Author: Igor Nastaskin
Today’s Kitchen Trends That Millenials Want
Thirty-five percent of millennials who own a home or are likely to purchase a home in the next few years said the kitchen is the most important room when it comes to the house hunt, according to a nationwide survey of more than 1,000 millennials conducted by meal kit delivery company HelloFresh. Forty-eight percent said they would be more encouraged to cook at home more often if they had an “updated/amazing kitchen.” But what makes a kitchen amazing? Teaming up with HelloFresh, Redfin analyzed the listing descriptions of millions of homes that have been placed on the market during the past eight years and tracked how often specific kitchen terms are mentioned. Here, some insight into what is believed to be the key selling features. When it comes to countertops, granite is a rock-solid choice, but quartz is a notable up-and-comer So far this year, 3.7 percent of all listings included a mention of granite, making it the most common keyword Redfin analyzed. Marble also is growing in popularity. In 2010, 0.4 percent of listings mentioned marble, compared with 0.7 percent of listings in 2018. While marble is mentioned more often than quartz, quartz is growing in popularity at a faster rate. Stainless steel remains the standard for appliances Stainless steel was the second most-frequently mentioned the keyword in Redfin’s analysis, appearing in 2.4 percent of all listings thus far in 2018. This stalwart trend shows no sign of falling out of favor. Buyers still love breakfast bars and islands Appearing in 1.25 percent of all listings this year so far, the breakfast bar was the third-most commonly mentioned keyword and continues to grow in use. In 2010, just 0.3 percent of listings mentioned the term. Many buyers are keen on kitchen islands. In the HelloFresh survey, 64 percent of respondents said a big island is a must-have feature in their dream kitchen. Maple cabinets are out; farmhouse sinks and tile backsplashes are in When it comes to kitchen decor choices, maple cabinets appear to be falling out of favor. Sellers instead are choosing to highlight tile backsplashes and farmhouse sinks. In 2010, only 0.1 percent of listings mentioned a tile backsplash compared to 0.8% in 2018. While listings that mention farmhouse sinks represent a tiny share of all listings, the growth rate in the use of the term has been at more than 40 percent for the past five years. Mentions of ‘tile backsplash’ have also been consistently growing since 2010. Buyers adore the entertaining extras Use of the keywords outdoor kitchen, wine fridge and double oven are rising in popularity. This includes kitchens with a dedicated beverage area, with a wine fridge below and an attractive place to display barware above, along with a double oven and outdoor kitchen area. Although these features are considered standard in luxury homes, they are becoming more popular in mid-priced homes and can really set a listing apart from others.
Offer Was Rejected? This Might Be the Real Reason Why
You’ve found a house you love and made a good offer. Unfortunately, it was rejected. What gives? Although home sellers don’t have to explain why they pass up what seems like a perfectly fine offer, they do have their reasons—and it’s not always just because a higher bidder came along. Sometimes it’s you. Here, Realtor.com tells you what not to do or say when you really want a house. Your offer letter revealed a little too much When bids are very close, things like a personal offer letter can either help or hurt, depending on what it says. There are many agents who swear by the power of a heartfelt offer letter, but make sure that you don’t in any way insult the sellers or their taste. For example, never go on and on about the huge remodel you want to do once you own the house. This can be a slap in the face to sellers who have spent a considerable amount of money remodeling the property. And, if you want to write a poem to the sellers, make sure that it doesn’t contain spelling errors throughout. A seller can be turned off by an improper use of grammar. Your offer was too high—really A higher offer isn’t always better, since lenders will only loan you as much as the house is appraised for—not a cent more. A solid, realistic offer is a much better move—or, if you do bid high, make sure you’re willing to cover the difference out of your own pocket. For example, if you a seller receive two offers over list price (one of which is $15,000 higher than the list price), the seller might be tempted to take the higher officer. However, the house might not appraise for the higher amount, which means the loan might not close. So, the seller likely will go for the lower offer. Your lender was unfamiliar to the seller A real estate agent and seller often feel more comfortable with a local lender they know. Do your research and choose the loan that’s right for you, and consider giving preference to a well-regarded local mortgage lender when possible. Sometimes, if a seller receives an offer from a buyer using an online lender they’ve never heard of, it could make them wary. You can’t be sure that an online lender will understand the local customs and laws, specifically if they might worry the septic system was a risk and deny the loan. A local lender would already understand. You demanded a family heirloom If you love the house, as well as something in it, go ahead and request to include it in the deal. However, if it’s something the sellers want to take, let it go. It’s not worth losing the entire house in your bid for a pretty light fixture. For example, if the sellers exclude all of the chandeliers in the house, they might be surprised if an offer comes in that insists on keeping the chandeliers. The chandeliers could, in fact, be family heirlooms. It’s a better idea to ask if the sellers will provide a credit for the replacement of the lighting fixtures. You made a full-price offer but nickel-and-dimed elsewhere Although sellers love to see full-price offers, don’t try to get money out of them elsewhere. For instance, never submit a full-price offer and then request a sum such as $10,000 for closing costs. That means the sellers are not getting a full-price offer, but one that’s $10,000 under the offer. You acted like you had something to hide Playing games or withholding routine information can make the seller doubt you and your intentions. For example, a buyer shouldn’t insist on remaining anonymous and ban their real estate agent from providing the sellers with any information on them at all. This could leave the sellers feeling that the whole deal could wind up being a shady experience, and they likely will pass for another more upfront offer. Your financial picture didn’t look solid enough The last thing a seller wants is to get ready to close, only to discover that the buyer cannot complete the transaction and it’s back to the drawing board. Buyers should make sure to clean up their credit and have their finances in order before making an offer. Never, for example, come in with a low down payment, a very high debt-to-income ratio, and a subpar credit rating. This will set off alarms, as the seller might question the buyers’ ability to get their loan funded and close the transaction.
