1559 Crestlawn Trail | Pfafftown
Don't miss seeing this Long Creek Village beauty! The perfect low maintenance, one level living home for you! Bright and cozy rooms including a spacious living area with vaulted ceilings and fireplace! Large kitchen with eat in dining area. Master bedroom has vaulted ceilings and a large closet. Two car garage includes attic storage space! Enjoy a level backyard or relax at the neighborhood pool and greenspace.
3041 Cambridge Road | Winston Salem
Lovely centrally located, flowing and open floor plan 3 bedroom, 2 bath home is what you are looking for! Located near restaurants, shopping and downtown Winston Salem. Large screen porch with a spacious level back yard! Updates galore! New oil tank, updated bath, kitchen! Owned by the same owner for 42 years! Hurry this beauty won't last long!
As more and more baby boomers enter retirement age, the question of whether or not to sell their homes and move will become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement.
According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factorsthat you should consider when choosing your retirement home.1
1. Affordability
“It may be easy enough to afford your home today but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities – all the things that will be due whether or not you have a mortgage on the property.”
Would moving to a complex with homeowner association (HOA) fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.? Would your taxes go down significantly if you relocated? What is your monthly income going to be like in retirement?
2. Equity
“If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage.”
The equity you have in your current home may be enough to purchase your retirement home with little to no mortgage. Homeowners in the US gained an average of over $16,300 in equity last year.
3. Maintenance
“As we age, our tolerance for cleaning gutters, raking leaves and shoveling snow can go right out the window. A condominium with low-maintenance needs can be a literal lifesaver, if your health or physical abilities decline.”
As we mentioned earlier, would a condo with an HOA fee be worth the added peace of mind in knowing that you do not have to do the maintenance work yourself?
4. Security
“Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, such as a manned gate house, resident-only access and a security system can bring peace of mind.”
As scary as that thought may be, any additional security and an extra set of eyes looking out for you always adds to peace of mind.
5. Pets
“Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits.”
Evaluate all of your options when it comes to bringing your ‘furever’ friend with you to a new home. Will there be necessary additional deposits if you are renting or moving in to a condo? Is the backyard fenced in? How far are you from your favorite veterinarian?
6. Mobility
“No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.”
Sixty is the new 40, right? People are living longer and are more active in retirement, but that doesn’t mean that down the road you won’t need your home to be more accessible. Having to install handrails and make sure that your hallways and doorways are wide enough may be a good reason to look for a home that was built to accommodate these needs.
7. Convenience
“Is the new home close to the golf course, or to shopping and dining? Do you have amenities within easy walking distance? This can add to home value!”
How close are you to your children and grandchildren? Would relocating to a new area make visits with family easier or more frequent? Beyond being close to your favorite stores and restaurants, there are a lot of factors to consider.
When it comes to your forever home, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement. If after considering all these factors you find yourself curious about your options, let’s get together to evaluate your ability to sell your house in today’s market and get you into your dream retirement home!
Buying a new home and creating new memories with your family is a very exciting experience. If you are moving your family, it helps to prepare children for living in a new home. When moving, it is common for children to experience homesickness and a bit of anxiety about living in a new home. Make the most of your move and follow these tips to help your children feel at home in your new house!
Contributed by Ashley McKenzie-Sharpe
Phone: 336-748-4599 | ashleym@fairwaymc.com
4970 Old Towne Village Circle | Pfafftown
The details within this immaculately kept home will amaze you! Located in popular Pfafftown on a corner lot, you will be close to shopping, restaurants, schools and downtown Winston Salem. Granite throughout the home, the master shower is stunning! Enjoy the fenced backyard with storage shed or hang out at the neighborhood playground. This is all the space you will ever need! Home warranty.
UNDER CONTRACT IN 11 DAYS!!
3124 Kinnamon Road | Winston Salem
Darling Country Club Estates/Buena Vista home with a super layout, lots of natural light and a fabulous walkout basement complete with office or studio. Enjoy features such as hardwoods, large bedrooms, a cooks kitchen with breakfast nook and sunroom overlooking the lush lot. New HVAC 2017! Quick commute to Thruway, downtown Winston, Greensboro or the hospitals. Plenty of room to expand or store loads of belongings. Hurry as this gem won't last!!! HIGHLY requested Zone 6 schools Whitaker, Reynolds!
UNDER CONTRACT IN 9 DAYS!!
820 Poplar Grove Road Winston Salem
Beautiful home w/large rocking chair front that porch greets you as you arrive! This is an entertainers delight with a cooks kitchen and a fabulous and private patio ready for your gatherings or quiet time. Upstairs you will find a fabulous master bedroom w/sitting room/office & two walk in closets! Basement area has a separate driveway and entrance, making it a great guest suite. New HVAC in 2016. Easy access to Muddy Creek Greenway. Enjoy a low maintenance lot & highly requested schools. No HOA!
