Where Are Buyers Searching For Homes To Buy?

Where Are Buyers Searching For Homes To Buy?

There are many ways to find homes for sale. It is very important to know where the most buyers are so your home gets the most exposure. Here are the stats from NAR on the home searching process.

- For 44 percent of recent buyers, the first step that they took in the home buying process was to look online at properties for sale, while 17 percent of buyers first contacted a real estate agent.

- 79% of recent buyers found their real estate agent to be a very useful information source. Online websites were seen as the most useful at 86 percent.

- Buyers typically searched for 10 weeks and looked at a median of 10 homes.

- The typical buyer who did not use the internet during their home search spent only four weeks searching and visited four homes, compared to those who did use the internet and searched for 10 weeks and visited 10 homes.

- Among buyers who used the internet during their home search, 89 percent of buyers found photos and 85 percent found detailed information about properties for sale very useful.

- Sixty percent of recent buyers were very satisfied with their recent home buying process, up from 59 percent a year ago.

Characteristics of Homebuyers

Characteristics of Homebuyers

Here are the statistics from NAR on who the homebuyers are. (From 2016)

• First-time buyers made up 35 percent of all home buyers, an increase over last year’s near all-time low of 32 percent.

• The typical buyer was 44 years old again for the third straight year in a row, and the median household income for 2015 rose again this year to $88,500.

• Sixty-six percent of recent buyers were married couples, 17 percent were single females, seven percent were single males, and eight percent were unmarried couples.

• Eleven percent of home buyers purchased a multi-generational home, to take care of aging parents, for cost savings, and because of children over the age of 18 moving back home.

• Eighteen percent of recent home buyers are veterans and two percent are active-duty service members.

• At 31 percent, the primary reason for purchasing a home was the desire to own a home of their own.

10 Anti-Burglary Tips

10 Anti-Burglary Tips

1. Maintain your property. Especially in the wintertime, many people stay indoors and neglect issues such as peeling trim or an overgrown yard. But if the home looks unkempt, thieves may think it’s abandoned and, therefore, an easy target. Shoveling your walkways to clear them of snow and debris and removing holiday decorations and fallen tree branches in a timely manner will signal that the home is occupied.
2. Know your neighbors. Many people don’t really know their neighbors; it’s more than just saying hi and being friendly. Invite them over to see your home before it goes on the market, and introduce them to the people they may see regularly stopping by during this time (especially your agent). Then they’ll know who is and isn’t supposed to be at your home and can better assess when there may be a threat while you’re gone.
3. Assess your home’s vulnerability. Walk to the curb and face your house. Ask yourself, “How would I get in if I were locked out?” The first thing you think of, whether it’s the window with a broken lock or the door that won’t shut all the way, is exactly how a thief will get in. Think like a burglar, and then address the issues that come to mind.
4. Respect the power of lighting. Criminals are cowards, and they don’t want to be seen. The house that is well-lit at night provides a deterrent because thieves don’t want the attention and the potential to be caught by witnesses. It’s wise to invest in tools that make nighttime light automation easy. That includes dusk-to-dawn adapters that go into existing light fixtures and motion detectors. But beware of leaving your exterior lights on at all times, which signifies the occupant is gone for an extended period of time.
5. Use technology to make your home look occupied. In addition to lighting, smart-home technology has made it easier to make it appear like people are home, even when they’re not. Systems that remotely control lighting, music, and appliances such as a thermostat can help you achieve this. Though not considered smart-home tech, simple lamp timing devices available at hardware stores are also good for this purpose.
6. Yes, it has to be said: Lock your doors. It’s amazing how many people think they live in a safe-enough neighborhood not to have to lock their doors when they leave. Some facts sellers should know: In 30 percent of burglaries, the criminals access the home through an unlocked door or window; 34 percent of burglars use the front door to get inside; and 22 percent use the back door, according to the FBI Uniform Crime Report.
7. Reinforce your locks. A good door lock is nothing without a solid frame. Invest in a solid door jam and strike plate first, and then invest in good locks. Know the difference between a single-cylinder and a double-cylinder deadbolt. Double-cylinder deadbolts are recommended because they require a key to get in and out. For safety and emergency escape purposes, you must leave the key in when you are home. But double-cylinder locks are against regulations in some places, so check with your local police department’s crime prevention office.
8. Blare the sirens. Burglars are usually in and out in less than five minutes, and they know police can’t respond to an alarm that quickly. Their bigger concern is witnesses to their crime. For that reason, an external siren is invaluable, whether as part of a monitored security system or a DIY alarm. Even if you don’t have an alarm, it’s not a bad idea to invest in fake security signs and post them near doors.
9. Consider surveillance cameras. The Los Angeles Police Department started a program encouraging homeowners to install a device called Ring, a doorbell with video surveillance capability that allows homeowners to view what’s outside their door on their smartphone, in a neighborhood that was a target for burglaries. After Ring was installed in hundreds of homes, the burglary rate dropped by 55 percent, according to reports. Most state and local regulations require posting a warning that people are being recorded. (But again, this can be effective even if you don’t actually have the cameras installed!)
10. Mark your valuables and record details. Use invisible-ink pens or engravers to mark identifying information (driver’s license or state ID numbers) on items. Log serial numbers and take photos of your belongings. Check to see if your police department participates in the Operation Identification program. They will have stickers for you to place on doors or windows warning would-be thieves that your items are marked. These steps may prevent them from pawning or selling stolen items and can help you reclaim recovered belongings.

