Source: keepingcurrentmatters.com During the fourth quarter of last year, many housing experts predicted home prices were going to crash this year. Here are a few of those forecasts: Jeremy Siegel , Russell E. Palmer Professor Emeritus of Finance at the Wharton School of Business : “I expect housing prices fall 10% to 15%, and the housing prices are accelerating on the downside.” Mark Zandi , Chief Economist at Moody’s Analytics : “Buckle in. Assuming rates remain near their current 6.5% and the economy skirts recession, then national house prices will fall almost 10% peak-to-trough. Most of those declines will happen sooner rather than later. And house prices will fall 20% if there is a typical recession.” Goldman Sachs : “Housing is already cooling in the U.S., according to July data that was reported last week. As interest rates climb steadily higher, Goldman Sachs Research’s G-10 home price model suggests home prices will decline by around 5% to 10% from the peak in the U.S. . . . Economists at Goldman Sachs Research say there are risks that housing markets could decline more than their model suggests.” The Bad News: It Rattled Consumer Confidence These forecasts put doubt in the minds of many consumers about the strength of the residential real estate market. Evidence of this can be seen in the December Consumer Confidence Survey from Fannie Mae . It showed a larger percentage of Americans believed home prices would fall over the next 12 months than in any other December in the history of the survey ( see graph below ). That caused people to hesitate about their homebuying or selling plans as we entered the new year. The Good News: Home Prices Never Crashed However, home prices didn’t come crashing down and seem to be already rebounding from the minimal depreciation experienced over the last several months. In a report just released, Goldman Sachs explained : “The global housing market seems to be stabilizing faster than expected despite months of rising mortgage rates, according to Goldman Sachs Research. House prices are defying expectations and are rising in major economies such as the U.S. ,. . . ” Those claims from Goldman Sachs were verified by the release last week of two indexes on home prices: Case-Shiller and the FHFA . Here are the numbers each reported: Home values seem to have turned the corner and are headed back up. Bottom Line The housing market is much stronger than many think. To get a true evaluation of your local market, reach out to a trusted real estate professional. ----- Source: keepingcurrentmatters.com

Source: keepingcurrentmatters.com If you’re trying to decide if now’s the time to sell your house , here’s what you should know. The limited number of homes available right now gives you a big advantage . That’s because there are more buyers out there than there are homes for sale. And, with so few homes on the market, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house. Here’s what industry experts are saying about why selling now has its benefits: Lawrence Yun , Chief Economist at the National Association of Realtors (NAR): “Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties .” Selma Hepp , Chief Economist at CoreLogic : “We have not seen the traditional uptick in new listings from existing homeowners, so undersupply of housing will continue to heighten market competition and put pressure on prices in most regions . Some markets are already heating up considerably, but price premiums that we saw last spring and summer are unlikely.” Clare Trapasso , Executive News Editor at Realtor.com : “Well-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking price in many parts of the country . . .” Jeff Tucker , Senior Economist at Zillow : “. . . sellers who price and market their home competitively shouldn’t have a problem finding a buyer .” Bottom Line If you’re thinking about selling your house, connect with a real estate advisor who can share the expert insights you need to make the best possible move today. ----- Source: keepingcurrentmatters.com

Source: realestate.usnews.com When a real estate agent lists a home, staging is a big part of the prep work before the property is ready to be presented to the world. Some degree of staging has become commonplace, especially in the more competitive markets around the country. Typically, a Realtor will work with the furniture and decor already in the home, adding, removing or rearranging various pieces to showcase the space best. But if the seller has already moved out or the seller’s taste proves challenging to the sale, the listing agent may advise the seller to rent or buy curated furniture and decor for staging purposes. Since this can be costly, virtual staging can be used instead, wherein three-dimensional furniture and home accessories are digitally added to the listing photos . Why Would You Virtually Stage a Property? In recent years, with the proliferation of design-themed TV and an explosion of new development in diverse markets across the country, many buyers have lost the ability to imagine their own furnishings in an empty space or to see past a homeowner’s bad taste. Our eyes have been trained for years by staged and neutrally decorated homes that look eerily similar to one another, no matter the city or price point. In