Homes
EAST BAY
n A look back at 2023 n A look ahead to 2024 n Tips for sellers A supplement to East Bay Media Group • February 7-8, 2024
n Strategies for buyers
Page 2 East Bay Homes - February 2024
Carpet • Ceramic • Hardwoods • Laminate • Luxury Vinyl Tile
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East Bay Homes - February 2024 Page 3
Topsail Realty Your Leader in Quality Service
Ryan Fonseca
C21 Centurion & President’s Producer C21 Quality Service Pinnacle GPBOR Circle of Excellence Platinum
RESIDENTIAL COMMERCIAL
&
RELOCATION INTERNATIONAL
&
2023 Award Winners
We are thrilled to announce a significant change at CENTURY 21 Topsail Realty that will undoubtedly impact our local real estate landscape. Please join us in extending a warm welcome to our new Principal Broker / Manager, Ryan Fonseca. With a wealth of experience and a commitment to excellence, Ryan brings a fresh perspective and dedication to serving our community’s real estate needs. As we embark on this new chapter, we are confident that Ryan’s leadership will guide us to even greater heights of success and client satisfaction. With a focus on integrity, professionalism, and personalized service, Ryan is poised to lead our team to new achievements. At CENTURY 21 Topsail Realty, our mission remains steadfast: to help our clients achieve their real estate goals while fostering strong relationships within our community. With Ryan at the helm, we are more determined than ever to uphold this commitment. Here’s to a bright future filled with success and prosperity for all!
Kristin McGrath C21 Masters Ruby
C21 Quality Service Pinnacle GPBOR Circle of Excellence Gold
Tanya Costa
C21 Masters Ruby GPBOR Circle of Excellence Gold
Multi-Million Dollar Producers
Julie Vargas GPBOR Circle of Excellence Silver
Shelley Andrade C21 Quality Service Pinnacle
Steve Martel GPBOR Circle of Excellence Bronze
Mary Jo Tavares GPBOR Circle of Excellence Silver
Stephen Lake
Christine Farley C21 Quality Service
Wendy Heaney
Louise Cardoni
Cece Harvey
Jeannie Ingraham
Paula Martel GPBOR Circle of Excellence Bronze
Traci DeGroen C21 Quality Service
Portsmouth 401-683-4900 | Bristol 401-254-1900
www.C21Topsail.com
Page 4 East Bay Homes - February 2024
Homes
EAST BAY
What’s inside …
Welcome to 2024! It’s a lot like 2023................................................6
LORI GARDINER
Find the right real estate agent for you........................................... 8
REALTOR® GRI, ABR, SRS, e-PRO
Three tips for first-time buyers.............................................................9 Go high and stay patient in this market......................................... 10
423 Hope Street, Unit M1 Bristol, RI 02809 C: (401) 265-2594 O: (401) 254-1776 lorigardiner@remax.net
Happy
FOURTH Happy Happy Each office independently owned & operated OFFOURTH JULY FOURTH OF JULY OF JULY
The keys to getting top dollar..............................................................11 Luxury touches attract luxury buyers............................................. 12 When selling, the home’s a stage........................................................13 The underlying value of home inspections..................................... 14 These renovations help sell homes.....................................................15 Get the best mortgage rates possible............................................. 16 Why real estate attorneys are so important.................................17 What to do with the old dining room.............................................. 18
Call
Sarah Principe Sarah Principe Sarah Principe & Rental Associate SalesSales & Rental Associate
April Daquay GRI, CBR, SRES
GRI, SRS Associate Sales & Rental GRI, SRS GRI, SRS Licensed & MA Licensed in RI & in MARI Licensed in RI & MA
401.374.7064 | 401.396.9849 401.374.7064 | 401.396.9849 401.374.7064 | 401.396.9849 sarah.principe@raveis.com sarah.principe@raveis.com sarah.principe@raveis.com sarahprincipe.raveis.com sarahprincipe.raveis.com sarahprincipe.raveis.com
Sales, Rental Specialist since 1992
508-496-3587 Call or Text adaquay@gmail.com
557 Hope Street | Bristol, RI 557 Hope Street | Bristol, RI
557 Hope Street | Bristol, RI
East Bay Homes - February 2024 Page 5
Realtors report slow sales but more equity gains in 2023 Data released last week by the Rhode Island Association of Realtors relayed the severity of Rhode Island’s stalled housing market in 2023. The number of single-family homes sold in the state last year plummeted to the lowest level in a dozen years. There were 7,409 homes sold in 2023, a 22.5 percent drop from 2022, and a 33 percent decline from 2019, the year before the market surged due to the pandemic. Fueled by low inventory and pentup demand, last year’s median price of single-family homes rose to $425,000, a 6 percent increase from the prior year and a 49 percent increase since 2019. The condominium and multifamily sectors also saw less sales activity and increased prices year-over-year. Condominiums sales dropped 21.7 percent last year, while the median sales
price jumped to $357,000, an 11.6 percent hike. Multifamily home sales decreased 28.2 percent, while the median sales price of those transactions grew by 11.9 percent, to $470,000.
