A first-time home buyer may need to be educated about the realities of the housing market before they fall in love with a home and then quickly lose out to another bid. To prevent heartache, real estate professionals can have frank conversations with their buyers about the realities of the competition and the amount of money it takes to become a home buyer in today’s heated market.

No home will be perfect.

Housing inventories are ultra-low. Any home viewed as “perfect” will have many buyers lined up, thus likely instigating a bidding war. Buyers may need to be willing to accept some cosmetic changes or a home farther from their preferred destination, realtor.com® says.

Buyers also can’t expect sellers to fix everything after a home inspection. In a seller’s market, many sellers have backup offers, including those buyers who may be willing to waive a home inspection. “Expecting a seller in a competitive market to address every line item [from an inspection report] is a delusion that could cost you the house,” realtor.com® says.

Continue… https://magazine.realtor/daily-news/2021/11/08/3-unrealistic-expectations-of-first-time-home-buyers

As COVID-19 numbers fall, more offices are setting timelines to bring their employees back to the office. But they’re realizing it may take a lot of convincing to get workers to leave their comfy home offices to come back into the office. They’re increasingly taking on remodels to attract employees back, adding amenities such as outdoor terraces, private gyms, green spaces, lounge areas, and flexible conference centers.
“There is no more room for generic work environments,” Laurent Lisimachio, principal and design director at Gensler, told the New York Post. “You are competing with someone’s living room so commercial real estate has to be the site of incredible experiences.”
Companies are taking on several renovations, like efforts to improve buildings’ air quality to make their employees feel safer and offering additional space so workers won’t feel cramped.
Continue… https://magazine.realtor/daily-news/2021/10/26/there-is-no-more-room-for-generic-work-environments

Construction waste is filling landfills. The construction and demolition industry has about double the amount of trash as all the other waste in cities, Fast Company reports. Companies are searching for nontraditional sources to eliminate some of that landfill waste and keep costs down.
Biohm, a biomanufacturing startup firm based in the United Kingdom, plans to start mass production of insulation made from mushrooms—actually their mycelium component, the thread-like roots that connect mushrooms. The company says biodegradable insulation outperforms the more common foam. It’s also slower to burn in a fire.
“Mycelium is usually found in forests, underground, and it holds the topsoil together,” Ehab Sayed, founder and director of innovation at Biohm, told the World Economic Forum in March. “It allows plants to connect to one another—it’s like nature’s internet. And we grow that into an insulation panel that can provide superior insulation values compared to other alternatives on the market.”
Continue… https://magazine.realtor/daily-news/2021/10/11/uk-company-aims-to-insulate-homes-with-mushrooms

Upcoming Dates When Home Buyers Pay Lowest Premiums

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October 8, 2021

Home buyers may find more opportunities with a greater number of listings for sale and may be able to snag better housing deals this month. A new analysis from ATTOM Data Solutions shows that October is the best month of the year to buy a home.

Buyers who close in October tend to get better deals compared with those who purchase during the spring buying season. Homes tend to fetch lower premiums than other months of the year. For example, buyers may see a 2.9% premium on listings compared to 11.5% in May, according to the study, which reflects more than 33 million single-family home and condo sales over the last eight years.

The cooler months—November and December—also offer the best times of year to buy a home, researchers found.

Best Days to Buy

Researchers also pinpointed dates when home buyers historically tend to snag the lowest premiums on real estate. Those dates are:

• Dec. 5: averages a 1.6% premium
• Dec. 26: 2% premium
• Jan. 6: 2.2% premium
• Nov. 9: 2.3% premium
• Dec. 31: 2.4% premium

On the other hand, the highest premiums on home purchases are found on May 23 and May 27, both at 17.4%; May 20 at 16.6%; May 16 at 15.6%; and May 19 at 15.4%.Source: “October Is Ripe for Homebuyers According to an Analysis From ATTOM on Historical Home Sales,” ATTOM Data Solutions (Oct. 7, 2021)

The housing market has been fiercely competitive over the last few months, but hopeful buyers who keep getting shut out may soon find better luck. Several signs in the housing market point to a potential opening to buy this fall, housing analysts say.
For one, competition is reportedly cooling and listings are receiving fewer offers. In September, the real estate brokerage Redfin reported that bidding wars reached their lowest level this year.
Also, more listings are coming to market, offering buyers more choices. A recent realtor.com® report shows housing inventory is at a high for 2021. Nearly one-third of the 50 largest metros saw increases in the number of newly listed homes compared to last year.
“This September, buyers had more options than they’ve had all year and while that’s typical of early fall, that’s not what happened in 2020,” says Danielle Hale, realtor.com®’s chief economist. “Still, it’s important to remember that while buyers may have an easier time this fall than they did in the spring, the market remains more competitive than it has been historically at this time of year.”
Continue… https://magazine.realtor/daily-news/2021/10/05/why-this-fall-is-a-big-opportunity-for-buyers

Millennials have been a closely watched group in real estate for years, and forecasters have long made predictions about their entrance into homeownership. The beliefs about this massive segment of potential buyers have been significant—they favor renting over buying, they just want to live in the city, and they must have their parents’ help to buy.

