Sunday, September 27, 2015

Are You Hesitant to Put Your Home on the Market?

Last month, the National Association of Realtors (NAR) reported that housing inventory was down 4.7% from the same time last year and that the month’s inventory of homes for sale stood at 4.8 - far below the six months necessary for a normal housing market. Why is there such a shortage of inventory?

The recently released Homeowner Sentiment Survey suggests that the American homeowner may not be fully aware of the opportunities that exist in the current real estate market. The survey, conducted by Edelman Berland for HSF Affiliates, also reports that many homeowners would be placing their home up for sale if they were better informed about today’s market.

Since the housing industry is facing a shortage of housing inventory, the survey’s findings are crucially important.

The survey reported that 23% of current homeowners questioned are considering selling their home, but haven’t yet put it up for sale. That’s almost one out of every four houses. This is the inventory necessary to normalize the balance between “supply & demand” in the current market.


Why are potential sellers hesitating?

The survey shows that 55% of the 23% contemplating selling “would be more likely to put their homes on the market if given more information about the process”. What information do YOU need?

Here are a few of the challenges that potential sellers perceive to exist according to the survey along with what is actually happening in today’s market:

1. More than half (53%) don’t realize that “the number of homes for sale on the market is lower, giving buyers fewer choices”. As a matter of fact, only 6% of potential sellers believe that listing inventory has recently decreased.

In reality, as we mentioned before, inventory is down from last year.


2. 80% think credit scores make it difficult to get a loan.

In reality, though other studies have shown that many Americans believe that you need a credit score of at least 780 to get a loan when the actual median scores on closed loans are demonstratively lower than that.


3. 76% believe stricter lending requirements make it more difficult to get a mortgage.

In reality, the Mortgage Credit Availability Index shows lending standards have been consistently easing over the last year.


4. 68% think that current homeowners are trapped into their mortgages and are unable to sell their current homes.

In reality, a recent Fannie Mae study revealed that 32% of Americans are dramatically underestimating the current equity in their homes. Many more can afford to make the move they desire.

What’s the answer?

Contact me today so I can learn your needs and concerns and help you make the Smart Decision to capitalize on today's opportunities.

Elizabeth Scott, Realtor®, Broker

Diamond Award – High Sales Volume
e-PRO, Strategic Pricing Specialist
Fathom Realty NC, LLC      
Phone: 919.306.9699

Wednesday, September 16, 2015

How A Home Sale Affects the Economy

Every time a home is sold, the local economy gets a boost!

Here in North Carolina, for each home sold an average of $48,000 is added to our local economy providing jobs & income.  So, you're not only helping yourself with a solid investment, you're helping your neighbors & local businesses, too!  

Call me today so I can give you all the local home sales and price information!

Elizabeth Scott, Realtor®, Broker
Diamond Award – High Sales Volume
e-PRO, Strategic Pricing Specialist
Fathom Realty NC, LLC      
Phone: 919.306.9699

Wednesday, September 9, 2015

What Do You Really Need to Qualify for a Mortgage?

Most Folks Guess This Wrong!

A recent survey by Ipsos (a global market research company) found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today.


1. Down Payment

The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less.

Here are the results from a Digital Risk survey done on Millennials:

2. FICO Scores

The Ipsos survey also reported that two-thirds of the respondents believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780. In actuality, the average FICO scores of approved conventional and FHA mortgages are much lower.

Here are the numbers from a recent Ellie Mae report:

 If you are a prospective purchaser who is ‘ready’ and ‘willing’ to buy but not sure if you are also ‘able’, contact me today - I will help you understand your true options.

Elizabeth Scott, e-PRO, Strategic Pricing Specialist
Fathom Realty NC, LLC

Friday, September 4, 2015

Is a Kitchen Remodel in Your Future?

Seven Kitchen Remodeling Decisions You'll Never Regret!

I’ve seen lots of kitchen trends during my years as a Realtor, so I know it’s easy to get swept along with what’s in vogue, only to get bummed out by your faddish design choices a few years later. Thank you — and damn you — Pinterest!

But chances are you’re only going to remodel your current kitchen once. After all, the annual “Cost vs. Value Report” from “Remodeling” magazine pegs the average price of a major kitchen remodel at $56,768. With that much on the line, you want to make all the right moves. If you do, you could recoup about 68% of your investment if you sell.

