Posts in category: Market Report

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This is a follow up article to our October 28th article title, “The Sleeping Millennial Giant has Awakened.”

With ranks reaching 72 million strong, millennials are reaching peak age for homeownership. This generation has struggled to enter the housing market thanks to the fallout of the Great Recession and a mountain of student debt. But this Sleeping Giant has awoken, fueled by the work from home trend. And even if just 10% of millennials enter the home buying market – that’s 7 million people – that’s more than the number of homes sold in all of 2020 to ALL demographics.

Here are some fascinating, quick notes on the next wave of home buyers: Millennials…

• The share of millennials purchasing homes was on the rise between 2015 and 2019. The pandemic supercharged this trend, surging for those under 44 years of age in 2020, mostly due to super low mortgage rates.

• Millennials (26-41 years old and 22% of the US population) are working and reducing debt.

• There are roughly 72.8 million of them in the US.

• They also account for about 36% of the workforce.

• They are accumulating savings to pay down student loans and other obligations, a pivotal hurdle to homeownership.

• The Education Data Initiative estimates that while the youngest millennials have $22,953, on average, in student-loan debt, those in their early 30s have only $874, and those in their early 40s have largely paid off their debt.

• From November 2020 to April 2021, 3,458 applicants received loan discharges from the Public Service Loan Forgiveness program with total student loan forgiveness at $583 million.

• 95,000 applications were approved under the borrower-defense program, over its length, with close to $600 million discharged.

• They received more than $380 million in federal stimulus, starting in March 2020. 49% of the money was used for goods and services, 33% for paying down debt.

• 18% was used for savings and investments, probably including homes.

• The median net worth of millennials was $91,300 in 2019, compared with $64,600 in 2016…..up 40%

   

• The pandemic further fueled their wealth via stimulus checks.

• Many recently discovered investing. The median age of people who began investing during the pandemic was 35, compared with 48 for those who began doing so pre pandemic.

   

• Millennials make up 51% of new pandemic-era investors. (Schwab)

• Millennials are forming households, marrying, and having children, all of which requires space.

• The number of households headed by adults 30-to-44 years old jumped by 1.3 million during the pandemic.

• Married couples 31 to 40 were more likely than any other age group to purchase homes. (NAR, 2021 survey)

• The largest group of unmarried couples who purchased homes were adults aged 22 – 30.

• Millennials 31-to-40 years old were the most likely (61%) to have at least one child under 18 at home.

• Millennials accounted for the largest share of home buyers (37%) over the past year.

• Millennials are approaching peak earning years—ages 45 – 54—a critical time for financing a home.

• Their median annual income was $77,800 in 2019, suggesting that millennials have the earning power necessary for homeownership.

• Over the next two decades, 25% of the U.S. population is going to reach peak earning years, fueling continued housing demand—especially for inexpensive starter homes.

• An April 2021 YPulse study revealed that 55% of millennials want to work from home post pandemic.

• An NAR study revealed that millennials were the most likely to say that the reason for owning a home was to have a space of their own or for a larger abode—62% of 22-to-30-year-olds and 54% of 31-to-40-year-olds.

• As work from home is probably here to stay, millennial housing demand has room to run.

The demand from this important consumer group is likely to persist for several years….and homeownership is still central to them achieving the American Dream.

The Dinsmore Group would like to give content and writing credit to Leonard Steinberg @theleonardsteinbergteam. He shares his valuable insights through his wonderful Compass wide journal, Compass Contemplations. Mr. Steinberg holds the esteemed title of Chief Evangelist at Compass.

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The Millennial home buyer has been extremely disadvantaged due to a lack of more affordable home options in the markets combined with new competition from institutional and individual investors, not to mention Zillow Offers and other entities competing with all cash offers to buy these homes either to sell at a profit or rent. Affordability is a growing concern and I’m not sure what the solution is in a world where land, labor, materials and regulatory costs keep rising. Today I want to address the Millennial buyers (now 25-40 years old) who DO have the means to buy…..this sleeping GIANT that exists amongst this 72 million strong US demographic has boldly awakened in 2021.

Millennials who have a longer life expectancy appear to be forming households at a later age than prior generations, but now many are armed and motivated to buy homes and the demand far outstrips supply. Where is their wealth coming from?

– Many are burdened with college debt, but some are emerging from this.
– Many are climbing in their careers.
– Many have been saving and investing in stocks.
– Many are beneficiaries of new industries and companies going public.
– Many are beneficiaries of the GREAT WEALTH TRANSFER – over $ 60 TRILLION. Yes, Millennials’ parents and grandparents are not only delivering inheritance, but they are also gifting and diversifying estates small, large and huge, due to recent concerns about the potential of new estate and wealth taxation.

Even if only 10% of millennials – 7 million people – enter the home buying market, that’s more than the number of homes sold in all of 2020 to ALL demographics. The demand for housing is here to stay for many, many years!

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It’s the old supply-and-demand predicament: Home sales in the U.S. continue at a torrid pace, but the availability of listings remains limited. Buoyed by historically low mortgage rates, buyers keep shopping for homes, reducing the available inventory and sparking a rise in home prices across the country.

News website The Atlantic summarized the sizzling home market this way:

“Pick a housing statistic at random, and it’s probably setting an all-time record. Home prices: record high. Inventory: record low. Percentage of homes selling above asking price: record high. Average time on market: record low.”

Meanwhile, homebuilders are contending with an increase in material costs and a shortage of labor. These issues come amid an ongoing shortage of housing. A study commissioned by the National Association of Realtors found the U.S. is coping with a deficit of about 2 million single-family homes and about 3.5 million other housing units.

So what can we expect from U.S. real estate? Here are five factors that illustrate where the housing market is today and is likely heading tomorrow.

