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Market News • June 26, 2014

5 Reasons to Sell Now

by Gina Dhom

5 Reasons to Sell Now!

by on June 16, 2014 in For Sellers

 

5 Reasons to Sell Now | The KCM Crew

Many sellers are still hesitant about putting their house up for sale. Where are prices headed? Where are interest rates headed? Can buyers qualify for a mortgage?  These are all valid questions. However, there are several reasons to sell your home sooner rather than later. Here are five of those reasons.

1. Demand is Strong

There is currently a pent-up demand of purchasers as many home buyers pushed off their search this past winter & early spring because of extreme weather. According to the National Association of Realtors (NAR), the number of buyers in the market, which feel off dramatically in December, January and February, has begun to increase again over the last few months. These buyers are ready, willing and able to buy…and are in the market right now!

2. There Is Less Competition Now

Housing supply is still under the historical number of 6 months’ supply. This means that, in many markets, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as prices increased over the last eighteen months. Many of these homes will be coming to the market in the near future. Also, new construction of single-family homes is again beginning to increase. A recent study by Harris Poll revealed that 41% of buyers would prefer to buy a new home while only 21% prefer an existing home (38% had no preference).

The choices buyers have will continue to increase over the next few months. Don’t wait until all this other inventory of homes comes to market before you sell.

3. The Process Will Be Quicker

One of the biggest challenges of the 2014 housing market has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. As the market heats up, banks will be inundated with loan inquiries causing closing timelines to lengthen.  Selling now will make the process quicker and simpler.

4. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by over 19% from now to 2018. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate in the low 4’s right now. Rates are projected to be over 5% by this time next year.

5. It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take back control of the situation by putting your home on the market and pricing it so it sells. Perhaps, the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

____________________________________________________

SSG Magazine 300

For more great information you can share with your clients about the opportunities available this spring, start your 14-day free trial of KCM and download our 10 page eGuide, "Things to Consider When Selling Your House".

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Market News • April 14, 2014

Vacation Home Property Sales Surge

by Gina Dhom

Vacation Home Property Sales Surge

by on April 10, 2014 in For Buyers, For Sellers

 

The American desire to own a second home as a vacation home is alive and well!

The National Association of Realtors analysis of U.S. Census Bureau data shows there are approximately 8 million vacation homes in the U.S. Their 2014 Investment and Vacation Home Buyers Survey shows vacation home sales improved substantially in 2013.

NAR Chief Economist Lawrence Yun said favorable conditions are driving second-home sales:

“Growth in the equity markets has greatly benefited high net-worth households, thereby providing the wherewithal and confidence to purchase recreational property,” he said. “However, vacation-home sales are still about one-third below the peak activity seen in 2006.”

Here are the key findings from the report:

Raw Numbers

  • Vacation-Home sales rose 29.7 percent to 717,000 from 553,000 in 2012
  • Sales accounted for 13% of all transactions last year, up from 11% in 2012
  • The median price was $168,700, compared with $150,000 in 2012, reflecting a greater number of more expensive recreational property sales in 2013
  • 42% of vacation homes purchased in 2013 were distressed homes (in foreclosure or short sale)

Buyer Profile

  • The typical vacation-home buyer was 43 years old
  • The median household income was $85,600
  • Buyers plan to own their recreational property for a median of 6 years
  • 33% said they were likely to purchase another vacation home within two years
  • 82% of all second-home buyers said it was a good time to buy (compared with 67% of primary residence buyers)

Reasons for Purchasing

Lifestyle factors remain the primary motivation for vacation-home buyers:

  • 87% want to use the property for vacations or as a family retreat
  • 31% plan to use it as a primary residence in the future
  • 28% wanted to diversify their investments or saw a good investment opportunity
  • 23% plan to rent to others

Location

  • 41% of vacation homes purchased last year were in the South
  • 28% in the West
  • 18% in the Northeast
  • 14% in the Midwest

The vacation homebuyer purchased a property that was a median distance of 180 miles from their primary residence (down from 435 in 2012)

