In a mash-up survey of 450 real estate agents and 1,660 homeowners, homeowners get it - most of the time - when it comes to home improvements that help induce sales and higher prices.
Realtor.com's home improvement survey, conducted online from June 6 to June 13, 2012, tapped agents and Realtor.com users who are homeowners planning to improve their home before putting it on the market.
Given today's home buyers are aware of soft market conditions that can put a drag on values, they want a home that's ready to appreciate and that's a home in the best shape possible.
Nearly 90 percent of real estate agents believe home improvements can help a home sell faster, and nearly 73 percent say home work can boost the price, provided the home improvements are the right home improvements.
Nearly three in four (71.4 percent) real estate agents say sellers too often underestimate the power of simple home improvements - repairs, painting and cosmetic upgrades.
Not so, say more than one in four (75.21 percent) of homeowners polled. They most certainly plan to repair broken household items before listing their home for sale.
Also, 65.9 percent of real estate agents said another common mistake among homeowners is not making "the right" home improvements for the local market. Like upgrades from home to home help pull up values overall.
Agents, 62 percent of them, also said too many homeowners make specialty improvements based on their own tastes rather than what might appeal to a buyer.
Recommended home improvements
The most common home improvements recommended by real estate agents included:
• The vast majority, 96.5 percent, of real estate professionals surveyed recommend sellers repair household items that are broken before putting a home on the market.
• More than half, 63.8 percent, of real estate agents recommend sellers make kitchen improvements.
• Most, 59.3 percent, of real estate professionals recommend sellers make bathroom improvements.
What sellers improve
Are sellers complying with real estate agents' recommended home improvements? Again, for the most part, yes.
The most common improvements made by home sellers:
• A majority, 75.21 percent, of sellers planning renovations will repair broken household items before selling their home.
• Most, 53.43 percent, of owners plan to add new flooring before selling their home.
• Also most, 53.37 percent, of sellers plan bathroom improvements before selling their home.
Homeowners appear to have dropped the ball on kitchen work, but they aren't pinching pennies when it comes to home improvements that sell.
Home improvement budgets were $2,001 to $5,000 for 24.1 percent of home sellers planning improvements; $5,001 to $10,000 for 22.23 percent and $10,001 to $20,000 for 16.63 percent.
August 16, 2012 -- Realty Times Feature Article by Broderick Perkins
Friday, August 31, 2012
Tuesday, August 28, 2012
Living Modern in Montana ~ 112 Cobble Creek Road, Bozeman MT
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| Stephen Dynia's contemporary design ~ 112 Cobble Creek Road, Bozeman, MT |
The highest standards of architect Stephen Dynia’s contemporary design approach have been applied to this sleek, clean-lined home. Situated on nearly 17 acres, just minutes from historic downtown Bozeman, this masterpiece embodies the very best of innovation, embracing a truly unique landscape. The home's architecture creates fluidity and a sense of harmony between nature and structure. Every aspect of the materials and design is integrated to provide sustainability in a dramatic setting.
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| Nestled in the fields south of Bozeman, Montana off Sourdough Road. |
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| Situated on nearly 17+/- acres, just minutes from historic downtown Bozeman |
For more information: http://www.finehomesmt.com/cobblecreek
During the day, the home is passive solar, with sunlight heating, shaping and articulating the living spaces. The expansive south-facing glass wall affords unobstructed views of the Gallatin and Spanish Peaks Mountains. At night, the expansive wall of glass ties the southern starlit sky into the living area. Glass doorways open onto a 1,400 square foot Tiger Wood deck and adjacent 400 square foot patio dining area, providing for seamless indoor/outdoor living.
