4 Surprising Features That May Increase How Much Your Home Is Worth

Thousands of data points correlate with home values and sale prices, many which are obvious (like the condition of the home) and some features that aren’t obvious. 

Here are several surprising features which have the power to affect ethe existing value of your home or the price someone is willing to pay for it, based on factual data.

1.    Proximity to Starbucks

A surprising feature which may raise the value of your home is your proximity to the nearest Starbucks. A 2015 Zillow report found that, between 1997 and 2014, homes within a quarter-mile of a Starbucks increased in value by 96%, compared to 65% of all U.S homes. This information was based on a comparison of Zillow Home Value Index Data with a database of Starbucks locations. 

To evaluate if this effect is isolated to Starbucks, the Zillow research team looked into another coffee hot spot (one with particular pull on the East Coast): Dunkin’ Donuts.

The data showed that homes near Dunkin’ Donuts locations appreciated 80 percent, on average, during the same 17-year period — not quite as high as homes near a Starbucks, but still significantly above the 65 percent increase in value for all U.S. homes.

2.    Blue kitchens and blue bathrooms

Curb appeal is definitely important to prospective home buyers, and what’s inside counts too, especially the colors you choose to paint the rooms. 

According to Zillow’s 2017 Paint Color Analysis, which examined more than 32,000 photos from sold homes around the country, homes with blue kitchens sold for a $1,809 premium, compared to similar homes with white kitchens.

Blue is also a well-liked bathroom shade. The same analysis found that homes with pale blue to soft periwinkle-blue bathrooms sold for $5,440 more.

Walls painted in cool neutrals, like blue or gray, can signal that the home is well cared for or has other desirable features.

3.    Trendy/Modern Features

Zillow listings mentioning trendy features, such as barn doors and farmhouse sinks, tend to sell faster and for a higher premium. This information is according to a 2016 Zillow analysis of descriptions of more than 2 million homes sold across the country. 

Listings with “barn door” in the description sold for 13.4 percent more than expected — and 57 days faster than comparable homes without the keyword. Meanwhile, listings touting “farmhouse sink” led to a nearly 8 percent sales premium.

4.    City Proximity 

 If you are lucky enough to own a home in a major metropolitan area, you’re most likely sitting on a significant (and rapidly appreciating) financial asset. For example, home values in the New York, NY, metro area are worth $2.6 trillion. The average urban home is now worth 35 percent more than the average suburban home. Since 2012, the median home value in urban areas has increased by 54 percent, while the median home value in suburban areas is up just 38 percent.

5 Safety Tips for Moving During COVID-19

Moving during COVID? No problem. By using these safety tips and precautions you can make your move go safely and smoothly. Amid worldwide travel bans, widespread stay-at-home orders and social-distancing mandates, millions of Americans have adapted to the drastic changes brought about by COVID-19. Countless events have been rescheduled or cancelled, but for those who made necessary plans to move, staying put is simply not feasible.

If you are in the process of moving or planning to move, you can still get the job done successfully and safely. Luckily, we have some tips and precautions to make your move as safe, smooth and stress-free as possible. 

1. Get Hands-On

Despite most states designating moving services as “essential”, many smaller moving companies have reduced hours or have paused business altogether. If you can, try to manage the move on your own. If you do need assistance, research the companies in your area and call to ask about procedures. Make sure the movers utilize necessary supplies like gloves, masks, and sanitizing kits. 

2. Minimize Contact

If you’re working with a moving company, ask for a virtual quote and see if the company offers fully contactless service. Forgo handshakes, for obvious reasons. A smile and a generous tip (sent through Venmo, PayPal or another contactless digital platform) are a welcome substitute. Furthermore, disinfect frequently touched objects and surfaces, paying particular attention to door knobs and handles.

3.  Take Extra Sanitary Precautions 

While moving make sure to follow the following sanitary precautions:

• Wear masks, gloves and booties. If you’re hiring a moving company, they’ll likely bring similar supplies for their workers, but consider having additional hygiene products available.

• Disinfect frequently touched objects and surfaces, paying particular attention to door knobs and handles.

• Place soap and paper towels next to sinks and hand sanitizer by doors.

• Buy new boxes: The coronavirus has been found to live on cardboard for up to 24 hours, so this is not the ideal time to pick up used moving supplies from stores that are recycling them. You can also use boxes that you already have in your home. 