“Last year was a difficult year for anyone interested in buying a new home.” SALLY HERSEY
When looking at all residential property sectors combined – singlefamily homes, condominiums, multifamily homes and vacant land – Rhode Island experienced a 23 percent decline in closed transactions from 2022. Across the state, luxury
home sales scaled back to 15.7 percent of all residential sales, down from 19.3 percent in 2022 and 24 percent in 2021. Predictably, coastal areas had the highest median prices. Newport County attracted the most luxury buyers, with 26.2 percent of all Newport County transactions selling for $1 million or more. By comparison, luxury buyers accounted for 13.7 percent of Bristol County’s residential sales and 12.8 percent in Washington County. Kent and Providence Counties, where the median price of residential sales was less than the state’s median price, saw the luxury market account for just 2.7 and 2.1 percent of the counties’ sales respectively. Similar to last year, out-of-state buyers accounted for one in four of
all residential sales, with most coming from Massachusetts, followed by Connecticut, New York, Florida and California. “Last year was a difficult year for anyone interested in buying a new home. The extreme shortage of inventory, coupled with high interest rates, left all but the most qualified out of the running in getting to the closing table. Thankfully, declining interest rates toward the end of the year helped mitigate the freefall in sales. As potential sellers get used to the new normal in rates in 2024, we’re hopeful that they will be more at ease about listing their house and using their equity gains to make a move,” said Sally Hersey, 2024 president of the Rhode Island Association of Realtors.
YEAR-END 2023
RHODE ISLAND HOME SALES OUT-OF-STATE-BUYERS
ALL RESIDENTIAL SALES
2023
Realtor Associate 401.862.3803 emily@hoganri.com
$5.7 billion $ . billion
2022
25%
45%
of all residential sales were from out-of-state buyers
of all residential sales of $1M+ were derived from out-of-state buyers
17.1% Numbers reflect all residential sales – single-family and multifamily homes, condominiums and vacant land.
SALES 7,409
2023
9,565
2022
SINGLE-FAMILY
22.5%
1,685
2,152
1,461
2,036
2023
2022
2023
2022
CONDOMINIUM
21.7%
MULTIFAMILY
28.2%
MEDIAN PRICE $425,000 $401,000
2023
2022
SINGLE-FAMILY
6%
$357,000 $319,900
2023
2022
CONDOMINIUM
11.6%
$470,000 $420,000
2023
hoganassociatesre.com/ about-emily-chappell.php
Broker Associate 401.225.8555 cathywicks2002@gmail.com hoganassociatesre.com/ about-cathy-wicks.php
For over 36 combined years, we have been dedicated to navigating all types of real estate markets, evolving into specialists in the Senior Real Estate Market. Our commitment goes beyond typical real estate services – we offer comprehensive management from A to Z. What sets us apart: Full-Service Management: From arranging movers to carefully wrapping a lifetime of memories, we handle every detail to make your transition seamless. Collaboration with Assisted Living/Nursing Homes: We work closely with Attorneys and staff, ensuring a smooth and stress-free transaction. Personalized Pace and Timeline: We understand that everyone has unique needs. We put our clients at ease, moving at their individual pace and timeline. Your comfort, your transition, our commitment. Service Not Sales is our mission. We prioritize your needs, providing a confidential and personal experience.
— IN 2023 — $9,582,790.00 Total Sales Volume
22 Sales and Rental Transactions • 47 Average Days on Market
2022
MULTIFAMILY
11.9%
DAYS ON MARKET
Call, email or text for a confidential conversation today.
We proudly support Visiting Nurse Home and Hospice throughout the State of RI.
32
31
35
31
26
30
2023
2022
2023
2022
2023
2022
SINGLE-FAMILY
3.2%
CONDOMINIUM
12.9%
MULTIFAMILY
13.3%
Percent change reflects a year-over-year comparison between 2022 and 2023. Information is provided by State-Wide MLS, Inc., a subsidiary of the Rhode Island Association of REALTORS®, and is deemed reliable but not guaranteed.
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Page 6 East Bay Homes - February 2024
Welcome to 2024! Is anything different?
Realtors expect low inventory, high prices and fierce competition to define 2024 – just like it did in 2023 BY SCOTT PICKERING
spickering@eastbaymediagroup.com
Expect a lot more of the same in the real estate market in 2024, especially in the East Bay. “The same” refers to high prices, low inventory, and fierce competition for every decent property that hits the market — all of which was the case throughout 2023. “I’ve been in the real estate market since 1980. I’ve been in every market you could think of. But I have never seen this before,” said Kathy Hall, owner and agent with Spinnaker Properties in Little Compton. Hall was referring to how so much of the “normal” real estate market is stuck, trapped by high interest rates that are keeping most potential sellers right where they are, with a wealth of home equity but no place to go. Unless they can sell at a high price, pocket a boatload of cash and buy a new home
with no mortgage, they would most likely be trading a mortgage with a 2% or 3% interest rate for a mortgage with a 6% or 7% interest rate. For all of 2023 and so far in 2024, most are saying “no thanks.” “They could sell for a great price, but where are they going to go?” Hall asked. “People are pretty much stuck where they are.” She said the mortgage rates are a big factor, but they are not the only factor to consider. Potential sellers may face a hefty capital gains tax, and they will definitely confront the same shortage of inventory when they start looking for their new home. “I was in the market when interest rates went to 20% and the market shut down,” Hall said. “This is a different era, but until the Fed reduces the interest rates and allows the market to loosen up, don’t expect much to change.”
