muldavin. “Despite this unsettling environment, opportunity remains embedded in every issue on the list,” the CRE report notes. Here are the top 10 issues cited in the report.
1. Political polarization and global uncertainty. “Uncertainty about changes to trade, travel, and immigration policy threaten cross-border investing, hospitality properties, retail, and manufacturing supply chains, among other effects,” the report notes. “Rising interest rates and retail inflation will make middle-class homeownership that much more difficult. Longer-term implications could be much more severe, as polarization prevents long-term fixes to issues such as infrastructure, affordable housing, local and state pension liabilities, and education.”
2. The technology boom. An unprecedented wave of commercial real estate technology innovations are expected to change the way real estate is bought, sold, and managed. Investments in commercial real estate tech startups hit $2.7 billion in 2016. About 1,600 of these startups now exist worldwide. Robots, big data, autonomous vehicles, and online retail are also expected to have a major impact.
3. Generational disruption. “Boomers’ and millennials’ divergent views of where they live, work, and play increasingly impact the property markets,” the report notes. “The generations are crossing paths everywhere: in the workplace, in housing, and at the local bar and grill, intersecting and sharing spaces despite their often disparate priorities when it comes to the built environment.”
4. Retail disruption. “The trend toward transforming retail into ‘experiences’ continues to develop and is offsetting shrinkage in the physical bricks-and-mortar consumer-goods platform,” the report says. “‘Experiential’ retail drives customer traffic to a more diverse and highly participatory environment targeted to a variety of age groups and interests. This sector has transitioned into a kind of ‘Omni Channel’—encompassing e-commerce, reduced or repurposed physical elements, and a host of previously unforeseen spaces, both physical and virtual—with a current emphasis evolved from bricks-and-mortar shopping to the timely, efficient transfer of goods from source to inventory to consumer.”
5. Infrastructure investment. The private sector is directing significant funds to infrastructure projects, recognizing the need and long-term rewards of investing in roads, bridges, tunnels, ports, and airports. Investors now oversee $376 billion in U.S. infrastructure dollars. “It is clear that the need for infrastructure investment is critical,” the report says. “The movement of goods, which involves everything from ports to airports to warehouses to roads, highways and railroads, is further straining an aging and highly vulnerable interior framework. Add to this the need for pipelines, electricity transmission, and water distribution, and the immediacy of infrastructure needs becomes even more pronounced.”
6. Housing disparity. “Safe, decent, affordable housing has been shown to have a stabilizing effect on urban economies, crime, and public health,” according to the report. “A current lack of inventory has generated a spike in home prices and, as a result, declining affordability for many home buyers, particularly those in lower-income sectors. A critical disparity exists between housing needs and housing supply.” The report cites a growing affordability gap and limited availability of housing in locations with significant job growth, such as major cities and coastal regions.
7. Threats to the middle class. In 2007, the average middle-class income was $57,403. Now it hovers below inflation-adjusted levels from nearly two decades ago at $57,909. These income levels have yet to return to their pre-recession highs, and stagnant income growth will continue to press on the middle class.
8. Emerging role of healthcare in real estate. The nation spends more than $3 trillion each year on healthcare costs—about $10,000 per person—which is double the average for developed countries worldwide. “The real estate industry has emerged as a major player to cost-effectively improve people’s health,” the report notes. “Building occupants are increasingly demanding that the space they inhabit be designed, constructed, and operated in ways that advance positive health outcomes.” A growing focus on healthy buildings is emerging, as people spend about 90 percent of their time indoors. Research from the Mayo Clinic shows that healthcare contributes 20 percent to maintaining people’s health, while environmental and behavioral factors account for 40 percent.
9. Immigration. As the Trump administration seeks to enact more restrictive immigration laws, some housing leaders are growing concerned about labor shortages in homebuilding. Demographers note that immigrant groups are a source of household formation. “New immigrants tend to rent, boosting demand for multifamily housing, especially in gateway cities,” according to the report. “Recent surveys suggest that immigrant populations aspire to own homes and to move relatively freely from cities to suburbs and back in the search for employment. Labor mobility and homeownership rates will be constrained by limiting immigration.”
