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Real Estate

Listing This Summer? The Best Investments to Make Outdoors

RisMedia Consumer News - May 28, 2018 - 3:01pm

Are you listing this summer? Get your outdoors in shape—it can pay off.

According to National Association of REALTORS® (NAR) research, certain exterior improvements are likely to recoup at resale. Based on feedback from REALTORS®—who, through their experience, know what house hunters are ready to spend on—the best enhancements are lawn care, landscape maintenance and tree care, and installing an irrigation system. Landscape/lawn care pays for itself—generally 100 percent of the expense or more is recovered, according to the research—while irrigation has a promising ROI of 86 percent.

For homeowners not selling yet, exterior improvements can be satisfying in and of themselves. Assigning a “Joy Score” from one to 10, with 10 anteing up the most enjoyment, both a fire feature and an irrigation system earned 10s, followed by a new wood deck or water feature (both 9.8s), “statement landscaping” (9.7) and an “overall landscape upgrade” (9.6), the research shows.

“REALTORS® understand that a home’s first impression is its curb appeal, so when it comes time to sell, a well-manicured yard can be just as important as any indoor remodel,” says NAR President Elizabeth Mendenhall. “Even homeowners with no immediate plans to sell can gain more enjoyment and satisfaction from their home by taking on a project to revive their outdoor spaces.”

MORE: A Front Door, Flooring and Other ‘Happy’ Home Upgrades

Additionally, appearances matter beyond the residential space. Forty-three percent of REALTORS® have advised a commercial owner to improve the outside of the property, including lawn care, landscape management and an “overall landscape upgrade,” the research shows.

“It is not just homeowners that need to think about curb appeal when it comes time to sell; a beautiful exterior is just as important for commercial property owners,” Mendenhall said. “In fact, 81 percent of REALTORS® said they believe curb appeal is important in attracting a buyer.”

“This report validates that landscaping is an investment worth making, offering the immediate benefits of increased enjoyment of your property, as well as desirable long-term value that holds if or when it comes time to sell,” says Missy Henriksen, vice president, Public Affairs, at the National Association of Landscape Professionals (NALP), which collaborated with NAR on the report. “From lawn and tree care to installing a new fire or water feature or landscape lighting, there’s no shortage of opportunities to enhance your landscape and to reap the benefits these upgrades provide.”

For more information, please visit www.nar.realtor.

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Listing This Summer? The Best Investments to Make Outdoors appeared first on RISMedia.

Categories: Real Estate

Listing This Summer? The Best Investments to Make Outdoors

RisMedia - May 28, 2018 - 3:01pm

Are you listing this summer? Get your outdoors in shape—it can pay off.

According to National Association of REALTORS® (NAR) research, certain exterior improvements are likely to recoup at resale. Based on feedback from REALTORS®—who, through their experience, know what house hunters are ready to spend on—the best enhancements are lawn care, landscape maintenance and tree care, and installing an irrigation system. Landscape/lawn care pays for itself—generally 100 percent of the expense or more is recovered, according to the research—while irrigation has a promising ROI of 86 percent.

For homeowners not selling yet, exterior improvements can be satisfying in and of themselves. Assigning a “Joy Score” from one to 10, with 10 anteing up the most enjoyment, both a fire feature and an irrigation system earned 10s, followed by a new wood deck or water feature (both 9.8s), “statement landscaping” (9.7) and an “overall landscape upgrade” (9.6), the research shows.

“REALTORS® understand that a home’s first impression is its curb appeal, so when it comes time to sell, a well-manicured yard can be just as important as any indoor remodel,” says NAR President Elizabeth Mendenhall. “Even homeowners with no immediate plans to sell can gain more enjoyment and satisfaction from their home by taking on a project to revive their outdoor spaces.”

MORE: A Front Door, Flooring and Other ‘Happy’ Home Upgrades

Additionally, appearances matter beyond the residential space. Forty-three percent of REALTORS® have advised a commercial owner to improve the outside of the property, including lawn care, landscape management and an “overall landscape upgrade,” the research shows.

“It is not just homeowners that need to think about curb appeal when it comes time to sell; a beautiful exterior is just as important for commercial property owners,” Mendenhall said. “In fact, 81 percent of REALTORS® said they believe curb appeal is important in attracting a buyer.”

“This report validates that landscaping is an investment worth making, offering the immediate benefits of increased enjoyment of your property, as well as desirable long-term value that holds if or when it comes time to sell,” says Missy Henriksen, vice president, Public Affairs, at the National Association of Landscape Professionals (NALP), which collaborated with NAR on the report. “From lawn and tree care to installing a new fire or water feature or landscape lighting, there’s no shortage of opportunities to enhance your landscape and to reap the benefits these upgrades provide.”

For more information, please visit www.nar.realtor.

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Listing This Summer? The Best Investments to Make Outdoors appeared first on RISMedia.

Categories: Real Estate

EU Data Privacy Rules May Have Limited Effect Here

NAR Daily News Magazine - May 25, 2018 - 12:00am

Impact of the new regulations on U.S. real estate business remains uncertain until the European Union issues formal guidance.