Things will change slowly For more than a year, Century 21 Topsail broker Ryan Fonseca has been working with a young couple trying to buy their first home. They’ve chased after houses throughout the East Bay,
Your Property, My Priority!
and they’ve been outbid or out-priced on every possible starter home. “They lost out on so may great houses,” Fonseca said, that it pushed them to levels they had never considered. Last month, his clients finally broke through and had their offer accepted, but not without some pain and sacrifice. “They went to their absolute max on the price. They waived their inspection. They said, ‘we have to make sacrifices’ to get the home, and it worked.” But Fonseca is frustrated by what they’ve gone through. “It’s not fair to the buyers,” he said. “It really isn’t. But if they want to buy a house, that’s how it has to happen.” As for the future, Fonseca predicts that even as things change, they will change very slowly. While mortgage rates trickle down slightly, the inventory may increase slightly, but that won’t help would-be buyers. If anything, lower interest rates will simply expand the price range for those buyers, not the competition for each listThe same glut of would-be buyers 33 Moniz Drive,ing.Westport, MA will simply compete with each other at
“I’ve been in the real estate market since 1980. I’ve been in every market you could think of. But I have never seen this before.”
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East Bay Homes - February 2024 Page 7
Expect another tough year for most would-be buyers
Mott & Chace
Sotheby’s INTERNATIONAL REALTY
From FACING PAGE different price points. “As these rates start coming down, it will change their buying power,” Fonseca said. “But we have such a backlog of buyers, it’s not going to make a difference. We would need a flood of inventory to make a difference … I don’t think we’ll see a real correction until 2025, maybe 2026.” Fonseca said that in a typical market, Bristol might have 90 to 100 properties for sale at any given time. When he looked at MLS last week, Fonseca said there were 11 active listings in Bristol — that was for single-family, condominium and multi-family combined. And, he added, “Four of those 11 listings are more than $1 million. The cheapest is $500,000. And the next most affordable is $675,000.” So far 2024 feels a lot like 2023.
JANET EMOND “Lifelong Local Resident and Trusted Professional” Representing Buyers and Sellers
“It’s not fair to the buyers. It really isn’t. But if they want to buy a house, that’s how it has to happen.”
401.316.8394 janet.emond@mottandchace.com mottandchace.com | 401.245.3050
RYAN FONSECA, CENTURY 21 TOPSAIL
CATHERINE SOUSA
Your Local Real Estate Expert #1 realtor in Bristol and Warren
Kathy Hall Broker
2021-2022
401.635.1601
PO Box 147 • Little Compton, RI kathleenghall@gmail.com
spinnakerpropertiesri.com As a Real Estate Broker & Notary who is relocation certified, my priorities are simple — they’re yours.
423 Hope St. Bristol, RI
Let me help make your real estate needs a breeze 401-474-8306 • cqsousa62@gmail.com cathysousaREMAX.com
Page 8 East Bay Homes - February 2024
How to find the right real estate agent
Buyers and sellers want to find a real estate expert, but also a partner for a stressful time
Working with a real estate agent can give both buyers and sellers an edge in what continues to be a challenging real estate market. Agents, brokers and Realtors® are professionals who have distinct expertise and knowledge of the process of buying and selling homes. That expertise is evidenced by how many people rely on real estate professionals each year. A 2022 Zillow Group Consumer Housing Trends report found 88 percent of homeowners choose to list their homes with a real estate agent when it comes time to sell. Individuals understand that it can be in their best interests to work with real estate professionals, but they may not know where to look as they seek to work with one. Here are some tips for finding the right match in a real estate professional. • Know the difference in real estate professionals. Real estate agents are required by the state in which they operate to pass a real estate license exam. Real
Both buyers and seller will want to find an agent who knows what they’re doing, but also one they trust and feel comfortable with.
estate brokers take it a step further and undergo additional training, which could bring additional experience to the table. Realtors® are members of the National Association of Realtors® and beholden to
TRACEY A. MULVEY REALTOR® ABR & PSA
its strict code of ethics. These individuals also may have undergone additional training that qualifies them to work with certain types of clients, such as seniors. • Seek referrals. Friends or family members, or even others in the community, can put people in touch with real estate professionals. When asking for referrals, individuals can inquire about certain professionals and how they handled buying and/or selling a home.