order to appeal to a wide audience and also compete with newly built homes , the resale market has followed suit, and many properties come to market as stripped-down versions of what they were, eliminating extreme colors, the seller’s personality, dated home decor, and indications of wear and tear whenever possible. Although sellers and their agents may go to great lengths to do all this, sometimes there isn’t enough time or budget to furnish an empty space or redecorate an ugly one. In these cases, virtual staging is a viable option to grab the attention of internet surfers and motivate potential buyers to click instead of scrolling to the next listing. “Virtual staging is a cost-effective method for staging a property and has become increasingly popular in markets where homes are selling quickly,” says Georgina Jacobson, a real estate agent with Coldwell Banker in Newport Beach, California. She notes that one of the main benefits of using virtual staging versus actual staging is the quick turnaround, since actual furniture doesn’t need to be moved in or out. Furthermore, virtual staging allows for the creative and imaginative implementation of furnishings that can make a property seem simultaneously luxurious, aspirational and inviting in a way that might not be doable in real life. How Does Virtual Staging Help Sell an Empty Property? In the case of a vacant property, after the photos of the empty rooms have been taken, some services can digitally place three-dimensional furniture and decor into the property pictures. The marketing photos with digital furnishings help potential buyers to envision what the space might look like with attractive and aspirational decor, staged like model homes have been for years, as opposed to being presented empty and thus potentially reading as lifeless. The added furniture also adds perspective to the photo, giving the viewer’s eye a place to land and better understand the scale of a room. The vast majority of real estate searches start online, and when buyers are scrolling through listings, they may look at the lead photo for mere seconds before deciding if they want to click. An empty room doesn’t get clicks like furnished (or digitally furnished) homes do. “It really does make a difference when people are scrolling,” says Felicia Captain, a real estate agent with Coldwell Banker Realty in Wellesley, Massachusetts. “They are more inclined to continue viewing the photos of virtually staged rooms rather than empty spaces, especially in new construction homes,” she notes. Although many buyers are great at visualizing the potential of a space, many just aren’t, and they need some help to see potential instead of seeing an empty space. “I find it is super helpful for buyers to visualize the potential of a room and understand how they can use the room to suit their specific needs,” Captain says. “It provides an aesthetic for the space that perhaps they can relate to or see themselves living in.” Jacobson adds, “Virtually staged listings help buyers to get a better feel for an otherwise empty space prior to seeing it in person. It is difficult for a buyer to have an understanding of the room if there is no furniture in it. Virtual staging also can serve as a source of inspiration for how they could furnish the property themselves.” How Does Virtual Staging Help Sell an Ugly Property? Virtual staging can also mask dated or ugly design choices that might otherwise make a potential buyer swipe left. “Listing a property with dated or unattractive furniture and decor can be a major turnoff for buyers, as it does not give them a good first impression of the property,” Jacobson says. In these cases, virtual staging can showcase what could be, instead of the less appealing reality of what is . “Virtual staging is a useful tool when a current owner’s aesthetic might be a hindrance to attracting showing appointments, especially since photos are the first thing buyers assess before setting up a showing,” says Jodi D. Levy, a real estate agent and co-owner of Grand Lux Realty in Chappaqua, New York. As technology has improved, ugly colors on walls or cabinets, dated furniture and even clutter can be digitally erased and replaced with a more contemporary or upscale look. A new home represents a new chapter in someone’s life, perhaps fulfilling a dream, and it can be difficult for buyers to visually remove someone else’s belongings and fantasize about their own. Virtually staging a dated property with neutral but elegant furnishings can help shape the aspirational fantasy in a buyer’s mind. What Are the Pitfalls to Avoid in Virtual Staging? Just as real estate agents should strive for marketing materials to be high quality, so too should virtual staging – low-quality marketing of any kind can imply a low-quality home. If three-dimensional furnishings in a marketing photo look too pixelated or obviously fake, this can be a turnoff to prospective buyers. Conversely, if the virtual staging is too good, buyers might feel misled upon seeing the property in real life. “It’s important to be transparent and disclose when using virtual staging,” Levy says. As helpful as virtual staging can be for prospective buyers to visualize the potential for an empty or badly decorated space, many agents will alternate