More buyers considering homes that need remodeling

What do entry-level buyers do when inventory is limited and prices are rising? Simple: They become more open to purchasing a home in need of renovations. Here are the numbers from a recent Realtor.com® survey1:

  • Over half of respondents are considering a home that needs work (and plan to spend at least $20‚000 on renovations).
  • However‚ less than a third of buyers 55 and over said they would consider a property that needs work.
  • Among those who plan on buying in the next year‚ 95% are confident that they will see a return on their remodeling investment.

Please contact me if you have any questions.

1Steve Randall‚ “Renovations are in fashion for 2019’s homebuyers‚ says Realtor.com‚” Mortgage Professional America‚ last updated April 17‚ 2019.


Market trends to consider

As you know‚ staying up-to-date on the latest real estate trends is essential. Here are the top factors influencing today’s buyers and sellers – as discussed at the National Association of REALTORS® 2019 Broker Summit1:

  • Staying put. The time spent living at a property is increasing. In 2018‚ the average owner remained in a home for nine years.
  • Children & parents. Just 34% of buyers have children – an all-time low. Additionally‚ one in six Generation X buyers purchased a home to share with their parents.
  • Expectations. Nearly 40% of real estate professionals said television shows that depict the buying and selling processes impact business.
  • Student loan debt. Borrowers with student loan debt carry an average amount of $41‚200.

As always‚ it is a pleasure staying in touch and sharing helpful information.

1Erica Christoffer‚ “Eleven real estate trends to keep on your radar‚” REALTOR® Magazine‚ last updated April 22‚ 2019.


Tips for safeguarding luggage

Damaged or lost luggage is an all-too-common occurrence for airline passengers. Share these travel tips with customers1:

  • Use a TSA-approved lock. Ten percent of checked bags are chosen for additional inspecting by the Transportation Security Administration. TSA-approved locks allow screeners to safely open them with a master key.
  • Invest in protective covers. A plastic or fabric cover can prevent external damage.
  • Consider luggage tracking. Many airlines offer apps that allow travelers to track a bag’s location.
  • Keep a record. Photograph bags and their contents. This will make the process easier should a claim need to be filed.

I hope your customers find this information to be helpful.

1Barbara Peterson‚ “Smart ways to protect your luggage‚” Consumer Reports‚ last updated May 14‚ 2019.


A building boom is here

While home construction is up only slightly nationwide‚ the Northeast is experiencing a building boom. From the Commerce Department’s latest report1:

  • As weather improved‚ homebuilding in the Northeast came alive. Housing starts spiked 84.6% from March to April.
  • Nationwide‚ homebuilding was up 5.7% in April.
  • For single-family homes‚ construction rose 6.2%.

As the #1 mortgage company in Greater Lexington for 17 consecutive years‚ Capstone is here to provide guidance and support.

1“Housing starts surged 84.6% in the Northeast‚” Boston.com Real Estate‚ last updated May 19‚ 2019.