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In The News... February 2010
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Ten inexpensive ways to wow buyers
WASHINGTON – Feb. 3, 2010 – Now is the time for homeowners contemplating a sale to spruce up their properties for what Mike Larson of Weiss Research calls a potentially vibrant home-selling season.

10 cheap (mostly) ways to make a property more attractive to shoppers:

1. Improve first impressions. Touch up the paint on the front door and other areas that buyers see first.

2. Clean up the landscaping. Trim hedges and trees, and plant some annuals in the flowerbeds.

3. Paint the interior. A coat of light yellow or cream with contrasting white woodwork looks fresh and clean.

4. Refurbish the floors. Buff the hardwoods. Install new carpets – or at least get them professionally cleaned.

5. Take care of the big problems. If the house needs a roof or the front stoop is crumbling, get them fixed.

6. Buy warranties. Putting appliances under warranty gives homebuyers a secure feeling.

7. Improve energy efficiency. New windows or improved insulation tell a potential buyer that the seller is on top of things – plus they come with tax benefits.

8. Replace light fixtures. Updated fixtures, especially at the entrance way and in the foyer, create a good first impression.

9. Buy a stove. Homeowners whose kitchen isn’t top of the line can jazz it up for a few hundred dollars by buying a new stove, which gives the room a fresh feel.

10. Tidy up the bathrooms. Get rid of mildew, recaulk and replace stained sinks.

Source: U.S. News & World Report, Luke Mullins (01/21/2010)

© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688
10 features homebuyers want
LAS VEGAS – Feb. 2, 2010 – Home designers and builders speaking at the recent International Builders Show in Las Vegas say that buyers are seeking cost-effective features and rejecting things that don’t have lasting value.

“It’s all about family togetherness – casual living, entertaining and flexible spaces,” says Carol Lavender, president of the Lavender Design Group in San Antonio.

Paul Cardis, CEO of Avid Ratings, which conducts an annual survey of buyer preferences, identified these must-haves in new homes:

• Large kitchens with islands

• Energy efficiency, including energy-efficient appliances, super insulation, and high-efficiency windows

• Home offices

• Main-floor master suite

• Outdoor living space

• Ceiling fans

• Soaking tub in the master suite and/or an oversize shower with a seating area

• Stone and brick exteriors rather than stucco or vinyl

• Community walking paths and playgrounds

• Two-car garages, but three-car garages are even more desirable

Source: MarketWatch, Steve Kerch (01/30/2010)
4 demographic trends that affect housing
WASHINGTON – Feb. 1, 2010 – A new report from the Urban Land Institute predicts two major changes in the U.S. housing market as we began a new decade.

Home appreciation will slow considerably to about 1 percent to 2 percent annually. The current U.S. homeownership rate, now at 67 percent (which is down from a record high of 69 percent), will fall further to about 62 percent.

Demographic trends

The report also cites four major U.S. demographic trends that will have a major impact on housing.

1. Aging baby boomers (ages 55 to 64 years old): They will keep working, and many will be forced to stay in their suburban homes until values recover. Those who are able to move will choose mixed-age living environments that cater to active lifestyles. Walkable suburban town centers also will appeal to this group.

2. Younger baby boomers (46 to 54 years old): They are now entering their prime earning years but they will lack home equity and, unlike the older members of their generation, they won’t be able to purchase second homes. This will likely curb the prospects for the second-home market.

3. Generation Y: They are larger than the baby boom generation (with a population of about 86 million). As they enter the housing market, they are less interested in homeownership than their parents were when they were young adults. “They will be renters by necessity or choice for years ahead,” says John K. McIlwain, author of the report.

4. Immigrants – both legal and illegal: They are nearly 40 million strong. They often prefer multi-generational households and if they can afford them, larger homes in neighborhoods with a strong sense of community.

Source: The Urban Land Institute (01/27/2010)

© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688

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