6 Ways Buyers Can Stand Out, Beat the Competition and Buy the House
In a seller’s market, there can be many home buyers and too few houses. If you’re a buyer facing this dilemma, that means you need to figure out how to beat the competition and buy the house. Typically, when faced with many bidders, sellers will pick the highest offer, an all-cash offer or what gets them to the closing table the quickest. But if you can’t plunk down a lot of cash or waive a home inspection, there might be other ways to stand out, especially if you’re flexible on certain points or have specialized skills. Here, Realtor.com shares some creative—and kind of crazy—ways people have sweetened their offers. 1. Toss in free pizza for life! When Rob and Holly Marsh put their Oregon home on the market in 2015, they had multiple offers within days. One buyer had even offered $26,000 over the asking price but had a feeling that wasn’t quite enough to nail the deal. So, she threw in one pizza a month for life. The Marshes accepted the offer. How could they resist? Besides, when you add it all up, that much pizza was worth serious dollars—a free $20 pie once a month for the next 40 years amounts to $10,000 total. And it makes a business deal a more personal bond. 2. Fix what’s wrong with the house Here’s how Terence Michael snagged a beach house in Playa del Rey, Calif., in 2005’s hot housing market: He noticed it came with a detached garage that had been converted into a rental unit. Problem was, it wasn’t up to code—so most buyers were leery. Enter Michael, who had completed some of his own home renovations in the past and knew exactly how to bring this otherwise perfect place up to snuff. He asked the sellers for permission to begin converting that space back to a garage, not knowing if the sellers would accept his offer. Since the owners had little to lose and lots to gain, they allowed Michael to move forward with his plans, which entailed installing a garage door, removing the bathroom and making other changes to get the space car-ready. After 10 days, the sellers informed Michael that the house was his—new garage and all. He wound up getting the house for $592,000 and then sold it in 2014 for $939,000. 3. Add an open-ended escalation clause Adding an escalation clause to an offer means the buyer commits to paying a specified amount more than the highest offer submitted, up to a cutoff price. On a house listed for $450,000, for example, buyers might top any offer by $2,000, up to $480,000. Taking that idea to a new level, consider submitting an offer to pay $5,000 more than the highest offer, with no cap on the total purchase price. 4. Waive attorney review The attorney review is part of the home-buying process when buyers do their due diligence and have the house inspected for any problems before closing the deal. The risk of waiving the attorney review is substantial. It could be a good idea to forego the attorney review, however, if you really want to secure your dream house with the right room sizes in the perfect location. With the attorney review waived, the sellers basically only need to set a closing date, which can be very compelling. 5. Stop by during primetime If you really want to do something to stand out as a buyer, stop by the house, knock on the door and introduce yourself to the sellers. Although contacting the sellers directly often is considered pushy, it could actually work. Nothing beats a little face time. 6. Offer a trip…or tickets to a sporting event What would you choose: Season tickets for your favorite NFL team or a trip to Paris? In Denver’s competitive market this past spring, these two perks were offered up by buyers. It may seem extreme, but it actually makes sense to leverage what you have that others might find valuable.