Tips from NAR

Number of Affordable Homes For Sale Rises

Number Of Affordable Homes For Sale Rises

Affordability is the number one concern of prospective home buyers. Sure, there are a lot of things on a buyer's mind when they begin looking for a home to purchase but things like the number of bedrooms in a house or the size of the kitchen don't really matter if you can't afford to buy it.

Well, according to new numbers from the National Association of Home Builders, during the first quarter of this year, the number of affordable homes available to buy rose from the end of last year. Specifically, 60.3 percent of new and existing homes sold were within the reach of a family earning the median U.S. income of $68,800. Robert Dietz, NAHB's chief economist, said there are a couple of reasons for the improvement. “Ongoing job growth continues to fuel demand for housing, while wage growth is helping to offset the effects of rising mortgage rates and keeping home prices affordable,” Dietz said.

Home prices, obviously, are a big part of this equation. And, though they've been on the rise for some time now, according to the report, they fell during the first quarter of 2017. In fact, the national median home price was $245,000, which is down from $250,000 at the end of last year. 

Top 10 Outdoor Remodeling Projects

Top 10 Outdoor Remodeling Projects

You've probably heard that outdoor remodeling projects can improve the resale value of your home, but do you know which ones are the most highly recommended by Realtors? A recent report by the National Association of Realtors ranked the most valuable outdoor features in terms of cost and return on investment. Here's a look at their top picks in order of their appeal to buyers 1. Basic Lawn Care -- 303 percent ROI with an estimated cost of $330 for six applications of fertilizer and weed control 2. Overall Landscape Upgrade -- 105 percent ROI with an estimated cost of $4,750 for a 30-foot flagstone walkway, two 6-foot stone planters, five flowering shrubs, one deciduous 15-foot tree and mulch 3. New Patio -- 102 percent ROI for an estimated cost of $6,400 4. New Wood Deck -- 106 percent ROI for an estimated cost of $9,450 5. Softscape Upgrade -- 100 percent ROI for an estimated cost of $7,000 for five trees, 25 shrubs, 60 perennials, edging and boulders. 6. Sod Lawn -- 143 percent ROI for an estimated cost of $700 for 1,000 feet 7. Seed Lawn -- 417 percent ROI for an estimated cost of $120 for 1,000 feet 8. Fire Pit -- 78 percent ROI for an estimated cost of $4,500 for dry stacked natural stone kits and a gas burner with 10-foot-diameter flagstone pat 9. Fireplace -- 60 percent ROI for an estimated cost of $13,300 for veneered masonry stone, gas starter, chimney and wood mantel 10. New Pool -- 50 percent ROI for an estimated cost of $50,000 HouseLogic, a homeownership site, surveyed consumers about their last remodeling project and calculated a "joy score" from 1 to 10 based on their satisfaction with the completed work. While a pool came in last in terms of its buyer appeal and ROI, it received the highest joy score, a perfect 10. Other top joy-scoring projects included an overall landscape upgrade (9.8), a new wood deck (9.7), a new patio (9.6) and a softscape upgrade (9.6).

The Top Factors That Drive 1st Time Homebuyers

The Top Factors That Drive 1st Time Homebuyers

No two paths to homeownership are exactly the same. There are too many variables for that to be true. But though there are many different paths, there are a few common factors that play a role when first-time buyers decide to purchase a house. 

According to a recent survey from Bank of America, the first – and most obvious – factor is money. Just over half of respondents said having the financial means to purchase a home is what would ultimately be the decider. But though money is an undeniable factor, not all of the main motivators were financial. In fact, 40 percent of participants said it was a desire to have a place to call their own that would make them buy a home. A steady job and realizing money spent on rent would be better used toward a mortgage came in third and fourth on the list. Marriage is also a big influencer, with 22 percent of respondents saying getting married is what led them to consider buying a house. 