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ROCK-BOTTOM MORTGAGE RATES TO GRADUALLY RISE

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Low interest rates continue to fuel demand from homebuyers. Some experts believe mortgage rates will creep up later this year, but they expect rates to remain near historic lows. However, the Federal Reserve signaled in mid-June that it may institute two interest rate hikes as soon as 2023, which could then trigger a more substantial uptick in mortgage rates.

In June, the Mortgage Bankers Association reported that 2020 closed with the average rate for a 30-year, fixed-rate mortgage sitting at 2.8%. But the association anticipates the average rate climbing to 3.5% at the end of 2021 and 4.2% by the end of 2022.

“As the economy progresses and inflation remains elevated, we expect that rates will continue to gradually rise in the second half of the year,” said Sam Khater, chief economist at Freddie Mac.

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What does it mean for you?

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You’ve likely heard the old saying about “striking while the iron is hot.” Well, that phrase applies to the current environment for mortgage rates. It’s impossible to predict with certainty when mortgage rates will rise or fall. So, when mortgage rates are at or near historic lows (as they are today), you should seriously consider taking advantage of those rates to borrow money for a home purchase or to refinance your existing mortgage.

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HOME PRICES EXPECTED TO KEEP CLIMBING

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Low mortgage rates are sparking interest among homebuyers, but some are running into affordability issues.

In June, the national median list price for a home reached an all-time high of $385,000, up 12.7% on a year-over-year basis.7 And according to the Home Buying Institute, various reports and forecasts indicate home prices will keep climbing throughout 2021 and into 2022.

While this may be welcome news for homeowners, high prices are pushing homeownership out of reach for a growing number of first-time buyers. In a recent CoreLogic survey, 82% of respondents listed housing affordability as a key problem.

“Younger and first-time buyers, including younger millennials, are faced with the challenge of having sufficient savings for a down payment, closing costs and cash reserves,” said Frank Martell, President and CEO of CoreLogic. “As we look to the balance of 2021, we expect price rises to continue which could very well push prospective buyers out of the market in many areas and slow home price growth over the next year.”

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What does it mean for you?

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If you’re a buyer waiting on the sidelines for prices to drop, you may want to reconsider. While the pace of appreciation should taper off, home prices are expected to continue climbing. And rising mortgage rates will only make a home purchase more expensive. 

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SINGLE-FAMILY HOME SALES REMAIN ROBUST

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While record-high prices are sidelining some buyers, the impressive pace of single-family home sales marches on.

Single-family home sales are down from their peak in October 2020 yet are still above the overall level last year. In May 2021, 5.8 million existing single-family homes were sold in the U.S. That’s a 45% increase over the 4 million homes sold in May 2020.

However, home sales saw a 0.9% dip in May 2021 compared with the previous month, the National Association of Realtors says. That was the fourth straight month for a decline in home sales. The number of home sales has slid recently because of rising prices coupled with a shortage of available homes amid intense demand.

Fannie Mae expects total home sales to tick up slightly in the fourth quarter and finish the year up 3.8% over last year. They also forecast a slight decline of 2.2% in sales volume in 2022.

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What does it mean for you?

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The market for single-family home sales remains quite active. As a result, if you’re a homeowner, you may want to ponder whether to sell now, even if you hadn’t necessarily been thinking about doing so. With demand high and inventory low, your home could fetch an eye-popping price. 

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LACK OF INVENTORY STILL CONSTRAINS THE HOME MARKET

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According to the National Association of Realtors, in May there were 1.23 million previously owned homes on the market, down 20.6% from the same time last year.10 This translates to a 2.5-month supply of homes, which is well below the 6 months of inventory typically seen in a balanced market.

According to the Realtors group, this lack of inventory translates into tougher searches for buyers and contributes to a rise in prices.

“Demand for bigger and more expensive accommodations amid the COVID-19 pandemic, which has left millions of Americans still working from home, is driving a housing market boom. The inventory of previously owned homes is near record lows,” according to Reuters.

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What does it mean for you?

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If you’re thinking of selling your home, now may be the right time to do it. Across the country, it’s a seller’s market, meaning demand is outpacing supply. That supply-and-demand imbalance puts sellers in a great position to sell their homes at a premium price. The May 2021 Realtors Confidence Index from the National Association of Realtors found the average home that was sold attracted five offers, and the association says nearly half of homes are selling above list price.

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CONSTRUCTION OF SINGLE-FAMILY HOMES SEES SLIGHT UPTICK

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Frustrated buyers may soon find some relief, however, from an increase in new construction. Economists forecast that 1.1 million new houses will be started in 2021, compared with a predicted 940,000 units just six months ago, with 1.2 million new starts predicted for 2022 and 2023, according to the Urban Land Institute.

Amid the rise in home construction, builders are coping with rising costs for materials. In April, the National Association of Home Builders estimated that a surge in lumber prices over the previous year had led to $35,872 being tacked onto the cost of an average new single-family home.

“Shortages of materials and labor have builders struggling to increase production of new homes, though the demand remains strong,” Robert Frick, corporate economist at Navy Federal Credit Union, told the Reuters news service. “Potential homebuyers should expect tight inventories and rising prices for both new and existing homes for the foreseeable future.”

Builders (and buyers) did receive some good news in June, though: Lumber prices are coming down—although likely to remain above pre-pandemic levels for the foreseeable future.

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What does it mean for you?

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Given the issues affecting the new-home market, it may make sense to widen your home search to include both new and existing homes. Your brand-new dream home may not be available, but you might be able to find an existing home that lives up to your vision. Keep in mind that we can help you find either a new or existing home and can advocate for you to ensure you get the best deal possible.

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ARE YOU THINKING OF BUYING OR SELLING?

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If you’re in the market for a home, you’re ready to sell your house or you’ve simply been wondering whether you should sell, you definitely could benefit from an expert to help you navigate the sizzling hot real estate market. Let’s set up a free consultation to discuss your situation. We can help you figure out your options and come up with a plan to capitalize on the value of your current property or to find your ideal next home.

