We see hardwood floor issues all the time in this business. Almost always, it is just a spot or two in the high traffic areas. Those little spots are a big eyesore. You can't just cover them with a rug and hope no one notices until you're long gone! Turns out, a little bit of maintenance can go a long way. This is what we hear most often; "yeah, I know, that awful spot. I knew we were going to have to refinish at least the (fill in the blank), so we just kind of lived with it. We didn't want to refinish it and then have to do it again before we moved." If this is you, you're not alone! Seems like it doesn't have to be that complicated as long as you address the issues before they become a real problem. I ran across this website while I was looking for a solution to our own hardwood woes. It is packed full of great information. The writer/owner is obviously very candid and direct, which is refreshing! Here is the link, so you can check it out for yourself: https://www.peteshardwoodfloors.com/Wood-Floor-Techniques-101/floor-maintenance.html
2016 Survey of Consumer Finances Takeaway: Income and Wealth Share of 90 Percent of Families Has Declined in Past 27 Years (1989-2016)
The Federal Reserve Board just released the much anticipated 2016 Survey of Consumer Finances (SCF), a survey conducted every three years that collects information about family incomes, their net worth/wealth, and other financial characteristics of families. The survey shows a continuing redistribution of income and wealth to the top 1 percent, amid falling homeownership, modest gains in income at the lower income group, and large gains in financial returns from an 8-year stock market bull run.
Top 1 Percent Has Gotten More of the Income and Wealth Pie Since 1989
One of the most important findings in the 2016 SCF is the continued redistribution and concentration of income and wealth to the top 1 percent of families[1] during 2013–2016, This continues the trend that began in 1989 since the SCF was collected. Since 1989, the top 1 percent of the income group has collectively gotten a higher share of the total income pie, the next nine percent saw no increase in their share, and the remaining 90 percent got a smaller share of the income pie (see Figure A below from 2016 SCF Report ).
With cumulative change in prices of 3 percent in 2013-2016, the chart below shows the bottom 20 percent had no real income gains, while the second bottom 20 percent (20-39.9 percentile) saw a modest real growth in income of 2 percent. On the other hand, the top 10 percent saw a real income gain of 6 percent.
The same picture holds true in terms of the wealth gains by wealth groups. Figure B below (from 2016 SCF Report) shows that the wealthy top 1 percent have increasingly gotten a larger share of total wealth since 1989, the next nine percent saw no change in their collective share of total wealth, while the remaining 90 percent saw their wealth decline dramatically. Clearly, there has been a perverse and inequitable distribution of income over the last 27 years.
Percentage of Families Owning Primary Residence Has Declined Since 1989
One reason for the decline in the share of wealth among the bottom 90 percent is the decline in percentage of homeowner families. The 2016 SCF shows that the share of non-financial assets, which includes residential property, has generally declined since 1989. Non-financial assets still account for the bigger portion of the total assets of all families, at 57.5 percent in 2016, but the share has fallen since 1989, when the share hit a high of 69. 5 percent. The housing boom brought the share up to 66 percent, but it has continued to decline since 2007 in the wake of the Great Recession and collapse of the housing market.
Primary residence and other residential properties accounted for 60.2 percent of non-financial assets in 2004, but the share of residential property has declined since the housing market collapse, to 53.3 percent in 2016. The share of residential asset holdings has declined even as home prices have climbed back up strongly. Based on the Case-Shiller national price index, home prices were up by 42 percent by the second quarter of 2017 compared to the levels in the second quarter of 2011 when prices hit rock bottom. In part, there are also fewer homeowners because home prices have increased more steeply than income.
Ability and Desire to Own/Save for a Home Declined During Great Recession, But Appears to Be on the Rebound
The 2016 SCF data shows that less than half of renters save, and that renters are less likely to save than homeowners. The Great Recession and conditions eight years since, have made it even more difficult for renters (and homeowners) to save. Moreover, the intention to save to buy a home was eroded in the wake of the housing crisis. In 2004, 4.7 percent of respondents reported that buying a home was the most important reason for saving, but this declined to 3.1 percent in 2013.
However, the desire to save, and to do so for a home purchase appears to have turned a corner in 2016. A slightly higher percentage of renters (and owners) reported saving in 2016, and a higher fraction of those who saved did so for a home purchase. This may, in part, be explained by the improvement in the economy marked by sustained job growth and improvement in incomes, although at a modest pace.
