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Pros Use Adult Coloring Books to Sell Homes

NAR Daily News Magazine - May 31, 2018 - 12:00am

Brokerages are finding a way to use real estate- and cityscape-themed coloring books in their business.

Categories: Real Estate

Amazon HQ2 Finalists Ranked on Housing

NAR Daily News Magazine - May 31, 2018 - 12:00am

The online retail giant plans to announce its second headquarters location later this summer, and a handful of finalist cities are eagerly...

Categories: Real Estate

May Prices Reached Record Highs

NAR Daily News Magazine - May 31, 2018 - 12:00am

U.S. prices surged to an all-time high and homes sold faster than they ever have in May, according to the latest housing report from realtor.com...

Categories: Real Estate

The Top Landscaping Trends for 2018

NAR Daily News Magazine - May 30, 2018 - 12:00am

Landscape architects reveal the hottest trends for sprucing up outdoor spaces.

Categories: Real Estate

Drop in Rates Still Doesn’t Budge Loan Demand

NAR Daily News Magazine - May 30, 2018 - 12:00am

Mortgage rates eased last week following recent increases, but would-be home buyers or refinancers didn’t bite.

Categories: Real Estate

Single-Family Rental Giant Hit With Class-Action Suit

NAR Daily News Magazine - May 30, 2018 - 12:00am

Invitation Homes is facing a class-action lawsuit from tenants who are accusing the company of stacking late fees against those who pay their rent...

Categories: Real Estate

How to Get More Shares of Your Real Estate Content

NAR Daily News Magazine - May 30, 2018 - 12:00am

The more you can get of your content shared online, the more you get your name in front of potential prospects. But getting shares is harder to do...

Categories: Real Estate

Texas Weighs Stronger Building Codes Post-Harvey

NAR Daily News Magazine - May 30, 2018 - 12:00am

Texas cities are weighing a program called “Fortified” to build sturdier homes and businesses to withstand powerful storms.

Categories: Real Estate

To Succeed, Set Rejection as a Goal

NAR Daily News Magazine - May 30, 2018 - 12:00am

One writer shows how, by anticipating rejection in her sales, she set herself up for success.

Categories: Real Estate

$1 Million: What It Buys in the U.S. Housing Market

RisMedia Consumer News - May 29, 2018 - 4:17pm

One-million dollars is a lot of money to most of the world’s population, but it’s a drop in the bucket to a billionaire. The housing market in the U.S. seems to have a similar relationship with homes valued between $900,000 and $1.1 million: Some of them are sprawling estates, while others are considered middle-of-the-road homes.

HouseCanary examined homes valued around $1 million in different metropolitan statistical areas (MSAs) across the country to determine what an “average” million-dollar home looks like, from San Francisco to Tuscaloosa, Ala. We found that what a million dollars will buy can vary widely from place to place—so if you’ve got $1 million to spend on a home, here’s what you can expect to get in return.

Where $1 Million Is Big Money
In most markets, $1 million will get you a lot of house, but they might not be considered mansion material. We found that in the preponderance of markets (110 out of 375 metro areas), a million-dollar home is somewhere between 3,000 and 4,000 square feet. But there are also some markets where you can buy a true mansion or estate if you’re willing to spend between $900,000 and $1.1 million.

Those markets tend to be at least somewhat off the beaten path, so you may be sacrificing some shopping convenience, access to airports, or proximity to cultural, sports, or other local assets. And those markets may not also have relatively high household income, meaning you’ve got to save for a lot longer to make that million-dollar down payment. But the amount of room you’ll get to spread out and do your thing might make that kind of sacrifice well worth it!

Ohio is one state with several big cities, but it’s in unassuming Lima, about 90 minutes northwest of Columbus, where you’ll find the best deals for $1 million. The average million-dollar home in Lima, Ohio, is 9,435 square feet and sits on a four-acre lot. It has five-plus bedrooms, four bathrooms, and 4-5 parking spots. For that million-dollar home, buyers pay about $105.99 per square foot.

In Lima, most homes are very affordable. To pay a mortgage on a median-priced home in Lima, the median-income household would spend 17.30 percent of its income. The median household income in Lima is $45,575, and you can still buy a home there for much less than $100,000. So it’s not surprising that the two million-dollar homes in Lima are much larger than average!

You’ll find similar bang for your million-dollar buck in Anniston-Oxford-Jacksonville, Ala., about an hour and 20 minutes northeast of Birmingham, where the average million-dollar home is 8,354 square feet and sits on a five-acre lot. It has three bedrooms, 2.5 bathrooms, and 4-5 parking spaces. The price-per-square foot in this corner of Alabama for a million-dollar home is about $119.70.

Homes are also very affordable in Anniston-Oxford-Jacksonville, with the median household spending just shy of 17 percent of total household income ($41,954 annually) on a median-priced house.