  • 46% were within 100 miles
  • 34% were more than 500 miles

Financing

  • 38% of vacation-home buyers paid cash in 2013
  • The median down payment was 30%, up from 27% in 2012
Selling • April 14, 2014

Want to sell your house? Price it right!

by Gina Dhom

by on April 14, 2014 in For Sellers

The housing market is recovering nicely. Prices have increased nationally by double digits over the last twelve months. Competition from the shadow inventory of lower priced distressed properties (foreclosures and short sales) is diminishing rapidly. Now may be the perfect time to sell your home and move to the dream house or beautiful location your family has always talked about.

The one suggestion we would definitely offer: DON’T OVERPRICE IT!!

Even though prices have increased by more than 10% over the last year, the acceleration of appreciation has slowed dramatically over the last few months. As an example, in their April Home Price Index Report, CoreLogic revealed that home prices actually depreciated by .08% this month as compared to last month’s report. What concerns us is that Trulia just reported that asking prices are still continuing to increase.

Because investor purchases are declining and there are more listings coming onto the market, we believe that sellers should be very cautious when they price their house. The alternative might be that you could lose money by overpricing your home at the start as explained in a research study on the matter.

Bottom Line

Though it is a great time to sell your house, pricing it right is crucial. Get guidance from a real estate professional in your marketplace to ensure you get the best deal possible.

Market News • January 18, 2014

Architectural Styles

by Gina Dhom

These are from the Windermere.com website!  Love these descriptions.  Take a moment to browse through and discover which ones you like best!  Let me know: 541-513-5299, coachgina@windermere.com.

25 Architectural Styles

A-Frame

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A-frame homes typically have roofs that start at the foundation and meet at a sharp peak at the top of the structure, creating a shape similar to a capital “A” letter. The roofline subsequently creates an interior with steep angled walls. The A-frame was made popular in the 1950s through the 1970s; especially in snowy places because the shape of the roof allows snow to slide off easily rather than stay in place and cause damage.

Art Deco

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Art Deco architecture began as a decorative take on modernist design from the early twentieth century. Sometimes referred to as Architecture Moderne, it was defined early on by large, geometric decorative elements and a vertically oriented, urban design with clean lines. Art Deco was made popular by Hollywood movies of the 1930s with flat roofs and smooth stucco walls, but was more commonly used for commercial design than residential. By the 1940s it had evolved to include curved corners, rectangular glass-block windows, and a nod to the nautical with porthole windows, giving it an almost boat-like appearance.

Cape Cod

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One of the oldest American architectural styles, the ‘Cape Cod’ originated in New England in the late eighteenth century by English settlers. The design of the home was familiar to those in England with modifications to fit the new weather elements and material limitations. Cape Cod architecture is fairly simple with one or two stories, a steeply pitched roof, and square or rectangular shape with brick or shingled siding.

Colonial

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Colonial architecture was originally popular during the 1700s as European settlers where developing their homesteads along the East Coast of the United States. An offshoot of the Cape Cod style home, it features a symmetrical, rectangular design with a central front hallway and second-floor bedrooms. The style was revived at the turn of the nineteenth century as the Centennial inspired renewed interest in Colonial roots.

Condominium

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A condominium is a dwelling in a multi-unit building that is differentiated from an apartment through ownership. Condos are popular in urban areas, but any multi-unit building can be a condominium if individuals are allowed to purchase units. While condo owners can modify their unit’s interior, use and management of common facilities and areas, such as hallways, elevators, heating systems, and exterior spaces, are controlled by a governing body that represents the interests of all the condo owners. Typically, owners pay monthly condo dues which in turn fund common area maintenance costs.

Contemporary

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Contemporary architecture borrows many of its core elements from the long history of modern design, including clean lines, open spaces, and minimalist design. Many contemporary homes emphasize natural light through the installation of large windows and outdoor entertaining areas, as well as highly functional interior spaces with sparse ornamentation and a focus on intelligent materials.