Non-financial Wealth Gains
The wide gap in financial asset holdings across income groups also explains the increasing concentration of income as the fraction of families holding financial assets increase the higher the income group. Retirement accounts are the most prevalent form of financial holdings across income percentiles, followed by the cash value of life insurance, then stocks, then pooled investment funds. Nearly 92 percent of families in the top 10 percent own retirement accounts, while only 11 percent of those in the bottom 20 percent own these accounts. Meanwhile, 46 percent of families in the upper 20 percent own stocks compared to 34 percent or less for those in the bottom 40 percentile group. The median value of assets held by all families is $23,500, a drop in the bucket compared to the $818,000 held by the top 10 percent!
The effect on wealth and income distribution from holding these financial and non-financial assets are considerable, particularly for financial assets. In the chart below, I rebased the stock, house price, and consumer price indices and the household median income to their annual average value in 2007 so I get the growth rate based on the same year. As shown in the chart below, the stock market has been on a tear since 2009, with the value up by 36 percent. Meanwhile, housing prices have just recovered in 2016. Median household income rose by only one percent as of 2016 compared to 2007, slower than the change in prices during this period of two percent.
In summary, holdings to financial and non-financial assets and the slow growth in incomes explain the continued concentration of income to the upper income groups since 1989. The decline in homeownership had a significant effect. However, the economic conditions continue to improve , and more households have a desire to save for a home purchase. Any improvement in home ownership will help in redistributing wealth back away from the top 1 percent.
[1] In the SCF, the family is the primary economic unit which includes the economically dominant individual or couple and all others who are financially dependent.
Source: NAR Economic Outlook
Potential First-time Buyers Still on the Sidelines
First-time buyers accounted for 31 percent of buyers who closed a sale in August 2017, according to the August 2017 REALTORS® Confidence Index Survey.[1] The share of first-time buyers has been improving, although slowly, from less than 30 percent in 2013. Many potential first-time buyers are still on the sidelines, evidenced by the share of households who own a home. As of 2017Q2, the homeownership rate for the under 35 years old age group showed only a slight increase to 35.3 percent (34.3 percent in 2017Q1), while the homeownership rate for the 35-44 years old age group showed a slight decrease to 58.8 percent (59 percent in 2017Q1). In absolute numbers, there are six million fewer households who own homes among these age groups in 2016 compared to 2005.[2]
What might account for this trends? On the positive side, employment has been growing and interest rates have been at historic lows. On the negative side, difficulties in obtaining credit, steep price growth compared to income growth, and other factors such as student debt and delayed marriage account for why potential buyers have remained on the sidelines.
Sustained employment growth. The share of first-time buyers has been on a modest uptrend since 2014 amid sustained job growth and a low interest rate environment. Since February 2010, the economy has generated 16.2 million non-farm jobs, which has now offset the 8.7 million jobs lost during the Great Recession of 2008-2009. Over the past 12 months, 2 million jobs were created.
Low interest rates. Interest rates remain at an all-time low, amid a supportive monetary policy stance. The 30-year fixed home mortgage rate has stayed below four percent for the most part since 2015 and averaged 3.77 percent in August 2017. The Federal Reserve Board has raised the federal funds rate target four times starting in December 2015 which raised rates from 0-0.25 percent to 1.00-1.25 percent, but mortgage rates have not kicked up correspondingly. Economists do see interest rates moving up as the Federal Reserve winds down its $4.5 trillion of investments in mortgage-backed securities and Treasury securities starting in October 2017 at the rate of $10 billion a month. NAR’s Chief Economist Lawrence Yun forecasts 30-year fixed mortgage rates to average 4.2 percent in 2017 and 4.6 percent in 2018.[3]
Strong house price appreciation, lagging income growth. Although employment has been rising, incomes have not increased much, and income growth has lagged behind house price growth. Since January 2012, the year which can be considered as a breakout year for the housing market, home prices have increased by 68 percent as of July 2017, a four-fold increase compared to the 15 percent gain in median household income.
Lack of inventory of homes for sale because inadequate new construction explains in part why home prices have increased at a fast pace. Housing starts, although improving, have not kept pace with the 1.5 million estimated demand for units coming from net household formation (about 1.2 million) and units needed to replace obsolete or destroyed homes. With falling inventory, home prices have increased. As of August 2017, the median price of existing homes sold was $253,500, surpassing the peak median price of $229,500 in June 2006.