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Sources:

1. The Atlantic- https://www.theatlantic.com/ideas/archive/2021/05/us-housing-market-records/619029/
2. Wall Street Journal – https://www.wsj.com/articles/u-s-housing-market-needs-5-5-million-more-units-says-new-report-11623835800
3. Time – https://time.com/nextadvisor/mortgages/mortgage-predictions-2021/
4. Bankrate – https://www.bankrate.com/banking/federal-reserve/fomc-meeting-recap-june-2021/
5. Mortgage Bankers Association – https://www.mba.org/news-research-and-resources/research-and-economics/forecasts-and-commentary/mortgage-finance-forecast-archives
6. Associated Press News – https://apnews.com/press-release/globe-newswire/mortgages-mortgage-rates-business-0fc0360d0f4af0c988504385fa2794c3
7. Realtor.com – https://www.realtor.com/research/june-2021-data/
8. Home Buying Institute – http://www.homebuyinginstitute.com/news/home-prices-will-keep-rising-through-2021/
9. DS News – https://dsnews.com/daily-dose/07-06-2021/record-high-home-prices-intensify-affordability-challenges
10. National Association of Realtors – https://www.nar.realtor/newsroom/existing-home-sales-experience-slight-skid-of-0-9-in-may
11. Fannie Mae – https://www.fanniemae.com/media/40561/display
12. Real Estate Center at Texas A&M University – https://assets.recenter.tamu.edu/documents/articles/2046-7.pdf
13. Reuters – https://www.reuters.com/world/us/us-housing-starts-rise-less-than-expected-may-building-permits-fall-2021-06-16/
14. National Association of Realtors – https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index
15. Realtor magazine – https://magazine.realtor/daily-news/2021/05/17/report-half-of-homes-sell-above-list-price
16. Urban Land Magazine – https://urbanland.uli.org/capital-markets/uli-forecast-sees-increased-improvement-in-outlook-for-u-s-economy-2/
17. National Association of Home Builders – https://eyeonhousing.org/2021/04/higher-lumber-costs-add-more-than-35k-to-new-home-prices-119-to-monthly-rent/
18. Reuters – https://www.reuters.com/world/us/us-housing-starts-rise-less-than-expected-may-building-permits-fall-2021-06-16/
19. NPR – https://www.npr.org/2021/06/21/1008843212/lumber-prices-are-finally-dropping-after-they-soared-during-the-pandemic

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Selling your home when you still need to shop for a new one can feel daunting to even the most seasoned homeowner––especially when the demand for new homes keeps rising, but the supply feels like it’s dwindling. You’re not alone either if you’re already feeling drained by the complex logistics of trying to sell and buy a new home all at once. 

Searching for a new home can be exciting, but many homebuyers admit that it can also be stressful, especially if you live in an unpredictable market with plenty of competitors. Unfortunately, waiting out a competitive housing market isn’t always the best idea either since listings are expected to remain limited in the most coveted neighborhoods for some time.

That doesn’t mean, though, that you should just throw up your hands and give up on moving altogether. In fact, as a current homeowner, you could be in a better position than most to capitalize on a seller’s market and make a smooth transition from your old home to a new one. 

We can help you prepare for the road ahead and answer any questions you have about the real estate market. For example, here are some of the most frequent concerns we hear from clients who are trying to buy and sell at the same time.

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“WHAT WILL I DO IF I SELL MY HOUSE BEFORE I CAN BUY A NEW ONE?”

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This is an understandable concern for many sellers since the competitive real estate market makes it tough to plan ahead and predict when you’ll be able to move into your next home. But chances are, you will still have plenty of options if you do sell your home quickly. It may just take some creativity and compromise.

Here are some ideas to make sure you’re in the best possible position when you decide to list your home:

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Tip #1: Flex your muscles as a seller. 

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In a competitive market, buyers may be willing to make significant concessions in order to get the home they want. In some cases, a buyer may agree to a rent-back clause that allows the seller to continue living in the home after closing for a set period of time and negotiated fee. 

This can be a great option for sellers who need to tap into their home equity for a downpayment or who aren’t logistically ready to move into their next home. However, many lenders limit the duration of a rent-back to 60 days, and there are liability issues to consider before entering into an agreement. A contract and security deposit should be in place in case of any property damage or unexpected repairs that may be needed during the rent-back period. 

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Tip #2: Open your mind to short-term housing options.

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While it can be a hassle to move out of your old home before you’re ready to move into your new one, it’s a common scenario. If you’re lucky enough to have family or generous friends who offer to take you in, that may be ideal. If not, you’ll need to find temporary housing. Check out furnished apartments, vacation rentals and month-to-month leases. If space is an issue, consider putting some of your furniture and possessions in storage. 

You may even find that a short-term rental arrangement can offer you an opportunity to get to know your new neighborhood better—and lead to a more informed decision about your upcoming purchase.

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Tip #3: Embrace the idea of selling now and buying later.

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Instead of stressing about timing your home sale and purchase perfectly, consider making a plan to focus on one at a time. Selling before you’re ready to buy your next home can offer a lot of advantages. 

For one, you’ll have cash on hand from the sale of your current home. This will put you in a much better position when it comes to buying your next home. From budgeting to mortgage approval to submitting a competitive offer, cash is king. And by focusing on one step at a time, you can alleviate some of the pressure and uncertainty.

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“WHAT IF I GET STUCK WITH TWO MORTGAGES AT THE SAME TIME?”

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This is one of the most common concerns that we hear from buyers who are selling a home while shopping for a new one, and it’s realistic to expect at least some overlap in mortgages. To make sure you don’t get into a situation where you are carrying dual mortgages for longer than you can afford, examine your budget and calculate the maximum number of months you can afford to pay both. 