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| Unobstructed views of the Gallatin and Spanish Peaks Mountains |
General Resident Features:
- Designed by Stephen Dynia Architects, winner of several AIA awards
- Extensive use of passive solar (heating is not needed on most winter days)
- Rough sawn beams and walnut flooring throughout the main living area
- Two limestone fireplaces situated at either end of the living space
- Crestron Adagio Distributed Audio System featuring six independent zones and six audio sources
- Home Theater System featuring full Dolby 7.1 Surround Sound, B&K Home Theater System, Sony HD
- 1080p Cinema Projector, 85" Wide - Automatic Drop-Down Projection Screen and a wet bar/morning kitchen with a U-Line Beverage Cooler
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| Home Theater System featuring full Dolby 7.1 Surround Sound |
- Four 1080p Flat Screen HDTVs with hidden components in Master Bedroom, Kitchen, Guest Room and Studio Apartment
- 383 Bottle Wine Room
- Large irrigated garden and adjacent chicken coop (non-permanent structure on concrete patio which can easily be removed and transformed into a garden patio dining area)
Gourmet Kitchen:
- Two Freestanding Islands one with counter seating and one with bar-height seating
- Teak Cabinetry and Cambria Countertops throughout
- Two Dishwashers - Miele and Fisher Paykel
- Commercial-Grade 5-Burner DCS Range/Oven
- Three Blanco SteelArt Designer Sinks
- Reverse Osmosis Water Filtering System
- Two InSinkErator Garbage Disposals
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| Gourmet Kitchen with two freestanding islands and three Blanco SteelArt Designer Sinks |
Designer Finishes:
- Louis Poulsen Artichoke Chandelier
- Dining Room Features a Louis Poulsen Artichoke Chandelier. Designed by Poul Henningson in 1958, the PH Artichoke is considered a classical masterpiece. The original PH Artichokes were created for the Langelinie Pavilion Restaurant, where they still hang today.
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| View of the dining room looking south east towards Triple Tree and the Hyalite Mountains. |
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| Louis Poulsen Artichoke Chandelier |
- Dornbracht Kitchen and Bathroom Fixtures throughout the residence. All fittings and accessories that bear the name Dornbracht are of the highest quality, possess pioneering design and place a clear and unmistakable emphasis on function.
- Duravit Toilets in Powder Rooms and Master Bath, designed by Philippe Starck.
- Powder Room Sinks feature cutting-edge contemporary design, manufactured in France by Julien.
- All Baths include Zuma Collection Contemporary Soaker Tubs
- Oceanside Handcrafted Glass Tile installed in Master Bath. Villi Glass Mosaic Tile installed in other baths creating a unique brilliance using the interplay of light and color.
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| Oceanside Handcrafted Glass Tile installed in Master Bath |
- Robern Cabinets in Master Bath provide minimalist design blends with modern, innovative technology.
- Architectural Door Hardware by Omnia
- Oceanside Handcrafted Glass Tile
- Master Bathroom
For more information or to schedule a showing, please contact:
Carol Lister
Broker, CRS, GRI, ABR
Prudential Montana Real Estate
2001 Stadium Drive, Ste. A
Bozeman, MT
59715
carol.lister@prumt.com
406-581-9376
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| Carol Lister, Broker, CRS, GRI, ABR - Prudential Montana Real Estate |
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| Lake Davis, Sales Associate - Prudential Montana Real Estate |
or
Lake Davis
Sales Associate
Prudential Montana Real Estate
1925 N 22nd Avenue, Suite 201
Bozeman, MT
59178
lake.davis@prumt.com
Thursday, August 23, 2012
Sellers Getting Comfortable With Today's Housing Prices?
The wealthy may soon be feeling the pinch as the
luxury housing market takes a hit. According to RealtyTrac, homes listed
for over $1 million have dropped 20 percent in 2012. That means the
average sales price for expensive real estate homes has gone from $2.5
million, last year, to just above $2 million. Some higher-priced luxury
homes are even lopping off several millions of dollars in hopes of
finding buyers.
Interestingly, after many years of waiting and hoping, the more vast real estate market is experiencing some price stabilization and possibly even seeing prices rise a bit. Some say that's because sellers are getting comfortable with the lower sales price.
However, other experts argue that the increase is more likely seasonal rather than a true sign that the market has completely bottomed out. Part of the reason for the skepticism, industry economic experts say, is because there is a large looming mass of homes either nearing a foreclosure or already in progress. As those foreclosed homes quickly and massively come into the marketplace, it's likely prices would drop.
But in the last couple of months, the press has reported on housing inventory dropping in some markets and competitive pricing is most evident in the markets that suffered greatly from foreclosures such as Phoenix, Miami, and parts of Southern California. Markets like Phoenix and San Francisco are seeing some speculative purchasing and that is raising concerns about possible market bubbles.