Licensed in RI, MA and Florida
401-835-8502
I am honored to be the Top Producing Realtor — Bristol, RI 2023! Thankful to my amazing clients and incredible business partners. • RE/MAX Platinum Club & Hall of Fame • Platinum Sales GPBOR Circle of Excellence • RI MONTHLY Professional Excellence Award • Five-Star Professional Award • Children’s Hospital Miracle Agent
Please visit my website: TraceyMulvey.com
What are the two most important rooms for resale? While home buyers typically take their time to examine each room and space inside and outside a home before making an offer, the real estate experts at Trulia note that two rooms in particular seem to merit the closest inspection among prospective buyers. Kitchens and the bathroom in an owner’s suite can dramatically increase the value of a home. Trulia recommends that homeowners consider their neighborhood and identify their target buyers prior to beginning a kitchen or owner’s suite renovation, as such variables can provide direction and inspiration when refurbishing these widely valued areas in a home.
• Work with the right type of agent. Generally speaking, real estate agents either work with buyers or sellers in the transaction. Many will do both, but some specialize in buying or selling. Find a professional who either does both or specializes in your position. • Research an agent’s online presence. Use the internet to see if the agent has a website, a particular philosophy or a specialty. This also may be a place to check online reviews. Don’t be dissuaded by one or two poor reviews. However, if there are many, it may be best to look elsewhere. • Meet and interview potential agents. Individuals should speak with a couple of real estate professionals to see what they offer. This is a good way to determine if there is a connection there, and whether the agent will get the results needed. A well-prepared agent will come with data, including “comps” of properties in the area. Professionals typically have information about the current market trends and a portfolio of the homes they have brokered recently. • Go with gut instincts. If it’s between two people of equal qualification, select the person with whom you have a stronger rapport. This person will be guiding you through a sizable financial transaction, so comfort level is important. Finding the right real estate professional can take some time. But the right professional will guide clients through the often complex and occasionally frustrating process of buying or selling property.
East Bay Homes - February 2024 Page 9
3 tips for first-time home buyers
Be ready, and be ready to move quickly
Real estate has garnered considerable attention since 2020, and for good reason. Though speculators and real estate professionals may point to a number of variables that have affected the market for homes in recent years, the pandemic certainly was among those factors. Real estate prices and mortgage interest rates increased significantly during the pandemic and have remained well above prepandemic levels ever since. The spike in home prices and interest rates has had a significant impact on young home buyers, some of whom feel as though their dream of home ownership may never be realized. And data from the National Association of Realtors indicates the median age of home buyers is now significantly higher than it was two decades ago. In 2023, the median age of buyers was 49, which marked an increase of 10 years compared to the average buyer age 20 years ago. First-time home buyers may face a more challenging real estate market than they would have encountered just a half
The median age of first-time buyers has increased 10 years in the past two decades. decade ago. The following three tips can help such buyers successfully navigate the market as they look to purchase their first home. 1. Expect to move quickly. Inventory remains very low, which means buyers are in heated competition for the few homes that are on the market. In late 2023, NAR data indicated the rate of home sales were the lowest they had been in 13 years, so buyers will likely need to move quickly and make an offer if they see a home they
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like, as chances are the property won’t be on the market too long before it’s sold. In fact, the NAR noted that homes spent an average of just 23 days on the market in October 2023. 2. Apply for mortgage preapproval. The competitive nature of the market for buyers means it’s in their best interests to arrange financing prior to beginning their home search. A mortgage preapproval can be a competitive advantage, as it indicates to sellers that buyers won’t be denied
a mortgage or lack financing after making an offer. The financial experts at NerdWallet note that buyers will be asked to provide details about their employment, income, debt, and financial accounts when applying for mortgage preapproval. Gather this information and clear up any issues, such as credit disputes or delinquent accounts, prior to applying for preapproval. 3. Set a realistic budget and expect to offer over asking price. A financial planner and/or real estate professional can help first-time buyers determine how much they should be spending on a home. In the current market, buyers should know that they will likely need to pay more than asking price for a home. For example, the NAR reports that 28 percent of homes sold for above list price in October 2023. With that in mind, first-time buyers may do well to look for homes that are under budget in anticipation of offering more than list price after seeing a property. The real estate market remains competitive for buyers. First-time buyers can utilize three strategies to increase their chances of realizing their dream of home ownership.