If you simply can’t afford to carry both mortgages at once, then selling before you buy may be your best option. (See Tip #3 above.) But if you have some flexibility in your budget, it is possible to manage both a home sale and purchase simultaneously. Here are some steps you can take to help streamline the process:

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Tip #4: As you get ready to sell, simplify.

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You can condense your sales timeline if you only focus on the home renovations and tasks that matter most for selling your home quickly. For example, clean and declutter all of your common areas, refresh your outdoor paint and curb appeal, and fix any outstanding maintenance issues as quickly as possible. 

But don’t drain unnecessary time and money into pricey renovations and major home projects that could quickly bog you down for an unpredictable amount of time. We can advise you on the repairs and upgrades that are worth your time and investment.

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Tip #5: Prep your paperwork.

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You’ll also save valuable time by filing as much paperwork as possible early in the process. For example, if you know you’ll need a mortgage to buy your next home, get pre-approved right away so that you can shorten the amount of time it takes to process your loan. 

Similarly, set your home sale up for a fast and smooth transition by pulling together any relevant documentation about your current home, including appliance warranties, renovation permits, and repair records. That way, you’re ready to provide quick answers to buyers’ questions should they arise.

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Tip #6: Ask us about other contingencies that can be included in your contracts. 

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Part of our job as agents is to negotiate on your behalf and help you win favorable terms. For example, it’s possible to add a contingency to your purchase offer that lets you cancel the contract if you haven’t sold your previous home. 

This tactic could backfire, though, if you’re competing with other buyers. We can discuss the pros and cons of these types of tactics and what’s realistic given the current market dynamics.

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“WHAT IF I MESS UP MY TIMING OR BURN OUT FROM ALL THE STRESS?” 

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When you’re in the pressure cooker of a home sale or have been shopping for a home for a while in a competitive market, it’s easy to get carried away by stress and emotions. To make sure you’re in the right headspace for your homebuying and selling journey, take the time to slow down, breathe and delegate as much as possible. In addition:

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Tip #7: Relax and accept that compromise is inevitable

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Rather than worry about getting every detail right with your housing search and home sale, trust that things will work out eventually––even if it doesn’t look like your Plan A or even your Plan B or Plan C. Perfecting every detail with your home decor or timing your home sale perfectly isn’t necessary for a successful home sale and compromise will almost always be necessary. Luckily, if you’ve got a good team of professionals, you can relax knowing that others have your back and are monitoring the details behind the scenes.

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Tip #8: Don’t worry too much if your path is straying from convention

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Remember that rules-of-thumb and home-buying trends are just that: they are estimates, not facts. So if your home search or sale isn’t going exactly like your neighbor’s, it doesn’t mean that you are doomed to fail. 

It’s possible, for example, that seasonality trends may affect sales in your neighborhood. So a delayed sale in the summer or fall could affect your journey––but not necessarily. According to the National Association of Realtors, the housing market tends to be more competitive during the summer and less competitive during the winter. But it’s not a hard and fast rule, and every real estate transaction is different. That’s why it’s important to talk to a local agent about your specific situation.

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Tip #9: Enlist help early.

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Which leads us to our final tip: If possible, call us early in the process. We’ll not only provide you with key guidance on what you should do ahead of time to prepare your current home for sale, we’ll also help you narrow down your list of must-haves and wants for your next one. That way, you’ll be prepared to act quickly and confidently when it’s time to list your house or make an offer on a new one.

It’s our job to guide you and advocate on your behalf. So don’t be afraid to lean on us throughout the process. We’re here to ease your burden and make your move as seamless and stress-free as possible.

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BOTTOMLINE: COLLABORATE WITH A REAL ESTATE PROFESSIONAL TO GET TAILORED ADVICE THAT WORKS FOR YOU

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Buying and selling a home at the same time is challenging. But it doesn’t have to be a nightmare, and it can even be fun. The key is to educate yourself about the market and prepare yourself for multiple scenarios. One of the best and easiest ways to do so is to partner with a knowledgeable and trustworthy agent.

A good agent will not only help you evaluate your situation, we will also provide you with honest and individually tailored advice that addresses your unique needs and challenges. Depending on your circumstances, now may be a great time to sell your home and buy a new one. But a thorough assessment may instead show you that you’re better off pausing your search for a while longer. 

Contact us for a free consultation so that we can help you review your options and decide the best way forward.

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Sources: 

1. Board of Governors of the Federal Reserve System, FEDS Notes – https://www.federalreserve.gov/econres/notes/feds-notes/housing-market-tightness-during-covid-19-increased-demand-or-reduced-supply-20210708.htm

2. Federal Reserve Bank of St. Louis, FRED Economic Data – https://fred.stlouisfed.org/series/MSPUS

3. Realtor.com – https://www.realtor.com/advice/sell/what-is-a-rent-back-agreement/

4. Bankrate.com – https://www.bankrate.com/real-estate/sell-your-house-while-buying-another/

5. National Association of REALTORS – https://www.nar.realtor/blogs/economists-outlook/seasonality-in-the-housing-market 

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Common remodeling projects can be more complicated than you think. While you’re still in the dreaming stage, factor in realities that could add time and money to your project.

Surprise! That remodeling project you’ve been planning, such as taking down a wall or adding a kitchen island, can have sticker-shock repercussions. Why? Hidden costs, including moving pipes and installing beams, can add up quickly.

Time for a reality check. First, we’ll peek behind some common remodeling tasks to reveal the less obvious challenges that could add hundreds, even thousands of dollars to your remodeling budget. 

Then we’ll give you advice on how to protect yourself from unforeseen costs that may pop up during remodeling.

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Taking Down Interior Walls

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Taking down a wall to combine two areas and improve flow is more involved than just swinging a sledgehammer at some drywall and studs. I learned that during one of my early DIY projects — tearing down a wall to combine two apartments.