Financing Constraints. Although interest rates are low, putting in a downpayment appears to pose as a constraint to interested homebuyers. FHA insures mortgages with 3.5 percent downpayment, with corresponding borrower credit scores of as low as 580. However, borrowers pay a mortgage insurance premium for the life of the loan (85 basis points for loans less than or equal to $625,500 with mortgage term of more than 15 years[4]), which may pose as deterrent in obtaining an FHA loan for some borrowers. Fannie Mae and Freddie Mac have started offering 3 percent downpayment loans, but borrowers who put in five percent or less and who have less than 620 FICO score pay an additional 3.75 percent. According to Fannie Mae’s 2017 First Quarter Credit Supplement report[5], the share of single-family business acquisitions with loan-to-value ratio of more than 90 percent has in fact declined from nearly 20 percent in 2013—2014 to 15 percent in 2015–2017.
NAR’s survey among its REALTORS® also shows that the share of first-time borrowers who put down 0 to 6 percent has declined from about 70 percent in 2009 to 57 percent in August 2017.
Most studies indicate that those who are educated are more likely to have higher incomes and to become homeowners own a home. Student debt, when applied wisely, is a good investment and pathway to a higher standard of living and homeownership. However, student debt has delayed a home purchase for many non-homeowners. According to NAR’s 2017 Student Loan Debt and Housing Report 2017, 83 percent of non-homeowners reported that their student debt has delayed them from buying a home. The median years of delay is seven years among non-homeowners.
Delayed marriage. Due to a host of factors, including economic reasons, men and women are postponing marriage. The median marrying ages for both men and women have been increasing since the 80’s, but the rate of increase appears to have accelerated after 2005. In 2005, the median marrying age for women was 25.3 years, while the median marrying age for men was 29.5 years. Everything else remaining the same, the delay in marriage has delayed homeownership by two years.
In summary, solid employment growth and a slow rise in interest rates provide a hospitable environment for potential first-time buyers. Income-based repayment for student loans will also ease the burden for potential first-time borrowers. Increasing supply and easing the access to financing are the key challenges facing potential homeowners.
[1]The survey asks about the characteristics of the respondent’s most recent sale. These sales can be considered as a random sample of the closed sales for the month.
[2] U.S. Census Bureau Housing Vacancy Survey, Table 4SA downloaded from Haver Analytics.
[3] NAR’s U.S. Economic Outlook: August 2017, https://www.nar.realtor/sites/default/files/reports/2017/embargoes/phs-07-31/forecast-08-2017-us-economic-outlook-07-31-2017.pdf
[4] Mortgage Letter 2017-07FHA.com, https://portal.hud.gov/hudportal/documents/huddoc?id=17-07ml.pdf
[5] http://www.fanniemae.com/resources/file/ir/pdf/quarterly-annual-results/2017/q12017_credit_summary.pdf
Source: NAR Economic Outlook
Here Are 10 Homes That Changed America
PBS singles out 10 homes that have had a large impact on evolving the design of U.S. homes over time. PBS is running a three-part series, “10 Homes That Changed America,” that shows off these homes that have such a big influence on American architecture.
Take a look at these 10 homes below (listed in alphabetical order). Also, learn more about each of these homes or watch the episodes from the series at PBS and WTTW-Chicago.
1. Taos Pueblo
- Location: New Mexico
- Year built: c. 15th century
Photo credit: Courtesy of Deanna Nelson
America’s first “green buildings,” the pueblos of the Taos Indians of New Mexico were built with adobe (mud), which kept the dwellings cool during the day and warm at night. Their closely-packed design fostered a sense of community and offered protection against enemies.
2. Monticello
- Location: Albemarle County, Virginia
- Year built: 1809
Photo credit: Courtesy of Jonathan Hillyer
Thomas Jefferson called Monticello his “essay in architecture.” Inspired by the work of Italian architect Andrea Palladio, Jefferson broke with convention by setting his plantation home on a hilltop instead of along a river. The interior was designed for the enlightenment of his guests, and as a comfortable sanctuary for its owner.
3. Lyndhurst
- Location: Tarrytown, N.Y.
- Year built: 1842
Photo credit: Courtesy of Jonathan Hillyer
Shocking when it was built, Lyndhurst is a gothic castle on the Hudson River built by former New York City mayor William Paulding as a retreat from the industrialized city. The work of architect A. J. Davis, Lyndhurst’s irregular style complemented its rugged, picturesque setting, and proved highly influential as other wealthy Americans strove to create grand houses that expressed their individuality and connected them with the land.
