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5 Things to Consider Before Starting a Master Bath Remodel

8/10/2018

 

You got an amazing deal on your home, in part because the master bathroom was kind of really outdated. The wallpaper says it all — and that pink toilet, oh boy. You are so ready to do something about the Pepto Bismol nightmare attached to your bedroom, but you also want to be sure you’re doing this remodel right, otherwise you may be doomed to repeat it.

Bathroom Remodels Can Be Good Investments

When it comes to remodeling projects, there’s the rare exception that will return the entire cost of the improvement when you go to sell your home or have it appraised for a home equity loan. Although they don’t typically have above-cost ROIs, Remodeling Magazine’s 2018 Cost vs. Valuesurvey found that midrange bathroom remodels returned 70.1 percent of their cost for home sellers and universal design bathrooms returned 70.6 percent. Neither figure isn’t too shabby, especially when you consider that adding an entire midrange master suite only returned 56.6 percent!

However, even Remodeling Magazine is quick to point out that these gains only apply to well-executed bathrooms, and there’s no shortage of bathroom remodels that have gone horribly wrong. Before you even start to put a dollar figure on your remodel, take some time to hop on Houzz, Zillow or Realtor.com and look up houses like yours. See what their master baths look like, how people updated them, what seems to be working and what is a real mess. The research on this project is going to take time, but it’s necessary for the best results possible.

Some Practical Questions to Ask Yourself

Sometimes the idea of remodeling your own home can sort of supercharge a fantasy where gravity doesn’t pull down the roof if you take out a bunch of structural walls, anything can be made to fit anywhere and cost is absolutely not an issue. This is a good time to develop a list of things you really, really want. But before you so much as look at your credit card or touch your savings account, let that early excitement fade. You need to approach a bathroom remodel with a level head or you may end up spending a fortune to gain very little.

With a clear head, consider these items before starting a master bathroom remodel:

#1. How does the existing setup work for me?

Hey, you may not love that pink tub, but it does seem like it’s kind of perfectly placed. The vanity, however, seems like it was just kind of dropped in place randomly. It’s weird and you kind of really hate it. Make notes on how the current configuration works or doesn’t so you can work on arranging the new parts properly.

#2. What are my goals for this bathroom?

This might seem a bit of an odd question, but if you think about it, you use this bathroom differently than its last owners use it, more likely than not. Maybe you need more plugs or more wall space. Possibly, you’re tired of the wallpaper and how hard the vinyl floor is to keep clean. Figure out the why of your remodel long before you cut the first check.

#3. Should I be using Universal Design principles?

Universal Design is one of those things that you’ve probably never heard of, but you’re still kind of thinking about anyway. Basically, Universal Design revolves around making spaces like bathroomseasier to access by everyone. That means people with disabilities, the elderly, anyone that might normally be excluded. For you, this is going to be about both resell, if that’s in the future, and aging in place. While you’re young and able, convert as much of your home to a Universal Design if you don’t plan to move again — you’ll thank yourself later.

#4. How long will it take?

Any sort of remodeling project can take a very long time to complete, especially if you’re doing most of the work yourself. This isn’t likely to be a weekend project and everything will be gross, wet and awful for a while — possibly months or years, depending on your budget and motivation level. If you’re hiring the job out, the contractor can give you a much better idea of their schedule, but since they’re highly motivated to get a check from you, even a massive remodel that involves knocking out walls shouldn’t take more than a couple of months.

#5. What’s it going to cost?

There are so many ways to remodel a bathroom that it’s as difficult to estimate costs in general as it is the timeframe it takes to spend that money. However, there are a few surveys that can help give us a peek at something like an answer. Remodel Magazine says that a mid-range bathroom remodel will run about $19k and an upscale remodel over $61k.

That being said, there are a lot of factors that can change that price dramatically. Obviously, the size of the bathroom now and the size it’ll be when you’re done are both huge variables. Another is whether or not you’re moving plumbing. Believe it or not, if you can work with plumbing where it sits, you’re going to save a lot of money. Sometimes all you need to do is twist a fixture around a bit to make it work better in the space.

If you’ve never remodeled a bathroom before, it might not be the best idea to start by yourself on your own. At very least, find a friend or family member who has a lot of DIY experience before you dive into a project of this scale on your own.

Or You Can Just Call a Pro

The most efficient, most professional job isn’t likely to come from your cousin who, despite his best efforts, can’t seem to finish his own home remodeling projects in anything like a timely way. No, you need a pro because you can’t have that bathroom torn apart forever. Don’t worry, let your stress go.