Smashing the wall was the easy part. I also had to:

Reroute electrical wires.

• Create a chase to hide HVAC ducts.
• Patch a small landing strip of parquet flooring where the old wall once lived.
• Refinish the hardwood flooring throughout the combined areas.

And I was lucky. I might have had to:

• Cap and reroute plumbing pipes.
• Replace electrical wires not up to code.
• Exterminate termites and other pests living behind the walls.
• Patch, prime, and paint the ceiling where the wall used to be.

The trickiest part of taking down a load-bearing wall in a single-family house is temporarily shoring up the area, then putting in new beams and supports. There’s a lot of jacking and shoring and building temporary walls,” says Jeff Patrizi, a Houston builder and remodeler, who estimates that work adds $500 to $4,000 to the job, depending on how the newly open area must be re-engineered.

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Adding a New Kitchen Island

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It seems no gourmet kitchen transformation is complete without an island. But installing an island is more complicated than just topping a couple of base cabinets with a slab of granite.

Electric outlets: Building codes typically require that islands have electrical outlets every 6 feet. Adding a circuit or two is no big deal if your kitchen is above a basement or crawl space and near your electrical panel. It’s a bigger deal if the kitchen sits on a slab, and your electrician has to drill through concrete to run electrical wires a long way from panel to island. Figure an additional $500 to $1,000 to your project.

Task lighting: Your new workspace will need overhead task lighting. Added cost depends on how far your kitchen is from your electrical panel, and what type of fixture you install. If your kitchen is under an attic space, running new wires is relatively easy. But if your electrician has to open up the ceiling to access joists, you’re looking at drywall repair and a whole new paint job for your ceiling, adding another $300 to $1,000.

Plumbing: Island prep sinks require new plumbing. Your plumber will probably tap into the pipes of your primary kitchen sink. But, if the island is on a concrete slab, plumbing costs could rise up to $2,500.

Clearing corners: When you order the island countertop, make sure your fabricator measures to ensure the finished countertop can be carried into the house easily — fitting around corners and up stairways if necessary. If dimensions don’t work, the fabricator will have to cut the slab, creating an unsightly seam in your gorgeous stone.

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Installing Dream Appliances

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Creating a dream kitchen might include installing industrial-sized refrigerators and ranges. But bigger isn’t always better.

Industrial refrigerators: Sure, that commercial-style fridge holds more and looks great. But the thing can weigh 800 pounds — the average fridge weighs 250-300 pounds — and be a bear to carry into your home and maneuver into position. That monster fridge may force you to shore up floor joists (consult a structural engineer) or remove door jambs to squeeze it into your home.

Six-burner ranges: I had to have six burners and a grill when we built our home 16 years ago, so I sacrificed a 24-inch cabinet to fit the 48-inch range into my kitchen design. As it turned out, I never use six burners at once (and I’ve used the grill only twice), and I’m always short of storage space.

Commercial range hoods: A pro-range requires a pro-hood, which has a stronger motor (600-1,400 CFMs) than a typical range hood (200-400 CFMs), and may require an upgraded venting system. Such systems require large vent ducts (8- to 10-inch diameter vs. the normal 4-inch) that must take a straighter path to the outside of your home, adding $1,000-plus to your kitchen renovation, depending on the length of the run.

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Asbestos Up-Charges

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Homes built prior to 1975 may contain deadly asbestos fibers sleeping in vinyl and linoleum flooring, old drywall compound, popcorn ceilings, and old siding. All these materials should be tested by an asbestos inspector before disturbing them ($400-$800). If asbestos is found, you’ll need to hire a remediation company to remove it, which could cost $1,000-$3,000 at minimum; $20,000 to $30,000 if asbestos is everywhere.

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Adding a Basement Bedroom

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It isn’t a bedroom just because you call it one. A legitimate, up-to-code bedroom has an egress window or door big enough for you to escape and for firefighters to enter in an emergency – a minimum of almost 6 square feet. If the room is below grade, the window must be paired with an exterior window well.

Tim Snyder, a Connecticut-based remodeling contractor, had to explain basement realities to his client when, on the first day of construction, the client changed his mind and decided to turn a new basement playroom into a more flexible space that also could serve as a bedroom. “The tiny basement windows weren’t even close to being egress compliant,” Snyder says. “So we had to break the bad news to the client.”. The news included replacing windows, digging around the foundation, and adding a plastic window well, which jacked the price up $2,000.

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How to Protect Yourself Against Unforeseen Costs

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An important step to take when moving from the remodeling fantasy phase to reality is signing a fixed-cost agreement with your contractor. The contract should include a detailed scope of work. Contracts should contain change-order policy that states that all changes or unforeseen costs should be put in writing and signed by you and your contractor before additional work begins.

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Author: Lisa Kaplan Gordon

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It may seem counterintuitive, but a rigid schedule can really mess things up.

One of the things that drives up remodeling costs (and frustration levels!) are delays. And these delays are often caused by ignorance on the homeowner’s part.

It’s that old axiom: You don’t know what you don’t know.

Until now.

Here’s a list of time-sucking mistakes homeowners often make (so you don’t have to).

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#1 Designing Before Budgeting

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You think you can afford that luxurious marble countertop — until you talk to the fabricator. It’s $2,000 over budget, and there’s no room to squeeze. If you’re already past the design phase, that’s a brutal discovery requiring a serious re-think — and extra time you don’t have at this stage of the game.

“There are an infinite number of design possibilities, but as soon as you pick a budget, seven-eighths are gone,” says Charles Rinek, who owns a remodeling and custom construction firm in Palm Coast, Fla. “Concentrate on the eighth that is appropriate with your budget.”

Know your budget. Then follow your dreams.

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#2 Indecision

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Even the design-challenged can create a stunning kitchen with Pinterest on their side. But the breadth of options might create dismay — and delay — if you keep finding a better backsplash.