the photos in the marketing, with the un-doctored photos right behind the clearly labeled “virtually staged” photos. “For some prospective buyers, seeing a space without furniture is extremely helpful, but others need the visual assistance,” Levy says. Given that virtual staging has become somewhat commonplace, many buyers are accustomed to seeing it used. “As long as virtual staging is properly disclosed, I don't believe it is misleading to prospective buyers,” Jacobson says. “We never want buyers to be unpleasantly surprised when they see a property in person.” And when there might be an infinite number of design options to pluck from a digital library, the choices should be carefully considered. “The style and design of the virtual staging should align with the property,” Captain says. “I try to use a style that fits the architectural design of the property while adding contemporary and transitional features for today's living preferences.” While the doctored photos might be helpful to buyers when scrolling through online listings, they can also be useful in the actual home, especially in empty rooms. Propping up an easel in the property with a blown-up copy of the virtually staged photo is a great way to showcase what could be. Captain notes that “having large photo canvases of the virtually staged rooms is helpful, so the prospective buyer sees the virtual staging in a larger format while standing in the space.” As our culture becomes increasingly visually oriented regarding how we process products marketed to us, first impressions can make or break a sale , especially in competitive real estate markets. Property photos are usually the first thing that prospective buyers come across, and these photos have to grab the attention of web surfers before they scroll to the next listing. When photos of empty or ugly rooms fail to engage the viewer, virtual staging is a valuable marketing asset. ---- Source: realestate.usnews.com

Source: keepingcurrentmatters.com Downsizing has long been a popular option when homeowners reach retirement age. But there are plenty of other life changes that could make downsizing worthwhile. Homeowners who have experienced a change in their lives or no longer feel like their house fits their needs may benefit from downsizing too. U.S. News explains : “Downsizing is somewhat common among older people and retirees who no longer have children living at home. But these days, younger people are also looking to downsize to save money on housing . . .” And when inflation has made most things significantly more expensive, saving money where you can has a lot of appeal. So, if you’re thinking about ways to budget differently, it could be worthwhile to take your home into consideration. When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares : “A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.” That windfall is thanks to your home equity . If you’ve been in your house for a while, odds are you’ve developed a considerable amount of equity. Your home equity is an asset you can use to help you buy a home that better suits your needs today. And when you’re ready to make a move, your team of real estate experts will be your guides through every step of the process. That includes setting the right price for your house when you sell, finding the best location and size for your next home, and understanding what you can afford at today’s mortgage rate. What This Means for You If you’re thinking about downsizing, ask yourself these questions: Do the original reasons I bought my current house still stand, or have my needs changed since then? Do I really need and want the space I have right now, or could somewhere smaller be a better fit? What are my housing expenses right now, and how much do I want to try to save by downsizing? Once you know the answers to these questions, meet with a real estate advisor to get an answer to this one: What are my options in the market right now? A local housing market professional can walk you through how much equity you have in your house and how it positions you to win when you downsize. Bottom Line If you’re looking to save money, downsizing your home could be a great help toward your goal. Talk with a real estate agent about your goals in the housing market this year. ----- Source: keepingcurrentmatters.com

Source: realestate.usnews.com When it comes time to sell your home, it can be difficult to set your emotions aside and accurately assess your property’s value . Home is a sacred space where lives are built and memories are created - and it’s also likely your biggest monetary asset. When feelings and finances mix, it’s hard to put a price on something. However, in order to sell your home quickly and for the best possible price, it's important to learn some tough lessons when it comes to your home's true market value. Here's what you should do to get a firm understanding of your home's market value: Do your research. Manage your expectations. Price for today's market. Take constructive criticism. Do Your Research The first step in this process is to do your research. Look at recent sales of similar homes in your neighborhood, taking into account factors such as square footage, number of bedrooms and bathrooms and any unique features that may impact the value