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Millennials prefer walking to driving, so housing market is changing

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Millenials_ThinkStockMost millennials don’t want to live in neighborhoods that are only accessible by car, a National Association of Realtors survey found.

Kent Hoover Washington Bureau Chief
Jul 28, 2015, 2:13pm EDT

The days of suburban cul de sacs are numbered: Millennials prefer walking over driving by 12 percentage points, according to a new poll conducted for the National Association of Realtors.

That’s the largest margin in favor of walking for any generation. Millennials want to live within walking distance to shops and restaurants, and have a short commute to work. They also favor expanding public transportation and alternatives such as biking.

The housing market must change to meet these preferences. Millennial disinterest in traditional single-family homes may be one reason why the home ownership rate in the U.S. fell to 63.4 percent in the second quarter, its lowest level since 1967.

“While there is no such thing as a one-size-fits-all community, more and more homebuyers are expressing interest in living in mixed-use, transit-accessible communities,” said NAR President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark.

Nearly half of Americans surveyed said they would prefer to live in neighborhoods that have small yards but are in easy walking distance to stores and restaurants, vs neighborhods with large yards but where driving is required to get to amenities.

Around 60 percent of Americans live in detached, single-family houses, but one in four of these individuals would rather live in an attached home in a more walkable neighborhood.

There’s still strong support for maintaining roads and expanding them to ease traffic congestion, but more than half of survey respondents said expanding public transit and other alternatives to driving should also be top priorities.

“This poll shows again how strong a role transportation plays in housing decisions,” said Jennifer Dill, director of the Transportation Research and Education Center at Portland State University, which collaborated with NAR on the survey.

Just Because It’s a Seller’s Market Doesn’t Mean Your Home Will Sell Itself

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It’s a seller’s market in the high season, as everyone knows by now. So if your home is listed, you’re already halfway to the bank, right?

Slow your roll, O Zealous Seller! It’s still perfectly possible to scotch your own sale. There are plenty of things you should do, and avoid, to make sure you actually make it to closing day, your way.

“When properties are moving quickly, if your home doesn’t sell within the first couple of weeks, buyers will start to perceive your home as market-worn,” says Dave Fry of The Fry Group, a Keller Williams premier realty in Minneapolis–Saint Paul. “They’ll assume there is an issue with it and consider themselves in a stronger bargaining position or reject the home altogether.”

So if you’re selling your home, don’t just phone it in. We talked to local experts in some of the nation’s hottest markets right now for tips on how you can ride the wave—as opposed to getting swept up in it.

1. Price to sell

So many factors can feed in to your initial list price: market inventory, perceived vs. actual value, and others. Sellers often fall victim to the lure of a gigantic payday, thinking the higher the price, the higher their take-home. That is almost never true, says Alison Sternfels, a 17-year Realtor® with Re/Max in Atlanta.

“In this market,” she said, “buyers don’t think sellers are negotiating very much. If you overprice it, you’ll lose the sweet spot of the first 45 days on the market. Even if you price it $20K over, instead of making an offer, they’ll move on.” Your house will take longer to sell, and you’ll likely end up having to cut the price anyway.

“The strategy we hear a lot—‘We can always come down in price’—can be a very costly one,” says Fry. “I understand that nobody wants to leave money on the table, but unfortunately this strategy does exactly that.”

2. Don’t get booed off the stage

Even the nicest, newest cribs need TLC, says JD Esajian of FortuneBuilders.TV, a real estate investing website.

“People don’t buy empty, nice, renovated houses,” he says. “People buy homes. And staging makes a house a home.” As awesome as your house may be, it’s your home. Strategic staging offers prospective buyers visual cues to help them picture your house as their home—which can translate to a sale.

“Some buyers are capable of visualizing, but most are not,” says Sternfels, who estimates that 60% to 70% of prospective buyers need a little help to imagine themselves in your home. “Stagers have the expertise to make the most out of certain spaces in the home.”

3. Nab them at the curb

The outside of your home is at least as important as the inside. Brown grass, sketchy shrubs, wilting flowers, peeling paint—all those and more can disqualify a home before your prospect walks through the door, says Jay O’Brien, managing partner and Realtor with Re/Max Prestige in the hot region of Anaheim Hills/Costa Mesa, CA.

