Tag Archives: real estate

Housing Forecast for 2018

There’s nothing like a new year to pump enthusiasm into your life, so what do the experts say about the housing forecast?

Unemployment remains low: Despite tens of thousands of people losing their homes as well as businesses and hospitality services crippled due to the storms, the unemployment rate remains at a low 4.2 percent, according to the U.S. Bureau of Labor Statistics. Buyers have the income to shop for homes.

New home construction lags 

Housing Forecast

demand: Due to costly governmental oversights, lack of skilled construction workers, and increased enforcement of undocumented workers, homebuilders are unable to meet demand for new homes, according to the U.S. Census. There’s currently five month’s worth of supplies at today’s rate of sales.

Millennials favor homeownership: Pew Research found that millennials are the largest living generation and are disproportionately renters compared with previous generations. As the generation matures (the oldest are at 34 years of age), seventy-two percent wish to become homeowners.

Demand is outpacing supply: According to Freddie Mac research, the hurricane season that hit the southern and eastern coastal areas, is exacerbating a market already short on homes, particularly in the affordable price ranges. Home prices are predicted to rise 4.9 percent.

Mortgage rates drop under four percent: Nationally, the average interest rates on conventional purchase-money mortgages decreased in the fall to less than four percent, reported the Federal Housing Finance Agency.

Market conditions suggest near-term winter and spring homebuying will remain brisk. You might be encouraged to buy before the summer rush!

Why Homebuyers Pass Up Good Homes

Why Homebuyers Pass Up Good Homes

Selling your home takes hard work and commitment to get it ready to impress buyers. While you can’t control the market, you can control your home’s appeal. Don’t let the following reasons make buyers pass on purchasing your home.

  1. Price: If you price your home too high, the right buyers won’t see it, and the ones who do see it will quickly realize other homes in the same range Homebuyers offer more value.
  2. Clutter: If your tables are full to the edges with photos, figurines, mail and coffee cups, buyers will be more focused on trying not to break something than considering your home for purchase. Too much stuff makes it confusing for buyers to see the rooms clearly, so they’ll move on to a clearer choice.
  3. Deferred maintenance: Buyers really want a home that’s been well-maintained, so it’s your job as the homeowner to keep your home in good condition. You don’t want buyers wondering what needs fixing and at what cost.
  4. Outdated décor: The reason people are looking at your home instead of buying brand new is because of cost and location. They want your neighborhood but not a dated-looking home. Take popcorn ceilings and flocked wallpaper down. Replace carpet with an upgrade or perhaps hardwoods.
  5. Smells: There’s not a buyer in the world who will buy a home that smells like pets, dirt or water damage. If you get an offer at all, it will be low and contingent on a positive inspection.

Should You Rent Your Home?

Should You Rent Your Home?

Should You Rent Your Home

Assuming you’re current on your mortgage and have the credit scores to buy another home, now may be the time to turn your present home into a rental. If rent will cover your mortgage costs, you’re off to a good start.

To see if you can afford to carry a rental plus another home mortgage, your lender must see a signed rental contract, but counts only 80% of the rental income. Why? Many homes don’t rent as soon as they hit the market. You have to show enough resources to pay both mortgages, just in case.

There are other expenses to consider. Your home is no longer a homestead, but is now an income-producing asset which will change the tax rates on your home and on your income. You should consider contacting your income tax professional to learn how renting your home will impact your income taxes and deductions, so you can budget and escrow the appropriate estimated amount you’ll need at tax time.

The advantages are that someone else is building equity for you. The longer you own your rental, the more amortization rates work in your favor. You can deduct maintenance and improvement expenses and “depreciation” from your income taxes, benefits that are not available to homesteaders.

Berkshire Hathaway HomeServices Hodnett Cooper Real Estate can provide you with market comparables and advice about the pros and cons of becoming a landlord. We will also be able to share real-life property management situations and costs that may help you to decide.