of your property. Hiring a professional appraiser or real estate agent to provide a more accurate assessment of your home's value is often a good idea. Manage Your Expectations Once you have a clear idea of your home's market value, it's time to have an honest discussion with yourself and your real estate agent about your expectations for the sale. Are you willing to price your home competitively in order to attract buyers quickly? Are you open to negotiating on price or making concessions such as covering closing costs or repairs? Be honest with yourself about what you're willing to do in order to sell your home, and be prepared to make compromises in order to achieve your goal. Price for Today’s Market It's also important to understand that the housing market is constantly changing, and what your home was worth a year ago may not be the same as its current market value. In 2021, when COVID-19 caused an exodus from urban centers and mortgage interest rates dropped to the range of 2% to 3%, home prices shot up in response to overwhelming demand and access to cheap loans. Today, as the Fed continues to fight inflation, mortgage rates are in the 6% range and that means higher monthly payments for buyers. However, prices aren’t coming down enough to offset these challenges in many areas of the country, and homes are sitting on the market longer. Sellers need to accept the fact that their home likely won’t fetch the same price their neighbors commanded in 2021, because the market conditions simply aren’t there to support it. To make deals happen, be willing to adjust your expectations and pricing strategy based on current market conditions. Take Constructive Criticism Finally, be prepared for feedback from potential buyers and real estate agents. It can be difficult to hear criticism of your home, but feedback can be a valuable tool in helping you make necessary improvements or adjustments in order to sell your home quickly and for the best possible price. Don’t be offended if you're asked to declutter, add a fresh coat of paint or spruce up your landscaping. These are all small expenses that could yield bigger returns in the end. Selling your home can be an emotional and stressful process, but taking a step back to assess your home's true value and your expectations for the sale can help you make informed decisions. By doing your research, remaining flexible, and heeding professional advice, you can navigate the home selling process and come out with a successful sale. ---- Source: realestate.usnews.com

Source: patch.com Finding the perfect place to live and raise a family in California can be difficult, with so many factors to consider like work, schools, outdoor activities, nightlife, and yes, the ever-fluctuating real estate market. Neighborhood ranking site Niche released its 2023 list of the best counties to live in across the Golden State. Factors include public schools, housing, crime, the county’s diversity, available jobs, and commuting. Users on Niche’s website can also write their own reviews of a place they have lived. Those factors created the rankings below. The Bay Area dominates the list in the“Best Places to Live” category, taking into account nightlife, diversity and being "good for families," according to Niche.com, while only two Southern California Counties made the grade in the top 10. Though many residents own their own homes in the counties listed below, housing affordability does not rise above the grade of a C- in any of the ten counties in the Golden State. Here are the Niche rankings of the 10 best California counties to call home , and the score they got in certain factors. You can click on the link for each county to learn more about the Niche ranking: 10. Sacramento County According to Niche, Sacramento County has many parks, is not terribly congested and good for commuters. The predominant population tends to be liberal, and the bars, restaurants, coffee shops and schools are all highly rated . Overall Grade: A- Public Schools: A Nightlife: A Good for families: A Diversity: A+ Housing: D+ Jobs: C+ 9. San Diego County San Diego County is ideal for families and young professionals, with highly rated schools. According to Niche, many residents lean liberal, own their own homes, and there is much to do for outings, day or night. Overall Grade: A- Public Schools: A- Nightlife: A Good for families: A- Diversity: A Housing: D- Jobs: C+ 8. Placer County Residents of Placer County enjoy owning their own homes and have access to many restaurants, coffee shops and parks. Many conservative families and young professionals make homes here and the schools are highly rated. Overall Grade: A- Public Schools: A Nightlife: A- Good for families: A Diversity: B+ Housing: C- Jobs: B+ 7. Santa Cruz County Right on the central coast, Santa Cruz County is among the best for families. With high-rated public schools , a widely diverse population, and many coffee shops, restaurants, bars and parks it is a favorite for young, liberal professionals, according to Niche.com. Overall Grade: A- Public Schools: A Nightlife: A Good for families: A- Diversity: A Housing: D Jobs: C+ 6. Contra Costa County Over 1.1 million people call Contra Costa County home , according to Niche.com. Many residents own their own homes and