Cooperative

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Housing cooperatives are a legal hybrid between an apartment and a condo. Typically, cooperative housing units are part of a multi-unit building, but rather than paying a mortgage, you are a shareholder in the building, entitling you to an apartment with legal documentation similar to a lease agreement. Like condos, the rules of the co-op are regulated by a governing association with appointed board members.

Cottage / Bungalow

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Commonly considered the pre-cursor to the Craftsman, Cottages and Bungalows are both architectural styles that describe a small, cozy, single-family dwelling. Historically, these types of homes were more commonly found in rural or semi-rural areas, but nowadays cottage-style dwellings and bungalows are popular choices in cities as well. The footprint of these homes is typically small with low-pitched gabled roofs and small covered porches at the entry. Interesting historic fact: the Bungalow became so popular in the early 1900s that Sears and Roebuck sold ready-made kits to homebuyers through their mail order catalog.

Craftsman

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The Craftsman originated in Southern California in the early twentieth century, and quickly became very popular along the west coast, influenced by rapid industry and population growth. Craftsman homes featured techniques inspired by the arts and crafts movement, using natural materials and techniques to highlight the true qualities of these materials, such as staining wood rather than painting it. Common features include handcrafted wood, glass, and metal work, and objects that are simple and elegant, yet highly functional.

Dome

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Dome structures have a long history as architectural features in building design, from ancient times to sophisticated modern homes. Domes have many uses in modern-day design, including sports stadiums, single-family homes, and religious structures. Domes come in many styles and can be made with a variety of materials, from steel, glass, brick, and concrete, to more lightweight or temporary materials, such as fabric and plastic. The Geodesic dome, invented by Buckminster Fuller in the 1950s, is one of the strongest dome structures. Although it was never widely adopted for housing, it still influences modern-day dome architecture.

Duplex / Townhome / Row House

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A duplex is a stand-alone structure with two units that share a common wall, but separate entrances. A townhome or row house consists of a row of similar or identical dwellings that are individually owned. Townhomes are typically closer to that of single-family home ownership, without monthly dues or Home Ownership Associations. Each type of unit shares a wall with adjacent dwellings. Townhomes are common in dense urban spaces.

Foursquare / Prairie Box

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The Foursquare home is one of the most straightforward designs in the American architectural vernacular. With a room occupying each quadrant of the box construction, these homes feature simple designs and can be found throughout the United States. Though these homes are not typically ornate in appearance, they can include front porches with columns and dormer windows set in their hipped roofs. Later models also have arts and crafts details, such as built-in shelves, benches, and other features.

Greek Revival

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In early American architectural history, architects and designers found inspiration from ancient Greek styles. Greek Revival architecture is grand in stature and style; it is often defined by large-scale floor plans, broad verandahs, grand entries, and formal rooms for entertaining. Details may include extravagant decorative and structural features inspired by the Parthenon, including towering columns, ornate carvings, and moldings with medallions.

Houseboat

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The movie “Sleepless in Seattle” made the Houseboat synonymous with Seattle, but the floating home can be found on rivers and lakes throughout the world. Houseboats are usually moored, not driven from location to location, and float on the water adjacent to a pier. They are typically connected to power and water sources and sometimes boast additional amenities and close knit communities.

Italianate

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If you ever dreamed of living in an Italian villa, Italianate architecture and design may be a good way to turn your imagination into your everyday reality. Italianate homes are square and symmetrical and generally built from brick, stone, or stucco. True Italianate homes also have well-constructed masonry walls. The Italianate aesthetic is usually defined by rounded windows, columned entry ways, tile flooring, carved wood detailing, and interior columns. Italianate homes come in a variety of sizes, from row houses to large palatial mansions.

Loft

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When we think of loft-style architecture, we typically think of big cities, but cities of all sizes around the world with an industrial past have warehouses and other commercial structures that have been converted into loft spaces. Lofts became popular in new construction projects in the early 2000s, combining the traditional utilitarian loft aesthetic with additional modern amenities and storage.

