Remodeling Impact 2022 Research Results

Homeowners and renters remodel, redesign, and restructure their homes for a variety of reasons. This report takes a deep dive into the reasons a homeowner remodels, the outcome of taking on projects, and the increased happiness found in the home once a project is completed. It also contains: The typical cost of 19 remodeling and replacement projects, as estimated by members of the National Association of the Remodeling Industry (NARI) How much appeal each project is likely to have for buyers, according to REALTORS® How much REALTORS® estimate that homeowners can recover on the cost of the projects if they sell the home All Information Provided by:  NAR Research Team Lawrence Yun, Ph.D. Chief Economist and Senior Vice President Jessica Lautz, Dr. of Real Estate Vice President, Demographics and Behavioral Insights Brandi Snowden Director, Member and Consumer Survey Research Sidnee Holmes Research Assistant Meredith Dunn Research Manager ©2022 National Association of REALTORS® All Rights Reserved. May not be reprinted in whole or in part without permission of the National Association of REALTORS®. For reprint in

An Expert Makes All the Difference When You Sell Your House

An Expert Makes All the Difference When You Sell Your House If you’re thinking of selling your house, it’s important to work with someone who understands how the market is changing and what it means for you. Here are five reasons working with a professional can ensure you’ll get the most out of your sale. 1. They’re Experts on Market Trends With today’s housing market defined by change, it’s critical to work with someone who knows the latest information and how it impacts your goals. An expert real estate advisor knows about national trends and your local area too. More importantly, they’ll give insight to what all of this means for you, so they’ll be able to help you make a decision based on trustworthy, data-bound information. 2. A Local Professional Knows How To Set the Right Price for Your Home Home price appreciation has moderated this year. If you sell your house on your own, you may be more likely to overshoot your asking price because you’re not as aware of where prices are today. Pricing your house too high can deter buyers or cause your house to sit on the market for longer. Real estate professionals look at a variety of factors, like the condition of your home and any upgrades you’ve made, with an unbiased eye. They compare your house to recently sold homes in your area to find the best price for today’s market so your house sells quickly. 3. A Real Estate Advisor Helps Maximize Your Pool of Buyers Since buyer demand has cooled this year, you’ll want to do what you can to help bring in more buyers. Real estate professionals have a wide range of tools at their disposal, such as social media followers, agency resources, and the Multiple Listing Service (MLS), to ensure your house gets in front of people looking to make a purchase. Investopedia explains why it’s risky to sell on your own without the network an agent provides: “You don’t have relationships with clients, other agents, or a real estate agency to bring the largest pool of potential buyers to your home.” Without access to your agent’s tools and marketing expertise, your buyer pool – and your home’s selling potential – is limited. 4. A Real Estate Expert Will Read – and Understand – the Fine Print Today, more disclosures and regulations are mandatory when selling a house. That means the number of legal documents you’ll need to juggle is growing. The National Association of Realtors (NAR) puts it like this: “There’s a lot of jargon involved in a real estate transaction; you want to work with a professional who can speak the language.” 5. A Local Professional Is a Skilled Negotiator In today’s market, buyers are regaining some negotiation power. If you sell without an expert, you’ll be responsible for any back-and-forth. That means you’ll have to coordinate with: The buyer, who wants the best deal possible The buyer’s agent, who will use their expertise to advocate for the buyer The inspection company, which works for the buyer and will almost always find concerns with the house The appraiser, who assesses the property’s value to protect the lender Instead of going toe-to-toe with these parties alone, lean on an expert. They’ll know what levers to pull, how to address everyone’s concerns, and when you may want to get a second opinion. Bottom Line Don’t go at it alone. If you’re planning to sell your house this spring, let’s connect so you have an expert by your side to guide you in today’s market.

The Majority of Americans Still View Homeownership as the American Dream

The Majority of Americans Still View Homeownership as the American Dream Buying a home is a powerful decision, and it remains a key part of the American Dream. In fact, the 2022 Consumer Insights Report from Mynd found the majority of people polled still view homeownership as a key life achievement. Let’s explore just a few of the reasons why so many Americans continue to value homeownership. The Financial Benefits of Owning a Home One possible reason homeownership is viewed so highly is because owning a home is a significant wealth-building tool, and it provides meaningful financial stability over renting by locking in your monthly housing payments for the length of your home loan. An article from Forbes explains: “Understanding the potential benefits of homeownership helps individuals see the value of owning property instead of renting. . . . household wealth among homeowners is a whopping 1,469% higher on average compared to renters, excluding home equity, making the allure of homeownership even more enticing.” Over time, owning a home not only helps boost your own net worth, but it also sets future generations up for success as you pass that wealth down. That may be why the Mynd report also says: “Most Americans (78%) still associate homeownership with the ‘American dream.’ And nearly two-thirds of Americans (65%) see homeownership as a means of building intergenerational wealth.” The Non-Financial Benefits of Homeownership While the financial benefits of owning a home are important, becoming a homeowner impacts you on a social and emotional level, too. As Mark Fleming, Chief Economist for First American, says: “. . . buying a home is not just a financial decision. It's also a lifestyle decision.” Your home provides feelings of achievement, responsibility, and more. 3by30 highlights the top 10 benefits homeowners enjoy. A few non-financial advantages include: Providing you with more freedom and control over your living space Giving you a greater sense of pride Helps with community engagement What Does That Mean for You? If your definition of the American Dream involves greater freedom and prosperity, then homeownership could play a major role in helping you achieve that dream. While it may feel challenging to buy a home today as mortgage rates and home prices rise, if the time is right for you, know that there are incredible benefits waiting for you at the end of your journey. You’ll have a place you can grow your wealth, call your own, and feel most comfortable. Like the National Association of Realtors (NAR) says: “. . . research has consistently shown that homeownership is also associated with multiple economic and social benefits to individual homeowners. Homeownership has always been an important way to build wealth.” Bottom Line Buying a home is a powerful decision and a key part of the long-term dream for many Americans. And if homeownership is part of your dreams this year, let’s connect to start the process today.