UNDER CONTRACT IN 2 DAYS!
710 Sterling Brooke Court | Winston Salem
This immaculate end unit town home will immediately capture your heart! Open foyer and upstairs loft make this home feel amazingly spacious. This home is centrally located close to shopping, hospitals, restaurants and highways. Upstairs laundry is easy access to all bedrooms! Enjoy lounging in your private fenced patio area or use the neighborhood pool and clubhouse! Hurry this one won't last long!
5252 Bridge Point Drive | Clemmons
This stunning home welcomes you home from the moment you arrive! Situated on a lush private lot, you'll enjoy the multi level decking and main level garage. Beautiful bright sunny light throughout with tall ceilings for impact. Updates include kitchen, new carpet, downstairs HVAC replaced in 2016. Potential for expansion in the walk out basement with rough plumbing and framing! LOTS of storage throughout as well as multiple walk in closets! Don't miss this amazing home!
http://bit.ly/5252BridgePointeDr
120 Chestnut Hill Court | Winston Salem
Beautiful 4 bedroom, 3 1/2 bath traditional brick home on cul-de-sac lot in established neighborhood. Brand new kitchen with custom cabinetry, stainless steel appliances, marble subway tile back splash, granite counter tops, and large island with bar seating. Spacious eat-in kitchen area leads to 26X16 screened porch. Fresh paint, hardwoods throughout the entire home, large rooms, great floor plan and huge finished basement with full bath. Neighborhood pool is great for relaxing this summer!
2811 Darrow Road | Walkertown
Live in the center of it all! You'll be surprised how much space is packed into this cozy house! This adorable 3 bedroom / 2 bath home is a must see - close to schools, restaurants, parks and churches! Updated deck, new carpet and fresh paint add to the appeal! Possible rezoning to commercial use. Don't miss this one!
http://bit.ly/2811DarrowRd
5252 Bridge Point Drive | Clemmons
This stunning home welcomes you home from the moment you arrive! Situated on a lush private lot, you'll enjoy the multi level decking and main level garage. Beautiful bright sunny light throughout with tall ceilings for impact. Updates include kitchen, new carpet, downstairs HVAC replaced in 2016. Potential for expansion in the walk out basement with rough plumbing and framing! LOTS of storage throughout as well as multiple walk in closets! Don't miss this amazing home!
http://bit.ly/5252BridgePointeDr
3124 Kinnamon Road | Winston Salem
Darling Country Club Estates/Buena Vista home with a super layout, lots of natural light and a fabulous walkout basement complete with office or studio. Enjoy features such as hardwoods, large bedrooms, a cooks kitchen with breakfast nook and sunroom overlooking the lush lot. New HVAC 2017! Quick commute to Thruway, downtown Winston, Greensboro or the hospitals. Plenty of room to expand or store loads of belongings. Hurry as this gem won't last!!! HIGHLY requested Zone 6 schools Whitaker, Reynolds!
http://bit.ly/3124KinnamonRd
The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of their data points, which has changed dramatically, is the median tenure of a family in a home, meaning how long a family stays in a home prior to moving.
As the graph below shows, over the last twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2014, that average is almost ten years – an increase of almost 50%.
Why the dramatic increase?
The reasons for this change are plentiful!
The fall in home prices during the housing crisis left many homeowners in a negative equity situation (where their home was worth less than the mortgage on the property). Also, the uncertainty of the economy made some homeowners much more fiscally conservative about making a move.
With home prices rising dramatically over the last several years, 95.3% of homes with a mortgage are now in a positive equity situation, according to CoreLogic.
With the economy coming back and wages starting to increase, many homeowners are in a much better financial situation than they were just a few short years ago.
One other reason for the increase was brought to light by NAR in their 2018 Home Buyer and Seller Generational Trends Report. According to the report,
“Sellers 37 years and younger stayed in their home for six years…”
These homeowners, who are either looking for more space to accommodate their growing families or for better school districts to do the same, are likely to move more often (compared to typical sellers who stayed in their homes for 10 years). The homeownership rate among young families, however, has still not caught up to previous generations, resulting in the jump we have seen in median tenure!
What does this mean for housing?
Many believe that a large portion of homeowners are not in a house that is best for their current family circumstance; they could be baby boomers living in an empty, four-bedroom colonial, or a millennial couple living in a one-bedroom condo planning to start a family.
These homeowners are ready to make a move, and since a lack of housing inventory is still a major challenge in the current housing market, this could be great news.
When homeowners decide to sell their houses, they obviously want to get the best possible price for their home with the least amount of hassles along the way. However, for the vast majority of sellers, the most important result is actually getting their homes sold.
In order to accomplish all three goals, a seller should realize the importance of using a real estate professional. We realize that technology has changed a buyer’s behavior during the home buying process. According to the National Association of Realtors’ 2018 Home Buyer & Seller Generational Trends Report, the first step that “42% of recent buyers took in the home buying process was to look online at properties for sale.”