10. Climate change. The National Oceanic and Atmospheric Administration released a report this year that shows sea level rises are expected to more than double from 2013 forecasts—to between 6.6 and 8.6 feet by 2100. “While a potential rise of sea level may seem far in the future, NOAA also estimates that annual frequencies of disruptive and damaging flooding would increase 25-fold with only a 14-inch increase in local sea level rise,” according to the report. “Major cities such as Miami, New York, New Orleans, Tampa, and Boston are projected to have the most costly problems, with South Florida and most coastal areas all exposed to differing levels of sea rise risk and cost. The implications of potential sea level rise and related flooding on real estate values is positioned to explode due to dramatic increases in the volume and accessibility of information on the consequences of sea rise.”
How To Win A Bidding War Without Overspending
from a trulia blog, a few interesting things to consider...
It’s possible to win a bidding war without paying a cent more than you budgeted for.
How To Win A Bidding War With Multiple Offers On a House
1. Know what you can really afford
As far as emotional purchases go, buying a home ranks right up there with choosing a wedding dress — only the financial stakes are much higher. Unless you know ahead of time exactly how much house you can afford, you could easily be sucked into spending too much. Your lender or financial adviser can help you determine that number. Then it’s time to play ball.
“Submit your best and final offer early,” says Skyler Irvine, senior partner at Myriad Real Estate Group in Phoenix, AZ. “If $1,000 keeps you from pulling into the driveway of your dream home just because you wanted to play hardball, then you might regret this more than you can imagine.” But the flip side is also true. “If you get outbid because someone offered more than you were comfortable with spending, then you didn’t lose anything and made a smart financial decision.”
Here’s a real-life strategy from a client of Naples, FL, agent Gordon Campbell on how to submit the best offer in a “best and final” situation without going too high: “They simply added a clause stating that they would pay $1,000 more than the next ‘best and final’ capped at the original price as seen in the MLS.” The outcome? “They got the property for slightly more than the other bidder.”
2. Talk with the listing agent
You can put in an offer, but unless your agent makes the effort to speak with the listing agent, your offer, in a multiple offer scenario, will probably not stand out. Gary Hughes, a Virginia real estate agent, recently received 13 offers for a property he listed. “Twelve were just emailed, and the buyers’ agents did not speak to me,” he says. But one agent called and had the lender follow up. “The lender and the buyer’s agent were able to address a concern in a way that assured me it would get to settlement. It wasn’t the highest offer, but it was close. Those conversations made all the difference.”
3. Propose a shorter closing
It’s always beneficial to find the seller’s motivation for selling (if you can). Let’s say they just accepted a new job in another part of the country. This seller is probably highly motivated to sell quickly. “If you can close the deal in two or three weeks, you may win over the higher offer that comes with a six-week closing period,” says Eric Bowlin, a real estate investor.
But just how do you go about closing faster? Here’s one way: “Tighten up your inspection time frame so sellers know that they can get through to a closing date quicker,” says William Golightly, a Florida agent.
Buyers can also be preapproved, or even better, get a conditional approval, from their lender. Going through the mortgage process first allows you to close just as fast as all-cash buyers do.
4. Rent the house back to the sellers
Some sellers aren’t interested in a short closing at all. In fact, the opposite could be true. Sellers who don’t have to sell quickly but who are just making a change, such as downsizing or upsizing, might want a long closing or some sort of flexible deal to give them time to find their new home. “Being able to rent back the property to the seller for a few months while they solidify their next purchase can go a long way into not needing to overbid on the property,” says Aaron Norris, a California real estate investor with The Norris Group.