Thinking of Selling Your House? [5 Proven Ways to Increase Home Value]
If you’re thinking of selling your house, there are factors that increase your home value that are out of your control, including its location and the popularity of that market. But you can keep up with repairs and make smart improvements, both proven ways to increase home value. Although renovations rarely recoup 100% of their cost, they can make your family more comfortable and help your home sell faster. USA Today offers five tips to raise the value of your home, whether you want to build equity faster or get top dollar when you sell. 1. Make it more attractive Curb appeal—how your home looks from the street—is your first chance to make a good impression. A home’s exterior should entice a prospective buyer to walk through the front door. Make sure existing landscaping is well-maintained. If your yard seems dull in comparison with your neighbors, consider planting flowers or repainting the front door. Once the exterior looks good, focus on the kitchen and bathroom. When these two rooms are outdated, they can keep a property from reaching its highest valuation. A minor kitchen remodel recoups 81 percent of its cost in added value on average, versus 53 percent for an upscale kitchen remodel with stone countertops, custom cabinets, and commercial-grade appliances, according to Remodeling magazine’s “2018 Cost vs. Value Report.” The same is true for bathrooms; a midrange remodel with new flooring and a few updated fixtures deliver a 70 percent return on investment, while an upscale bathroom remodels with heated flooring, custom cabinets and designer fixtures nets an average of 56 percent. 2. Make it low-maintenance Since many homebuyers worry about purchasing a home that will need constant maintenance, replacing a major component—such as the furnace, water heater or even the roof—before placing it on the market may calm fears of an emergency repair in the near future and help you get a higher price. Improvements that make things easy to clean and maintain also may increase home value. Consider replacing easily stained carpet with hardwood flooring or high-maintenance wood siding with vinyl siding. 3. Make it more efficient Depending on what area of the country you’re in, energy conservation features can have a significant impact on home value. Energy-efficient mortgages (EEMs) allow borrowers to take on additional debt to cover both the purchase of the home, as well as energy-efficient upgrades. EEMs also can offer lower mortgage rates to increase purchasing power. Consider double-paned windows, enhanced attic insulation, LED lighting, efficient appliances and solar panels. Schedule an assessment with a certified energy auditor or your utility company to determine where your home is wasting energy and which upgrades will save you the most money. 4. Make it bigger Price per square foot is one way to compare homes that are similar in style and upgrades. Bigger homes often command higher values, and even if an appraiser doesn’t officially acknowledge the full value of added space, a buyer likely will notice. Adding a room is the obvious way to make your house bigger, but you also can create additional living space by finishing the basement or building a deck. 5. Make it smarter Most buyers are seeking “smart” technology in their new homes, including thermostats, fire detectors, carbon monoxide detectors, security cameras, door locks and lighting. While smart technology doesn’t always increase home value, it does add appeal, with those who see themselves as “techies” more likely to pay more for these items. Unlike replacing the roof or renovating the bathroom, you usually can install these devices yourself for about $1,000 or less.
7 Vintage Kitchen Design Trends That Are Making a Comeback
Thinking of selling your home? You might want to try incorporating well-placed throwbacks from decades such as the 1930s into your kitchen’s cooking and dining spaces, as well as rethinking your culinary center’s size and color palette. According to Realtor.com, these are the types of vintage style trends that today’s homebuyers are seeking. Pastel hues Today’s younger generation is pairing the popular rosy shade with gentle hues like robin’s-egg blue and mint. To make these shades sing, choose a modern countertop, such as a butcher block, but consider skipping dated wood cabinetry. Petite kitchens For millennials to afford housing, smaller kitchens are becoming more popular. Instead of having eating, cooking and entertaining in one large room, consider seeking out separate—and, subsequently, smaller—spaces. To make your limited square footage feel grand, look beyond white walls: bold colors and bright metals add vintage glamour and turn the cozy space comfortable. Retro furniture design A smaller kitchen lends itself nicely to retro furniture. Vintage designs—such as Eero Saarinen’s tulip chairs—are designed to squeeze into tight spaces without looking bulky or oversized. Remember, though, it’s easy to go overboard with retro looks. Balance these styles with modern elements—such as stainless-steel appliances or waterfall islands—to keep your home stylish. Dining nooks An open kitchen layout is the perfect place to rock the latest retro trend: dining nooks. Built-in benches add character while also providing an easier alternative to cluttering an open space with a lot of chairs. Decorative flooring Hardwood flooring (laminate or otherwise) might be standard issue in builder-grade housing, but many buyers are seeking decorative flooring styles often seen in their parent’s and grandparent’s homes. Whether it’s vintage black-and-white or funky-patterned tiling, today’s kitchens are all about making a statement. Not quite ready to go so bold? Add a subtle nod to retro chic by upgrading to white and light-gray checkerboard tiling makes. Vintage appliances Retro refrigerator maker Smeg had its moment in the kitchen spotlight with its candy-colored appliances, and now other manufacturers are following suit with a variety of vintage-inspired appliances. Not only are they ideally suited for Mid-century Modern–style homes, they work equally well in a beach cottage or cabin—or any kitchen setting in need of a sense of fun and personality. You don’t have to go pastel to integrate vintage appliances into your own kitchen. Many manufacturers, like Northstar, offer retro lines in white, and Elmira makes the look modern with stainless steel. Bold pops of color Pastels aren’t the only option when adding vintage color. Bold shades are perfectly retro—and makers of small appliances offer unlimited options. Pick a vivid, colorful coffee maker or a mixer that is modern, while still having a vintage look. Or choose eclectic accessories and artwork to bring cheer and drama to your space. Just don’t go overboard: You want your kitchen to be bold, not loud. Limit the use of bright colors to appliances and a few accent pieces to make the design easier to live with for an extended period.