Texas is another state with several big cities—Houston and Dallas are two of the biggest cities in the country. In Wichita Falls, Texas, about two hours and change northeast of Dallas, your average million-dollar home comes on a whopping 60-acre lot and is 7,852 square feet. The price-per-square foot is about $127.36—still very reasonable. It has five bedrooms, 4.5 bathrooms and four parking spots, and the median household in Wichita Falls spends just 13.94 percent of its annual $46,043 income on a median-priced home.

$1 Million in the Middle
Even though there are more homes between 3,000 and 4,000 square feet than between 4,000 and 5,000, the average square footage for a million-dollar home across all metros studied is 4,305 square feet—which is quite a bit of room to stretch out, but still only about half the size of the biggest million-dollar homes in the country.

In the Nashville MSA (which also includes Davidson, Murfreesboro and Franklin, all in Tennessee), an average million-dollar home is 4,302 square feet, with 3-4 bedrooms, four bathrooms, and three parking spots nestled on a 0.96-acre lot. The price-per-square foot is $232.45—more than double the price per square foot in Lima, Ohio.

Affordability in Nashville is also middle-of-the-road: Most economists suggest that households spend no more than 30 percent of their total income on housing, and in Nashville, a median-priced house costs 30.5 percent of the median household income, which is $56,152 annually.

Richmond, Va., and St. Louis (spanning both Missouri and Illinois) are also relatively average markets. In Richmond, an average million-dollar house is 4,312 square feet on an 0.85-acre lot, with four bedrooms, four bathrooms, and two parking spots. The price-per-square foot is $231.91, slightly lower than in Nashville. A median home for a median household in Richmond uses 29.17 percent of its $61,124 annual household income.

And in St. Louis, the average million-dollar home is 4,330 square feet on a 0.93-acre lot. It also has four bedrooms, four bathrooms, and two parking spots. The price-per-square foot is very close to both Richmond and Nashville at $230.95. In St. Louis, the median household (which makes $56,726 per year) spends 21.83 percent of its income on a median-priced home.

Million-Dollar Babies
It makes sense that in areas where housing is more affordable, million-dollar homes are larger. But what happens when affordability starts to creep up (and up…and up)?

As you might guess, when affording a home captures more and more of a median household’s income, the million-dollar homes get smaller. The smallest average million-dollar home in the country is in San Jose-Sunnyvale-Santa Clara, Calif., at 1,576 square feet, on a 0.13-acre lot. It has three bedrooms, two bathrooms, and two parking spots, and in this MSA, the median household spends 76.33 percent of its income ($100,469 annually) on a median-priced home. The price-per-square foot is an eye-popping $634.52, almost six times what you’d pay in Lima, Ohio, for a home.

In San Francisco-Oakland-Hayward, Calif., you’ll find a slightly bigger average million-dollar home at 1,600 square feet, on a 0.13-acre lot, with three bedrooms, two bathrooms, and two parking spots. The price-per-square foot is $625, just $9.52 lower than in San Jose-Sunnyvale-Santa Clara. A median household in the Bay Area makes $85,947 per year and typically spends 80.20 percent of its total income on a median-priced home.

Honolulu is another market with small average million-dollar properties. In Honolulu, the average million-dollar home is 1,846 square feet on a 0.15-acre lot, with four bedrooms, two bathrooms, and two parking spots. The price-per-square foot for a Honolulu million-dollar home is $541.71—definitely more reasonable than its San Francisco counterparts, but still almost double what you’d pay in Nashville, Richmond or St. Louis. The median household in Honolulu (which makes $77,161 per year) spends 61.62 percent of its income on a median home—still more than double the recommended amount, but much more reasonable than San Jose or San Francisco.

In Boulder, Colo., you can get slightly more square footage for a million dollars than in San Francisco. The average Boulder million-dollar home is 2,270 square feet on a 0.24-acre lot, costing $440.53 per square foot. It has four bedrooms and 2.5 bathrooms, with two parking spots, and the median household spends just over half (51.39 percent) of its $72,282 annual income on a median home.

If I Had a Million Dollars…
Would you rather have a vast estate in Lima, Ohio, or Wichita Falls, Texas, or a cozy family home in San Francisco or Honolulu? Maybe opting for something middle-of-the-road in St. Louis or Nashville makes more sense…and it’s less square footage to clean!

This was originally published on HouseCanary. For more information, please visit www.housecanary.com.

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

The post $1 Million: What It Buys in the U.S. Housing Market appeared first on RISMedia.

Categories: Real Estate

Listing This Summer? The Best Investments to Make Outdoors

RisMedia Consumer News - May 28, 2018 - 4:01pm

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 Buying 101 - May 28, 2018 - 4:01pm

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

What People Would Sacrifice to Buy a Home

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

A new survey finds buyers are willing to make extreme sacrifices and even give up some basic rights for a chance at homeownership.

Categories: Real Estate

Sales Struggle to Overcome Housing Shortages

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

“The root cause of the underperforming sales activity in much of the country so far this year continues to be the utter lack of available...

Categories: Real Estate

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