4 Hot Trends for Outdoor Spaces

Regardless of its size, a home’s outdoor space should be a showpiece in a listing.
Read more: How to Make a Big Statement With a Small Yard
“This year it’s really about making your outdoor space function like an interior space for all things fun, lounging, and entertaining,” Gretchen Kennelly, a San Diego interior designer, told realtor.com®.
Designers offered up some of their trend insights to realtor.com® for homeowners or sellers trying to maximize a home’s outdoor potential, including:
Alternative flooring options
Outdoor rugs have been common in recent years, but more flooring options are emerging, such as porcelain. Porcelain is known as being durable and simple to install, which is adding to its popularity. “Porcelain pavers can create this beautiful transition without creating a huge divide between the two living spaces,” says Joe Raboine, national design and training specialist with Belgard. Ikea’s beechwood deck tiles are another way to enhance a patio or balcony’s flooring without spending a fortune, says designer Christina Harmon.
Vertical gardens
A garden can fit in any space outside; just go up instead of out. Vertical gardens maximize the available space by growing herbs and veggies upwards. Arbors, arches, pergolas, and gazebos can help enhance a vertical garden. “They’ll create the ambience of an outdoor garden ‘room’ and give a sense of height and depth to an otherwise small space,” Raboine says. Read more: The Hot Home Trend of Vertical Gardens
Attention-getting lighting
“This year is the time to brighten up the exterior of your home in unexpected ways,” Michael Amato, creative director at the Urban Electric Co., told realtor.com®. “If you have an all-white painted brick or stucco home, adding lighting in a fun color like blue with gold hardware creates interest. If your house is already painted a fun color, lighting presents a great opportunity to work in a contrasting color for a striking statement.” Hanging stringed Edison-styled bulbs along an outdoor space can create a festive flair to a backyard too.
Blues and greens
Deep blues and greens are on trend this season in outdoor spaces. Fabric cushions and umbrellas are showcasing the color. “This year, it’s all about outdoor spaces that feel luxurious rather than cheesy,” Harmon says. “Think lots of neutrals coupled with gorgeous jewel-toned greens and furniture and accessories that create a truly indoor-outdoor vibe.”
View more outdoor trends at realtor.com®.

Source: “Outside Is the New Inside, and 7 More of the Year’s Biggest Outdoor Design Trends,” realtor.com® (May 9, 2018)

Daily Real Estate News | Thursday, May 10, 2018

Young Buyers Are Skipping the Starter Home

Millennials who delayed homeownership following the Great Recession are now finally entering the market in bigger numbers. They comprised 36 percent of home buyers last year, up from 32 percent in 2013, according to the National Association of REALTORS®. But they’re trying to make up for lost time by skipping over the starter, entry-level home and heading right into buying larger, pricier homes that they plan to stay in longer, USA Today reports.
Find More Starter Homes for First-Time Buyers
Inventory shortages are particularly critical in entry-level price points. Use these strategies to help expand housing options for your clients. Read more.
“They rented for longer,” says Diane Swonk, chief economist at Grant Thornton. “Now they’re going to where they want to stay.”
Many millennials in their mid-30s can now afford the more expensive homes. Some young adults have been saving by living with their parents for years into adulthood. They’ve also been moving up in their jobs and earning higher salaries.
As they get married and start raising kids, they’re finding they need more space and are moving into homeownership. However, a severe shortage of lower-priced starter homes is prompting them to up their budgets and look at pricier places.
The cost for what is generally considered a starter home can vary widely by geographic area, but tends to average between $150,000 to $250,000 in most markets, Swonk says.
The percentage of millennials who purchased homes for $300,000 or more this year stands at 30 percent, up from 14 percent in 2013, according to data from NAR.
Older millennials tend to splurge the most. From 2012 to 2016, nearly one-third of buyers ages 33 to 37 purchased four-bedroom homes compared to about 24 percent in 1980, 1990, and 2000, according to an analysis by Ralph McLaughlin, chief economist at Veritas Urbis Economics.

Source: “From Their Parents’ Basements to Dream Homes: Millennials Are Skipping Starter Houses,” USA Today (May 7, 2018)

Daily Real Estate News | Tuesday, May 08, 2018

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Must-Do May Checklist for Homeowners

May marks a golden opportunity for homeowners to assess their home and ensure everything is in tip-top shape before the summer months begin. HouseLogic recently provided a checklist that your clients can use to save both time and money.