“Over-analysis becomes paralysis,” says Annmarie Bhola, who co-owned a remodeling company. “Now you spend all this time watching shows, and looking through Pinterest, and before you know it, oh my gosh, now I have all this data. Which should I choose? Should I go with light or dark?”

And then, the paint color isn’t right. So now you’ve got to rethink your complete color scheme.

Don’t be that homeowner. Once your design is finalized and construction is underway, consider your choices set in stone, or you might find yourself days, even weeks behind schedule when workers are waiting on you to decide.

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#3 Scheduling Work Before Materials Are On Site

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You might have allotted enough time for each step — but if what you need isn’t there when you need it, all the scheduling in the world isn’t going to make up for that lost time.

Before scheduling workers to install your new cabinets and appliances, make sure the materials will be there for them. Don’t just allocate installation time; know how long it will take to ship your farmhouse sink. (Another related point: Know your contractor’s schedule, too, so you won’t be dismayed when he can’t come the day your cabinets arrive.)

Bhola says her common practice is to order everything ahead of time, to know the delivery dates, then to schedule contractors to start after that date.

Time is almost always the reason why kitchen remodeling mistakes happen.

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#4 Choosing to Live in the Mess

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Remodeling is messy — dust everywhere, your pots and pans scattered, and living spaces become storage spaces.

No one expects you to be Martha in the midst of a home makeover, but too much disorganization will hog your time because you can’t find anything. Next thing you know, you’re a day behind because you couldn’t find the installation guide for the dishwasher.

As part of your project plan, include a strategy for a temporary kitchen and all the stuff that needs a new home while construction is happening. And be sure to plan time to move it all so a) you don’t end up dumping everything in the nearest clear spot, or b) delaying the start of demolition, which means you’ll be starting out with a #fail.

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#5 Not Paying Attention to Permits

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Your Uncle Joe swore he didn’t pull a permit for his kitchen remodel, and everything turned out fine. But if an inspector raises an eyebrow on a drive around the ‘hood, skipping this essential step could cost you months of inspections and repairs.

Give your local building department a heads-up. Plus, permits ensure your renovation is to code, catching any dangerous (or deadly) errors, like faulty outlets and improper plumbing.

Just make sure to budget time for the inspection.

“You can’t move forward with anything until it’s been inspected,” Rinek says. “God forbid he doesn’t show up until 4 p.m. and he doesn’t like your work. All that time adds up.”

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#6 Not Doing a Test Run on Materials

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That soft teal was sure to make your subway tile pop. Until it didn’t. Give every paint, tile, and wood type a test run, otherwise, you might find yourself not liking the results, and then find yourself falling behind schedule while you pick the replacements.

For paint, Harris recommends covering a few inexpensive canvases in your favorite colors and leaving them in the room for a few days to help you decide. Do this long before workers come on site. As for cabinets, he suggests you “get a whole door.” You can’t see what a cabinet “really looks like from a three-by-three sample.”

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#7 A Too-Rigid Schedule

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It might seem counterintuitive, but sometimes, your best choice is to just suck it up and cause a delay — especially if you don’t want regrets later.

“Time is almost always the reason why kitchen remodeling mistakes happen,” says Evan Harris, a San Diego real estate investor.

If you do start falling behind schedule because of unexpected surprises (darn carpenter bees — on top of hurricane weather, really?!), you might be tempted to try and make up the time.

But there’s where the danger lies, says Harris. That’s when you end up with sloppy work that may not stand the test of time: cabinets that aren’t level, a floor that wasn’t allowed to dry completely between coats and loses its luster too soon, a sloppy paint job. Cue future problems and expenses.

His advice: Budget even more time than you think you need for every step — and you might even finish early, in plenty of time to plan your housewarming.

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Author: Jamie Wiebe

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The USA houses roughly 300,000 people with investable assets of $30 million or more. That’s a ton of money. They are known as ULTRA High Net Worth Individuals or UHNWI. 300,000 is not a lot of people (0.01% of the USA), and then again it’s quite a potent audience. It’s the population of all of Pittsburgh, Pennsylvania! And many of them are aging and passing on wealth to family members so the number of prospective home buyers is actually much larger. And this group is growing as new fortunes are made every year. More importantly, this group will be the source of both future inventory as they age and seek to downsize…..as well as a source of new buyers for those making new fortunes or inheriting as the greatest wealth transfer is already underway.

Great fortunes are made in multiple ways: investments, finance, business creation, technology, entertainment, media, healthcare, divorce, marriage, lotteries, and many other less obvious arenas……and yes the good old-fashioned way: inheritance.

This group is also most likely to own a second or third home, and often this is done LATER in life as a reward for hard work – or selling a business – or playing catch-up for decades of frugality.

* In 2020, the world’s wealthiest population—those with a net worth of more than US$30 million—grew 1.7% year over year, adding 4,730 individuals to bring the total to 295,450 in 2020. Their combined fortune rose 2% to US$35.5 trillion, according to Wealth-X’s ninth annual World Ultra Wealth Report released Wednesday. Last year’s ultrawealthy expansion was much slower than the nearly double-digit pace in 2019, but represented a sharp increase from 2018’s flat growth rate of 0.8%. (WEALTH-X)

* The super-yacht business is a great barometer of the ultra-wealthy….and we hear that all yacht-builders are fully booked for many months/years ahead. Even the second-hand yacht market has soared in the past 12 months. The ultra-rich added almost $2 trillion in wealth since January 2020.

* UHNWI wealth has grown globally over the past 18 months: Luxury home sales in Australia are soaring as the country’s expanding ultra-high-net-worth population drove demand for prime properties. In the first quarter of 2021, the number of prime residential sales—defined as the top 5% most expensive homes in each market—increased 58% year over year to a record 1,429 homes. Compared to the fourth quarter of 2020, luxury sales were 17% higher. (MANSION)

* San Jose, Calif., has the highest density of UHNW individuals, with one for every 727 city residents. This concentration is 2.5X greater than New York, the world’s largest UHNW city with 11,475 individuals!