If you're selling your home now should you be concerned? Not if you're taking the right precautions and hiring the most experienced industry professionals to assist you. Understanding the pros and cons of a particular market is vital.
According to the National Association of Realtors, nationally, first-time buyers made up only 35 percent of existing single-family home sales during the month of April. That compares to 40 to 45 percent of the market in better times.
Statistics like that matter because they point to economic barriers that could keep your home on the market longer than you desire. It's, of course, the tight credit lending restrictions, high unemployment rate, and overall unstable economy that are, in some cases, shutting out first-time buyers.
But the flip side is that continuing low interest rates are still drawing wannabe homeowners out to search for their perfect house which has likely dropped a good 35 percent from what it was during the housing peak.
Another factor contributing to the overall real estate market is that it's an election year. Due to uncertainty, some predict that buyers may be inclined to purchase before the end of the year. Others fear that, depending on the outcome of the election, some of the tax cuts currently in place will expire.
Also, your pricing could be affected depending on the style of home you're selling. The number of buyers interested in the senior housing market is increasing. Lots of Boomers are aging and they have many ailments. Apartment living lacks the privacy they desire but often single family homes aren't suitable. So housing that features senior-friendly accommodations like a master suite on the first floor tend to be in demand. If you have a home that is designed to allow buyers to age in place, it's a good idea to market it that way.
Remember when selling your home, follow a few simple rules. Study the market. Get expert advice. Know your target audience. Highlight the most desirable aspects of your home and, be realistic with your listing price.
August 10, 2012 -- Realty Times Feature Article by Phoebe Chongchua
Interestingly, after many years of waiting and hoping, the more vast real estate market is experiencing some price stabilization and possibly even seeing prices rise a bit. Some say that's because sellers are getting comfortable with the lower sales price.
However, other experts argue that the increase is more likely seasonal rather than a true sign that the market has completely bottomed out. Part of the reason for the skepticism, industry economic experts say, is because there is a large looming mass of homes either nearing a foreclosure or already in progress. As those foreclosed homes quickly and massively come into the marketplace, it's likely prices would drop.
But in the last couple of months, the press has reported on housing inventory dropping in some markets and competitive pricing is most evident in the markets that suffered greatly from foreclosures such as Phoenix, Miami, and parts of Southern California. Markets like Phoenix and San Francisco are seeing some speculative purchasing and that is raising concerns about possible market bubbles.
If you're selling your home now should you be concerned? Not if you're taking the right precautions and hiring the most experienced industry professionals to assist you. Understanding the pros and cons of a particular market is vital.
According to the National Association of Realtors, nationally, first-time buyers made up only 35 percent of existing single-family home sales during the month of April. That compares to 40 to 45 percent of the market in better times.
Statistics like that matter because they point to economic barriers that could keep your home on the market longer than you desire. It's, of course, the tight credit lending restrictions, high unemployment rate, and overall unstable economy that are, in some cases, shutting out first-time buyers.
But the flip side is that continuing low interest rates are still drawing wannabe homeowners out to search for their perfect house which has likely dropped a good 35 percent from what it was during the housing peak.
Another factor contributing to the overall real estate market is that it's an election year. Due to uncertainty, some predict that buyers may be inclined to purchase before the end of the year. Others fear that, depending on the outcome of the election, some of the tax cuts currently in place will expire.
Also, your pricing could be affected depending on the style of home you're selling. The number of buyers interested in the senior housing market is increasing. Lots of Boomers are aging and they have many ailments. Apartment living lacks the privacy they desire but often single family homes aren't suitable. So housing that features senior-friendly accommodations like a master suite on the first floor tend to be in demand. If you have a home that is designed to allow buyers to age in place, it's a good idea to market it that way.
Remember when selling your home, follow a few simple rules. Study the market. Get expert advice. Know your target audience. Highlight the most desirable aspects of your home and, be realistic with your listing price.