For smart homeowners, these four tasks are essential for the month of May:

1. A new refrigerator. If your current fridge is leaky, not cooling enough, or tight on storage space, consider buying a new model this month. May is pre-summertime—which is when new fridges will hit the sales floor—and stores will need to clear out old models to make room. If your home needs a stove or other kitchen appliances, HouseLogic advises to wait until fall when they’ll be going on sale.

2. Exterior painting. Buff up your home’s outer coat of paint to revive its color after winter’s drab weather. In most areas, May temperatures range from 50 to 80 degrees Fahrenheit, which is prime weather for painting your home’s exterior. HouseLogic also suggests making touch-ups to your home’s trim and siding while you’re repainting.

3. A new mattress. How old is your current mattress? Over time, mattresses collect more dust and mites so be sure to upgrade yours if it’s needed. Stores will offer a good mattress deal in May before new stock comes in, helping you save hundreds of dollars.

4. Overflowing closets. Be on the lookout for deals on storage materials at Memorial Day sales, and start tidying up those closets! According to HouseLogic, experts estimate that only 20 percent of what’s in peoples’ closets are actually worn. This month, trim down and store the 80 percent of your wardrobe that’s left: put sentimental clothes (college sweatshirts, t-shirt memorabilia) and those pieces you need but rarely use (formalwear) in storage containers and under-the-bed bins.

Source: “4 Things Smart Homeowners Always Know to Do in May,” HouseLogic (May 2, 2018)

Daily Real Estate News | Thursday, May 03, 2018

Highest Rates in 5 Years Prompt Pullback

Would-be home buyers and refinancing homeowners both receded from the mortgage market last week as mortgage rates surged to their highest averages in nearly five years. The Mortgage Bankers Association’s seasonally adjusted index showed that total application volume, which includes home purchases and refinances, dropped 2.5 percent last week and are now 3.3 percent lower than a year ago.

Refinance volume took most of the hit, dropping 4 percent last week compared to the previous week. Refinance volume is now 15 percent below a year ago. Borrowers who wish to refinance tend to be more rate-sensitive than home shoppers.
Applications to buy a home still dropped 2 percent last week. Purchase applications, however, remain 5 percent higher than a year ago.
The average for a 30-year fixed-rate mortgage was 4.80 percent last week, the highest level since September 2013, the MBA reports. The share of adjustable-rate mortgages continues to rise in the lending market. ARM activity rose to 6.7 percent of the total applications. ARMs offer lower introductory rates, usually for a set time period, before rising.
The market will closely be watching the Federal Reserve’s meeting on Wednesday.
“While the Fed is not even remotely expected to hike rates again at this meeting, investors are always tuned in to the verbiage of the announcement in case it offers clues about the future policy path,” Matthew Graham, chief operating officer at Mortgage News Daily, told CNBC.

Source: “Mortgage Demand Drops 2.5% on the Highest Rates in Nearly 5 Years,” CNBC (May 2, 2018)

Daily Real Estate News | Wednesday, May 02, 2018

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More Americans Are Homeowners in 2018

Over the last year, more Americans became homeowners as the number of renters continued to decrease. The homeownership rate in the first quarter was unchanged at 64.2 percent, higher than last year’s 63.6 percent, the Census Department reported Thursday. This is also the fifth consecutive quarter of yearly increases in the ownership rate.
The homeownership rate has been gradually climbing back since hitting a 50-year low in 2016. The rate peaked in 2004 at 69.2 percent, but despite recent climbs, it still remains below the 25-year average rate of 66.3 percent. Meanwhile, the number of renters has dropped.
More young Americans are buying homes. The ownership rate for Americans under age 35 was 35.3 percent in the first quarter, which is a full percentage point higher than a year ago.
The homeowner vacancy rate dropped to 1.5 percent in the first quarter—the lowest vacancy rate since 2001, the Census Department reports.

Source: “Goodbye Renter Nation: Americans Still Want to Be Homeowners,” MarketWatch (April 26, 2018) and “Homeownership Rate Stable at 64%,” National Association of Home Builders’ Eye on Housing blog (April 26, 2018)

Daily Real Estate News | Friday, April 27, 2018

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