Modern

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Modern architecture has had a presence throughout most of the twentieth century and is defined by contemporary building techniques. First influenced by the Arts and Crafts movement of the 1880s, architects designed modern spaces with open floor plans, absence of ornamentation, and an emphasis on the natural materials and surroundings of the home. Within a few years, the new modernist aesthetic evolved to include more industrial and modern materials, emphasizing the mergence between craft traditions, fine art, and technology. Form and function also became equally important under the new modernist mentality.

Northwest Contemporary

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Both “Northwest” and “Contemporary” are broad terms used to explain an eclectic and diverse architectural style of an equally eclectic and diverse region. The climate and influences of the Pacific Northwest have led to home design that enhances the experience in a region where much of the season is spent indoors. Modern architects influenced much of the Northwest’s home design, especially the international design movement led by Frank Lloyd Wright, because of the incorporation of natural elements in the construction. Indigenous tribal art and Japanese design aesthetics are also commonly found in Northwest Contemporary homes.

Pacific Lodge

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The Pacific Lodge evokes the feeling of a cozy log cabin and is influenced by materials found in the Pacific Northwest region, as well as indigenous design and frontier styles. Cedar is a common building material; the wood is often left exposed both inside and out, creating a warm and cozy interior. Common rooms are generally large with high ceilings and interlocking exposed beams. Pacific Lodge style homes can range from small cabins to large mansions. Interesting fact: Seattle native Bill Gates’ waterfront mansion is built in Pacific Lodge style.

Prefab

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Prefab, or prefabricated homes, have made a resurgence as a dwelling style over the last few years. During the first half of the twentieth century, one could order a home from the Sears and Roebuck Catalog and have a kit shipped by train, but now prefab homes are far easier to come by. Modern kits are ideal for smaller lots and have become an eco-friendly – and affordable – option for someone looking for a highly efficient new construction dwelling.

Pueblo Revival

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Pueblo style architecture is emblematic of the American Southwest and is modeled on the dwellings that have been built by the area’s indigenous tribes for thousands of years. These structures are specially designed to withstand the intense heat and arid environment in the desert by keeping the interior cool throughout the day while insulating the warmth during cool nights. Traditional pueblo buildings are built with adobe, a sun-dried mud, but new buildings can also be built from concrete or stucco. Other features include large wood doors, exposed wood ceiling beams and porch posts, and plaster walls.

Ranch House/Rambler

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Generally referred to as the “California Ranch”, this single-story sprawling home became popular in post-war America. The home takes cues from modernist homes with its open layout, indoor/outdoor entertaining spaces, and large windows. The ranch/rambler style house experienced the height of success in the 1950s and 1960s with the boom of the suburbs, and can be found all over the United States. As the style evolved, split level homes became available. The ranch/rambler style home was also one of the first architectural styles to incorporate a garage into the housing design to accommodate the needs of the modern American Family.

Spanish Eclectic

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Native American, Mexican, and Spanish missionary styles all converge to create the Spanish Eclectic aesthetic. Architecture in the American Southwest has been heavily influenced by the unique history of this architectural style. Similar to the Pueblo Revival, Spanish Eclectic dwellings are traditionally built from adobe, but can also be made from concrete, stucco, or brick to form thick structural walls, and rounded corners and doorways. Spanish missionary style can be ornate with inlaid tile, wooden floors, and round, flower-like windows traditionally known as “Quatrefoil”.

Tudor Revival

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Tudor style homes originated in England and experienced their American revival in the early 1900s. Today, Tudor-style homes can be found in modern-day suburbs all across the U.S. These homes come in varying sizes, but are all identifiable by their unique look. Tudor homes most notably have steep-pitched, interlocking gabled roofs, making them ideal for regions with rain or snow. They are generally built from stone or bricks, with a façade of stucco and exposed decorative timbered framing. Another common feature is a large central fireplace which was designed to function as the primary heating source for the Tudor home.

Victorian

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Victorian architecture was at its most popular at the turn of the nineteenth century. Victorian homes were popular because much of the building materials, including detail work, was done by machine and could be easily shipped around the country by train.

 

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