Although the northeast is under a winter storm watch, it is time to start thinking about getting your home ready for spring and summer! The Wall Street Journal provides a recovery plan to deal with winter’s wrath in four critical areas: the lawn, shrubbery, the roof and dealing with unwelcome pests.
Reality check. An article out this week describes how a homebuyer and seller’s worst enemy is often themselves. Homebuyers can be swayed by the wall color of a room or the attractiveness of their agent. On the other hand, homeowners, per a recent study, consistently overestimate the value of their homes by 5 to 10 percent.
Out with the old, in with the new? Not in real estate. Homebuyers have been consistently choosing existing homes over new homes. In the last year, existing home sales are down 3% and new home sales are down 28%. Apart from price differences, reporter AnnaMaria Andriotis argues that the shift in consumers’ psychology for an easy and cheaper-to-maintain property versus “shiny and new” is playing a major role.
This psychology may prove beneficial for the nine-month supply– or 1.8 million homes– of properties in foreclosure. (It is important to note that this is down from 2 million homes in January 2010.)
This market for home sellers is nothing if not competitive. As a way to lure in buyers, they are starting to offer incentives, from new sod, appliances and siding to the more extreme new car. Wow!
Location is of course a major determining factor when people choose a home. Some choose based on school district, proximity to restaurants, bars and shopping, while others opt to be by the green– manicured grass that is. Check out CNN Money’s list of the top golf courses for CEOs. I wonder if Donald Trump’s new ‘world’s greatest’ course will make the cut next year.
What a sale! In the highest-priced home sale in the United States, a Russian billionaire investor bought a French chateau-style mansion in Los Altos Hills, California for $100 million. Do you think the mega-mansion market is making a comeback?
Happy April Fools Day! Did you pull any pranks today?