5. Submit an as is offer
The fewer conditions you put on negotiating the house price, the more attractive you look to sellers. Consider offering to buy the house as-is. Miami Beach, FL, agent Jill Hertzberg says, “You can opt out of conducting inspections.” But since this is an extremely risky proposition, Hertzberg suggests instead of waiving the inspection altogether, decrease the inspection period to two days maximum. Lilia Biberman, a Boca Raton, FL, agent says to only waive the inspection “if you have a firm grasp of all the possible defects a property may possess and the costs associated with remedying those defects.” Also, if you’ll be paying in cash, you don’t need a financing contingency, which protects buyers who don’t secure financing in time.
It’s possible to win a bidding war without paying a cent more than you budgeted for.
How To Win A Bidding War With Multiple Offers On a House
1. Know what you can really afford
As far as emotional purchases go, buying a home ranks right up there with choosing a wedding dress — only the financial stakes are much higher. Unless you know ahead of time exactly how much house you can afford, you could easily be sucked into spending too much. Your lender or financial adviser can help you determine that number. Then it’s time to play ball.
“Submit your best and final offer early,” says Skyler Irvine, senior partner at Myriad Real Estate Group in Phoenix, AZ. “If $1,000 keeps you from pulling into the driveway of your dream home just because you wanted to play hardball, then you might regret this more than you can imagine.” But the flip side is also true. “If you get outbid because someone offered more than you were comfortable with spending, then you didn’t lose anything and made a smart financial decision.”
Here’s a real-life strategy from a client of Naples, FL, agent Gordon Campbell on how to submit the best offer in a “best and final” situation without going too high: “They simply added a clause stating that they would pay $1,000 more than the next ‘best and final’ capped at the original price as seen in the MLS.” The outcome? “They got the property for slightly more than the other bidder.”
2. Talk with the listing agent
You can put in an offer, but unless your agent makes the effort to speak with the listing agent, your offer, in a multiple offer scenario, will probably not stand out. Gary Hughes, a Virginia real estate agent, recently received 13 offers for a property he listed. “Twelve were just emailed, and the buyers’ agents did not speak to me,” he says. But one agent called and had the lender follow up. “The lender and the buyer’s agent were able to address a concern in a way that assured me it would get to settlement. It wasn’t the highest offer, but it was close. Those conversations made all the difference.”
3. Propose a shorter closing
It’s always beneficial to find the seller’s motivation for selling (if you can). Let’s say they just accepted a new job in another part of the country. This seller is probably highly motivated to sell quickly. “If you can close the deal in two or three weeks, you may win over the higher offer that comes with a six-week closing period,” says Eric Bowlin, a real estate investor.
But just how do you go about closing faster? Here’s one way: “Tighten up your inspection time frame so sellers know that they can get through to a closing date quicker,” says William Golightly, a Florida agent.
Buyers can also be preapproved, or even better, get a conditional approval, from their lender. Going through the mortgage process first allows you to close just as fast as all-cash buyers do.
4. Rent the house back to the sellers
Some sellers aren’t interested in a short closing at all. In fact, the opposite could be true. Sellers who don’t have to sell quickly but who are just making a change, such as downsizing or upsizing, might want a long closing or some sort of flexible deal to give them time to find their new home. “Being able to rent back the property to the seller for a few months while they solidify their next purchase can go a long way into not needing to overbid on the property,” says Aaron Norris, a California real estate investor with The Norris Group.
5. Submit an as is offer
The fewer conditions you put on negotiating the house price, the more attractive you look to sellers. Consider offering to buy the house as-is. Miami Beach, FL, agent Jill Hertzberg says, “You can opt out of conducting inspections.” But since this is an extremely risky proposition, Hertzberg suggests instead of waiving the inspection altogether, decrease the inspection period to two days maximum. Lilia Biberman, a Boca Raton, FL, agent says to only waive the inspection “if you have a firm grasp of all the possible defects a property may possess and the costs associated with remedying those defects.” Also, if you’ll be paying in cash, you don’t need a financing contingency, which protects buyers who don’t secure financing in time.
Tiny houses running into obstacles in Colorado
interesting article from the Gazette in Colorado Springs...