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Because the wrong paint job can seriously wreck your home.

Picking a color for one room can be challenging enough. But picking a palette for your whole house?

That feels daunting. Coordinate your colors too much, you’ll end up matchy matchy. Don’t coordinate your colors enough, you’ll end up tacky tacky.

And that not only messes with your mojo, it can be bad for home value. Because ugly colors turn off buyers, and you may not get the best price if you ever sell.

But you can end up with colors you’ll love that’ll also enhance your home’s value — by following these tips from two designers who recently re-colored two different houses.

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First, Find Your Inspiration

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Rather than picking a palette from a big box store’s paint brochures or from whatever Pinterest’s algorithm serves you up, look into your own soul. Or, at least, into your closet or out your window.

“Designers always have a starting point,” says interior designer Maria Killam, who also writes the “Colour Me Happy” blog.

It might be a favorite sweater or a photo of your favorite beach spot. Or a pillow, Killam says.

Or it could be a feeling you want your home to have: cheery, bright, dramatic, cozy … whatever feels right to you.

For Killam, it was a feeling of “fresh.” So she used a mix of flowers and foliage to come up with her inspiration:

For HomePolish designer Melissa Mascara, wallpaper patterns inspired her palette.

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Learn (Just a Bit) About Undertones

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Paint color undertones have the power to make or break your whole-house color palette — and you’re not alone if your response to that is, “Under-whats, now?”

If you’ve ever had a beige that looks just right in the can, but turns an ugly shade of pink on the wall, it’s a red undertone to blame. And it happens because undertones are almost impossible to see in the can.

But you need to find them because the undertones in your home’s cabinets and counters can bring out the undertones you can’t see in your palette — like that ugly pink beige mentioned above. White cabinets with a green undertone could be the culprit that changed it to something sickly.

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Start With a Neutral And Two Other Colors

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When choosing a palette, start with three colors. Three is a balanced number, and it gives just enough visual interest without overwhelming you.

Choose a neutral shade and add two more tones, all of which should come directly from your inspiration piece. As you put your palette together, keep in mind your neutral color should be in every room. That’s what helps pull the whole-house palette together.

Killam chose white (Sherwin-Williams Shoji White) as her neutral:

And Mascara chose shades of brown, which are reflected in the wood floors, doors, and trim on the built-in shelves:

“The trend isn’t the one accent wall, like it was in the ’80s, or painting each room a different color like we did in the ’90s,” says Killam. “Now we’re choosing a main neutral to go throughout the house.”

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Add More Colors

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Of course, you don’t have to limit yourself to three colors.

Mascara ended up picking seven colors:

While Killam went with six hues, including a customized color (yep, you can do that — most any paint store will help you):

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Repeat Colors From Room to Room

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Designers create the coordinated look of a whole-house palette through repetition.

“Use any color at least twice,” says Mascara. “For example, the dominant wall color in one space might become an accent color in the next.” Mascara followed this rule by using turquoise paint in the home office and turquoise patterned wallpaper in the dining room.

Note that having a six- or seven-color palette does not give you license to cram all the colors into every room in equal measure — or that each of seven rooms should be swallowed whole by a single shade. Yikes. Distribute your palette throughout the house in a balanced way.

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Test Lighting and Sight Lines

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Before committing to a palette, consider two more elements: lighting and sight lines (how the hues look when you see them from other rooms).

Rather than choosing paint by looking only at small swatches, buy sample-sized cans of your colors and paint them on poster boards.

Place your poster-sized paint samples so they’re visible as you walk through the house. Then look down the hallway and from room to room to see how the colors play off each other. And notice how the light affects the colors, too.

In her project, Mascara wanted to maximize the home’s light, so she chose paint accordingly. “Many of the spaces in our project didn’t have the best natural light,” she says, “so we brightened the walls in those spaces and kept the dark accent colors to a minimum.”

You may need to relocate certain colors, or even choose another color from your inspiration palette, to find the right flow. But once you’ve done so, you’ll be all set to put your whole-house palette into play.

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Author: Kelley Walters

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Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.

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Paint a door super bright yellow, or the trim on a window for amazing results.

Buying a house — it’s such an adult thing to do. And putting work into it is another mature choice.

But when personalizing your home, the instinct to keep things adulty can also keep things pretty dull. Gray walls. White ceilings. Taupe for miles. Suddenly your house (read: your life) is booooring.

Time to dive into the pigment pool. Hot pink, wowza red, rich navy, and other colors with a capital C can be just as chic as neutrals, and they’re a lot more fun. Here are 11 ways to bring loud, proud hues into your home without making it look straight outta Dr. Seuss.

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#1 Paint the Inside of Your Cabinets

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Because anyone can paint the doors, but getting rid of them and painting the inside is more interesting.

Using the same color on the cabinet’s back panel and the wall behind them adds continuity to the space.

Here, lemon yellow walls work complementary-color magic with the blue-gray cabinets. This is an easy way to get on-trend open shelving without replacing your cabinets.

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#2 Paint Your Office Your Favorite Color

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Because in there, you’re the boss.

The trick to making a bold palette work? Favorite color + white + contrasting color = smashing room.

These bold green walls get a chill pill from the white trim, area rug, and desk. That red bookcase and chair bring the big bang of contrasting color that shakes things up.

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#3 Dare To Have A Bright Ceiling

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Because you get a pop of color by painting just one surface.

This ceiling sizzle works because the hot pink repeats the color in the ikat wallpaper, and because the floors and furniture are in sober, neutral hues. The gold heart ties into those neutral colors as well as the wallpaper. Win-win.