Call me today and I will recommend ONLY the BEST in the business!

Alisha Pearson, REALTOR
House2Home Team
(318) 481-1756
www.house2hometeam.com
RE/MAX Premier Realty
(318) 427-8005

The Wave of Millennial Homebuyers Continues to Swell

8/8/2018

 

Many have written about the millennial generation and whether or not they, as a whole, believe in homeownership as a part of attaining their American Dream.

Comparatively speaking, millennials have taken longer to obtain traditional milestones (like getting married, having kids and buying a home) than generations before them, but that does not mean that they do not aspire to still achieve those things.

For older millennials (aged 25-34) who have established themselves in their career and are starting to build their families, homeownership is the next logical choice.

According to the Urban Institute’s State of Millennial Housing, the probability of a millennial becoming a homeowner increases by 17.9% if they are married, and by an additional 6.2% if they have children.

Last year, according to the US Census Bureau, the average age at first marriage was 30 for men and 27 for women, while the National Association of Realtors (NAR) reports that the average first-time homebuyer was 32 years old.

With most of this generation having yet to age into the ‘Responsibility Zone’ (the time in their lives when their responsibilities start to dictate their behaviors), there will be a steady wave of buyers for years to come!

Those who are currently out in the market searching for a home are being met with a strong, highly competitive seller’s market. NAR’s Chief Economist Lawrence Yun recently commented,

“Realtors® throughout the country continue to stress that there’s considerable pent-up demand for buying a home among the millennial households in their market.  

Unfortunately, they’re just not making meaningful ground, and continue to be held back by too few choices in their price range, and thereby missing out on homeownership and wealth gains.”

Bottom Line

If you are currently renting and thinking about jumping into the real estate market this year, contact a local real estate professional who can help you navigate your market.

Alisha Pearson, REALTOR
House2Home Team
(318) 481-1756
www.house2hometeam.com
RE/MAX Premier Realty
(318) 427-8005

5 Reasons to Hire a Real Estate Professional

8/7/2018

 

Whether you are buying or selling a home, it can be quite the adventure. In this world of instant gratification and internet searches, many sellers think that they can ‘For Sale by Owner’ or ‘FSBO,’ but it’s not as easy as it may seem. That’s why you need an experienced real estate professional to guide you on the path to achieving your ultimate goal!

The 5 reasons you need a real estate professional in your corner haven’t changed but have rather been strengthened by the projections of higher mortgage interest rates and home prices as the market continues to pick up steam.

1. What do you do with all this paperwork?

Each state has different regulations regarding the contracts required for a successful sale, and these regulations are constantly changing. A true real estate professional is an expert in his or her market and can guide you through the stacks of paperwork necessary to make your dream a reality.

2. So you found your dream house, now what?

There are over 230 possible steps that need to take place during every successful real estate transaction. Don’t you want someone who has been there before, someone who knows what these actions are, to ensure you achieve your dream?

3. Are you a good negotiator?

So maybe you’re not convinced that you need an agent to sell your home. After looking at the list of parties that you will need to be prepared to negotiate with, you’ll soon realize the value in selecting a real estate professional. From the buyers (who want the best deals possible), to the home inspection companies, all the way to the appraisers, there are at least 11 different people who you will need to be knowledgeable of, and answer to, during the process.

4. What is the home you’re buying/selling really worth?

It is important for your home to be priced correctly from the start in order to attract the right buyers and shorten the amount of time that it’s on the market. You need someone who is not emotionally connected to your home to give you its true value. According to a recent article by the National Association of Realtors, FSBOs achieve prices significantly lower than the prices of similar properties sold by real estate agents:

FSBOs earn an average of $60,000 to $90,000 less on the sale of their home than sellers who work with a real estate agent.”

Get the most out of your transaction by hiring a professional!

5. Do you know what’s really going on in the market?

There is so much information out there on the news and on the internet about home sales, prices, and mortgage rates; how do you know what’s going on specifically in your area? Who do you turn to in order to competitively and correctly price your home at the beginning of the selling process? How do you know what to offer on your dream home without paying too much, or offending the seller with a lowball offer?

Dave Ramsey, the financial guru, advises:

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”

Hiring an agent who has his or her finger on the pulse of the market will make your buying or selling experience an educated one. You need someone who is going to tell you the truth, not just what they think you want to hear.

Bottom Line

You wouldn’t replace the engine in your car without a trusted mechanic, so why would you make one of the most important financial decisions of your life without hiring a real estate professional?