5 Home-Selling Tips for the Sizzling Summer Season
Thousands are still without power in Los Angeles after a triple-digit heat wave prompted high demand for electricity this past week. Although Summer is still peak time for selling houses, potential buyers sometimes are less likely to venture out to view homes because they’re distracted by barbecues and vacations to escape the extreme temperatures in Los Angeles. Here, Realtor.com offers five smart home-selling tips to lure buyers through your door during the busy summertime season. Turn your open house into a summer party If you can’t beat ’em, join ’em…after all, attending a barbecue or pool party sounds a lot more fun than an open house, right? Advertise your open house as a party, complete with lemonade and iced tea, as well as summer-themed appetizers or sliders cooked up on the grill. Timing also can make a difference here. Instead of holding your bash at midday, wait until the evening when the temperatures are cooler and people are ready to venture out to a house party. Embrace rush-hour traffic Many Saturday and Sunday afternoon open houses can wind up nearly empty due to would-be buyers spending long weekends out of town. Choosing an alternative time frame might turn that around. During the summer months, holding rush-hour open houses—on Thursdays from 4-6 p.m. when people likely are heading out of town for the weekend, for example—can be highly successful. This creates a chance for buyers to view the property during a time that may be more convenient for them. Shine a spotlight on the outdoor space Nothing’s more appealing on a hot summer day than a backyard pool. Play up this feature and other outdoor amenities to convince buyers that this is the warm weather oasis they deserve. Also be sure to keep the patio areas, pool and outdoor furniture clean, and to incorporate cushions, towels, lanterns and string lights, to entice buyers to want to re-create the charming atmosphere for their family and friends. Create a community event Try hosting a summer block party at the front of the property, rather than in the backyard, to invite more attention and foot traffic from neighbors and others passing by. Choose a theme—such as a luau or a summer barbecue—and include entertainment for kids. Make sure to design and pass out event fliers around the neighborhood days in advance. And also consider renting food trucks to help serve your guests. As you mingle with guests, invite them to take a tour of the property and ask them to spread the word to friends and neighbors. Advertise early, often and offline People sometimes become unplugged from their devices during the summer, so advertising online well in advance will help give them the heads-up to clear their schedule for an open house. To capture more attention offline, place signs on roadways headed toward the beach, campgrounds and other popular summertime destinations. Add extras such as balloons to draw even more attention, and make sure that buyers know that it doesn’t take long to get to your property so they can pop in quick if they’re on their way somewhere.