4. Tenement Museum
- Location: New York
- Year built: Mid-19th century
Photo credit: Courtesy of Jonathan Hillyer
As New York’s Lower East Side swelled with immigrants, landlords converted every inch into rental space, creating cramped apartments in tenement buildings often five or more stories high. A visit to New York’s Tenement Museum provides a firsthand look at the families whose American dream began in these dank spaces without bathrooms, electricity, or running water.
5. The Gamble House
- Location: Pasadena, Calif.
- Year built: 1908
Photo credit: Courtesy of Greg Gayne
The California retreat of the wealthy Gamble family of Cincinnati, the Gamble House, built by architects Charles and Henry Greene, is a prime example of an American Craftsman bungalow. The house and furnishings were handcrafted in the Arts and Crafts style, and helped inspire a bungalow-building boom as the style became synonymous with the American Dream.
6. Langston Terrace Dwellings
- Location: Washington, D.C.
- Year built: 1938
Photo credit: Courtesy of Santos Ramos
A bold re-thinking of “public housing,” Langston Terrace offered residents — primarily African Americans who had fled the South during the Great Migration — stylish homes and a ticket out of the tenements. Built by African American architect Hilyard Robinson, who believed strongly in the power of architecture to transform lives, the modernist Langston Terrace featured open green spaces, courtyards, and play areas.
7. Fallingwater
- Location: Mill Run, Pa.
- Year built: 1937
Photo credit: Courtesy of Matt Tolk
Often considered the greatest triumph of America’s greatest architect, Frank Lloyd Wright’s masterwork was built for Pittsburgh department store owner Edgar Kauffmann. Using a cantilever structure, Wright’s creation descends in layers like the waterfall that graces the site, taking the concept of integrating a home into its landscape to its ultimate extreme. The house would change our perception of how a home could be integrated with its environment, and resuscitate the career of a great American architect.
8. Eames House
- Location: Pacific Palisades, Calif.
- Year built: 1949
In 1945, the publisher of Arts and Architecture Magazine challenged a handful of architects to design modern, affordable housing that could be easily replicated. Among those to answer the challenge was the husband-and-wife team of well-known furniture designers Charles and Ray Eames. Despite being created from a wide variety of prefabricated materials, the Eames House showed that a factory-made home could still have style and personality.
9. Marina City
- Location: Chicago, Illinois
- Year built: 1962
Photo credit: Courtesy of Bill Richert
At a time when people were fleeing cities for the suburbs, Chicago’s Marina City made urban living look glamorous again. Bankrolled by the janitors’ union in hopes of revitalizing the city’s downtown with a development for the middle class, Marina City was designed by architect Bertrand Goldberg. A three-acre complex with hardly a right angle in sight, Marina City’s uniquely shaped high rises offered a new vision for struggling urban downtowns across the county.
10. Glidehouse
- Location: Novato, Calif.
- Year built: 2004
Photo credit: Courtesy of Paul Turang
Michelle Kaufmann’s pre-fabricated, environmentally-friendly homes popped up in communities across the country. Modest in size, packed with “green” features, and factory-made, these “Glidehouses” are only the latest example of American designers’ quest to solve some of our greatest challenges with innovative design.
PBS also will be running upcoming series on “10 Parks That Changed America” and “10 Towns That Changed America.”
Source: National Association of Realtors
Food and Nutrition Solutions by Jill
Between kids, work, activities and relationships, nutrition is often overlooked. I know we struggle as a family to eat nutritious foods. No one in our family really loves to cook. Makes for a lot of eating out and unhealthy food at home. We're not getting any younger. It's time for a change!
We had a nutritionist speak at our RE/MAX Peninsula annual retreat this year. Nutritionists are great, just like personal trainers, life coaches and motivational speakers. Unfortunately, most of them try to cram a lifetimes' worth of work into an hour. It is complicated and overwhelming; you want to quit before you even start. This experience was refreshingly different. Her focus is on busy people that do not have time to spend hours a day cooking gourmet meals. Exactly what The Melton Team needed.
Her name is Jill Weisenberger, MS, RDN, CDE, FAND, CHWC and Author. I'm not going to pretend to know what all of the initials mean, but she certainly knows her stuff! Realistic is how I would describe her recommendations. On her website, her slogan is "Making nutrition science understandable, realistic and delicious." The book we purchased is exactly that.