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*$125 heating oil and heating propane credits available for new automatic delivery customers only. Propane credit applies if used as a primary fuel source. All offers are delivered as an account credit and subject to are delivered as an account credit and subject to credit approval. Additional terms and conditions apply. Cannot be combined with any other offer. Offer ends 3/31/24. credit approval. Additional and conditions apply. Cannot be combined withautomatic any other offer. Offercustomers ends 3/31/24. Lic. RI00007914. ©2023if Wood's Service. *$125 heating oilterms and heating propane credits available for new delivery only.RIPropane credit applies used asHeating a primary fuelWHS_23101 source. All offers are delivered as an account
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Page 10 East Bay Homes - February 2024
Buying a home in a low inventory market
Be ready to go over-asking and stay patient in this market
People who have shopped for homes at any point over the last few years are undoubtedly aware that inventory is low. While low inventory has affected home prices and priced some buyers out of certain markets, the good news is the tide may have started to change as 2023 drew to a close. In fact, a December 2023 report from the National Association of Realtors® indicated home sales rose by nearly 1 percent in November, a month during which single-family home construction also rose by 18 percent compared to October. Each of those figures could prove a harbinger of good things to come for buyers in 2024. But it can still pay dividends for such buyers to prepare themselves to buy in a low inventory real estate market. • Prepare to offer more than asking price. Data from the NAR indicates nearly one-third of all homes (28 percent) purchased in October 2023 sold for above asking price. When buyers
have fewer homes to choose from, the competition for homes on the market increases, and that typically means buyers will offer more than asking price for homes they truly want. It might not be necessary to offer more than asking price on a given home, but it’s something buyers in a low inventory market must be ready to do. • Prepare to find additional money, if necessary. Offering more than asking price can be tricky, particularly if a buyer’s offer exceeds the appraised value of the home. The real estate listing service Trulia notes that most lenders will not approve a mortgage for more than the appraised value of a home. Conventional wisdom may indicate it’s never a good idea to offer more for a home than it’s appraised value, but that scenario has played out with greater frequency in the current low inventory market. Buyers who feel they need to offer more than the appraised value to get a home will have to come up with the extra funds to make up the difference that their mortgage won’t cover.
There are remarkably few homes for sale, so patience and preparation are key for every buyer. • Flexibility can be your friend. A low inventory market is a seller’s market. Buyers who can be flexible in
regard to seller’s demands and requests might be getting the keys to a new home faster than those who are not as accommodating. Some sellers may request a quick closing, while others may need extra time in the home until they can move into their own new property. Entering the process with the intention of being flexible can be an advantage for buyers in a low inventory market. • Patience can prevail. It might seem as though there will never again be ample inventory on the real estate market. However, the increase in single-family home construction and forecasts predicting mortgage rates will drop suggest the real estate market could feature more inventory in the months to come. Buyers concerned about going over-budget or making a hasty decision are urged to remain patient if they cannot find a home that works for them personally and financially. A low inventory real estate market may not be normal. But savvy buyers can still navigate such a market and find a home they love.
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East Bay Homes - February 2024 Page 11
How sellers can get top dollar for their homes Sell at the right time
This is a great time for sellers, but here’s how to make it even greater
The process of buying and selling a home includes many movable parts. North America has experienced historic trends in the housing market in recent years. Most notably, record-high prices have dominated the real estate market over the last several years. High prices are good news for sellers, who can probably anticipate receiving offers above listing price. This is good news for sellers currently looking to make an excellent profit on their properties. Sellers who don’t want to rely on the market alone to earn more for their homes can take various steps to get top dollar.
Fewer people are shopping for homes in the dead of winter or during the middle of the school year, so putting your home on the market in spring typically brings out the largest number of interested parties, according to Opendoor. But this isn’t the only time-related factor to consider. To sell for the most money, you want to list your home when you have enough equity to pay off your current mortgage, the costs of selling, and the costs of moving, says Bankrate. Sellers have the advantage in this market, but they can do more, like staging and renovations, to really attract top dollar. Hiring a staging professional can be an investment that turns a sizable profit.
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Know your local market
According to the 2023 Profile of Home Staging conducted by the National Association of Realtors®, 81 percent of buyers’ agents said staging a home made it easier for the buyer to visualize the property as a future home. Focus your attention on the living room, owner’s suite and kitchen.
A good way to price your home and gauge if it will sell quickly is to look at the average “days on the market” for similar homes nearby. If homes are selling faster than the average DOM, that suggests high demand, which can work in your favor.
Make added-value improvements Focus renovation dollars on the types of projects that will reap the highest return on investment. Remodeling magazine annually reports the projects that offer the best ROI. In 2023, the project that reaped the highest ROI was an HVAC Conversion/Electrification, which involved converting a fossil-fuel-burning furnace into an electric heat pump. The cost recouped was 103.5 percent.
Give curb appeal a boost Make sure that buyers see your home in a positive light from the first moment they pull up for a walk-through showing. According to Home & Garden, improving the landscaping can result in a value increase of up to 12 percent. Additional projects can include investing in a new front door and garage doors. Be sure that hedges are trimmed, there are fresh flowers growing, and that walkways and the driveway are clean and tidy. A few simple strategies can help sellers get more money for their homes.