Categories: Real Estate

Mortgage Rates Haven’t Been This High in 7 Years

NAR Daily News Magazine - May 25, 2018 - 12:00am

“Mortgage rates so far in 2018 have had the most sustained increase to start the year in over 40 years,” says Freddie Mac’s...

Categories: Real Estate

Are There New Homes on Sale?

NAR Daily News Magazine - May 25, 2018 - 12:00am

Buyers who want new-construction may be able to score a deal.

Categories: Real Estate

Housing Will Likely Surge in These Cities

NAR Daily News Magazine - May 25, 2018 - 12:00am

The fastest-growing metros aren’t on the coasts. See which places are finding big population spikes and where markets are likely to soar.

Categories: Real Estate

Berkshire Named ‘Real Estate Brand of the Year’

NAR Daily News Magazine - May 25, 2018 - 12:00am

The industry giant received top props from consumers on brand familiarity and influence in the 2018 Harris Poll EquiTrend study.

Categories: Real Estate

3 Questions Clients Should Ask Before Buying a Vacation Rental

NAR Daily News Magazine - May 24, 2018 - 12:00am

Many new investors are diving into the short-term rental market. Make sure they’re well-informed before they start their search.

Categories: Real Estate

NAR Cheers Effort to Ease Restrictions on Small Banks

NAR Daily News Magazine - May 23, 2018 - 12:00am

“We commend members of Congress for passing this bipartisan legislation to level the lending playing field for community banks and credit...

Categories: Real Estate

Spike in Rates Dampens Loan Applications

NAR Daily News Magazine - May 23, 2018 - 12:00am

Rising interest rates last week may have prompted would-be refinancers and home buyers to pause.

Categories: Real Estate

The Best Housing Markets for Home Flippers

NAR Daily News Magazine - May 23, 2018 - 12:00am

Find out where investors are making bigger profits in shorter time periods when flipping homes.

Categories: Real Estate

5 Office Remodel Mistakes to Avoid

NAR Daily News Magazine - May 23, 2018 - 12:00am

Whether you’re hoping to spruce up your own brokerage space or working with clients in the office sector, there are several trends you don...

Categories: Real Estate

HomeServices Acquires Ebby Halliday’s Brand

NAR Daily News Magazine - May 23, 2018 - 12:00am

Even though Warren Buffet’s company is absorbing the pioneering brand, it will remain the same.

Categories: Real Estate

More Homes Built With Renters in Mind

NAR Daily News Magazine - May 23, 2018 - 12:00am

The single-family built-to-rent market is on the rise.

Categories: Real Estate

Zillow: $40 Billion to Flood Into Housing Market, Even as Homeowner Incentives Limited

RisMedia Consumer News - May 22, 2018 - 2:51pm

Americans’ earnings, generally, have gotten a lift on payday as a result of the Tax Cuts and Jobs Act. With cuts come more discretionary spending—and, although there are changes to homeowner incentives, almost $40 billion of it is going into the housing market, according to a new report by Zillow.

“Despite new limits to two longstanding tax benefits for homeowners, the typical American taxpayer saw their tax burden fall in 2018 as a result of tax reform,” says Aaron Terrazas, senior economist at Zillow. “Some of these tax savings will still find their way into the American housing market, even though they were not explicitly targeted there, as renters and homeowners decide to use their tax savings to rent or buy a bigger home, or renovate their existing home.”

Approximately $13.2 billion is estimated to flood into market as owners and renters trade up, while $24.7 billion is expected to be invested in remodeling projects, the report reveals. With an average $1,610 saved per taxpayer (according to the nonpartisan Tax Policy Center), homeowners are projected to spend 15 cents on the dollar to renovate; renters, 11 cents to trade up.

The disparity between dollars for remodeling and trading up is in line with a growing trend: homeowners are forgoing moving up and investing in projects instead of purchasing. While the existing housing stock is in need of updates, when homeowners stay put, inventory shrinks—and currently, inventory is at its lowest on record.

According to the report, compared to higher-income households, Americans in the bottom income tier—who average $60 in savings from the Tax Cuts and Jobs Act—are allocating more of those savings to trade up.

“Lower-income households will spend more of their tax cut on buying or renting a bigger home, adding demand to an already rapidly appreciating housing market,” Terrazas says.

For more information, please visit www.zillow.com.

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Zillow: $40 Billion to Flood Into Housing Market, Even as Homeowner Incentives Limited appeared first on RISMedia.

Categories: Real Estate

The Happiest Places in the U.S.

NAR Daily News Magazine - May 22, 2018 - 12:00am

A new study ranks American counties on eight factors, including poverty rates, employment, affordability, and more.

Categories: Real Estate

Appreciation Linked to Population Rise

RisMedia Consumer News - May 21, 2018 - 2:52pm

Appreciation and demand go hand in hand, and for investors, both are key to profit, according to a new report.