When Amy Davis and her partner moved out of their house in South Florida and into a 399-square-foot cottage on wheels, they had no problem adjusting to the close quarters.
But finding a spot for their "tiny house" proved a challenge until they stumbled upon a like-minded community nestled on a hillside in Woodland Park.
Peak View Park is host to more than 40 of the units, each less than 400 square feet in size and mounted on trailers, that have been touted by HGTV shows and magazine articles as the gateway to an affordable, alternative lifestyle. But, as the new form of dwelling has made its way into housing markets, a problem has emerged: Governments aren't quite sure how tiny houses fit in with zoning regulations and land-use codes.
"The trouble is finding a place to put them," Davis, 50, said from her miniature living room.
The park's owners have worked with Teller County officials to legally allow the dwellings and were able to do so because the park predates a zoning rule that would have prevented them from being used as long-term residences.
In neighboring El Paso County, commissioners met with planning officials on Tuesday to discuss some of the questions that have arisen since tiny houses have become popular, including if builders should be certified, how the structures fit in with existing zoning requirements and who's in charge of enforcing the rules.
The regulatory gaps are especially pronounced in Colorado, where more than a dozen tiny home builders are based, said Darin Zaruba, founder of the Tiny House Jamboree, a national expo that attracted tens of thousands of people to Colorado Springs in 2015 and 2016.
"It's a hub of the movement and a hub of the industry," said Zaruba, who addressed commissioners. "But, the irony is, it's one of the hardest states to be dealing with where to place (the houses)."
Colorado Springs is home to manufacturers Sprout and Tumbleweed and, until earlier this year, Zaruba's company EcoCabins. He sold the jamboree to a major exhibition company when the event outgrew the Springs and moved his company's headquarters out of state, he said.
County planning and building officials have heard from residents interested in tiny living. In March, commissioners approved a zoning variance for a woman who had one of the units placed on her property, just east of Colorado Springs, in 2015 without knowing she was violating the land development code. Last month, the Colorado Springs Planning Commission OK'd another variance to allow a family to put two tiny homes on their 400-acre ranch near Colorado 83 and Shoup Road. It was a first for city planning officials, who have also expressed the desire to encourage the movement, seen by proponents as an option for those unable to afford rising housing costs.
Darryl Glenn, president of the county commissioners, echoed the sentiment on Tuesday.
"This is a tremendous opportunity to be industry and community leaders on this issue," he said.
Because most tiny houses are mounted on wheels, they are considered recreational vehicles by the land development code. One major stumbling block is that El Paso County and many other counties in Colorado have rules that prohibit recreational vehicles from being used as permanent housing. El Paso County's code also limits RVs to certain areas, such as specially designated parks and campgrounds.
Another issue at hand is building standards for tiny homes.
"Ninety percent of this market right now is do-it-your-selfers and contractors that are building out of a shed to no code," Zaruba told commissioners during the work session.
He estimated that roughly 10 manufacturers in the nation build to the standards used by the Recreational Vehicle Industry Association, which audits RV manufacturers to ensure compliance.
But certification is likely an issue for state or federal regulators to take up, said Craig Dossey, executive director of the county's Development Services Department. Pikes Peak Regional Building Department, which typically ensures that homes are constructed to meet certain standards, cannot issue building permits or certificates of occupancy if the units are considered recreational vehicles.
Commissioners also expressed support for creating legal avenues for the development of planned tiny house communities, similar to Peak View Park.
The park's owners, Matt Fredell and Pete LaBarre, are dealers for several out-of-state homebuilders, offering the miniature units for an average price of about $65,000. Homeowners living in the park pay a monthly rent of about $500 to $600 for their lots.
While the park is nearly full, Fredell and LaBarre are working with government officials on similar developments in Delta and Gunnison.
Park resident Courtney Cunard, 41, rented studio apartments in Colorado Springs for years before she moved into her tiny house.
"There's no other place I'd rather be," she said. "I was tired of paying everyone else's mortgage."