have access to excellent dining options and outdoor activities. The population tends to be both liberal and diverse, with high-rated schools. Overall Grade: A Public Schools: A Nightlife: A Good for families: A Diversity: A+ Housing: D+ Jobs: B- 5. Orange County Orange County is home to 3.1 million residents, and sits in the middle of the best counties to live in, according to Niche. It offers a multitude of outdoor activities and even more places to dine out. There are moderate political opinions across the county with a diverse population, and the schools are highly ranked. Overall Grade: A Public Schools: A+ Nightlife: A+ Good for families: A+ Diversity: A Housing: D+ Jobs: C+ 4: Marin County Marin County is among the more sparsely populated California counties, where many residents own their own homes. It is ideal for retirees, according to Niche.com, and residents tend to be liberal. For families, the schools are highly rated and there are a plethora of restaurants, bars, coffee shops and parks. Overall Grade: A Public Schools: A+ Nightlife: A Good for families: A+ Diversity: B+ Housing: C- Jobs: B 3: San Mateo County San Mateo County is home to over 750,000 residents, many young professionals and families . Residents tend to be more liberay, according to Niche.com. The area is highly rated for public schools, nightlife, dining out and enjoying the outdoors. Overall Grade: A+ Public Schools: A Nightlife: A Good for families: A+ Diversity: A Housing: C- Jobs: B+ 2: Santa Clara County Just under 2 million people live in Santa Clara County, where the population is diverse and tends to be liberal, according to Niche.com. There are quite a few bars, restaurants, coffee shops and parks here. Many young professionals call this county home , and the public schools are among the best in the Golden State. Overall Grade: A+ Public Schools: A+ Nightlife: A Good for families: A+ Diversity: A Housing: C- Jobs: B+ 1: Alameda County Alameda County is densely populated with just over 1.6 million residents calling this county home. With great nightlife and excellent parks, restaurants and coffee shops there is much to do here, according to Niche.com. The residents tend to lean liberal, and the population is among the most diverse in the state. Overall Grade: A+ Public Schools: A+ Nightlife: A+ Good for families: A+ Diversity: A+ Housing: C- Jobs: B What do you love most about the county you call home? Let us know in the comments. ----- Source: patch.com

Source: realestate.usnews.com A fireplace is the epitome of ambiance and warmth for some homeowners. Many others, though, see it as a liability at worst or an interior design concern at best. Still, real estate listing sites like realtor.com include “fireplace” among its search filters, a sign that buyers are still keen on cozying up to one – at least in those regions where chilly nights call for one. Are Fireplaces Still Hot? “The impact of a fireplace on a home’s value will vary greatly by geography and age of the home,” says Glenn S. Phillips, CEO and chief economic analyst for Lake Homes Realty, a lake-focused real estate company currently operating in 34 states. “In northern states and the Midwest, where humidity is low, any single-family residence will be seen as odd if it does not have a fireplace.” Aside from a fireplace being a pleasant home feature in wintertime, it’s a critical one in the event power is lost during a snowstorm. In cold weather regions, a fireplace might not add any value – that’s because it’s an expected feature, says Phillips, and the lack of one could actually decrease the value of a home. Alex Caras, a Realtor and broker at Magellan Realty in Chicago, says Chicago’s harsh winters make fireplaces a hit with buyers, especially in the suburbs. “Many buyers see them as a nice add-on,” Caras says, noting that homeowners looking to sell often remodel their fireplaces to feature more popular design elements like tile or marble. “A nice fireplace can push a buyer off the fence into making an offer in some cases.” Should You Add a Fireplace to Your Home? If there’s no traditional masonry fireplace already in place at your home, you could build one to woo buyers or simply enjoy for yourself. But it won’t be cheap, says Ron Cowgill, owner of D/R Services Unlimited Inc. in Glenview, Illinois. “If you’re not looking to drop $40,000 or more on a masonry fireplace, then you can always use a prefabricated unit,” Cowgill says. Most fireplaces – electric and ethanol models are notable exceptions – need ventilation. For homes with no chimney , as not all modern homes are built with one, there must be a flue installed with proper roof clearance, Cowgill explains. Some gas fireplaces work with a sealed direct vent unit, which can go through the wall and not above the roof. Permits will be required in most municipalities to do this work, and Cowgill recommends hiring an experienced contractor to install it in compliance with your local building code. “The last thing you want to do is save a few hundred bucks trying to do it yourself and have your house burn down because (the fireplace) was not installed properly,” he says. For all the inherent beauty of a traditional masonry fireplace, you won’t see many in new builds that are designed for maximum energy efficiency, Cowgill