Zumper, a national apartment rental site, recently released its November 2014 rent report, naming the following top 10 priciest rental markets in the U.S. The median rent for a one-bedroom apartment is listed for each city:San Francisco: $3,350
- New York: $3,000
- Boston: $2,330
- Washington, D.C.: $2,050
- Chicago: $1,750
- Miami: $1,700
- Los Angeles: $1,690
- Seattle: $1,610
- San Diego: $1,400
- Philadelphia: $1,400
Posted By: Coach Henion
The majority of Americans say they are living in less-than-ideal housing and neighborhoods. The Demand Institute recently polled more than 10,000 households — both renters and home owners — across income levels to find their top unfulfilled housing needs and desires."The biggest overarching thing is that when it comes to their homes, there are still a lot of things that Americans want to improve," says Jeremy Burbank, vice president of the The Demand Institute."There's a desire for things like more space, privacy, and safe neighborhoods that are often attributed to single-family homes and ownership."
According to the households polled, here's what they don't have that they wish they did:
Energy efficiency: Seventy-one percent of respondents ranked it as important, but only 35 percent are satisfied with their current home's energy efficiency. Utility costs are rising, and Americans' spending on electricity has surged 56 percent since 2000. More home owners are seeking ways to lower their utility costs. Energy-use monitors, smart home thermostats, high-efficiency appliances, and greater smart-home technology may pave the way for change in this area.
Renovation-ready: More than three-quarters of households say their homes require repairs. The recession caused many home owners to delay major projects. The top five major home-improvement jobs identified among households are painting; replacing carpet/flooring; remodeling a bathroom; remodeling a kitchen; and replacing windows and doors.
Updated kitchens and finishes: Many households say their kitchens could use an upgrade. Sixty-two percent of households say an updated kitchen with modern appliances and fixtures is important; only 38 percent are satisfied with their current home's kitchen.
Accessibility: Americans have more needs for accessibility features in their homes that will allow them to age in place. Seventy-six percent of Americans surveyed believe a home they can stay in as they get older is important, but only 53 percent think their home meets that criteria. Baby boomers are increasingly interested in single-story homes, but they aren't necessarily interested in slimming down the home's square footage, Burbank notes.
Affordability: One in five Americans surveyed say they are unsatisfied with the cost of their current living situation. Twenty-six percent of owners and 40 percent of renters are spending more than 30 percent of their income on housing expenses. Eighty-one percent say it's important that their housing costs fit their budget without requiring sacrifices. However, 60 percent say they've achieved this, while the rest say they do have to make sacrifices to afford their home. "There's certainly a well-documented shortage of affordable housing, particularly when it comes to renters, and the situation is only getting worse," says Burbank.
Safety: Twenty-two percent of those surveyed say they're unsatisfied with the safety in their current home. About one-fifth of that group — most of whom live in non-urban areas — say they feel their neighborhood has become less safe in recent years. Home security systems and other technology may be the key to providing home owners with more peace of mind, Burbank says.
Privacy: More households desire privacy from their neighbors. Sixty-three percent consider privacy important, but only 42 percent say they're satisfied with their current home's privacy.
Greater storage: Nearly half of people planning to move say they want more space than they have in their current home. A home with ample storage space is an important feature households identified, and it's one of the key reasons they want to renovate, too. Fifty-five percent of households say a home with storage space is important, but only 35 percent are currently satisfied with their home's storage space.
Posted By: Coach Henion
The housing market doesn’t hibernate in the winter. Sellers who list and buyers who buy often find the winter season the most advantageous time to make a move in real estate, according to a new study by the real estate brokerage Redfin. The winter season officially takes place between Dec. 21 and March 20, and real estate professionals should be ready for a season that often brings in more focused and active sellers and buyers
In an update to a two-year analysis it completed last year, Redfin researchers studied nationwide home listings, sales prices, and time-on-market data from 2010 through October 2014.
The study found that February is “historically the best month to list, with an average of 66 percent of homes listed then selling within 90 days,” according to Redfin’s research.
Even in cold weather cities – such as Boston and Chicago – researchers found that home sellers were better off listing their homes in the winter than during other seasons.
The winter tends to net sellers’ more than their asking price during the months of December, January, February, and March than listings from June through November. Listing during those four winter months has resulted in higher percentages of above-asking-price sales than listing during any months, other than April and May.
Redfin researchers found that in 2012 December listings were producing the highest percentage of above-asking sales for the entire year at 17 percent.
Researchers say the winter market is less competitive for sellers since many people tend to wait until the spring to list. The smaller inventory of active listings help sellers get more attention from buyers on their properties. Also, many large corporations often transfer employees or hire new ones early in the year, creating opportunities for winter sellers from very motivated purchasers.
Homes that are “priced right and show well can sell any time” of the year, says Nela Richardson, chief economist for Redfin. Winter buyers tend to be “serious buyers... Most people are not window-shopping” in December and January, like they do in the spring months, Richardson adds.
Sellers shouldn’t worry about the holidays hampering their chances either. A 2011 study found that 60 percent of real estate professionals advise their sellers to list a home during the holidays because they believe it’s an opportune time to sell. Nearly 80 percent of the real estate professionals surveyed said that more serious buyers emerge during the holidays, and 61 percent say less competition from other properties makes it an ideal time to sell.
As for buyers, they may find winter a good time to make a move too. Sellers often are more flexible about negotiations over prices and terms than they would in the spring, real estate professionals say.
“People get more realistic at this time of year,” particularly if their homes hadn’t sold during the summer and fall, says Mary Bayat, a broker in Washington, D.C., and chairwoman-elect of the Northern Virginia Association of REALTORS®.
Posted By: Coach Henion
The offices of Home Coach Realty, Home Coach Property Management and Home Coach Real Estate School will be closed for the Thanksgiving Holiday from November 26-30
Posted By: Coach Henion