When Amy Davis and her partner moved out of their house in South Florida and into a 399-square-foot cottage on wheels, they had no problem adjusting to the close quarters.
But finding a spot for their "tiny house" proved a challenge until they stumbled upon a like-minded community nestled on a hillside in Woodland Park.
Peak View Park is host to more than 40 of the units, each less than 400 square feet in size and mounted on trailers, that have been touted by HGTV shows and magazine articles as the gateway to an affordable, alternative lifestyle. But, as the new form of dwelling has made its way into housing markets, a problem has emerged: Governments aren't quite sure how tiny houses fit in with zoning regulations and land-use codes.
"The trouble is finding a place to put them," Davis, 50, said from her miniature living room.
The park's owners have worked with Teller County officials to legally allow the dwellings and were able to do so because the park predates a zoning rule that would have prevented them from being used as long-term residences.
In neighboring El Paso County, commissioners met with planning officials on Tuesday to discuss some of the questions that have arisen since tiny houses have become popular, including if builders should be certified, how the structures fit in with existing zoning requirements and who's in charge of enforcing the rules.
The regulatory gaps are especially pronounced in Colorado, where more than a dozen tiny home builders are based, said Darin Zaruba, founder of the Tiny House Jamboree, a national expo that attracted tens of thousands of people to Colorado Springs in 2015 and 2016.
"It's a hub of the movement and a hub of the industry," said Zaruba, who addressed commissioners. "But, the irony is, it's one of the hardest states to be dealing with where to place (the houses)."
Colorado Springs is home to manufacturers Sprout and Tumbleweed and, until earlier this year, Zaruba's company EcoCabins. He sold the jamboree to a major exhibition company when the event outgrew the Springs and moved his company's headquarters out of state, he said.
County planning and building officials have heard from residents interested in tiny living. In March, commissioners approved a zoning variance for a woman who had one of the units placed on her property, just east of Colorado Springs, in 2015 without knowing she was violating the land development code. Last month, the Colorado Springs Planning Commission OK'd another variance to allow a family to put two tiny homes on their 400-acre ranch near Colorado 83 and Shoup Road. It was a first for city planning officials, who have also expressed the desire to encourage the movement, seen by proponents as an option for those unable to afford rising housing costs.
Darryl Glenn, president of the county commissioners, echoed the sentiment on Tuesday.
"This is a tremendous opportunity to be industry and community leaders on this issue," he said.
Because most tiny houses are mounted on wheels, they are considered recreational vehicles by the land development code. One major stumbling block is that El Paso County and many other counties in Colorado have rules that prohibit recreational vehicles from being used as permanent housing. El Paso County's code also limits RVs to certain areas, such as specially designated parks and campgrounds.
Another issue at hand is building standards for tiny homes.
"Ninety percent of this market right now is do-it-your-selfers and contractors that are building out of a shed to no code," Zaruba told commissioners during the work session.
He estimated that roughly 10 manufacturers in the nation build to the standards used by the Recreational Vehicle Industry Association, which audits RV manufacturers to ensure compliance.
But certification is likely an issue for state or federal regulators to take up, said Craig Dossey, executive director of the county's Development Services Department. Pikes Peak Regional Building Department, which typically ensures that homes are constructed to meet certain standards, cannot issue building permits or certificates of occupancy if the units are considered recreational vehicles.
Commissioners also expressed support for creating legal avenues for the development of planned tiny house communities, similar to Peak View Park.
The park's owners, Matt Fredell and Pete LaBarre, are dealers for several out-of-state homebuilders, offering the miniature units for an average price of about $65,000. Homeowners living in the park pay a monthly rent of about $500 to $600 for their lots.
While the park is nearly full, Fredell and LaBarre are working with government officials on similar developments in Delta and Gunnison.
Park resident Courtney Cunard, 41, rented studio apartments in Colorado Springs for years before she moved into her tiny house.
"There's no other place I'd rather be," she said. "I was tired of paying everyone else's mortgage."
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