Alisha Pearson, REALTOR
House2Home Team
(318) 481-1756
www.house2hometeam.com
RE/MAX Premier Realty
(318) 427-8005

You Need an Agent Who Will Always Put You First

7/31/2018

Whether you are a rookie homebuyer or have gone through the process many times, having a local real estate expert who is well versed in the neighborhood you are looking to move to, as well as the trends of that area, should be your goal while home shopping.

One great example of an agent who is in your corner and is always looking out for your best interests is one of the main characters on ABC’s Modern Family, Phil Dunphy.

For those who aren’t familiar with the character, Phil is a REALTOR® with a huge heart who always strives to do his best for his family and his clients.

In one episode, he even shared an oath that he created and holds himself accountable to:

“On my honor, I promise to aid in man’s quest for shelter, to recognize I’m not just in the business of houses — I’m in the business of dreams in the shape of houses. To disclose all illegal additions, shoddy construction, murders, and ghosts. And to put my clients’ needs before my own.” 

While this might seem silly, as it was definitely written with humor in mind, the themes of helping someone achieve the American Dream and putting a client’s needs above his own are not to be taken lightly.

Bottom Line

When you make the decision to enter the housing market, as either a buyer or a seller, make sure you call me, an agent who exemplifies these values and will help you through every step of the process.

Alisha Pearson, REALTOR
House2Home Team
(318) 481-1756
www.house2hometeam.com
RE/MAX Premier Realty
(318) 427-8005

The #1 Reason to Put Your House on The Market TODAY!

7/30/2018

 

 

The National Association of Realtors (NAR) released the results of their latest Existing Home Sales Report which revealed that home sales declined 0.6% to a seasonally adjusted annual rate of 5.38 million in June from 5.41 million in May, and are 2.2% below a year ago. Some may look at these numbers and think that now is a bad time to sell their house, but in fact, the opposite is true.

  The national slowdown in sales is directly tied to a lack of inventory available for the buyers who are out in the market looking for their dream homes! In fact, the inventory of homes for sale had fallen year-over-year for 36 consecutive months before posting a modest 0.5% gain last month and has had an upward impact on home prices.

NAR’s Chief Economist Lawrence Yun had this to say,

“It’s important to note that despite the modest year-over-year rise in inventory, the current level is far from what’s needed to satisfy demand levels. Furthermore, it remains to be seen if this modest increase will stick, given the fact that the robust economy is bringing more interested buyers into the market, and new home construction is failing to keep up.”

The few houses that are on the market are selling fast! According to NAR’s Realtors Confidence Index, properties were typically on the market for 26 days.

Bottom Line

If you are one of the many homeowners who is debating listing your house for sale this year, the time is now! Meet with a local real estate professional who can guide you through the process and discuss the specifics of your market!

Call me today!!

Alisha Pearson, REALTOR
House2Home Team
(318) 481-1756
www.house2hometeam.com
RE/MAX Premier Realty
(318) 427-8005

First-Time Home Buyers Continue To Put Down Less Than 6%!

7/16/2018

First Time Home Buyer

According to the Realtors Confidence Index from the National Association of Realtors, 61% of first-time homebuyers purchased their homes with down payments below 6% in 2017.

Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying, but in March, 71% of first-time buyers and 54% of all buyers put less than 20% down.

Ralph McLaughlin, Chief Economist and Founder of Veritas Urbis Economics, recently shed light on why buyer demand has remained strong,

“The fact that we now have four consecutive quarters where owner households increased while renters households fell is a strong sign households are making the switch from renting to buying.

Households under 35 – which represent the largest potential pool of new homeowners in the U.S. – have shown some of the largest gains. While they only make up a third of all homebuyers, the steady uptick in their homeownership rate over the past year suggests their enormous purchasing power may be finally coming to [the] housing market.”

It’s no surprise that with rents rising, more and more first-time buyers are taking advantage of low-down-payment mortgage options to secure their monthly housing costs and finally attain their dream homes.

Bottom Line

If you are one of the many first-time buyers unsure of whether or not they would qualify for a low-down payment mortgage, consult a local real estate professional who can set you on your path to homeownership!

 

Latest NAR Data Shows Now Is A Great Time To Sell!

2/26/2018

Latest NAR Data Shows Now Is A Great Time To Sell!

We all realize that the best time to sell anything is when demand for that item is high, and the supply of that item is limited. Two major reports released by the National Association of Realtors (NAR) revealed information that suggests that now is a great time to sell your house.