8 Hotel Design Secrets That Can Help Sell Your Home
High-end hotels deliberately employ the use of sumptuous bedding, chic décor, and breathtaking views so their guests will never want to leave. Here, Realtor.com offers tips on how to artfully stage that same type of welcoming, luxurious environment to sell your home to potential buyers. Beautify your entry Hotels definitely influence residential design—beginning with the lobby. When walking into most fine hotels, you’ll discover an area with a beautiful, round elegant table boasting a huge spray of flowers. This automatically provides a very welcoming, comforting feeling. Add a table with an overflowing vase of flowers, lamps and some seating to re-create that chic hotel atmosphere and to ensure buyers get that same emotion upon stepping into your house. Tell a story with your belongings You always should depersonalize and declutter your space to appeal to as many buyers as possible, but you don’t have to completely wipe the slate clean. Think about your home as an experience and use your treasured objects to lure house hunters. Put some historic books on a table to create interesting focal points, and if you have a beach home, create a coastal vibe. Be careful to distinguish between artful vignettes and annoying surface clutter. A good rule of thumb with design? Only have two to three objects on every surface—five, maximum, if it’s a very large surface—as to not distract from the eye; it’s also reminiscent of a fine hotel room. Choose hues carefully Although bold jewel tones are hot right now, keep in mind that most upscale hotels prefer timeless neutral yet luxurious shades, such as warm gray, taupe, rich brown and even black. Potential buyers want the same—rather than a house with walls they know they’ll have to immediately paint. Also use a lot of glass and black metals to create a European chic feeling, sticking to two or three colors maximum throughout your home. Dazzle with plush bedding For an elegant look, replace your duvet covers and pillow shams with striped hotel bedding—all-white linens embroidered with one stripe of color—and a couple of matching throw pillows. Or you might want to try doubling the duvet at the end of the bed by placing two or three inexpensive duvets into one duvet cover to appear thick and fluffy. Transform the bath into an oasis Plan to redo one of your tired bathrooms before listing your property? Be sure to stick to classic materials, such as Carrara marble for your walls and shower, with a smaller version of it for the floors. People are used to seeing this everywhere, from grand old grand to chic Manhattan hotels. If you’re on a budget, choose similar-looking porcelain or ceramic tiles in a soothing, simple white palette. Add in all-white towels, hand cloths, and washcloths to create a spa-like environment. Create the illusion of space If you’re challenged with a dark space or low ceiling, mirrors are the easiest and least expensive way to create an illusion of depth and light. Using large, floor-to-ceiling glass mirrors can be dramatic, especially when incorporated with glass side tables and coffee tables to open up the space. Solid wood pieces with huge, dark legs cut up the feeling of the entire space, while glass helps buyers see the vision of the room. And when it comes to art, bigger is better; under-sized works actually can make a room feel smaller. Also, consider recessed lights in the ceiling or wall sconces to evenly light and to increase the scale of a room. Continue the vacation vibe outside Transform your deck with comfortable seating and a separate space for dining to remind buyers of al fresco dinners on hotel patios. Set up white candles in large hurricane lamps and casual vases of fresh flowers for an added touch of luxury, and add flowing, sheer white drapes to the doorways. And the lighter you can keep the colors for outdoor furniture, the better. If you have a dark weave, then top that with white cushions. Use biophilic design Finally, try incorporating the latest hotel trend—biophilic design—which takes its inspiration from the outdoors. If you’re on the coast, pull in the sea, grasses, and palms as references for patterns on pillows. Or use other textural materials, such as a rich grass-cloth wall covering or large-scale piece of art that captures a coastal scene. Even if you’re not on the beach, look to the outside to see what you can bring inside.
3 Popular Summer Home Features Home Buyers Want Most
Selling your home? These 3 popular summer home features that buyers will pay extra for. Outdoor showers garner the highest listing premium, while barbecues, backyard pools, fireplaces and fire pits add to the home value. According to a new nationwide analysis conducted by Realtor.com—The Home of Home Search—properties that offer amenities geared toward summer activities have major appeal for buyers. In fact, homes with summer features often are listed with at least 10 percent higher prices than similar homes in the same state. The summer features correlating with the highest price per square foot boost when compared with similar homes without these features? Outdoor showers (with a 97 percent price per square foot premium), barbecues (26 percent), entertainer’s pool or spa (26 percent), fire pits or outdoor fireplaces (25 percent) and zoned sprinklers (21 percent). Here, a closer look at the top summer features desired by homebuyers. Outdoor showers Mentions of outdoor showers are associated with the largest listing-price premiums of any feature analyzed. This is probably, in part, because they typically indicate waterfront property or extra amenities. Homes with outdoor showers tend to list for nearly double the asking price per square foot of other homes. Barbecues, fireplaces and fire pits The most popular summer-fun listing feature is a barbecue grill. Barbecues are mentioned in nearly 9.6 percent of U.S. listings, and are most popular in Arizona and California where they appear in 15.8 and 9.5 percent of listings, respectively. Homes with barbecues are 26 percent more expensive than similar homes without them. Entertainer’s pool or spa Homes that offer pools with space for friends and family to hang out nearby—known as an “entertainer’s pool”— are listed 26 percent higher than similar homes without the feature. Entertainer pools are most popular in Florida, where they were mentioned in more than 3 percent of listings. California, Arizona, and Hawaii follow closely, with mentions in a little more than 2 percent of listings.