So I’m here to future-proof you from angst by naming the seven definitive kitchen features that will retain their beauty, marketability, and value — all while giving you lasting enjoyment.

#1: White is the Dominant Color

Bottom line: White is the most marketable color. You’ll always find it atop the National Kitchen and Bath Association’s annual survey of most popular kitchen colors. It simply doesn’t go out of style.

White’s mojo:
  • Throughout history, it’s been associated with happiness, purity (think Snow White), and new beginnings.
  • It’s a bright color that reflects light and makes even small kitchens feel larger.
  • It’s a neatnik’s dream — dirt has no place to hide.
 Even better, it’s uber-tolerant of both your budget and taste: A standard color for any manufacturer, you’ll find white cabinets, tile, counters, faucets, sinks, and appliances at any price point.

And with a white backdrop, you can be as conservative or expressive as you want. After all, it’s about your enjoyment, not just dollars and cents. For example:
  • Add your personal touch with colored glass knobs and pulls.
  • Show off antique Fiesta ware on open shelves or in upper cabinets with glass fronts.
  • Paint walls the color du jour — even off-white!
Heck, with a white palette, you can change your mind about paint color on a whim. Those all-white basics will make any hue you choose look fresh and contemporary.

#2: Hardwood for Flooring

It’s been our foot fetish for years. That’s especially true ever since hardwood flooring was mass-produced during the Industrial Revolution, making beautiful flooring readily available at a reasonable cost.

Today, more than half of home buyers who purchased a home without hardwood floors say they would have paid an extra $2,080 for them, according to the 2013 Home Features Survey from the NATIONAL ASSOCIATION OF REALTORS®. And among buyers of any age, upwards of 80% say hardwood floors are “somewhat” or “very important.”

“It’s the one feature men and women agree on,” says Debe Robinson, NKBA treasurer and owner of Kitchen Expressions Inc. in Sheffield, Ala., who’s also worked in the flooring industry.

Why? The love of wood is in our genes. Our nesting instincts know that hardwood has warmth, personality, and makes our homes cozy and inviting. That’s why this clever chameleon pairs well with any kitchen style — from casual cottage and sleek contemporary to the most chi-chi Park Avenue traditional.

More reasons why wood flooring is the goof-proof option:
  • Perfect for open floor plans. It flows beautifully from the kitchen into adjoining rooms.
  • It’s tough. Hardwoods such as oak, ash, and maple will shrug off your kitchen’s high-traffic punishment for years. Solid hardwood flooring can be refinished 10 to 12 times during it’s typical 100-year lifespan.
·         It’s eco-friendly. Hardwood is considered a green building material when it’s certified by the Forest Stewardship Council and comes from sustainably managed forests.

#3: Shaker Style for Cabinets

Thank heaven for the Shakers. While they were busy reducing life to its essentials, they made cabinets with clean, simple lines that will forever be in style.

Shaker cabinets are an enduring legacy of American style and, like wood flooring, have the knack for looking good in any setting. Their simple frame-and-panel design helps reduce the amount of busyness in a kitchen, making it a soothing, friendly place to be.

“In a kitchen with a timeless look, you want the cabinets to be part of the backdrop,” says Alan Zielinski, a former president of the National Kitchen and Bath Association. “You don’t want to be overpowered. You’re looking for plain, simple, clean lines.”

Those plain, simple, clean lines are a perfect fit for transitional style — a beautiful combo of traditional and contemporary styles. In fact, the National Kitchen and Bath Association says that after creeping up on traditional for years, transitional is now the most popular kitchen style.

As our families grow more diverse, transitional style will only get more popular. It lets us personalize and blend cultural influences — Latin, Asian, Mideastern — into our homes; it’s the perfect balance of old and new, just like Shaker-style cabinets.

#4: Carrara Marble for Countertops

Carrara marble is a timeless classic that’s been used in homes for thousands of years. (Michelangelo’s “David” was carved from Carrara.) It’ll look as good in the next millennium as it does now.

