Thanks to Redfin for this guest post!
In U.S. cities, homes within walking distance to jobs, schools, shopping, parks and other urban amenities are both highly desired and extremely rare. Fewer than 2 percent of active listings are considered a walker’s paradise (Walk Score of 90 and above). Yet 56 percent of millennials and 46 percent of boomers prefer walkable communities with a range of housing amidst local businesses and public services. And like everything rare and desirable, walkability comes at a premium; homes highly “walkable” to amenities, everything else being equal, are more expensive than comparable homes in less “walkable” areas.
To estimate how much walkability is worth when buying or selling a home, we looked at the sale prices and Walk Score ratings of more than one million homes sold between January 2014 and April 2016 across 14 major metro areas to determine the average price of one Walk Score point.
The baby boomer generation (born between 1946 and 1964) will have a significant impact on the housing market over the next several years. Baby boomers currently account for 40% of U.S. households but hold 54% of household wealth. Experts predict that this group will spend $1 out of every $4 on new home purchases or rent in the next five years.
According to research by The Demand Institute, two-thirds of baby boomers don’t plan to move anytime soon. Of those who are planning a move, 54% are looking to downsize, while 46% are looking to upsize, looking for a more ideal home to retire in than their current property.
If you’re a boomer thinking of moving, you may be asking yourself how you can get top dollar for your current home. Whether you are retired and on a fixed income, or experiencing sticker shock when shopping for a new property in the current market, you need to make every dollar count.
Conventional wisdom dictates that a home should be in tip top shape before it’s shown to sellers (conventional wisdom would be right). Of course, that means cleaning and decluttering, making any needed minor repairs, sprucing up the landscaping, and so on.
One question you may be asking is, “Should I renovate before I sell?” While it’s definitely something to consider if your house is older and hasn’t been updated in a while, the short answer is, “It depends.” Continue reading
Jesse Pinkman (Aaron Paul) and Walter White (Bryan Cranston) – Breaking Bad – Gallery – Photo Credit: Frank Ockenfels/AMC
The popularity of the TV series “Breaking Bad” revived Americans’ concern over the proximity of methamphetamine laboratories (meth labs) that may exist in their neighborhood, or even a lab once set up in the house they are considering purchasing.
Episode after episode we witnessed relationship struggles, health issues, and homes and neighborhoods on the brink of collapse. And while there have been stricter regulations and more arrests, meth lab statistics are still alarming: Continue reading
Permits exist for a reason — they provide homeowners with additional protection
- According to the BuildFax Index, approximately 7 million building permits for non-replacement residential work were issued in the U.S. in 2014 — only a small percentage of the work performed nationwide by contractors.
- Without a building permit, home sellers and their listing agents are responsible for violations and fines that can cost plenty.
- According to the American Bar Association, banks might refuse to make a home loan if no permits are available, and it is obvious that the house has been renovated.
According to the BuildFax Index, approximately 7 million building permits for nonreplacement residential work were issued in the U.S. in 2014.
But these building permits represent only a small percentage of the work performed nationwide by contractors for additions, remodels and alterations. Continue reading
Pricing your home for sale is one of life’s major financial decisions. What’s too little, what’s too much? When researching selling a house or condo, consumers often anxiously turn to the Internet, neighbors and realtors to come up with a good estimate. But is it the right price?
The National Association of Realtors reports that over 15 percent of home sales are delayed, renegotiated or cancelled due to home appraisals falling short of the contract price. To get the best value from your home, here are tips to look out for. Continue reading
While the housing market is on the mend, the road to recovery is going to be long, and it may be a while before you can expect to get fair-market value for your home. However, there are some key renovations that can drastically increase your asking price and make your property more attractive to potential buyers. And while these renovations can be costly, they should yield a high return on your investment.
High-Return Renovation Projects:
Kitchen – The kitchen is one of the first parts of the house that new homebuyers look for, and if your kitchen is out-of-date, buyers are more likely to walk away. Before you start on your renovation, be sure to do your homework to see if you need a complete overhaul, or just a facelift. Continue reading