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Page 12 East Bay Homes - February 2024
Five features to attract buyers in the luxury market The real estate market has been something of a roller coaster ride over the past few years. Historically low interest rates coupled with a surging interest to move to communities with more outdoor space during the height of the pandemic led to a lot of movement and inventory — as well as some of the highest home prices in some time. The tides have changed, as the housing market has been tepid at best since interest rates have increased. Last fall, the national average 30-year fixed mortgage rate pushed to 7.23 percent, while the National Association of Realtors said the median existing-home sales price was expected to surpass the all-time high of $413,800. The stagnation of the market is caused by high interest rates, sellers not wanting to budge on prices, individuals wanting to sell but not being able to afford other homes, and a general decline in inventory related to each of these factors. Individuals who are in position to buy right now may be more selective in what they are seeking in homes, particularly if they’re spending top dollar. Current homeowners planning to put their homes on the market may want to
Outdoor kitchens, especially when paired with a large patio and a pool, are one of the top features to attract luxury buyers. consider these five luxury renovations to set their properties apart. 1. Smart home features: It’s now common for new home builders to include smart home technology when building. Advanced home tech, like facial recognition for doors, intuitive home assistants, smart lights and outlets to control appliances from a smartphone app, and similar offerings can make a home more
attractive. 2. Modern, open floor plans: Even though there has been some shift to buyers wanting homes with delineated borders, most still are drawn to those with open concepts. Those who are selling may want to investigate where they can open up rooms or take down walls to recreate these features. 3. Outdoor kitchen: A luxury indoor
kitchen is still a major draw for buyers, but increasingly people are seeking properties that also maximize outdoor entertaining spaces. Having an outdoor kitchen with built-in grill, sink, counters for food preparation, and a refrigerator or wine chiller may be coveted. When an outdoor kitchen is near amenities like a spa, grand patio, pool, and other outdoor living spaces, the home really will beckon buyers. 4. Saltwater pools: Pools have both pros and cons at resale. Therefore, sellers should speak with a realtor before installing a pool simply to make a home more appealing. However, if there already is a pool, converting the set-up to a saltwater system may win over buyers. Saltwater systems rely on fewer chemicals, and proponents say the water feels more silky and less irritating. 5. Upgraded owner’s suite: An owner’s suite complete with luxury spa bath, walk-in closet with built-in storage, sitting area, and potentially access to an outdoor space will win raves with buyers. Selling a home today is a bit more challenging, but luxury home features can tip the scales in sellers’ favor.
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The home’s a stage When selling, the most important areas of the home to stage are ... Certain areas of a home are more likely to draw the interest of prospective buyers when a house goes on the market. When that day comes, many realtors and homeowners rely on staging to make a home as attractive as possible during an open house or appointment viewing. According to a 2019 report from the National Association of Realtors, staging the living room is most important for buyers, with 47 percent of buyers indicating a well-staged living room had an effect on their view of the home. The owner’s suite (42 percent) and the kitchen (35 percent) were found to be the next most important rooms to stage. Though the report is generally concerned with selling a home, the conclusions in the report are something renovation-minded homeowners can keep
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The basics of home inspections – and your role in them
Some buyers are forced to waive inspections in this market, but there are many reasons why it’s a bad idea
The process of buying a home involves a number of variables that present at various times throughout buyers’ search for a home. For instance, real estate professionals typically advise buyers to receive a mortgage preapproval prior to beginning their search for a new home. Once such preliminary measures have been taken care of, buyers can then search for a home and ultimately make an offer. One of the more critical steps buyers can take when making an offer is insisting that the offer is contingent upon a home inspection. Home inspections offer a measure of protection that can save buyers from investing in properties that may look nice to the naked eye, but feature a host of costly problems beneath the surface. Individuals new to home buying may not know what to expect of the inspection process. In such instances, the following rundown can shed light on home inspections.
An inspector should look in every nook and cranny, and the buyers should be there throughout.
• Recognize inspection may be mandatory. Though it’s not always the case, home inspections may be required by mortgage lenders. Lenders want to ensure borrowers can repay their loans, which might prove difficult if a home is in need of considerable repairs. That’s why home inspections tend to be mandated by lenders, even if they’re paid for by buyers. Estimates from HomeAdvisor indicate home inspections cost between $279 and $400 on average, but that cost is well worth the peace of mind of knowing you won’t unknowingly be buying a money pit. • You choose your own inspector. Buyers will choose their own home inspector,
so it can pay dividends to start asking people you trust for recommendations even before you begin searching for a new home. Realtors also may recommend inspectors they’ve worked with in the past. The International Association of Certified Home Inspectors® (nachi.org) also can help buyers find a home inspector. • You can, and should, attend a home inspection. It’s wise for buyers to attend a home inspection. Doing so allows them to see potential issues firsthand. Some seasoned home inspectors even prefer clients to attend an inspection so they can point out issues as they go through the house and answer questions directly rather than
later on over the phone or via text or email. Though inspectors typically will answer questions off-site, it’s easier for both buyer and inspector to discuss issues in person on the day of the inspection. And for buyers, this can be a great way to become more informed about the home inspection process. • Expect to spend a good deal of time at the inspection, and not necessarily with the sellers present. The National Association of Realtors indicates inspections can take as long as three hours, so this won’t be an in-and-out excursion. Buyers don’t want to rush the process, so block out ample time on your schedule to attend the inspection. In addition, sellers typically are not home during an inspection, though it can happen. Buyers who don’t want sellers present can request that they are not on the premises while the inspection takes place. There may not be anything to compel sellers to be off-site, but it can’t hurt to ask. Home inspections are a vital component of the home buying process. It’s imperative that buyers take inspections seriously so they can feel confident they are not investing in a flawed property.