August 10, 2012 -- Realty Times Feature Article by Phoebe Chongchua
Thursday, August 9, 2012
Record Low Mortgage Rates Helping to Stir the Housing Market
In Freddie Mac's results of its Primary Mortgage
Market Survey®, the average 30-year and 15-year fixed-rate mortgage
hitting new all-time record lows along with the 5-year ARM. The average
30-year fixed has been below 4.00 percent all but one week in 2012. The
average 15-year fixed-rate mortgage has been below 3.00 percent for 8
consecutive weeks.
Freddie Mac's Chief Economist highlights how these record low mortgage rates are fueling housing demand in its July U.S. Economic and Housing Market Outlook.
Freddie Mac's Chief Economist highlights how these record low mortgage rates are fueling housing demand in its July U.S. Economic and Housing Market Outlook.
According to to Frank Nothaft, vice president and chief economist, Freddie Mac: "With little signs of inflation and the Federal Reserve's "Operation Twist" keeping U.S. Treasury bond yields in check, fixed mortgage rates are remaining low and helping to stir the housing market. For instance, the 12-month growth rate in the core Consumer Price Index has been in a narrow 2.1 to 2.3 percent band over the past nine months ending in June. Meanwhile, new construction on one-family homes rose for the fourth consecutive month in June to its strongest pace since April 2010 with builders restocking their lean inventories of new homes. In fact, homebuilder confidence for the next six months rose for the third month in a row in July to its highest reading since March 2007." July 20, 2012 -- Realty Times Feature Article |
Wednesday, August 1, 2012
Housing Cycle Reaches Low Point
Home sales volume last year was up modestly over 2010, but there was
an important shift in their composition: Investors were stepping up to
buy while households dropped back. There’s a positive side to this. Our
surveys show that households getting into the market are doing so for
all the right reasons. They’re seeking a different home or another
neighborhood. They’re not buying just so they can flip the house at the
first sign of market change.
These buyers are getting in at the low point of the housing cycle, so meaningful wealth gains over the next few years are inevitable even though financial considerations are not their principal motivation. From 1981 to 2011, despite the housing bust years, home values more than tripled. For that reason, households who bought 30 years ago are sitting pretty financially. Renters’ typical net worth, by contrast, barely changes, so renters today have about $4,000 in net worth, not much different than they had a few years ago. Compare that to home owners, whose net worth is typically around $160,000. That’s down from $230,000 at the height of the housing bubble, but it remains in stark contrast to renters.
Looking ahead, we could see a greater unequal distribution of net worth over time as home prices rise. Those who will benefit the most are those who, like many investors and some households, are buying during this low point.
Unfortunately, many would-be buyers are either hampered by today’s excessively tight credit requirements or earning too little to qualify. On the first problem, we will continue to urge lenders to return to reasonable, pre-bubble standards. On the second, those who lack the income to buy face challenges that go beyond our ability to help. At a minimum, we can encourage young people to stay in school, since high school dropouts are far more likely to struggle economically throughout their lives than graduates.
May 2012 | By Lawrence Yun
Learn what the latest economic indicators mean for the real estate industry.
http://economistsoutlook.blogs.realtor.org
These buyers are getting in at the low point of the housing cycle, so meaningful wealth gains over the next few years are inevitable even though financial considerations are not their principal motivation. From 1981 to 2011, despite the housing bust years, home values more than tripled. For that reason, households who bought 30 years ago are sitting pretty financially. Renters’ typical net worth, by contrast, barely changes, so renters today have about $4,000 in net worth, not much different than they had a few years ago. Compare that to home owners, whose net worth is typically around $160,000. That’s down from $230,000 at the height of the housing bubble, but it remains in stark contrast to renters.
Looking ahead, we could see a greater unequal distribution of net worth over time as home prices rise. Those who will benefit the most are those who, like many investors and some households, are buying during this low point.
Unfortunately, many would-be buyers are either hampered by today’s excessively tight credit requirements or earning too little to qualify. On the first problem, we will continue to urge lenders to return to reasonable, pre-bubble standards. On the second, those who lack the income to buy face challenges that go beyond our ability to help. At a minimum, we can encourage young people to stay in school, since high school dropouts are far more likely to struggle economically throughout their lives than graduates.
May 2012 | By Lawrence Yun
Learn what the latest economic indicators mean for the real estate industry.
http://economistsoutlook.blogs.realtor.org
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