4. Be Transparent and Flexible

In advance of your move, reach out to your neighbors — especially if you live in an apartment building — and share the date and time you plan to move. This gives everyone in your direct vicinity an opportunity to avoid unnecessary contact and let you know if your timing is a problem.

If you or any family members are experiencing coronavirus symptoms, postpone your moving plans. Though rescheduling is a pain, the health and safety of your community comes first. 

5 Ways to Enjoy the Outdoors at Home

In this current climate with many of us staying at home, one of the best remedies to deal with stress is to spend time outside and get fresh air. If you are lucky enough to possess an outdoor space such as a sprawling backyard or deck and patio area, now is the ideal time to renovate and make the most of your space. Here are 5 tips to enjoy and improve your outdoor area. 

1. Curate an Outdoor Lounge Space

Set up a beautiful outdoor lounge space on your patio or in the yard to give your space a relaxing feel. Spice up your space with new lounge chairs, chaise lounges, hammocks, and outdoor sectionals. To complete your lounge area add in some side tables, some candles, and enjoy the atmosphere. 

2. Fire Pit

You can always create a fire pit for your backyard, or purchase an electric fire pit that fits your area and your taste perfectly. A fire pit will create a cozy, campfire glow and be perfect for lounging at night, even when it gets colder outside. 

3. Create an Alfesco Dining Destination

Sitting in your kitchen every night can get boring, try mixing it up by creating an alfresco dining area. By creating an alfresco dining area in your backyard or patio area, you can enjoy fresh air while having your dinner. In addition to an outdoor dining table and chairs, you can even add a rug, a string of lights, or craft an outdoor chandelier to transform your evening meals. 

4. Create an Outdoor Bar

While traditonal bars are closed, why not create your own private outdoor bar? You can buy a bar online, or repurpose an old table or desk. Gather your bluetooth speaker, your favorite cocktail ingredients, and a few glasses to bring the ambiance of your favorite bar right at home. 

5. Beautifully Transform a Barn or Shed 

Although a bar or shed is a utilitarian structure, it doesn't have to be an eyesore. Spruce it up by painting it a bold color, attaching some shutters, adding some succulent flower boxes, installing a stone path, or even stringing up some bright lights. 

Despite Ongoing Pandemic, US Sales of Existing Homes Jumped 20 Percent

Home purchase sales strongly rose in June by 20.7 percent, even after the pandemic caused home sales to slightly decrease in the past three months. However, Coronavirus cases continue to surge, which could prevent the housing market from rebounding further. Real estate prices continue to rise due to a shrinking supply of homes for sale and high demand. 

The National Association of Realtors reported sales of existing homes rose this month to a seasonally adjusted annual rate of 4.72 million. Despite the sharp gain, purchases are still down 11.3 percent from a year ago, when homes had sold at an annual pace of 5.32 million per month. 

However, housing has managed to avoid a deeper slump from the serious recession brought on by Coronavirus. Demand has remained steady and strong among buyers who have been thriving within the downturn of the economy. Furthermore, record-low mortgage rates have helped support affordability and encourage buyers to make a move. Buyers have remained stable, however new listings have declined. Although buyers are in abundance, more sellers need to step up before the real estate market will see an overall year over year increase in home sales. 

The number of property listings has significantly dropped from a year ago to 1.57 million, representing a 18.2 percent drop. June marks the 13th straight month of shrinking supply on an annual basis. It is unlikely the housing industry can advance the overall economy until more sellers enter the market, to balance a high demand of enthusiastic buyers. 

Home buyers would considerably boost the economy, as home buyers usually spend money on new furniture and fix older properties with numerous home repairs. However, their ability to supply a spending boost to the economy is restricted if they cannot find an available house on the market. The limited supply is also increasing prices, despite much of the population struggling with economic uncertainty due to the recession. 

Overall, the combination of stable and constant demand, paired with dramatically lowered mortgage rates has helped birth a 3.5 percent rise in the median price of an existing home over the past year to $295,300.

Home sales rose in the Northeast, Midwest, South, and West last month, however the increases were most concentrated in the West, with a 32 percent gain, along with the South, with a 26 percent gain.

 

The Most Cost-Effective Options When You’re Renovating a Rental Property

Remodeling your rental property has numerous benefits, including attracting new renters and keeping current residents in place. Here are the best and most cost-effective ways to renovate your rental property in a dramatic and powerful way. 