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These renovations will help sell homes
Fresh paint and renovations — both big and small — can make a difference
The adage “there’s a lid for every pot” suggests that, even in relation to the real estate market, there’s bound to be a buyer for every home on the market. Price is a significant variable in the minds of potential buyers, but there are additional factors that can affect the impression people get of a given home. Certain home features can tip the scales in favor of sellers. In fact, various renovations can help sell homes more readily. And these renovations need not cost a fortune. Putting a home on the market can be stressful, but these renovations may help it sell fast. • A fresh coat of paint: Although painting is relatively inexpensive and a job that some do-it-yourselfers can tackle, it’s not a task relished by many. Painting is messy, it takes time, and requires moving furniture. In fact, prepping a room for painting often is the toughest component of any painting job. But fresh coats of paint can create a
strong first impression. Choose a neutral color and get painting. Jennie Norris, chairwoman for the International Association of Home Staging Professionals, says gray is a “safe” color that has been trending in recent years. • Minor bathroom remodel: Remove dated wall coverings, replace fixtures, consider re-glazing or replacing an old tub, and swap old shower doors for fast fixes in a bathroom. If there’s more room in the budget, replacing a tub, tile surround, floor, toilet, sink, vanity, and fixtures can cost roughly $10,500, says HGTV. You’ll recoup an average of $10,700 at resale, making a minor bathroom remodel a potentially worthy investment. • Redone kitchen: The kitchen tends to be the hub of a home. This room gets the most usage and attention of any space, and it’s a great place to focus your remodeling attention. The National Association of the Remodeling Industry estimates that homeowners can recover up to 52 percent of the cost of a kitchen upgrade upon selling a home. Buyers want a functional and updated
Wise investments in things like paint, curb appeal and modest updates can greatly influence what buyers are willing to pay. kitchen. Trending features include drawer-style microwaves and dishwashers, commercial ranges, hidden
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outlets, and even wine refrigerators. • Updated heating and cooling system: Better Homes and Gardens reports that homeowners may be able to recoup 85 percent of the cost of new HVAC systems when they sell their homes. Heating, cooling and ventilation components are vital to maintain. You don’t want buyers to be taken aback by an older system, and many millennial buyers are not willing to overlook old mechanical systems. • Fresh landscaping: A home’s exterior is the first thing buyers will see. If they pull up to a home with eye-catching landscaping and outdoor areas that are attractive yet functional, they’re more likely to be intrigued. Often buyers will equate a home that features an impressive exterior with upkeep inside as well. The American Nursery Landscape Association says the average homeowner may spend $3,500 for landscaping. Improving a home’s chances to sell quickly and at a higher price often comes down to making smart improvements that catch the eyes of buyers.
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What buyers can do to get the best mortgage rate Give yourself the best chance to get a good rate, even in this climate Mortgage interest rates have been headlining financial news segments for several years running. Much of that news has been met with less than open arms, as rates have risen dramatically in recent years, an increase that is related to the ripple effect of the COVID-19 pandemic. Mortgage interest rates did not immediately spike after the World Health Organization declared a global pandemic in March 2020. In fact, data from the lender Freddie Mac indicates mortgage rates were still well below 4 percent on January 1, 2022. However, those rates hovered around 7 percent by the end of that year, and were still around that level at the start of 2024. With such high interest rates, it’s understandable if prospective home
buyers feel helpless. However, there’s much buyers can do to help themselves as they seek to secure the lowest mortgage interest rate possible. • Read your credit report and improve your score, if necessary. Many prospective home buyers save up for years in anticipation of the day when they will purchase their own home. During this period, buyers can read their credit reports and address any discrepancies while taking steps to improve their credit scores. Lenders consider a host of variables to determine an applicant’s credit worthiness, and credit history and credit scores bear significant influence. The higher an applicant’s credit score, the more favorable mortgage rate he or she is likely to get. • Take control of your debt-toincome ratio. Debt-to-income (DTI) ratio refers to what you owe in relation to how much you earn. The lower your DTI, the better you look to lenders.
According to Bankrate, lenders typically want to avoid issuing mortgages to individuals if the monthly payment will exceed 28 percent of their gross monthly income, and people who may be near that threshold for a given home may be denied a mortgage if their DTI is high. Prospective home buyers currently carrying significant debt, including consumer debt like credit cards and/or student loan debts, should make a concerted effort to pay down that debt prior to applying for a mortgage. Prioritize paying off consumer debt before applying for a mortgage. • Maintain a strong employment record. Steady employment and consistent earnings make mortgage applicants more attractive in the eyes of lenders. If you are currently shopping for a home or about to make an offer, now might not be the best time to switch jobs. Self-employed individuals and freelancers working multiple jobs
can still qualify for a good mortgage rate, but they may need to provide more extensive documentation that indicates their earnings going back several years. Individuals who have been working full-time for the same company for years may only need to provide W-2 forms from the two most recent tax years. • Shop around for rates. Rates may not fluctuate much between lenders, but it’s still worth shopping around for mortgage rates. A study from Freddie Mac found that the benefits of shopping around for a mortgage rate were especially notable in 2022 compared to the decade prior, saving borrowers who took the time to shop for rates substantial sums of money. Mortgage rates remain high compared to a half decade ago, but prospective home buyers can take steps to increase their chances of qualifying for a favorable rate.