says. “A masonry fireplace is a great way to lose heat from your house,” he says. “After all, if built correctly, that is what it is designed to do.” (Quick physics lesson: The masonry absorbs the heat from the room and sends it out through the chimney.) If there are fireplaces in new builds, Cowgill says they’ll most likely be gas or propane sealed direct-vent units that can be vented through the wall. “This gives the builder a way to provide a fireplace and meet the new energy codes,” he says, noting that these fireplaces are also the go-to choice for remodeling projects because they are “economical, efficient, and easy to install in just about any room.” Of course, there’s always the option of electric fireplaces that are far less expensive and only require an outlet to fire up. “These are great for high-rise condo buildings or basements where you want that cozy feel in the room,” says Cowgill. Indeed, it’s a big deal for city apartments to have working fireplaces, both for safety reasons and environmental factors. Some cities like New York have banned the new construction of wood-burning fireplaces, which makes older units with them more desirable. “Anything rare offers great value to the buyers searching for it,” says Mihal Gartenberg, a licensed associate real estate broker with Coldwell Banker Warburg in New York City. “Due to safety constraints, many fireplaces today are decorative only. However, when a buyer is looking for a real, wood-burning fireplace, they are willing to pay a slight premium for that benefit.” Fireplace Decorating Ideas Some might argue that flickering flames – even the LCD ones of an electric unit – provide enough of an aesthetic for a home. But what should you do for decor if you don't plan to use your fireplace? Gartenberg has seen decorative fireplaces staged with candles and candelabras, which is just fine with some buyers. “Sometimes buyers just want the hearth and mantelpiece in their home, and they decorate the fireplace as though it really works," Gartenberg says. “They can then enjoy the year-long mood of a fireplace without actually ever lighting it.” Sara McDaniel, a Louisiana-based real estate entrepreneur, home renovation expert and owner of Simply Southern Cottage, has renovated and styled several homes with fireplaces. She embraces them as a focal point in the room, whether functioning or merely as decor. If you’ve got a working fireplace but don’t plan to use it, McDaniel recommends adding birch logs as a decorative element, for example. The mantel is also a great spot to decorate, as long as you don’t go overboard. “There’s a purpose and a place for everything on my mantel,” McDaniel says. She loves to decorate with fresh greenery, usually cut directly from her yard. If she’s entertaining, she’ll add pops of color from fresh flowers. She’s also arranged mantels with books and other small groupings of decor. The type of decor is up to you, but to avoid being “matchy-matchy,” McDaniel suggests choosing odd numbers of items to avoid a symmetrical placement. “At the end of the day, a fireplace is meant for warmth and also comfort,” Gartenberg says. “Owners of homes with decorative fireplaces should embrace their intent and find a way to decorate it that melds their own personal aesthetic while also using the utility of a working fireplace as inspiration behind their decorative choices.” ---- Source: realestate.usnews.com

Source: keepingcurrentmatters.com Are you planning to buy a home this spring? Though things are more balanced than they were at the height of the pandemic, it’s still a sellers’ market. So, when you find the home you want to buy, remember these four tips to make your best offer. 1. Lean on a Real Estate Professional Rely on an agent who can support your goals. As Bankrate notes : “. . . select the best real estate agent for your needs. They will be a critical part of your home buying process.” Agents are local market experts. They know what’s worked for other buyers in your area and what sellers may be looking for in an offer. It may seem simple, but catering to what a seller needs can help your offer stand out. 2. Know Your Budget Understanding your budget is especially important right now. As Sandy Higgins, Senior Wealth Advisor at Capstone Financial Advisors , puts it: “Understand your current budget … what are your expenses, how’s your spending, would you need to make changes?” The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. It helps you be more financially confident, and it shows sellers you’re serious. That can give you a competitive edge. 3. Think Through Everything Before Making an Offer Today’s market isn’t moving at the record pace it did during the pandemic. That means you may have a bit more time to think before you need to make an offer. According to Danielle Hale, Chief Economist at realtor.com : “In general, you likely have more time to make an offer, although that’s certainly not a guarantee. If you’re on the fence about a home or its asking price doesn’t quite fit your budget, you might want to keep an eye on it, and if it doesn’t sell right away, you may have some room to negotiate with the seller.” While it’s still important to stay on top of the market and be prepared to move quickly, there can be more flexibility today. Lean on the advice of your agent as you explore the options in your market. 4. Work with Your Advisor To Negotiate During the pandemic, some buyers skipped home inspections or didn’t ask for concessions from the seller in order to submit the winning bid on a home. Fortunately, today’s market is different, and you may have more negotiating power than before. When putting together an offer, your trusted real estate advisor will help you think through what levers to pull. Bottom Line When you buy a home this spring, work with a real estate advisor to make your best offer. ----- Source: keepingcurrentmatters.com

