By Patti Stern, Principal, PJ & Company Staging and Interior Decorating
Every one is starting to make predictions already for the 2015 housing market. One of our own predictions: 2015 will continue to be a buyer’s market, particularly in certain areas where homes are older. While low inventory has plagued the market for years, a broader disconnect exists between inventory and buyer preferences.
As more Millennial’s (the generation under the age of 33), enter the market and baby boomers downsize, the generation gap between buyers and sellers will further drive market conditions.
Younger home buyers make up the largest groups of today’s consumers. According to a National Association of REALTORS® survey, Millennial’s and slightly older Generation X represent over 60 percent of today’s home buyers.
However, the bulk of the housing inventory over the next 15 years will come from retiring boomers who want to downsize and embrace a new lifestyle that doesn’t include their large suburban home. It’s expected that 20.1 million senior households will attempt to sell between 2015 and 2030, and according to University of Utah researcher, Arthur C. Nelson. What’s more, an estimated 7.4 million won’t be able to find people to buy the houses.
Younger buyers want an already updated home and with a large percentage of homes built before 1990, that poses a challenge for the market. Older, outdated homes give buyers a lot of reasons to cross the property off their list.
The ‘Senior Sell Off’
Sellers who adapt to the changing marketplace and understand that today’s buyers don’t have the same vision when it comes to updating a home will position their property in the market and stand out from the competition.
Staging continues to be more important than ever before — whether it is a $250,000 home or a $2 million dollar home — to preserve and in some cases boost a home’s value and get it sold.
Only 35.1 percent of home sellers nationwide think now is a good time to sell. But waiting may mean increased competition from similar style and aged homes. Staging and even low cost renovations can help sellers get top dollar in a shorter market time today so they don’t become part of the ‘senior sell-off’.
“It’s important we offer sellers the resources to successfully sell their home now,” says John and Joanne Hoye with Berkshire Hathaway Home Services in West Hartford, Conn. “Staging gets the properties looking their absolute best, boosting seller’s confidence in listing their home today rather than waiting. It also helps address inventory issues by bringing to market more move-in condition homes. Quality, well-priced inventory will ultimately drive a more balanced market that’s a win-win for our buyer and seller clients and staging can help us get there.”
For more examples of home staging, visit www.pjstagingdecorating.com.
ABOUT THE AUTHOR: Patti Stern is a principal of PJ & Company Staging and Interior Decorating, and an interior decorator and accredited home stager. She and her team offer decorating and home staging services for individuals, real estate professionals, builders, and others in the industry. For more information visit pjstagingdecorating.com. She can be reached at firstname.lastname@example.org.
The average cost to host a 10-guest Thanksgiving spread is $49.48, according to a 2012 American Farm Bureau Federation survey of 150 volunteer shoppers around the country.
The cost of preparing your home for holiday guests is much more difficult to determine. But you can help owners do it wisely and efficiently. Add to your e-newsletter a free article, Tips on How to Prepare Your Home for Holiday Guests, from the REALTOR® Content Resource. It’s one of five free articles now available in the November “Be the Host with the Most for Thanksgiving” article package. Share all five today.
By Melissa Dittmann Tracey, REALTOR(R) Magazine
Stager Sandra Holmes, president of Home Staging Concepts in South Florida, shows how a few design touches can instantly transform a room.
#1 Accessorize it.
Master suite sitting area
Problem: The nearly bare seating area wasn’t sending the message of luxury in this multi-million dollar home.
Solution: Holmes wanted to soften the look and create a more intimate seating area. She brought in tables, added accessories and greenery and faux fur pillows for a layered look, and anchored the space with a textured rug.
#2 Furnish it.
Problem: This large great room was vacant, devoid of any personality, and buyers were having difficulty envisioning the layout for furniture.
Solution: Holmes offered up a picture by giving a modern treatment to the space, using furniture with straight lines, mismatching – but complementary—patterns and textures through fabrics and artwork, glass table-lamps, and color pops of blues.
#3 Re-imagine it.
Problem: This condo bedroom showed it was great for children, but the owners of this beachfront home were missing an opportunity to show the space off as the perfect guest room.
Solution: Holmes transformed the room to a guest bedroom, adding light, soft colors through new bedding and accented it with beach-themed artwork over the twin beds.
Help home owners show off their garden even when it’s not in full bloom. E-mail the handy article “How to Clean Up Your Garden for Fall and Winter“ from the REALTOR® Content Resource. It’s one of five free articles now available in the “Maintenance to Do Now“ article package that you can e-mail or share on any of your social media today.
REALTOR® Content Resource is brought to you by the NATIONAL ASSOCIATION OF REALTORS®. With it, you can download free homeownership content from HouseLogic to your marketing materials.
By Melissa Dittmann Tracey, REALTOR(R) Magazine
What is luring home buyers to new homes? Technology, the outdoors, and “super kitchens” are among what Nick Lehnert, executive director at KTGY, and Mollie Carmichael, principal at John Burns Real Estate Consulting, recently shared with BUILDER Online on some of the design drivers in the new-home market.
Here are some of the trends they point to:
1. Super kitchens: The kitchen is not just a hub for cooking but has become a center of the home for entertainment and conversations. Builders have been opening the kitchen to other rooms and the kitchen island is becoming key to separating the spaces. The island adds more seating along with extra prep space. As kitchens become more open, pantries are getting bigger to accommodate the need for storage.
2. Outdoor/indoors merged: The interiors are feeling stretched by carving out spaces that seamlessly allow home owners to walk into outdoor retreats. But buyers want those outdoor spaces to be private, a stray from the once traditionally “public” backyard. As such, more builders are taking note and carefully positioning the architecture of the home to make sure the outdoor space offers more privacy.
3. Bigger garage spaces: Builders are taking note of buyers’ preferences for more space in the garage, and not just for squeezing in their cars. The garage can be a workspace, hobby haven, and place for added extra storage.
4. Office space: The office/den is in demand as more people work from home, but the best location for it is to still in question. Traditionally, the home office has been located off the main entry of the home. But now builders are rethinking the location as buyers show preferences to have the office closer to the “living” area, particularly near the kitchen hub and family room.
5. Tech-spot: More home owners are constantly plugged into their technology, and the growth of connected homes likely will lead to even more need for tech hubs in the house. Some builders are designing small “server” rooms as smart technology enters more homes.
6. Dual homes: More people are squeezing under one roof as young adults stay with their parents longer, aging parents move in, and cultural preferences further the trend. Builders are taking a keen interest in multigenerational living arrangements. For example, Lennar has launched a NextGen brand of floorplans geared to multigenerational living, which include separate main entrances and options like a 500-square-foot attached suite for a private residence. View a video to see inside a NextGen multigenerational home.