Here’s why:
  • Carrara’s lacy graining and subtle white colors look terrific in a white kitchen (or any kitchen, for that matter).
  • It has a whiteness you won’t find in other natural stones.
  • It’s readily available, making it less expensive than other high-end choices, such as quartz.
  • It’ll last for generations.
If you Google it, you’ll find a lot of debate about it (and marble in general) because it stains easily. But if you want something truly timeless, Carrara is the answer. And with today’s sealants, the problem of staining is almost moot if you reseal once or twice a year.
Still not sold? Or don’t have the budget? Laminate countertops are relatively inexpensive and can be upgraded to stone when you do have the budget.

#5: Subway Tile for the Backsplash

Subway tile goes back to the early 1900s, when it was used to line New York’s first subway tunnels. Classic subway tiles are white, 3-inch-by-6-inch rectangles — a look that became popular in American kitchens and baths, and has stuck around ever since. Now it’s an iconic part of the American design vernacular, destined never to go out of style.

In the kitchen, ceramic tile excels as a backsplash, where it guards against moisture, is a snap to clean, lasts forever, and always looks classy.

Sure, a backsplash can be an opportunity for a blast of color and pattern, but neutrals will always be current and blend with any look. Plus, a subway tile backsplash and a marble countertop make a dashing couple that will stand the test of time.

To make it even more enduring, keep it achromatic and camouflage dirt with gray or beige grout.

#6: Ergonomic Design

Adaptability and universal design features mean easy living at any age. A recent survey on kitchens from the American Institute of Architects points to the growing popularity of smart ergonomic design, a sign that kitchen adaptability will stay in vogue.

Smart ergonomics simply mean convenience — for young or old, party people or homebodies — a key factor when remodeling a kitchen that will function well, retain its value, and always feel right.

No matter you or your buyer’s current or future needs, everyone wins with these approaches:
  • Create different countertop heights. Standard height is 36 inches, but you can raise or lower sections of cabinets by altering the height of the base. Add color-match shim strips to the bases of countertops that don’t include sinks or appliances. You (or a new owner) can easily remove them or add to them to adjust the height.
  • Swap a standard range for a wall oven and a cooktop. Ranges have fixed heights. There’s no getting around the fact you have to bend to access the oven. But a wall oven conveniently installs about waist-high.
  • Add pull-out shelves to base cabinets. Lower cabinets with doors mean having to twist like a pretzel to see what’s inside. Pull-out shelves put everything at your fingertips.
  • Keep wide clearances. Kitchens attract people, and with open floor plans, you’re apt to have folks hunting for snacks, helping you cook, or just hanging out while you prep meals. Keep traffic flowing with a minimum of 42 inches between counters and islands.

#7: Smart Storage

Today’s families store about 47% of their kitchen stuff outside the kitchen — in laundry rooms, basements, even sheds — according to data released at the 2013 Kitchen and Bath Industry Show.

We blame it on the fact that kitchens have evolved from a tucked-away place at the back of the house into a multiple-chef, multi-tasking space that’s the hub of family life. Plus, our love of open kitchens and stocking up at warehouse stores means less wall space and more stuff, kitchen design expert Robinson says.

The solution: smart storage. Cabinet manufacturers have you covered with nearly unlimited storage options — shelves and compartments that unfold, turn, extend, and slide.

But it’s not just about having storage, it’s about designing it smartly. Follow these guidelines to make your storage timeless:

Create a primary storage zone. This is an area 30 to 60 inches high and within two feet on either side of your body. Store your most-used items here — your favorite work knives, measuring cups, salt and pepper for cooking, your trusty pots and pans. With one easy motion, you can grab what you use all the time.

Plan for the unknown. A truly timeless kitchen anticipates and adapts to future needs, such as:
  • A space that can easily convert to an office, wine storage, or a closet.
  • Lower cabinet spaces that can accommodate a wine cooler, under-counter refrigerator, a second dishwasher, or new must-have kitchen appliances on the horizon. (Remember when microwaves didn’t exist?)
  • An open space that fits a freestanding desk or favorite antique that can personalize the kitchen — no matter who owns the home.
 I work hard to keep you informed about all the latest news, trends and happenings in home style, prices & sales in the Triangle NC area.  Thinkin of buying or selling a home?  Call me today for more information.  

Elizabeth Scott, Realtor®, Broker

Be Savvy...Call the Smart Realtor!

Diamond Award – High Sales Volume
e-PRO, Strategic Pricing Specialist

Fathom Realty NC, LLC        
Phone: 919.306.9699