We've spent the past week cooking up a storm. Everything has been super easy and really delicious. We've had everyone in the house participating in the cooking. We also have already come up with a few variations and new recipes to try. Hopefully this will be the turning of a page for a healthier Melton family.
Redskins 2015 NFC East Champions
Amazon Prime Air
This is really cool and kinda creepy! Over the next 10 years, we're going to see changes to the way we do things faster than ever before. It is exciting and also a little bit scary. What do you think the world will look like in ten years?
News Corp Announces: Real Estate Market Returning to Health
Recently, global media company News Corp announced their first quarter results for fiscal 2016. The company has continued to surge forward, with income from continuing operations reaching $143 million compared to $109 million in the prior year. Reported EPS from continuing operations were $0.22 compared to $0.15 in the prior year.
“News Corp is on track in its transition to a more digital and global future, having successfully integrated several recent acquisitions and built a powerful platform for future growth,” says News Corp Chief Executive Robert Thomson. “We are focused on driving sustainable expansion of revenue and profit, and leveraging the potency of our brands, while diligently controlling costs to maximize long-term returns for all investors.”
Thomson noted particular enthusiasm over the momentum of realtor.com®, which he stated is significantly ahead of schedule on key metrics. “We are now, by some reckoning, the world's largest digital property listings company and we see a particularly bright future in the sector, especially in the U.S. where we believe the national real estate market is still returning to health.”
The results of News Corp's Digital Real Estate Service sector proved promising; Revenues in the quarter increased $79 million, or 71%, compared to the prior year, primarily driven by the inclusion of the results of Move, which was acquired in November 2014. In the first quarter, Move’s revenues increased 33% on a stand-alone basis to $85 million from $64 million in the prior year. Move saw continued strength in its Connection for Co-Brokerage product and non-listing Media revenues, coupled with market share gains for its Top Producer software product. Based on Move’s internal data, average monthly unique users of realtor.com® ’s web and mobile sites for the quarter grew 43% year-over-year to approximately 46 million, which was driven by 64% growth in mobile users.
For more of News Corp's first quarter financial results, click here.
Need Professional Hampton Roads Real Estate Advice? Contact Erin Melton or Cindy Matchinis
Finding Your Next Williamsburg Home is Just a Click Away! Search the MLS Now
How much is your home worth? Request a Neighborhood Market Report
Reprinted with permission from RISMedia. ©2015. All rights reserved.
Great Spaces: Historic Litchfield County, Connecticut Estate Up for Auction
Sheldon Good & Company Luxury Real Estate, a New York-based luxury real estate auction firm, has announced the offering of Moss Hill, a historic country estate located at 165 Litchfield Road in Norfolk, Conn. Built in 1903, the Tudor-style residence was designed by New York-based architect Alfredo Taylor, who designed many local homes in the Norfolk area in the early 20th century. The auction is scheduled for October 15.
Situated on seven wooded acres, the three-story, 7,254-square-foot mansion is listed on the National Register of Historic Places. The residence, which has been exquisitely restored, features seven bedrooms and six-and-a-half baths. Amenities on the park-like estate include an in-ground heated pool, a greenhouse and beautifully landscaped grounds.
Born in Italy and trained in Paris, Taylor designed Gilded Age summer “cottages” in Norfolk, Connecticut’s first country colony for the well-to-do of New York and Boston, who were attracted to its fresh, cool air and bucolic beauty. Norfolk became an architectural showplace for designers, including Louis Comfort Tiffany, McKim Meade & White and Eric Rossiter, in addition to Taylor.
Since the 1880s, Norfolk has offered relaxing respite for musicians, artists and literary figures, including Mark Twain and Sergei Rachmaninoff. Today, it is the summer home of the Yale School of Music and offers many varied cultural attractions for the entire family.
Need Professional Hampton Roads Real Estate Advice? Contact Erin Melton or Cindy Matchinis
Finding Your Next Williamsburg Home is Just a Click Away! Search the MLS Now
How much is your home worth? Request a Neighborhood Market Report
Reprinted with permission from RISMedia. ©2015. All rights reserved.
What's New in High-Tech Kitchen Appliances
By Barbara Pronin
Just when you think kitchen gadgets and appliances have reached the height of efficiency, a new generation proves you wrong. Design experts give us a close-up look at the newest high-tech kitchen gear:
Google-powered oven tablet – Dacor’s Discovery IQ Oven goes way beyond convection options with a touch-screen control panel that is a Google-powered tablet. Coupled with the Dacor app, it will tell you when a dish is ready to serve, switch automatically to warming mode and send you smartphone notification. Cost? About $7,500.