The Joy of Owning an Older Home

The Joy of Older Homes

If you’re planning to buy your first home in 2017, chances are good it will be an older home. The latest American Housing Survey (AHS) showed that 41% of housing stock in the U.S. was built prior to 1969 and that the median age of owner-occupied homes was 37 years.In most areas, smaller pre-war Tudor cottages, Craftsman bungalows, and mid-century ranches comprise many older homes. Each style has its own charm.
  1. The fairy-tale Tudor revival. The English Tudor revives late medieval architecture popularized during the House of Tudor reign, a period of unequaled enlightenment known for political reformation and the Renaissance. Late Gothic and ecclesiastical influences include charming leaded and stained glass windows, steep-pitch cathedral ceilings, arched doorways and exposed wood beams.
  2. The solid and home-y Craftsman bungalow. Popular as the middle-class retort to the fussy, formal Victorian style, the Craftsman ushered in minimalism, thanks to Frank Lloyd Wright and others. Craftsman homes celebrate wood, stone, iron, ceramic and glass artistry, with wood floors and wainscoting, large windows, built-in cabinets and hand-made Art Nouveau tiles.
  3. The automobile-loving Ranch. The mid-century ranch helped post-World War II families move to the sprawling suburbs while they commuted back to the city for work. Built with speed, ranch-style homes typically have no load-bearing walls in the interior of the home, making them easy and inexpensive to remodel. Get your atomic décor on with low-slung furniture, sputnik light fixtures and abstract art.

No matter which older home you choose, knowing a little history should bring you added enjoyment.

Jekyll Island Real Estate

What You Need to Know: Jekyll Island Real Estate

Jekyll Island Real Estate

With the recent introduction of The Cottages at Jekyll Island, Single Family Home Sales have increased drastically over the last year.  Up 52% since 2016 and with an average sales price that has increased over 26%, it’s safe to say that the new oceanfront residential community is a popular choice in the area.*

Residents of Jekyll Island enjoy the scenic natural surroundings, small-town community feel and deep connection to local history that Jekyll offers. The fee simple title and ownership of real property on Jekyll Island is owned by the State of Georgia – which means all residential property on Jekyll is subject to a land lease ownership structure with the JIA. Read more on their website. 

To learn more about real estate opportunities on Jekyll Island, please contact us at info@hcrega.com.  You can also Browse Current Jekyll listings on our website.

*Statistics courtesy of Golden Isles MLS, statistics run Jan-July 2017 vs Jan-July 2016.

Buyer’s Advice

Buyer’s Advice Buying In An Urban Neighborhood

As you shop for a home in town, you may have to compromise on square footage, but you’ll be happier if your new neighborhood offers everything you want in an urban environment. Think about features that are most important to you and your family.

Walkability. Is there a bike path or pedestrian sidewalk nearby? Can you walk the dog or take the baby for a stroll safely? Look for lots of street lighting and foot traffic. How close is the nearest Starbucks coffee shop?Buyer's Advice

Transportation and commute time. Are you close enough to subway, bus or train services? If you take a car, is there a garage you can use or do you need to buy a parking space? How long will you spend in the car for your daily commute to work? Down time is good, but long commutes get old fast.

Parks and community centers. You may have a garden or yard, but you’ll also enjoy the beauty a park offers. The local YMCA or community center can offer swimming, spinning, and activities for the kids. The local library could have a 3-D printer or have classes in calligraphy or bookbinding.

Shopping, restaurants and services You want grocery shopping, dropping clothes at the dry cleaners, and getting your car serviced to be handy. It’s also fun to get out to the local pub, see a play or go to dinner occasionally. Hopefully you won’t have far to go.

Considering the neighborhood will make leaving and coming home much more pleasant.
©2017 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Information not verified or guaranteed. If your property is currently listed with a Broker, this is not intended as a solicitation. Equal Housing Opportunity.

SELLERS’ ADVICE

Show the Fun In Your Home

When you read or hear advice about staging your home for sale, it’s predictable—declutter, depersonalize, and neutralize as much as possible.But what you’re never told is how to make your home really memorable. One way is to make it look like a really fun place to live. Here are three ideas for making your home more appealing to a potential buyer:

  • Put a badminton net in the backyard. Leave a notSelling Real Estatee by the racquets with some bottled waters inviting homebuyers to play. Ping pong is also becoming a fun backyard activity; ask a local store if you can rent a ping pong table for the day.
  • Most homes are older, so turn age into a positive. Set the dining room table with a fondue pot surrounded by flower power napkins and plates. Put some Al Green on Pandora for showings. Showcase the trendy, vintage quality of a home with history.

Speaking of history… Include a fun detailed history sheet explaining that unique aspects of your home, For instance, mid-century homes epitomize the postwar automobile, jet and space travel culture. That’s why the garages are attached and sputnik stars were a popular motif. Better vacuums meant no more rugbeating, hence the luxury of wall-to-wall carpet.

 

 

©2017 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Information not verified or guaranteed. If your property is currently listed with a Broker, this is not intended as a solicitation. Equal Housing Opportunity.