Jessica Lautz, vice president of demographics and behavioral insights at the National Association of REALTORS®, recently blogged about the most common myths about millennials at the association’s blog. Here are some myths she busted:

Myth 1: Millennials aren’t interested in homeownership.

https://magazine.realtor/daily-news/2021/10/04/4-ideas-about-millennial-homeowners-that-never-came-true

Best Home Staging Makeovers: Bright Colors, Coastal Vibes

Draw inspiration from the recipients of Home Staging Resource’s most recent “Best of the Best” awards, recognizing the work of stagers nationwide.

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September 20, 2021Staging, Design TrendsBy: Audra Slinkey

Get inspired for your own listings with the Home Staging Resource’s(link is external) “Best of the Best” awards, recognizing home stagers for their designs. The before and after photos(link is external) from August entries on HSR’s Facebook Group, Stagers Connect,(link is external) shows the impact staging can make on a home. Peruse some of last month’s honorees and read how they transformed various spaces.

Renovated for ROI

Three-time “Best of the Best” winner Laura Martin of Laura Lynn Interiors(link is external) in Austin, Texas, tackled her first huge project for an occupied home. “The homeowners reached out and asked for a consultation,” Martin says. “The kitchen had been renovated, but the master was still from the ’80s, when the house was built. I recommended that they updated the master bath, as buyers would expect it at the price point they were listing, as well as clearing out and packing up anything in excess that would not add to showcasing the home.” Martin also brought in neutral pieces for a light and airy feel to compliment the other finishes in the home. After listing, the house quickly went under contract with a cash buyer.

Flipped to Sell

Tina Lester of Tina Lester Home Staging & Design(link is external) in Gloucester, Va., staged this vacant home with a seaside vibe for an investor client who flips properties.

Staged Birthday Bliss

Some home stagers are expanding their services for creating the perfect picnic. “I decided to add ‘Posh Picnics’ into my services since the housing market here is so crazy,” says Jennifer Dobson, owner of The Queen of the Castle: Home Staging and Redesign(link is external) in Maysville, Ky. “Literally, houses are selling within hours of listing or before they can even get on the market. I needed another avenue to encourage my creativity and continue my business.”

Dobson designed a “Posh Picnic” for a teenage girl, with guests ranging from six months to 76 years old. They drank from sparkling wine glasses—which the young children thought were fancy—and ate from a charcuterie board filled with meats, fruits, cheeses, and crackers. “This picnic was all about summer and the beautiful colors and flowers that come with it,” Dobson says. “I’m sure it was a backyard birthday she will never forget!”

Coastal Cool

The summer vibe continues with two-time “Best of the Best” winner Mitchell Bage of Maison de Campagne(link is external) in Galveston and Houston, Texas. Bage recently finished a job, which he dubbed “Project Chiquita,” bringing more high-end touches to a raised coastal home with views of the Galveston Bay. The owners, who updated the home before listing, had already purchased another property and moved out, leaving the house they were selling vacant and lifeless. “Our [staging] approach was a comfortable coastal luxury that buyers would instantly relax into,” Bage says. “A consistent color palette was planned, utilizing natural fibers and wood tones as much as possible. We never wanted furnishings pulling away from the true selling point of the property: the amazing waterfront views.”
 

Remote Design Planning

Lindsay Noll of Noll Team Interiors—Staging and Redesign(link is external) in Fort Wayne, Ind., often helps clients with vacation homes, even from hundreds of miles away. She worked both virtually and in person with a couple who lives in Venice, Fla., to achieve a coastal design for their vacation property. “Starting with the wall color all the way to the final product, we worked virtually for months to source furnishings and accessories. Then, I flew down to help put it all together,” Noll says. She gave the home a natural base through the chairs and tables, along with a few pops of color for personality. Then, she added a Capiz shell light fixture as the home’s “jewelry” and accessorized with some large-scale items to enhance the coastal vibe.

Tricky Space Made Right

Christy McGriff of Home Styling Studio(link is external) in Gray, Tenn., staged a tri-level home that had recently been renovated. “The final touch was to bring in the feeling of home,” McGriff says. “This home had a midcentury vibe and a very unique floor plan that needed to be showcased. My goal was to bring in natural elements to blend seamlessly with the outdoor view from the massive windows.” The same neutral, timeless design was then carried throughout the home.

