Why Renovate When You Can Move

Is a Major Home Renovation Worth It in the Long Run?

Last week, we shared “7 Factors To Consider When Choosing A Home To Retire In.” For some homeowners, these seven factors can be taken into account with a home renovation, but is it worth it to remodel or change floor plans?

Let’s look at this example.

Let’s say you have a 4-bedroom colonial style home in a great school district. The neighborhood is amazing, and you are very comfortable there, but your kids are all grown up and the original benefits of the home no longer apply.

You’ve always wanted a huge master suite and are considering merging 3 of the smaller bedrooms on the second floor to achieve this dream.

In the short term, you are over the moon excited about your newly renovated oasis.

In the long term, when you go to sell your home down the road, you’ve now taken a 4-bedroom home in a great school district and turned it into a 2-bedroom home. Your pool of potential buyers has shrunk significantly and so has the value of your home (unless you are able to find someone who has the exact needs you have today!).

Why not consider listing your 4-bedroom home now and moving into a gorgeous 2-bedroom with a master suite? Your house can become a home for the next family looking for that perfect neighborhood with a great school district to raise their kids in!

You may even be able to achieve your dream in the same area you love, without having to give up your favorite restaurants and grocery stores.

Bottom Line

If you are debating a major renovation that would change the layout of your home, before you pick up that sledgehammer, let’s get together and discuss the available listings in our area that might meet your needs today!

Home Ownership Is On The Rise

 Last week, the Census revealed that the percentage of homeowners in the country increased for the first time in thirteen years.

A story in the Wall Street Journal gave these new homeownership numbers some context:

“The annual increase marks a crucial turning point because it comes after the federal government reined in bubble-era policies that encouraged banks to ease lending standards to boost homeownership. This time, what’s driving the market is a shift in favor of owning rather than renting.

‘This is market, market and market…There’s no government incentive program in sight that is having this effect,’ said Susan Wachter, a professor of real estate and finance at the Wharton School at the University of Pennsylvania, ‘This is back to basics.’”

In a separate report comparing the rental population in America to the homeowner population, RentCafé also concluded that the gap is now shrinking.

“Undoubtedly, the recession had a great impact on homeownership…However, it looks like it takes more to discourage Americans from buying a house than that.

As the years go by, it seems more and more certain that the fact that renting has seen a sudden gain in popularity is more a reaction to the economic crisis than a paradigm shift in the Americans’ attitude toward housing.”

America’s belief in homeownership was also evidenced in a recent survey by Pew Research. They asked consumers “How important is homeownership to achieving the American Dream?”

The results:

• 43% said homeownership was essential to the American Dream
• 48% said homeownership was important to the American Dream
• Only 9% said it was not important

Bottom Line

Homeownership has been, is and will always be a crucial element of the American Dream.

If You Own A Home And Want To Sell, Now Is The Time.

www.realestateexpert.com

As the final data on the 2017 housing market rolls in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!

How did we finish 2017?

1. New-home sales were at their highest level in a decade.
2. Sales of previously owned homes were at their highest level in more than a decade.
3. Starts of single-family homes were their strongest in a decade and applications to build such properties advanced to the fastest pace since August 2007.
4. The 4th quarter of 2017 doubled in $ volume over the 4th quarter of 2016.

And Bloomberg Business just reported:

“America’s housing market is gearing up for a robust year ahead. Builders are more optimistic, demand is strong and lean inventory is keeping prices elevated.”

And the National Association of Realtors revealed that buyer traffic is stronger this winter than it was during the spring buying season last year.

The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a four-month supply of inventory. This represents a decrease in supply of 9.7% from the same time last year.

Bottom Line

With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together to see whether that is the case in your neighborhood.

4.5 Acres In Greenwich CT.

18 Dwight Lane is for sale as land with a renovated carriage house on 4.5 acres.

18 DWIGHT LANE GREENWICH, CT 06831

Expansive and private 4.5 acre property with open skyline views. Existing structures include a contemporary home that is ready for a renovation with a pool and pond views adjacent 6 car garage with a renovated 2 bedroom guest house with a full bath, kitchen and family room. Renderings for the renovation of the main house available or start new.

Live From London...Point Of View By Nick Churton

10 Pilot Rock Lane Riverside CT 06878

Nick Churton of the Houlihan Lawrence London office has his head turned when visiting a very special home overlooking the Long Island Sound.

Property: 10 Pilot Rock Lane Riverside, CT 06878

Broker: Hounlihan Lawrence

Agent: John Bates

When one visits 10 Pilot Rock Lane in Riverside near Greenwich one could be forgiven for not immediately noticing the strikingly attractive house straight away. Instead one’s gaze strays automatically to the view. But that’s okay. Everyone does the same. It’s natural and only proves how important outlook and location are when choosing a home.

The astonishing view sweeps from local Todd’s Point the the east and across Long Island Sound. But glorious as these vistas undoubtedly are the eye is repeatedly drawn to the New York skyline. There, on the western horizon, is the Freedom Tower, the Empire State Building and the pencil-thin 432 Park Avenue. It is a view so iconic that it pulls the attention and serves as a reminder that one of the world’s most vibrant and powerful cities is not only within sight but is also within an hour’s commute by handy and frequent rail service – from breathless city to breathtaking home in the time it takes to read part of a book, take a nap, deal with emails, keep up with friends on social media or just think.

But now it is time to look away from the view and turn our attention to the house. Here is a modern classic, a home built not just to impress but to love and to last. Built in attractive Arts and Crafts style this beautiful home offers substantial but comfortable accommodation with delightful outside areas for relaxing and taking in the 180 degree views.

A short walk away is the family friendly Riverside Yacht Club, the Association quarter mile crescent beach for swimming and picnics, and cement floats for deep-water moorings.

This is a very stylish home in a world class position.

Now Is The Time To Sell Your Home

Thinking of Selling? You Should Do It TODAY!!

That headline might be a little aggressive; however, as August 2017’s housing market data begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME TODAY!

In a recent article by CBS News, they explained that the number of existing home sales is shrinking, and Lawrence Yun, Chief Economist for the National Association of Realtors, said:

“There should be 3 million homes on the market right now…Yet, there are only 1.9 million.”

And this situation will be affected greatly by recent natural disasters. Yun continued by saying:

“Before the hurricanes I would have predicted 1.35 million in new-home construction in 2018…I’ll have to scale that down now.”

NAR, in their August 2017 Realtors® Confidence Index, indicated that:

“Amid sustained job creation and sustained historically low mortgage rates, REALTORS® reported…that buyer demand is stronger compared to conditions one year ago… and that fifty percent of properties were on the market for less than one month when sold.”

The only challenge to today’s market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is only a 4.2-month supply of inventory, which is down from 4.5 months one year ago.

Bottom Line

With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together and discuss the inventory levels in your neighborhood to determine your next steps.