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What does a real estate attorney do? With so much at stake, real estate attorneys can simplify complex transactions The complexities of the law can be challenging to those outside the legal profession. An attorney on one’s side can help individuals ensure their assets and livelihoods are protected, and even help people avoid costly mistakes. Investing in real estate is a wise but often expensive endeavor. According to the National Association of Realtors, the median home price of existing (not new) homes was $410,200 in 2023. With so much money riding on real estate transactions, having a professional real estate attorney in one’s corner is wise. Recognition of what these professionals can do underscore how valuable they can be.
investment property, a commercial business, or even guide grief-stricken relatives through the process of selling a deceased loved one’s home to settle estate obligations.
Who do real estate attorneys work for?
WE’RE FOR EVERY VERY TREE. Roles of a real estate attorney
The main job of a real estate attorney is to ensure the legal transfer of property from a seller to a buyer. Real estate attorneys will prepare and review documents, ensure that a home title is clear, and facilitate the transfer of funds between parties,
If the real estate attorney is representing a client’s interests only, that lawyer will be an advocate to the client and work in his or her best interests. Various attorneys tend to be involved in real estate transactions. One will represent the buyer and another the seller. A lawyer may represent the mortgage lender if financing is involved. Another could potentially represent the title company.
One attorney will typically handle the demands of a residential transaction, but teams may get involved in more complex deals. according to the online financial resource NerdWallet. Real estate attorneys will identify any unpaid loans, liens, litigation or other claims against the property, uncover deed restrictions and covenants, and any breaks in the chain of title. In addition to these services, attorneys guide their clients through searches for obligations like taxes, utility charges and
homeowners association fees, according to Bankrate. Real estate attorneys also will prepare settlement statements showing the charges to all parties and how the funds will be allocated, including commissions, attorney’s fees, underwriting fee, title search fee, taxes, and more. A real estate attorney can work for those looking to buy or sell a private home, an
Cost of real estate representation Certain real estate attorneys will charge a flat fee that encompasses a specific series of jobs, including the preparation of closing documents. Others may charge an hourly rate, particularly if the issue is more complex and involves litigation. When individuals are selling or investing in property, real estate attorneys can ensure the process goes smoothly and protect their clients if complications arise.
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What to do with the forgotten dining room ... Formal dining rooms are no longer a must-have among home buyers. Reports on the decline of the formal dining room appear to have been premature, as many real estate professionals have noted that some clients still insist that a home must have such a space. However, many agents also report low demand for formal dining rooms. Beauty is indeed in the eye of the beholder regarding formal dining rooms. Buyers and homeowners who see these rooms as unnecessary can consider the many ways to transform them to better suit their needs.
Converting a formal dining room into a game or billiards room is one option – if there’e enough room around the table for the players.
Home office
Playroom Parents of young children know that kids have a way of taking over living spaces in a home. If the living room has been overtaken by toys, homeowners can consider converting their formal dining room into a kids’ playroom. Formal dining rooms tend to be spacious places that can accommodate a large dinner table, a bar and a buffet table. That means there’s ample space for a kids’ toy chest, bookshelf, crafts table, dollhouse, and more.
The COVID-19 pandemic changed the way many modern workers go about their typical workday. Millions of workers now work from home at least a few days a week, if not full-time. When the pandemic began, that led to a space crunch, particularly in homes with more than one working adult. Workers who have been using the formal dining table as a desk for years can now fully commit to repurposing the room. One factor to keep in mind is whether or not the room will need a door. Some for-
mal dining rooms already feature pocket doors or even French doors, but many do not offer any such privacy. A door installation could increase the price tag associated with repurposing the room, but the end result could be well worth the additional costs.
Game room A large formal dining table might be similar in shape and size to a pool table, but pool players will need some space around a pool table to ensure they aren’t putting holes in the surrounding walls
each time they pick up a cue stick. If pool doesn’t tickle homeowners’ fancy, then a room devoted to gaming, complete with a flat screen or two on the wall and some new gaming chairs, can be a great way to repurpose the space. Modern parents often play video games alongside their children, making this a great way to create a fun and family-friendly space in the home.
Reading room Devoted bibliophiles may aspire to turn their formal dining rooms into spaces tailor-made for curling up with a good book. Book lovers often lament they lack the space to display all of their books, so this idea can provide the perfect solution to that problem. Replace existing furnishings with some bookcases and a comfortable reading chair and then sit back and crack open a good book. Homeowners who want to go the extra mile can convert the room into a traditional English library, complete with wood-paneled walls, a fireplace, a floor globe, and leather furniture. There’s no end to what can be done when homeowners decide it’s time to convert their formal dining rooms into spaces they’re likely to use more often.
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