A smarter coffee maker - Making your morning cup of Joe just got a whole lot easier. With the Mr. Coffee 10-Cup Optimal Brew Smart Coffeemaker with WeMo, you can schedule or adjust brew time from your smartphone. About $150.
Hand-held kitchen thermometer – Now you can get a temperature read on your turkey without having to hang around the kitchen. The iDevices Kitchen Thermometer alerts your mobile phone when the bird is thoroughly cooked. An additional LED-screened device sits on the countertop or mounts magnetically to your oven, letting you monitor the temperature whenever you pass by. About $98.
Wi-Fi-enabled refrigerator - Imagine a tablet secured to the front of your refrigerator! The Wi-Fi-enabled LCD screen on this Samsung model lets you watch TV, pull up recipes, and even make or answer calls through your fridge. It boasts counter-height drawers with adjustable temperatures and holds up to 28 cubic feet. About $3,600.
Slow cook from your phone – Using the free WeMo app, you can control this slow cooker right from your phone. Shift from high to warm to off with the tap of your finger—even if you're miles from home—and dinner will be waiting for you when you arrive. About $130.
Smart bartending – Mixing drinks is simple with the Perfect Drink scale and app. Compatible with Android and iOS, the scale comes loaded with recipes and walks you through each step for mixing anything from a single glass to a large pitcher of your favorite potent potable. Because the scale is so sensitive, there's no need to measure as you pour. Simply follow the directions on your app. About $40.
Need Professional Hampton Roads Real Estate Advice? Contact Erin Melton or Cindy Matchinis
Finding Your Next Williamsburg Home is Just a Click Away! Search the MLS Now
How much is your home worth? Request a Neighborhood Market Report
Reprinted with permission from RISMedia. ©2015. All rights reserved.
Happy 4th of July 2015
Wishing everyone a safe and happy 4th of July!! Food, fun, family and fireworks!!!
Murica! :)
Below is a link to the virginia.org website for the 4th of July. It has an interactive map showing all of the major fireworks displays with times, locations and best places to view.
Bark In The Park 2015
Henrico Humane Society and
Henrico County Recreation and Parks present:
Bark in the Park Richmond VA 2015
Saturday, May 16
10 am - 1 pm at Deep Run Park
Our Team Page Link
Event Link
Making a List and Checking It Twice Top Features Today's Buyers Want
By Paige Tepping
For today’s buyers, finding that perfect home goes way beyond locating the ideal neighborhood that’s a stone’s throw from the office. With must-have lists that can range anywhere from a few items to those that are more than a mile long, real estate professionals certainly have their work cut out for them when it comes to finding buyers the home that’s just right.
While every buyer has their heart set on specific things they absolutely can’t live without, here are just a few of the features today’s buyers seek when looking for a place to call home.
Open Floor Plan. Design wise, homes with an open floor plan are all the rage these days as buyers envision themselves spending quality time with family and friends without having to tear themselves away from the fun when it’s time to cook dinner or check on the children. A great way to ensure everyone’s involved in the same activity, open floor plans minimize the use of small spaces, creating a flow that extends throughout, a top priority for today’s buyers, according to Kathleen Daniels, a broker-owner in San Jose, Calif.
Ample Storage. “People tend to have a lot of ‘stuff’ they don’t want to part ways with,” says Daniels, who notes that storage space both inside and in the garage is crucial when it comes to keeping the home organized. From clothing to extra bedding and towels—and everything in between—sufficient storage is a must-have.
Flexible Living Spaces. Buying a new home to fit your current lifestyle every few years is not practical, but with flexible living spaces, homeowners can adapt their current digs to meet their changing lifestyle and needs. While a majority of today’s buyers may look at the dining room as wasted space, the addition of French doors can turn the area into a play room for the kids or even an office or extra bedroom for overnight guests. The possibilities are endless when it comes to reconfiguring your space so that it complements your lifestyle.
A Central Hub with Upgraded Features. As the heart of the home, the kitchen is one area that can’t be overlooked. As a central gathering spot for friends and family alike, today’s buyers are looking for top-notch kitchens that incorporate upgraded features and cabinetry, plenty of counter space and storage as well as a design in which every item is strategically placed. Even more appealing are large, open kitchens that incorporate granite countertops and energy efficient appliances, says Daniels.