Bright, Cheery Hues

Reina Gascon of RG InStyle Staging & Design(link is external) in Charleston, S.C., used pops of bright yellow to make this space stand out in photos.

Cozy Chic

Stephanie Beene-Smith of Stephanie’s House to Home Staging Design(link is external) in Barrington, Ill., aimed to create a beautiful and serene living area in this project. “I love the faux throw on the couch and the velvety pink chairs,” Beene-Smith says. She also used one of my favorite paint colors, Urbane Bronze—Sherwin-Williams’ 2021 Color of the Year—to add drama to the space.

Beautifully Styled Shelves

Vicki Puhl of Charmed Life Home Staging & Interiors, LLC(link is external) in Youngstown, Ohio, sought to create an amazing living room. She brought open shelving into the spotlight, capturing a popular home trend, and created a comfy lounging space with textured pillows.

Total Transformation

Tracy Davis Sharp of Sharp Staging in Portland, Ore., is another serial winner of the “Best of the Best” award. Davis took a living room from drab to fab, creating a polished room that is light and airy.

For more information on the “Best of the Best” award process and to see past award winners, visit the Home Staging Resource.(link is external)

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Audra Slinkey

Audra Slinkey is president and founder of the Home Staging Resource, a home staging and redesign certification training company. 

• Content by Audra Slinkey

Just when the housing market was starting to fall into a seasonal pattern, mortgage demand takes off. Mortgage applications to purchase a home—a gauge of the housing market—rose 7% last week compared to the previous week, the Mortgage Bankers Association reported Wednesday. That marks the highest level since April of this year.

Housing inventories have increased slightly, which may be opening up more possibilities to home buyers who had felt shut out. Also, a new report shows that bidding wars are easing, which also may be an incentive for buyers to come back in the hopes they’re facing less competition.

Continue…https://magazine.realtor/daily-news/2021/09/16/mortgage-demand-climbs-to-highest-level-since-april

Bidding Wars Reach Their Lowest Level This Year

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September 15, 2021

Competition for homes on the market is lessening, which could provide an opening for home buyers who have been losing out amid this year’s bidding wars.

In August, about 59% of offers on homes written by Redfin agents faced competition, which is a record low for this year and the lowest level since 2020, according to a Redfin analysis. That’s down from a peak of 74% in April.

There have been additional recent signs that the housing market is cooling somewhat: Contract signings in July dropped, mortgage applications for home purchases—a gauge for future home buying—have been easing, and more sellers are making price adjustments.

Still, sellers continue to have the upper hand. The number of listings on the market is increasing but remains low compared with high buyer demand. Fifty percent of homes sold above their list price during the four weeks ending Sept. 5, according to Redfin. Eighty-nine percent of homes sold in July were on the market for less than a month, according to National Association of REALTORS® data.

“Sellers are still pricing their homes very high, but a lot of buyers have had enough and are no longer willing to pay the huge premiums they were six months ago,” said Nicole Dege, a Redfin real estate professional in Orlando, Fla. “Instead of 25 to 30 offers on turnkey homes, we’re now seeing five to seven.”

Dege said buyers are both becoming more selective and expecting more. “I have one seller who recently put his four-bedroom single-family pool house on the market, but the roof was shot,” she said. “He had to lower his asking price to $423,000 from $427,000 and agree to spend around $7,000 to replace the roof in order to attract bidders. Six months ago, he would have easily been able to sell that home as-is without dropping the price.”

In August, Raleigh, N.C., had the highest rate of bidding wars in the country, with 86.7% of offers written by agents reporting competition, according to Redfin’s analysis. The San Francisco/San Jose market followed at 70.7%; Tucson, Ariz., at 70.5%; Cincinnati at 70.4%; and Salt Lake City at 68.1%.Source: “59% of Home Offers Written by Redfin Agents Faced Bidding Wars in August—the Lowest Level Since 2020,” Redfin (Sept. 13, 2021)

Between Sept. 12 and Oct. 17, the majority of housing markets nationwide will reach their “sweet spot” with a higher number of homes for sale, lower prices, and less buyer competition compared with the average week of the year, according to realtor.com®’s Best Time to Buy Report.
This week kicks off the best time of year particularly for home shoppers in New York City, Los Angeles, Boston, Denver, Detroit, Minneapolis, and Portland, Ore., the survey found.
Overall, house hunters who purchase a home between Sept. 12 and Oct. 17 will see, on average, 31% more listings than a more typical week of the year. They’ll have more than 100,000 new listings to choose from nationwide, realtor.com® said. They are also likely to face less competition. They also could see prices recede somewhat, by as much as $10,000 below their seasonal highs.
Continue…https://magazine.realtor/daily-news/2021/09/13/report-best-time-to-buy-is-now