homebuyersSo you are mulling over putting your home on the market, but you know it could use some updating. What do you spend your money on, and what can you hold off on? Turns out, some things that homebuyers find turn them off can cost you thousands, so making good choices can make the difference in how much you end up getting for your home.

It’s also important to know what is trending style-wise, too. For instance, furniture maker Joybird found that when it comes to interior design, the top three searches in Texas were vintage, industrial, and rustic.

Joybird

What else do homebuyers want? Laundry rooms, energy-saving features, and more green home certifications, according to the National Association of Home Builder’s “What Home Buyers Really Want” survey. Homebuyers also wanted more storage, hardwood flooring, patios, and exterior lighting.

In Dallas, Opendoor crunched the numbers and found exactly what is turning area homebuyers off — call it a road map of sorts on pre-gaming that decision to list. 

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Millennial

Photo courtesy Wikimedia Commons

It started as a drumbeat last March, as Candace Taylor of the Wall Street Journal wrote that Baby Boomers who built million-dollar, large homes, suddenly were finding it difficult to unload them because Millennial buyers (the next market of age to buy a home after Gen Xers) were disinterested in (or couldn’t afford) the homes.

Seems Boomers, who are looking to retire and downsize, and Millennials have something in common — a slim-to-nil desire to live in too much house.

“Large, high-end homes across the Sunbelt are sitting on the market, enduring deep price cuts to sell,” Taylor wrote. “That is a far different picture than 15 years ago, when retirees were rushing to build elaborate, five or six-bedroom houses in warm climates, fueled in part by the easy credit of the real estate boom. Many baby boomers poured millions into these spacious homes, planning to live out their golden years in houses with all the bells and whistles.”

The Boomer generation owns about 32 million homes and account for two out of five homeowners in the country.

Tastes Change

What nobody accounted for, really, was that tastes would change, and the buyers entering the market in the mid to late 2000s would be looking for walkable neighborhoods, energy-efficient homes, and clean floor plans, for the most part.

“Design trends have shifted radically in the past decade,” Taylor wrote. “That means a home with crown moldings, ornate details and Mediterranean or Tuscan-style architecture can be a hard sell, while properties with clean lines and open floor plans get snapped up.”

A survey by Nationwide Insurance revealed that 48 percent of Millennials wanted new construction, to avoid renovations and plumbing and electricity problems.  (more…)

homebuyer

From staff reports

Single female buyers made up 18 percent of all homebuyers, National Association of Realtors®’ 2018 Profile of Home Buyers and Sellers revealed recently.

That statistic means that for the second consecutive year, single female buyers were the second most common household buyer group, behind married couples, which account for 63 percent of homes sold.

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Dallas-Fort Worth topped the nation in new apartment completions last year — finishing almost 28,000 new rental units in 2017.

According to RealPage, the metro area’s 27,974 completions were part of the 395,777 completions for the 150 largest metro markets nationwide for the year. New York City’s 23,207 came in second, and Houston was third place with 21,404 new units. Austin made the top 10 with 10,907 apartment completions. (more…)

The National Association of Realtors survey looked at multiple facets of the home buying process from mid 2013 to mid 2014. Location was a big factor, as expected.

The National Association of Realtors survey looked at multiple facets of the home buying process from mid 2013 to mid 2014. Location was a big factor, as expected.

First-time homebuyers are being squeezed out, and you gotta move fast to buy! And people are hanging on to their houses for the longest time on record, according to a new study by the National Association of Realtors.

Buyers are living in their homes for ten years, up from six years in 2008, and actually expect to live in their home for 12 years. Some of it is by choice, like hanging on to a fantastic rate after remortgaging, and some by necessity, like too much debt to move, as reported by the Dallas Morning News.

The study looked at the demographics of thousands of home purchases around the United States from July 2013 to June 2014, and its findings speak to many trends we’ve noticed in the market here at CandysDirt.

Take multigenerational homes, for example. We’ve seen more builders offering them, like almost every builder on our approved homebuilder list, from Park Cities to Preston Hollow and north. (I swear Mickey Munir at Sharif&Munir invented the jazzed-up mother-in-law suite.) Texas-based builder Darling Homes is selling multigenerational homes in Frisco’s Lawler Park and Houston area’s Lakes of Cypress Forest like hotcakes.

The survey says they’re right on trend: Since 1980, the number of multigenerational households around the country has doubled, with 13 percent of buyers purchasing one of these homes to accommodate aging parents and boomerang kids in a cost-saving way.

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Homefacts App Home Page Homefacts App - School Details Page

We love a good app here at CandysDirt, and when RealtyTrac announced their new Homefacts app, we had to give it a test. We’ve reviewed several good real estate apps before, and some of them are great for just run-of-the-mill home shopping (Realtor.com, Zillow, Trulia, and Redfin), some give you a more visual clue on a property ( Doorsteps App), and there’s even an app to see if you can afford a home before you get pre-approved.

But the Homefacts is a horse of a different color. It’s a much more comprehensive real estate app in that it uses GPS data or an address search to dissect areas not by homes for sale, but by other factors that may affect a neighborhood’s desirability, such as relative proximity to convicted sex offenders and former drug labs, school performance, unemployment, crime risk, median home value, and disaster risk.

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Sachse Home

This is a theme that was repeated over and over at the National Association of Real Estate Editors spring conference. With the Millennial generation becoming the newest cycle of homebuyers, we have to wonder what phase of their lives will influence trends in real estate the most.

This story in the Washington Post really summarizes the issue well. So, when millennials decide to settle down and have a family, where will they settle? Will they make compromises and stay in the urban core, with its dense population and small footprints? Or will they eschew that lifestyle for more open space, a yard, and other typical suburban amenities?

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You know, I was wondering about condo buying demographics last week as I was walking around downtown and the Arts District. I had this little conversation with myself:

“There are lots of great condos in and around downtown. I wonder who’s buying them? They’re outside of a first-time homebuyer’s price range, and not many families buy condos in urban areas … so what demographic are developers targeting?”

Then it hit me — empty nesters are going to look for a luxury property close to culture and amenities. It makes perfect sense. Of course, a lot of homebuyers are going to be Baby Boomers who are downsizing, looking for a home that is close to the things they love.

And then I saw this article in Inman News that affirmed my deduction:

The vast majority of luxury homebuyers used an agent, are willing to give up square footage for an amenity they want and wouldn’t live in a home that isn’t tech-friendly, according to a survey commissioned by Better Homes and Gardens Real Estate.

The online survey of 500 affluent homebuyers, conducted by Wakefield Research between May 20 and June 4, also showed that most luxury homebuyers believe homeownership is a more sound investment than the stock market, would rather live in a “smart” home than a “green” home, and would rather have an upgraded home than more square footage.

I’m thinking homebuyers in the 45-plus age range will definitely fall into this set of homebuyers. Are there any other demographics you think are a natural fit for luxury condominiums?