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#4 Choose Retro Hues

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Because throwback colors turn cookie cutter into quirky cool.

Painting these ho-hum kitchen cabinets jadeite green gave them a shot of mid-century mod personality, and replacing the old pulls with retro brass ones punched up the 20th-century vibe.

You can’t beat a kitchen makeover for the cost of a gallon of paint and new cabinet hardware.

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#5 Add Wow With Wallpaper

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Because wallpaper’s back, and it’s not your grandma’s tea-rose print circa 1948.

Today’s wallpaper features bold prints and colors (and can even be temporary). This room looks sophisticated, not garish, because while one wall is rocking the psychedelic colors, the rest of the room is a mature blend of good old gray hues.

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#6 Focus on the Floor

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Because a bright color underfoot can add big personality to a neutral room.

Porch paint transformed a boring laminate kitchen floor into a whimsical turquoise-and-white checkerboard pattern. Bonus points for the gold cabinet pulls that pop against the blue floor.

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#7 Paint the Window Trim

 

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Because you don’t have time to repaint the entire kitchen.

Add pizzazz in an afternoon by painting a window pane’s trim a bright color. Just that.

You’ll get an instant focal point to distract from the clutter that never seems to totally leave the kitchen. For maximum impact, choose a color complementary to the cabinets.

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#8 Don’t Re-Tile A Backsplash, Stick Decals On It

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Because putting fancy tiles like these on a wall is expensive and a big commitment.

And unnecessary. Nope, those aren’t new tiles. They’re decals to put over your old tiles. Peel, stick, done. And if you hate them or just get tired of them? Pull off, throw away, done.

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#9 Choose a Bold Hearth Hue

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Because you can get a big bang of bold color by painting just one key thing.

Give your room an instant focal point by painting the fireplace, bricks, wood, and wall above it a single, brilliant color. Keep the rest of the room furnished simply and neutral, so the fireplace can be the star of the show.

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#10 Paint the Backside Of A Door

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Because it’s a great place to tuck in unexpected color.

This is especially effective in spaces that are otherwise neutral, like a bathroom. Because a door is a small surface, you can go bold without overpowering the room.

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#11 Turn A Bedroom Ceiling Into Art

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Because you spend a lot of time looking at it, so it should be interesting.

Painting this ceiling like the night sky takes the “Star Wars” theme to every surface. Bonus points for the light fixture that adds a bold pop of complementary yellow, and looks like BB-8.

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Author: Leanne Potts

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Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.

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The secret? It’s all about the lighting. Here’s how to get it right.

Well that was a total waste. That Robin’s Egg Blue you picked for your entryway now looks like the color of that (really cheap) beach hotel room back in your spring break days.

Kind of makes you feel sick.

Not at all what you envisioned.

“People have to understand that the color of an object won’t look the same 24 hours a day,” says lighting designer Joseph Rey-Barreau. “I just had bamboo flooring installed throughout my house, and during the day it looks totally different than it looks at night.”

The way we “see” color primarily depends on two things:

1. The light that an object absorbs. Black absorbs all colors; white absorbs none; blue absorbs red.

2. How the light source works. Natural light (sunlight) changes throughout the day and is affected by a room’s location. Artificial light changes with the type of bulb you use.

Here’s how to figure out how lighting will affect your paint color choices before you plunk down cash for the paint:

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How Sunlight Affects Colors

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As the amount and angle of the sun changes, so will your room colors.

“Natural light should always be considered when choosing color for a space,” says Sarah Cole of the Farrow & Ball paint company.

North-facing rooms: Light in these rooms is cool and bluish. Bolder colors show up better than muted colors; lighter colors will look subdued. “Use strong colors and embrace what nature has given,” says Cole.

South-facing rooms: Lots of high-in-the-sky light brings out the best in cool and warm colors. Dark colors will look brighter; lighter colors will virtually glow.

East-facing rooms: East light is warm and yellowy before noon, then turns bluer later in the day. These are great rooms for reds, oranges and yellows.

West-facing rooms: Evening light in these rooms is beautiful and warm, while scant morning light can produce shadows and make colors look dull.

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How Light Bulbs Affect Color

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The type of bulb you use can alter the colors in a room, too.

Incandescents: The warm, yellow-amber light of these bulbs will make reds, oranges, and yellows more vivid, while muting blues and greens.

Fluorescents: This flat and cool light enriches blues and greens.

Halogens: These white lights resemble natural light and make all colors look more vivid. Using halogens would make the shift from daylight to artificial light less jarring.

Compact fluorescent lights (CFLs): CFLs can produce either a warm white, neutral, or bluish-white light.

Light-emitting diodes (LEDs): You can buy warmer or cooler LEDs, and even “smart” LED bulbs whose color you can control wirelessly. “You can point to the color of the sky in a picture at sunset and make the light bulb in the house be that same color,” says Rey-Barreau.

Related: The Latest In Lighting Trends to Enhance Your Home

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Tips for Achieving the Color You Want

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1. Paint squares of primed drywall with samples of the colors you’re considering, and then move them around the room during the day. Apply at least two coats.

2. Evaluate samples of carpet during different daylight conditions.

3. Most contractors won’t hang lights before you paint, but you can get a color approximation by placing a bulb you’ll be using in a floor or desk lamp. If you’re hyper-sensitive to color or want a very specific look, ask your electrician to hang the lights, then cover them carefully during painting.

4. Remember that natural and artificial light will work together during certain times of day, especially in summer when dusk lasts a long time. Turn on artificial lights even during daylight to see what your colors will look like.

5. Paint sheen also affects color. Glossy finishes will reflect light and change the way the color looks, whereas flat finishes are less reflective and allow colors to look truer under bright light.

6. Light-colored walls can reflect the colors of bold carpets: A bright blue rug, for instance, can cast a bluish tone on a white wall.

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Author: Lisa Kaplan Gordon

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Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.

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