Finally, thinking mortgage rates and home prices were favorable was cited by 19 percent of first-time buyers. Repeat buyers, by comparison, had a very different list. In their case, needing more space and favorable rates and prices came in second and third. However, having the financial means also ranked first among current owners looking to buy.

Fixer-Uppers Prove Popular With 1st Time Buyers

Fixer-Uppers Prove Popular With 1st Time Buyers

Last year, first-time home buyers spent 22 percent more renovating their new house than buyers the year before. The increase shows a significant spike in younger buyers who are willing to take on the challenge of buying a fixer-upper. 

But what's behind the surge? Well, one obvious reason to buy a house in need of some work is price. Naturally, if you're going to find a bargain, it's likely going to be because the house isn't in the best shape. Depending on how handy you are – or how much savings you've built up – you may be inclined to grab a lower-priced house with a plan to upgrade it to your liking. 

The other reason, which would help explain the recent spike, are current market conditions. Since inventory in many markets is low, there are fewer homes available for buyers to choose from. That means, more buyers are going to have to look at homes that may need a little help. Nino Sitchinava, principal economist for Houzz, the company who conducted the survey, says recent buyers are always a big share of renovations and low inventory of affordable homes is helping to boost those numbers. “Younger and cash-constrained first-time buyers are responding to the low inventory of affordable homes by purchasing properties that require more than just cosmetic upgrades,” Sitchinava said. 

Is What's Outside As Important As The Inside?

Is What's Outside As Important As The Inside?

When it comes to buying a house, most people focus first on what's going on inside the house. The size of the kitchen, the number of bedrooms, closets, storage, etc., are all top concerns. But, according to a recent survey from the National Association of Realtors, access to outdoor recreation is nearly as important to most home buyers. 

Respondents listed benefits such as better health, an appreciation of nature, and a greater sense of community among the reasons they believed it was important to be close to outdoor features. And it wasn't a small number, either. There were large majorities that said outdoor recreation was either very or somewhat important to them. In fact, 56 percent of participants said it was very important and an additional 30 percent said it was somewhat important. 

Not surprisingly, there was a slight difference depending on where respondents lived. For example, in the West, 65 percent of those surveyed said outdoor recreation was very important to them, while just 51 percent felt the same way in the Midwest. Still, it's clearly something to think about when searching for a home to buy – whether you're buying a home by the water or just looking for something close to a neighborhood park. 

A Few Benefits Of Owning A Home In Retirement

A Few Benefits Of Owning A Home In Retirement

In recent years, there's been an increasing number of older Americans who rent rather than own their own home. But is renting really a better choice for retirees looking to reduce costs and obligations? 

Well, not necessarily. While it's true that homeownership brings with it ongoing expenses like routine maintenance and property taxes that continue even after you've paid off your mortgage, renting can't offer some of the benefits that homeownership alone provides. For example, equity. Once you've built up equity in your home, you can take out a line of credit and borrow money from your home's value. Obviously, this can be a good option for older homeowners on a fixed income. Also, provided you have a fixed-rate mortgage, your house payment isn't subject to the ups-and-downs of the market the way rent can be. As a renter, you're at the mercy of your landlord. After all, they own the house or building you're living in and can set the price to their liking. 

Like anything, there are pros and cons to owning a home during retirement. However, homeownership provides a valuable asset that can be advantageous for retired homeowners in a position to benefit from it.

Staging Tricks To Help Sell Your Home

Staging Tricks To Help Sell Your Home

Getting ready to list your house for sale? Putting some effort into staging it well can impact how quickly it moves off the market. The tenets of staging are pretty basic: declutter, depersonalize and deep clean. But there are some little-known tactics that experts swear by. Here are a few home staging tips to help you prepare: Draw eyes to a room's best attribute, whether that's a beautiful fireplace or a window with a great view, by strategically placing a decorative accent like a vase or large plant nearby. Clean out and organize closets, cabinets and pantries, leaving more space than you normally might. This can give potential buyers the impression that your home has storage to spare. Want to make a room seem larger? Remove rugs to give the appearance of unbroken floor space. Add fluffy white towels to your bathrooms. The neutral hue implies cleanliness and can give the room a spa-like feel. Turn on interior lights during an open house, even if it's daytime. If your home is outfitted with compact fluorescent bulbs, be sure they have enough time to warm up to full capacity before the event begins. Widen the walking area around major pieces of furniture, such as beds and sofas. A few extra inches can make all the difference. Leaving a room unstaged and free of furniture can encourage buyers to imagine how they could use your space. By being thoughtful with your staging efforts, you can help potential buyers see themselves living a happy life in your home, and that may be all it takes to seal the deal.