However, the report also revealed that 94% of buyers who used the internet when searching for homes ultimately purchased their homes through either a real estate agent/broker or from a builder or builder’s agent. Only 2% of buyers purchased their homes directly from a seller whom they didn’t know.
Buyers search for a home online but then depend on an agent to find the home they will buy (52%), to negotiate the terms of the sale (47%) & price (38%), or to help understand the process (60%).
The plethora of information now available has resulted in an increase in the percentage of buyers who reach out to real estate professionals to “connect the dots.” This is obvious, as the percentage of overall buyers who have used agents to buy their homes has steadily increased from 69% in 2001.
If you are thinking of selling your home, don’t underestimate the role a real estate professional can play in the process.
If you’ve entered the real estate market as a buyer or a seller, you’ve inevitably heard the mantra “location, location, location” in reference to identical homes increasing or decreasing in value based on where they’re located.
In today’s housing market where home prices are appreciating quickly, it’s important to know that not every home appreciates at the same rate. The map below demonstrates that point on a state-by-state basis using data from the National Association of Realtors.
Demand often dictates value, even for houses in the same area of the country! High demand for starter and trade-up homes have driven prices up in these categories by nearly 10% over the past year, while those in the premium markets have appreciated at closer to 6%.
If you are debating whether or not to buy and/or sell a home this year, let’s get together to help you figure out exactly what’s going on in our market.
Call the Karin Head Realty team today to learn more about this beautiful home at 336.283.8687!
This Mill House Place beauty is under contract! If you liked this home, we have more to show you! Call the Karin Head Realty team today at 336.283.8687 to find one that is perfect for you!
The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures and short sales) have fallen to their lowest points in years. The market will continue to strengthen in 2018.
However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. Buyer demand naturally increases during the summer months, but supply is not keeping up.
Here are the thoughts of a few industry experts on the subject:
Lawrence Yun, Chief Economist at National Association of Realtors
“The worsening inventory crunch through the first three months of the year inflicted even more upward pressure on home prices in a majority of markets. Following the same trend over the last couple of years, a strengthening job market and income gains are not being met by meaningful sales gains because of unrelenting supply and affordability headwinds.”
Sam Khater, Chief Economist for Freddie Mac
“As we head into late spring, the demand for purchase credit remains rock solid, which should set us up for another robust summer home sales season. While this year’s high rates – up 50 basic points from a year ago – have put pressure on the budgets of some home shoppers, weak inventory levels are what’s keeping the housing market from a stronger sales pace.”
Javier Vivas, Director of Economic Research for Realtor.com
“The dynamics of increased competition and buyer frustration are unlikely to change…In fact, the direction of the trend is pointing to a growing mismatch between the pool of prospective buyers and existing inventory.”
If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.
1104 Loblolly Court | Sequoia Place | Lewisville
Unique contemporary 3 bedroom / 2.5 bath home in an established neighborhood just minutes from Hwy 421! Huge level backyard with garden space. All kitchen appliances, washer / dryer and mower stay. Large master bedroom with en-suite bath. Kitchen has tons of storage! Perfect for a first time homeowner!
1035 Kensford Drive | Crafton Creek | Lewisville
Charming 1.5 story home is located just minutes from Hwy 421! Very low maintenance. Great white kitchen with eat-in area. Adjacent spacious dining room is open to large and airy living area with vaulted ceilings and cozy fireplace. Main level master bedroom with spacious bath. Lots of storage! Relax on the private patio on these comfy spring and summer nights!
Have you been considering a home renovation? Before beginning a large home improvement project, it is important that you fully understand the information surrounding it. Here is the truth behind some common misconceptions about home renovations.
You can do it all yourself – While some people are handier than others when it comes to home improvement projects, the reality is that home renovations are not as simple as they may seem on television. Using a trusted professional for the larger projects can save you time and money. A good contractor will provide you with an estimate and a timeline to complete your renovation project safely.
All renovations will add value – When making home renovations, remember to keep the resale of your home in mind. Renovations that are extremely custom could decrease the value of your home when the time comes to resell. For best financial benefit, stick with renovations that are universal to most homeowners’ needs.
You do not need a permit or approval – Depending on the type of home renovation, it is possible that you will need a building permit or approval from your HOA. A good contractor should know if a permit is needed, but you should also check with your HOA to ensure that your renovation is allowed.
You can always buy more materials – You should purchase all needed materials when you begin a home renovation project. Otherwise, the items you need could go out of stock, forcing you to choose something that does not match or wait weeks for additional materials to be ordered.
Learn about more renovation myths here.
Contributed by Ashley McKenzie-Sharpe
Phone: 336-748-4599 | ashleym@fairwaymc.com