Outdoor Living Space. A continuation of your indoor living space, buyers are all about the outdoor living space—whether it’s for entertaining or relaxing with a cup of coffee in the morning (or a glass of wine in the evening).
Energy Efficiency/Green Features. If there’s one thing today’s buyers are passionate about, it’s green living. From low-flow toilets and shower heads to programmable thermostats, Energy Star appliances and solar panels, green features aren’t going away anytime soon.
Technology Capabilities. As the industry trends toward smart homes that are equipped with lighting, heating and electronic devices that can be controlled remotely via phone or computer, it’s no surprise that technology integration is at the top of any must-have list.
We want to hear from you! What features are your buyers looking for these days?
View this original post on RISMedia's blog, Housecall.
Need Professional Real Estate Advice? Contact Erin Melton or Cindy Matchinis
Finding Your Next Home is Just a Click Away! Search the MLS Now
How much is your home worth? Request a Neighborhood Market Report
Finding Your Next Home is Just a Click Away! Search the MLS Now
How much is your home worth? Request a Neighborhood Market Report
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p style="color: #777; font-size: 10px;">Reprinted with permission from RISMedia. ©2014. All rights reserved.
What Foundations Are Built Across the Nation?
Home Foundation Types
By Natalia Siniavskaia
NAHB analysis of the Survey of Construction (SOC) data shows that nationally, about 30 percent of new single-family homes started in 2014 have a full or partial basement, 54 percent are built on slabs, and 15 percent have a crawl space. The remaining share, including homes built on stilts or pilings, accounted for about 1 percent of homes started in 2014.
The national averages, however, mask the substantial regional differences in foundations reported in the SOC. The SOC which is conducted by the US Census Bureau and partially funded by the Department of Housing and Urban Development (HUD) collects detailed information on physical and financial characteristics of newly-built single-family homes. The information comes from interviews of builders or owners of the selected new houses. About 1 in 50 new single-family homes are selected for interviews based on a sample of building permits and a canvassing of areas not requiring permits. This sample is large enough to provide estimates for nine Census divisions.
The wide regional differences in foundations can largely be explained by climate. In colder regions where codes require foundations to be deep the marginal cost of providing a full or partial basement is not that great. So basements are the most common type of foundation in the colder climate divisions. In New England, 87 percent of new single-family homes started in 2014 have basements. This share is similarly high in the two divisions that make up Midwest – West North Central and East North Central – where the shares of new single-family homes with basements are 84 and 71 percent, respectively. In the neighboring Middle Atlantic division, the majority of homes are still built with basements, 63 percent.
In the warm West South Central division almost all single-family homes are built on slabs. Homes started in the other two divisions that make up the South region – the East South Central and South Atlantic –are still largely built on slabs but crawl spaces are also common. In the Pacific Division about 55 percent of homes started are built on slabs and crawl spaces account for additional 40 percent of single-family starts, the highest share in the nation. The Mountain division that stretches from northern Idaho and Montana to southern Arizona and New Mexico reports a wider mix of foundations, with about half of new single-family homes built with basements, 36 percent built on slabs, and additional 11 percent reporting a crawl space.
View this original post on the NAHB blog, Eye on Housing.
Need Professional Real Estate Advice? Contact Erin Melton or Cindy Matchinis
Finding Your Next Home is Just a Click Away! Search the MLS Now
How much is your home worth? Request a Neighborhood Market Report
Reprinted with permission from RISMedia. ©2014. All rights reserved.
Working at Home Together (and Apart)
If you and your partner both work at home, you are part of an ever-expanding number. Personally, I can think of four families who have recently, and rather abruptly, had a spouse join the other in coming home to work.
One of the couples lives in a beautiful four-bedroom lakefront home in which there are separate offices for the wife and husband. She is a real estate agent. Her office is on the main floor in a sunny room in the front of the house, where she has a large desk, bookshelves, filing cabinets and all the tools and accessories you might need or want in an office. The husband was, until a few months, ago primarily on the road. He worked at home only a few hours a month and instead of working in his small and dark office on the lower level, he tended to spread out on the dining room table or the kitchen island.