Source: stuccco.com Since most homebuyers and homeowners have strong opinions about design, it’s easy to assume that you know what increases the value of a home. However, when it’s time to sell, don’t make decisions based on your own opinion or what you’ve seen online. Instead, use real data about what buyers want in their homes in 2023. The Top 12 Most-Wanted Home Features in 2023 Through the most thorough and up-to-date data sources , we’ve put together this list of the most popular and sought-after home features for 2023 buyers. Thousands of people were surveyed to get these results, and we combined data from multiple reliable sources to get the most accurate understanding of what homebuyers are looking for. However, your local real estate market could have very different home features that are highly sought after. If you are selling your own home, consult with a local home professional before doing any remodels or renovations. That being said, there are simple, dependable ways to help your home appeal to more buyers in almost every part of the US. 1. 87% of Buyers Want a Laundry Room If your washer and dryer sit alone in the corner of your basement, it’s time for an upgrade–or at least a rearrangement. In addition to wanting a room dedicated to laundry, 63% of people also specified that the best place for the laundry room is on the first floor. Today’s buyers want the laundry easily accessible from the main living space. Here are some simple ways to increase the value of a laundry room: Paint the walls Add storage solutions like shelving, cabinets or a rack to the back of your laundry room door Install a built-in ironing board on a wall, which can be easily stored away when its not in use Buy a stackable washer and dryer to create space for a folding table or additional storage 2. 87% of Buyers Want Exterior Lighting Exterior lighting is generally not something that people like to search for on Pinterest or gush over during open houses . However, it adds massive value to the home in terms of security and curb appeal. Potential buyers aren’t going to be satisfied with one dim light by the front door. Start improving this by considering what exterior lighting you already have. You may not need to hire an electrician to wire new lights–simply upgrading your light bulbs or repairing lights may make all the difference. Another way to add value to your home is by adding landscape lighting. While this may require more than a DIY project, outdoor lighting will not go unnoticed. 3. 83% of Buyers Want Ceiling Fans If you asked all your friends what they wanted in a home, you probably wouldn’t hear a large number of them gushing over ceiling fans. However, 83% of people chose this home feature over hundreds of other choices, so this is a home feature that shouldn’t be ignored. Ceiling fans are relatively cheap and easy to install, so this is a home improvement that could significantly improve the perceived value of your home. Another way to upgrade the look of ceiling fans and make your space feel much more luxurious is by installing a fan-delier. These light fixtures look like chandeliers and include the functionality of a ceiling fan. They’re growing quickly in popularity and could be a highlight that will help you sell your home for the most money . 4. 83% of Buyers Want ENERGY STAR-rated Windows Home features with energy efficiency are increasingly important to today’s buyers. A home with ENERGY STAR windows will regulate the home’s temperature and save money for the homeowners, so it’s pretty obvious why this is something buyers look for. Unfortunately, windows are not a simple or cheap home improvement. However, it’s helpful to know the importance of ENERGY STAR windows and appliances if you’re planning a remodel. If you already have certified windows, be sure to include this as one of the features when marketing your real estate listing . 5. 82% of Buyers Want a Patio While patios have been a highly desirable home feature for many years, the pandemic increased this value of it even more. Homebuyers are looking for a place to sit outside, drink coffee, entertain guests, or watch their kids and pets play. If you want to increase the value of a single family home, building a patio should be high on your priority list. Homebuyers rated patios even higher than rear porches, decks, and even front porches. In fact, 82% of construction and home building experts noted that hardscaping is the most important exterior project of 2023. Fortunately, patios can also be simpler to build because they are on the ground, not raised above the ground like decks. If you’re looking to make significant improvements to your home, creating a patio could add massive value. If your home has a scenic view or a cozy cranny that a patio can be in harmony with, your patio will be especially desirable and therefore valuable to you and your home’s eventual buyers. 