Let’s look at the data covered in the latest REALTORS® Confidence Index and Existing Home Sales Report.

REALTORS® CONFIDENCE INDEX

Every month, NAR surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions.” This month, the index showed (again) that homebuying demand continued to outpace the supply of homes available in January.

THE EXISTING HOME SALES REPORT

The most important data revealed in the report was not sales but was instead the inventory of homes for sale (supply). The report explained:

  • Total housing inventory rose 4.1% from December to 1.52 million homes available for sale.
  • Unsold inventory is 9.5% lower than a year ago, marking the 32nd consecutive month with year-over-year declines.
  • This represents a 3.4-month supply at the current sales pace.

According to Lawrence Yun, Chief Economist at NAR:

“Another month of solid price gains underlines this ongoing trend of strong demand and weak supply. The underproduction of single-family homes over the last decade has played a predominant role in the current inventory crisis that is weighing on affordability.”

In real estate, there is a guideline that often applies; when there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see appreciation. Between 6-7 months is a neutral market, where prices will increase at the rate of inflation. More than a 7-month supply means we are in a buyer’s market and should expect depreciation in home values.

As we mentioned before, there is currently a 3.4-month supply, and houses are going under contract fast. The Existing Home Sales Report shows that 43% of properties were on the market for less than a month when sold.

In January, properties sold nationally were typically on the market for 42 days. As Yun notes, this will continue unless more listings come to the market.

“While the good news is that Realtors in most areas are saying buyer traffic is even stronger than the beginning of last year, sales failed to follow course and far lagged last January’s pace. It’s very clear that too many markets right now are becoming less affordable and desperately need more new listings to calm the speedy price growth.”

Takeaway: Inventory of homes for sale is still well below the 6-month supply needed for a normal market and supply will ‘fail to catch up with demand’ if a ‘sizable’ supply does not enter the market.

Bottom Line

If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers that are still out searching for your house.

 

 

Study Shows "Millennials Deserve More Credit"

2/1/2018

 

When it comes to talking about millennials, there are many stereotypes out there that have influenced the way the public feels about the generation. Whether it’s the assumption that millennials are irresponsible with money and would rather buy avocado toast than save for a down payment, or that millennials jump from job to job, the majority of these stereotypes paint the generation in a negative light.

A new study by Bank of America entitled Better Money Habits Millennial Report recently came to the defense of the generation when it reported that:

“Millennials deserve more credit – both from themselves and from others – for their mindfulness when it comes to money and their lives.”

Here are some key takeaways from the study proving that millennials deserve more credit for what they are already doing:

  • 63% are saving – (47% have $15,000 or more in savings)
  • 54% are budgeting – (73% who have a budget stick to it every month)
  • 57% have a savings goal – (67% who have a goal stick to it every month)
  • 46% have asked for a raise in the past 2 years – (80% who asked for a raise got one)
  • 59% feel financially secure – (16% have $100,000 or more in savings)

Many have wondered if millennials even want to own their own homes or if they would choose to rent instead. Well, not only do they want to own their own homes, but many already do and are looking to trade up! A recent study by realtor.com shows that 49% of Americans who plan to sell their home in the next 12 months are millennials!

Danielle Hale, realtor.com’s Chief Economist, gave some insight into why millennials are looking to sell,

“The housing shortage forced many first-time homebuyers to consider smaller homes and condos as a way to literally get their foot in the door. Our survey data reveals that we may see more of these homes hitting the market in the next year.”

Bottom Line

Not every millennial fits into the stereotypes that are so prominent in our society. Those who have risen above the stereotype are ready and willing to buy a home of their own, and many others already have!

 

 

If you are considering selling, NOW IS THE TIME!

1/25/2018

Definitely an aggressive headline. However, as the final data on the 2017 housing market rolls in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!

How did we finish 2017?

  1. New-home sales were at their highest level in a decade.
  2. Sales of previously owned homes were at their highest level in more than a decade.
  3. Starts of single-family homes were their strongest in a decade and applications to build such properties advanced to the fastest pace since August 2007.

And Bloomberg Business just reported:

“America’s housing market is gearing up for a robust year ahead. Builders are more optimistic, demand is strong and lean inventory is keeping prices elevated.”

And the National Association of Realtors revealed that buyer traffic is stronger this winter than it was during the spring buying season last year.

The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a four-month supply of inventory. This represents a decrease in supply of 9.7% from the same time last year.

Bottom Line

With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Contact a local real estate professional today to see whether that is the case in your neighborhood.

 

 

 

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