They were both delighted when he began working at home, and yet it was a big adjustment. Making another workspace for him became a priority when she realized it was stressful having him commandeer the kitchen every single day. While it wasn't ideal for him, it was preferable to being holed up in “the dungeon,” as he called it. Their solution was as simple as swapping his office in the small, dark bedroom for one in the larger and sunnier guest bedroom overlooking the lake. Now both have spacious, functional and pleasing workspaces that are, most important, separate.
Daylight Savings Time Ends November 2nd
It's that time of year again!! The bad news is you lose an hour of daylight. The good news is you gain an hour of sleep!
Don't forget to set your clocks back:
NOVEMBER 2, 2014 at 2:00am EST back to 1:00am EST.
Stranger Danger Not Just For Kids
In the wake of the tragic murder of Realtor, Beverly Carter, now is a good time to refocus on safety. We have a unique profession that requires extra precautions. We meet with complete strangers on occasion in a sometimes unfamiliar environment on the premise of viewing a home.
When a potential client contacts us off of our website, they usually don't want to give their information out. This is totally fine and we respect that fully. When it comes time to take the next step, rest assured you will be giving us a copy of your drivers' license and it, along with the address of the property and time will be sent to a third party for our safety. We've always taken these precautions but perhaps it is time to renew our commitment to safety first!
If a predator is hell bent on specific victim then sometimes all the security in the world is just not enough. For all of those other times a few safety precautions can go a long way. In this case, Beverly may have taken every available precaution and still become a target. I'm sure we'll find out more in the days that follow. Anyone who has been in this business has been creeped out at some point. Follow your gut if something just doesn't seem right. For all other times, have a standard security practice in place.
Potential clients, please be sensitive to this issue when contacting an agent to view property.
Our hearts go out to the friends, family and co-workers of Beverly Carter.
Let this be a reminder for all of us to stay safe out there!
- The Melton Team
Hampton Roads Home Sales Up From 2011
Hampton Roads home sales climbed nearly 21 percent in February, compared to February 2011, but about one in three of those sales, or 36 percent, were foreclosed homes or short sales.
On the Peninsula, home sales jumped nearly 22 percent last month, compared to February 2011, according to the latest Real Estate Information Network Inc. report.
Interest rates remain low, and confidence seems to be seeping back into the market, said Sheila Dann, president of the Virginia Peninsula Association of Realtors.
"I think they hear that the economy is in a better place, that we're moving in the right direction," she said. "That's giving them confidence to move forward now."
The median sales price was up 3 percent on the Peninsula, to $174,708 from $170,000 in February 2011.
By city, the median sales price varied widely, from $125,450 in Hampton to $156,600 in Newport News to $326,000 in Poquoson. But when it comes to prices, Old Dominion University economics professor Vinod Agarwal said, one month does not make a trend.
"Year to date, prices are still down 5.6 percent," Agarwal said.
On the Peninsula last month, 288 new and existing homes, townhomes and condominiums sold, up from 237 in February 2011, according to the report.
"Sales volume has gone up, probably because of distressed sales," Agarwal said. "The percentage of distressed sales is pretty huge."
Distressed sales accounted for 36 percent of last month's sales across Hampton Roads. But the percentage of distressed sales is tapering off. In February 2011, 42 percent of settled sales were bank-owned homes or short sales, the report said.
"More than one in three are distressed sales," Agarwal said. "Obviously, that's a drag on the housing market."
Distressed sales make up about 26 percent of the homes on the market. That's up 3 percent from February 2011 but down from a November 2010 peak.
Continue reading at dailypress.com
301 York Point Road, Seaford
Address: 301 York Point Road, Seaford
Price: $1,600,000
Listing agent: Greg Garrett
Basic: Lots of water surround this secluded property – a pond is in the front but the back of the home faces the Chesapeake Bay. A wall of windows and three balconies allow for incredible views of the Bay. The home sits on 24-acres and offers unparalleled privacy with no other homes within 1,000 feet. Custom-built in 2005, the home is 5,156 square feet with six bedrooms, four full baths and a half bath. One master bedroom with bath is on the first floor. The open floor plan shows off the post and beam construction with lots of wood throughout and a 24-feet ceiling in the great room. A breakfast bar separates the kitchen from the great room, which has a fireplace for those cool days. The roomy kitchen has ceramic tile floor and stainless steel appliances. Wooden cabinets in the kitchen and built-ins throughout match the wood used in the construction of the house.
Horses are allowed to be kept on the property, which also has a dock and boat lift.
Extras: In-ground sprinkler system, security system, hot tub, and three-car attached garage with apartment.