“You don’t need to redo your entire house, but there are cost-effective improvements you can make that will dramatically enhance the appeal to your property, like a freshly landscaped yard, clean windows, and a tidy house,” O’Brien says.

Fry adds that we sometimes forsake the exterior to declutter and streamline the inside—but both remain important.

“The first impression is everything,” he says. “Most of us open the garage door, park the car, and enter our house from the garage and rarely enter through the front door. Take the time to act like a buyer and enter your home from there, remembering that they will be spending time waiting for the Realtor to unlock the door so they will get a real good look there. Touch up paint, clean off cobwebs, shine your door handle, freshen up landscaping, and scan for brown spots in the lawn if you have a pet. This all matters.”

4. Choose your agent wisely

For all of the above, your best counselor is a good agent—even if you’ve got the nicest digs on the block.

“It’s paramount to hire a Realtor that you like, trust, and respect,” says O’Brien, adding that even in a lively market, if you don’t match well with your listing agent, your sale could be adversely affected.

“The feeling must be mutual, or no working relationship should ever take place,” he says.

Use the list above, do your homework and due diligence, and remember: Stay humble. These markets and others may be going gangbusters with activity, but selling your home is never a given. You and your Realtor will still need to hustle to land the right buyer.

Article by Will Pollock, Realtor.com, is a multimedia journalist, author, and photographer in Atlanta.
He loves quirky real estate stories, tennis, sci-fi, travel, and making pizza for good causes.

Closing Forms About to Get a Big Makeover

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Here are some New procedures imposed by the U.S. Consumer Financial Protection Bureau to make the long Closing Process easier to understand by the consumer. Read more from the Washington Post and follow link below to see additional information. – Ed Corbett, REALTOR

Closing Time  –  New Procedures

article by: Michele Lerner May 14 / Washington Post

Closing Forms About to Get a Big Makeover

Some of the key documents in the mountain of paperwork consumers sign at closing time when they purchase a home are about to get a big makeover.The changes, which take effect Aug. 1, are being imposed by the U.S. Consumer Financial Protection Bureau to address problems that surfaced during the meltdown of the housing market when millions of buyers took on complicated loan products they didn’t understand and ended up losing their homes in short sales or foreclosure.At least one of the changes is aimed at giving buyers a little breathing space — providing them three days to review all the paperwork and ask questions about it rather than rushing through it at settlement, as many currently do.Anyone who has bought a home in recent years is familiar with the good faith estimate, the truth-in-lending document and the HUD-1 settlement statement. All three of those documents are set to disappear as part of the new rules established by the CFPB in accordance with the Dodd-Frank Act.

“The goal of the CFPB is to make it easier for consumers to understand their loan terms,” says Mitchel Kider, chairman and managing partner at Weiner Brodsky Kider PC in the District. “I think the result will be helpful to consumers but there will be a learning curve for everyone.”

Read complete article by following this link to Washington Post.

 

Ed Corbett This Month In Real Estate

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The Corbett 2 Corbett Team provides you with:  This Month In Real Estate.

Link here to review the latest in national real estate news from Keller Williams Realty.
Ed Corbett This Month in Real Estate will provide you with valuable current market information that may assist you whether you are buying or selling property in the Metro Atlanta marketplace.

One Minute Housing Market Report

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One Minute Housing Market Report – Atlanta

Here are a few items you will read about in this March’s ~ One Minute Housing Market Report – Atlanta
Follow the link above for the full report or link on any of the following links to specific articles. If you have any questions on the Market information then contact Ed Corbett with the Corbett 2 Corbett Team.

Pending Home Sales Hold Steady in January

WASHINGTON (February 28, 2014) – Pending home sales were essentially unchanged in January, according to the National Association of Realtors®. Monthly gains in the South and Northeast were offset by declines in the West and Midwest.  Read more

National market update

February Existing-Home Sales Remain Subdued

WASHINGTON (March 20, 2014) – Home prices continued to show solid growth in most of the country due to limited inventory conditions, but rising prices and severe winter weather caused existing-home sales to slip in February, according to the National Association of Realtors®. Read more

 

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Top 10 Home Maintenance Tips for Spring and Why You Need Truflame Electric Fire

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Here are some great pointers from Ilyce Glink, nationally syndicated author of “Real Estate Matters,” for reviving your home after the long winter we have had this year. Following are the Top 10 Home Maintenance Tips for Spring. Review all of them and see what you are able to accomplish in getting your home ready for a maintenance free summer ahead.