6. 81% of Buyers Want a Side-by-Side Kitchen Sink Although large farmhouse sinks can be seen all over DIY channels and design magazines, it doesn’t mean that it’s what buyers actually want. This is exactly why you should always look at the facts when you’re evaluating what improvements will sell your home–side-by-side sinks were rated as one of the top features homebuyers want. As always, there are exceptions when a farmhouse sink may be the best choice for your kitchen design. However, the function of a double basin sink is much more likely to appeal to the most buyers. 7. 81% of Buyers Want a Walk-in Pantry It’s no surprise that having a designated, spacious area to store food and kitchen supplies is extremely valuable to homebuyers. If you talk to your friends and family about what they want in a house, this is something that’s almost guaranteed to come up over and over again. If your home wasn’t originally built with a walk-in pantry, it may be a challenge to add one to your kitchen layout. Even if you or the current homeowners are able to fit all of your kitchen supplies without a pantry, buyers viewing your home might need more storage. Since this is a priority, designate a space for pantry items if possible so buyers can see how to maximize kitchen storage. 8. 81% of Buyers Want a Front Porch Front porches have returned in popularity, and likely because they add functionality, design, and curb appeal to a home. However, since this is an exterior home feature, the actual value of it may vary depending on the climate in your location. The best way to learn ‘whether’ (terrible pun) or not a front porch is a home feature desired by local homebuyers is to look at your local real estate market. Search for homes that have been recently built and recently sold around the price that you want to list. Do these houses have front porches? Do the marketing notes emphasize this feature as a valuable asset? 9. 81% of Buyers Want ENERGY STAR-Rated Appliances ENERGY STAR appliances are particularly appealing to buyers because they’ll save money in utility bills and maintenance over time. However, homeowners generally don’t want to buy all new appliances right before selling their home. This would be a massive out-of-pocket expense that’s unlikely to earn an immediate return on investment. However, knowing the importance of ENERGY STAR certified appliances is important to keep in mind if you plan on selling your home eventually. As you invest in your home, the energy rating of each appliance should be a vital part of your decisions. 10. 81% of Buyers Want Hardwood Floors in the Living Areas The days when carpet was the most-desired floor type are long gone. The majority of homebuyers want hardwood flooring in living areas, and having the same flooring in multiple rooms is another benefit. If you already have wood flooring, be sure to feature that in your listing photos and description. It’s hard to determine exactly why buyers prefer hardwood over all other types of flooring. There are many buyers who truly want the real thing, but there are also plenty of buyers who want the look of wood without having to commit to the maintenance. If you don’t already have hardwood but want to upgrade the home’s flooring, laminate, vinyl, or wood-look tile may be the best choice. 11. 80% of Buyers Want a Full Bath In Main Living Area It’s very common for older homes to have a half bathroom or powder room near the main living areas of a home. However, 2023 buyers want full bathrooms close to the busiest areas of the home. There are many possible reasons for this real estate trend, but it’s likely that it makes it easier for guests to be comfortable without having to go into every room of the home. If you have a full bathroom in your main living area, it’s a good space to make some home improvements to maximize its appeal. Since bathrooms can be pricey to renovate, focusing on the one closest to the living area will bring you the highest return on your investment. If you don’t want to get your hands dirty or spend tens of thousands of dollars on a full bathroom renovation, just do it virtually. Virtual staging can give prospective buyers a clear visual of the room’s potential, and it only takes 24 hours to complete. 12. 80% of Buyers Want Energy Efficient Lighting Our designers and photographers will tell you that the lighting of a home is an extremely important factor in the overall feel and design of any space. Homes with lots of bright, natural lighting feel bigger, more open, and ultimately appeal to more prospective buyers. However, 90% of the energy produced by traditional incandescent bulbs generates heat, which increases costs and is unnecessarily wasteful. Luckily, upgrading the lights in your home is extremely simple and affordable. You can find energy-efficient LED bulbs at most hardware or big box stores, and simply replace the energy-burning lights you currently have. Although LED bulbs will be slightly more expensive up front, they’ll save you money (and help the planet) over the long haul. ----- Source: stuccco.com