 

`1. Replace Windows

Replacing windows brings intense curb appeal to your unit, while also improving the appearance of the inside of your property. Upgraded windows are a smart way to make a good impression on prospective renters, while offering long-term energy savings due to increased insulation efficiency. 

2. Freshen Paint

One of the most cost-effective remodeling projects for any investment property is to touch up walls and trim with a fresh coat of paint. Choose neutral colors, which resonate with a wider range of prospective residents. 

3. Switch Out Flooring 

Hardwood flooring continues to grow in popularity. Durable and easy to clean with a classic look, renters tend to prefer wood or engineered wood planking to linoleum, tile, and carpet.

Engineered wood is naturally resistant to changes in humidity and temperature. Unlike genuine hardwood, planks don't buckle, shrink, or expand. Thanks to its waterproof qualities, engineered wood flooring is even appropriate for moisture-prone areas such as a front entrance, mud area, or bathroom. 

4. Update Bathrooms

Remodeling bathrooms makes a dramatic and beautiful statement. Consider installing new faucets, shower heads, and fixtures. Look for low-flow versions that cut water consumption by as much as 30 percent. Also consider ceramic floor tiling, and a new tub and toilet. Go with standard porcelain for the tub. Keep in mind that federal standards mandate that all new toilets use 1.6 gallons of water per flush.

5. Remodel Kitchen 

As with the bathroom, a minor kitchen overhaul boasts a significantly more substantial return on investment than a major remodeling project. For example, instead of replacing cabinets in their entirety, simply switch out the doors and update them with new hardware. 

Replace appliances with energy-efficient models and shop around for a new mid-priced sink and faucet set.

Boston Housing Market Set for Quick Recovery

Great news for the Boston real estate industry. A study published by Realtor.com, a national website for real estate listings and information, found that the Boston housing market is the second most recovered out of the 50 largest metro areas in the country as of the week that ended June 13. 

 

Realtor.com’s studies rely on search traffic on the site, median list prices, new listings, and median time on the market. The firm’s data indicate that Boston was on track to see the busiest housing market on record in the spring until the pandemic hit. Overall, data shows the Boston market is experiencing a swifter recovery than the U.S market overall. Asking prices are growing at near double digits, all while sellers have yet to come back in full strength. The number of active home shoppers remains high and continues to increase, lead by lower mortgage rates and a powerful tech sector. Part of the recovery even includes bidding wars. Approximately 64 percent of Boston buyers working with Redfin real estate agents faced competition in May, according to the Redfin real estate brokerage.

 

The Boston real estate market continues to be competitive, simply because there are not enough homes for sale to keep up with the increasing demand. Overall, Boston’s pent-up demand from the condensed spring market and years of limited inventory make it ripe for a quick recovery after the economic shutdown. Realtor.com’s report found that the top five markets that recovered above their January 2020 level were tech hubs: Denver, Boston, Seattle, San Francisco, and San Diego.

U.S Housing Set to Ride Out the Pandemic's Economic Storm

Great news for real estate investors. According to a Reuters poll, U.S. home prices will defy the current economic downturn and ride out the storm, supported by record low mortgage rates and limited supply. The poll showed housing outpacing consumer price increases this year and next.

The U.S. housing market is expected to remain a sharp investment amidst a strong economic downturn; housing prices are expected to rise 3.0% this year and next. The forecast is incredibly upbeat, considering the economy is taking its worst hit on record and unemployment has soared to levels not seen since the Great Depression.

The coronavirus pandemic is currently wrecking economic havoc throughout the world, forcing businesses to close and unemployment numbers to reach astronomical highs. The pandemic has so far infected more than 2.2 million people in the United States, claiming around 120,000 lives, while infections are continuing to rise. 

The U.S. Federal Reserve’s median projections expect consumer inflation of 0.8% and 1.6% this year and next, which puts mortgage rates at record lows and a persistent undersupply of homes. Tight inventories are expected to be squeezed even harder after construction was forced to pause, when much of the U.S. economy was on lockdown to reduce the spread of the coronavirus.

Currently, the main threat to the U.S. housing market is high unemployment rates, which jumped from record lows to record highs within a few months. Fortunately, most of the unemployed were not existing homeowners looking to buy a home before the pandemic hit. Also, the very low mortgage rates makes buying real estate an attractive opportunity for many who are not struggling.