Home Image_outside

After a grueling winter, it’s important to prepare your home for spring by repairing any cold weather damage. Snow and ice can wreak havoc on your home’s infrastructure, and it’s important to address issues quickly.

Written by Ilyce Glink on March 12, 2014

Begin prepping your home for spring as soon as the snow melts

“Spring is an ideal time to inspect in and around your home for any safety hazards,” says Loretta Worters, vice president of communications at the Insurance Information Institute (I.I.I.). Spring is also a great time to make sure warm weather necessities, such as air conditioning units, are working properly after the cold season.

The I.I.I. offers the following ten home maintenance tips to help you get your house in shape for spring.

1. Clean gutters and check for leaks. Clean out any leaves or debris that may have accumulated in the gutters. Check to make sure the downspout directs water away from the foundation, and add extensions if necessary to keep the water away from your house. It’s also a good plan to install gutter guards. These will protect your gutters from clogging and ensure that water does not accumulate on the roof.

2. Replace roof shingles. It’s no fun waking up to water dripping from your roof, and the significant cost of repairs can cause major headaches. Check for roof damage, including missing shingles, leaks, and general aging, as soon as possible after the snow melts. Shingles that are cracked or loose need to be replaced.

3. Repair concrete. Ice can do serious damage to cement and exterior walkways around your home. Inspect concrete for shifting cement or for cracks, which should be filled with caulk or concrete crack filler.

4. Inspect pipes for leaks. Water damage can mean big insurance claims, so check for leaks in pipes and faucets as well as in hoses leading to dishwashers, washing machines, and refrigerators, you need to use a company that can restore the damage from the leak.

In addition, know the location of the main water shutoff valve in your home. A damaged hose or a burst pipe can send water racing into your home. You will save yourself time and money by knowing where this valve is located and how to use it to shut off the water supply.

5. Replace smoke detector batteries. While you’re prepping your home for spring, make sure all smoke detectors have fresh batteries and are working properly.

6. Seal windows and doors. A windy winter may have damaged the seals on your windows and doors. Check caulking for decay around doors, windows, corner boards, and joints, and recaulk as needed. Be sure seals are tight to improve insulation and prevent water damage.

7. Prepare lawn equipment. Replacing your engine oil will increase the life of your machine, and a sharpened blade will make yard work easier.

8. Check the basement for water damage. Basements can bear the brunt of water damage if not checked frequently. They’re also a prime location for mold. If the air is too dry, consider a dehumidifier. If you have standing water, figure out whether the problem is on the interior or the exterior of your house.

9. Test the air conditioning units. Don’t wait for a hot day to discover that your air conditioning is not functioning properly. Spring is the right time to change the filters, clean the system, and make sure everything is working to maximum efficiency. Clean filters will also prevent your air conditioner from straining. Hire a contractor who can clean and inspect your mechanical systems.

10. Check your washer and dryer for fire hazards. Lint can escape a dryer hose that has been poorly connected and can then build up against the wall, causing a fire hazard. It’s best to check on your fireplace if you have one. A lot of homeowners recommend replacing their old fireplaces with the safer ones from fireplaces4u.co.uk. Household appliance fires are one of the most common reasons given for homeowner insurance claims.

As a homeowner, it’s impossible to prevent every problem that could arise. But with regular maintenance and a little elbow grease, you can ensure your home is a safe and comfortable place for years to come.

Read other articles like this one on the Equifax website.

Ilyce Glink is the author of over a dozen books, including the bestselling 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In! Her nationally syndicated column, “Real Estate Matters,” appears in newspapers from coast-to-coast, and her Expert Real Estate Tips YouTube channel has nearly 4 million views. She is the managing editor of the Equifax Finance Blog, publisher of ThinkGlink.com, and owner of digital communications agency Think Glink Media. In addition to her WSB radio show and WGN radio contributions, she is also a frequent guest on National Public Radio. Ilyce is a frequent contributor to Yahoo and CBS News.

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