Assessing the association between growing interest and mounting prices, analysts at HouseCanary found that appreciation is higher where inbound migration numbers are swelling. Boise, Idaho, for example, has had a high influx of new residents, and a corresponding increase in prices across all property types—from 2010 to 2017, Boise greeted more than 57,600 new residents, while apartments appreciated 7.7 percent year-over-year, condo prices rose 7 percent year-over-year, and prices on single-family steepened 5.7 percent year-over-year.

In addition to Boise, HouseCanary found the migration pattern-price relationship in the Deltona-Daytona Beach-Ormond Beach and Orlando-Kissimmee-Sanford, Fla., metros (a combined 404,000-plus new residents); the Las Vegas-Henderson-Paradise, Nev., metro (approximately 181,900 new residents); the Sacramento-Roseville-Arden-Arcade, Calif., metro (approx. 99,200 new residents); the Salt Lake City, Utah, metro (approx. 71,200 new residents); and the Seattle-Tacoma-Bellevue, Wash., metro (310,560 new residents).

Beyond the correlation between demand and prices, apartments and condos, generally, have faster-growing prices than in the single-family segment, according to the report.

For more information, please visit www.housecanary.com.

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Appreciation Linked to Population Rise appeared first on RISMedia.

Categories: Real Estate

Hawaii Volcano Victims Can Get Relief on Mortgage Payments

RisMedia Consumer News - May 21, 2018 - 2:37pm

(TNS)—If you live in an area of Hawaii that’s been impacted by the Kilauea volcano eruption, your mortgage lender may offer you relief. The eruption has destroyed 26 homes (at press time), and more homes are still at risk.

Wells Fargo and Bank of Hawaii have implemented disaster relief policies for those affected by Kilauea. If your home was destroyed or damaged by the eruption, call your mortgage lender to see if it’s offering assistance.

Wells Fargo will postpone payments for up to 90 days when the customer contacts them to discuss their situation.

“During this time, all negative credit bureau reporting, late fees, collection calls, and foreclosure referrals and sales are also suspended,” says Paul Gomez, vice president of Corporate Communications at Wells Fargo.

Bank of Hawaii offers a grace period for borrowers who either can’t make their mortgage payments or are facing foreclosure.

“We are definitely suspending foreclosures and evictions during this time of hardship, says Stafford Kiguchi, media representative for Bank of Hawaii. “The initial period of time is for the length of the emergency loan program, which is six months for forbearance; however, we will work with each borrower to suspend foreclosure for as long as it takes to recover their repayment capacity. If the hardship turns out to be more than a temporary situation, we have other, long-term relief programs, such as our loan modification program, which permanently lowers a borrower’s monthly payment.”

Bank of Hawaii is also making cash accessible for people in need through special loan programs. Some features include low interest rates; deferred payments for the first three months; fast approval; reduced payments, with loan terms up to 60 months; and loan amounts up to $25,000.

Qualified borrowers can use funds for:

  • Emergency supplies and living essentials
  • Home or vehicle repairs or replacement
  • Bridging working capital needs

Bank of Hawaii customers may also be eligible to receiving forbearance and extensions on loans.

When homes are damaged or destroyed by fire, even if lava flow causes it, standard homeowners insurance policies should cover the damage, says Kirk Christman, principal at the ACW Group, headquartered in Hawaii.

Standard homeowners insurance policies are usually “all risk” policies, which cover any risk except for specifically excluded perils. Excluded risks typically include events such as earthquakes, hurricanes, tsunamis and floods.

“Because most of the damage is caused by fire due to the heat from the lava, homeowners should be able to file a fire claim, which is normally covered in most policies,” Christman says.

Be sure to turn in your claim to your insurance company and let them determine coverage.

If your lender is not proactively offering forbearance or other help, you can go directly to the websites of the Federal Housing Finance Agency or the U.S. Department of Housing and Urban Development to see what type of relief you might be eligible for, and then bring it up to your lender. You also can use these sites to find the name of the lender that owns your mortgage and where to go if the company doesn’t cooperate.

Just because a lender provides “relief” does not mean it’s forgiving you for any of the mortgage debt you owe. Even with the forbearance programs backed by the government, the amount that is deferred will be owed down the road.

Be cautious of calls from people claiming to offer mortgage relief on behalf of a government agency or asking for fees upfront for a loan or service.

When talking with the lender, ask for written confirmation and contact information in case you have any follow-up questions or concerns.

©2018 Bankrate.com
Distributed by Tribune Content Agency, LLC

For the latest real estate news and trends, bookmark RISMedia.com.

The post Hawaii Volcano Victims Can Get Relief on Mortgage Payments appeared first on RISMedia.

Categories: Real Estate

NAR Faces Painful Past, Fights for Fairness

NAR Daily News Magazine - May 21, 2018 - 12:00am

Association leaders had a lot on their plates as they wound down the REALTORS® Legislative Meetings & Trade Expo in Washington, D.C.,...

Categories: Real Estate

Which U.S. City Is the Most Prosperous?

NAR Daily News Magazine - May 20, 2018 - 12:00am

While coastal cities have long been hotbeds for industry development and relocating homeowners, metros in Texas are beginning to usurp them.

Categories: Real Estate