Real Estate Information

The typical home purchased was 1,780 sq ft, was built in 1990, and had three bedrooms and two bathrooms, according to NAR’s 2010 survey of buyers and sellers.

The median price buyers paid for homes was $179,000, according to the latest NAR survey of buyers and sellers.

There are more single female buyers than single males. But single male buyers grew by 2 percentage points between 2009 and 2010; single female buyers dropped by 1%.

Recent sellers typically sold their homes for 96% of the listing price; 57% reduced the asking price at least once, says NAR’s 2010 survey of buyers and sellers.

44% of sellers offered incentives, like home warranties and help with closing costs, to attract buyers, according to NAR’s 2010 survey of buyers and sellers.

Here’s how to get the bathroom of your dreams without making your budget a nightmare.

A mid-range bathroom remodel is a solid investment, according to Remodeling Magazine’s annual Cost vs. Value Report. An average bath remodel of $16,500 will recoup about 62% of those costs when it’s time to sell your home, and a more extensive $52,200 job returns about 55.5%. In addition, you can maximize the value of your investment by using these smart strategies, which will create a stylish yet budget-friendly bathroom.

1. Stick to a plan

A bathroom remodel is no place for improvisation. Before ripping out the first tile, think hard about how you will use the space, what materials and fixtures you want, and how much you’re willing to spend.

The National Kitchen and Bath Association (NKBA) recommends spending up to six months evaluating and planning before beginning work. That way, you have a roadmap that will guide decisions, even the ones made under remodeling stress. Once work has begun—a process that averages 2 to 3 months—resist changing your mind. Work stoppages and alterations add costs. Some contractors include clauses in their contracts that specify premium prices for changing original plans.

If planning isn’t your strong suit, hire a designer. In addition to adding style and efficiency, a professional designer makes sure contractors and installers are scheduled in an orderly fashion. A pro charges $100 to $200 per hour, and spends 10 to 30 hours on a bathroom project.

2. Keep the same footprint

You can afford that Italian tile you love if you can live with the total square footage you already have. 

Keeping the same footprint, and locating new plumbing fixtures near existing plumbing pipes, saves demolition and reconstruction dollars. You’ll also cut down on the dust and debris that make remodeling so hard to live with.

Make the most of the space you have. Glass doors on showers and tubs open up the area. A pedestal sink takes up less room than a vanity. If you miss the storage, replace a mirror with a deep medicine cabinet.

3. Make lighting a priority

Multiple shower heads and radiant heat floors are fabulous adds to a bathroom remodel. But few items make a bathroom more satisfying than lighting designed for everyday grooming. You can install lighting for a fraction of the cost of pricier amenities.

Well-designed bathroom task lighting surrounds vanity mirrors and eliminates shadows on faces: You look better already. The scheme includes two ceiling- or soffit-mounted fixtures with 60 to 75 watts each, and side fixtures or sconces providing at least 150 watts each, distributed vertically across 24 inches (to account for people of various heights). Four-bulb lighting fixtures work well for side lighting.

4. Clear the air

Bathroom ventilation systems may be out of sight, but they shouldn’t be out of mind during a bathroom remodel.

Bathroom ventilation is essential for removing excess humidity that fogs mirrors, makesbathroom floors slippery, and contributes to the growth of mildew and mold. Controlling mold and humidity is especially important for maintaining healthy indoor air quality and protecting the value of your home—mold remediation is expensive, and excess humidity can damage cabinets and painted finishes.

A bathroom vent and water closet fan should exhaust air to the outside—not simply to the space between ceiling joists. Better models have whisper-quiet exhaust fans and humidity-controlled switches that activate when a sensor detects excess moisture in the air.

5. Think storage

Bathroom storage is a challenge: By the time you’ve installed the toilet, shower, and sink, there’s often little space left to store towels, toilet paper, and hair and body products. Here are some ways to find storage in hidden places.

Think vertically: Upper wall space in a bathroom is often underused. Freestanding, multi-tiered shelf units designed to fit over toilet tanks turn unused wall area into found storage.Spaces between wall studs create attractive and useful niches for holding soaps and toiletries. Install shelves over towel bars to use blank wall space.

Think moveable: Inexpensive woven baskets set on the floor are stylish towel holders. A floor-stand coat rack holds wet towels, bath robes, and clothes.

Think utility: Adding a slide-out tray to vanity cabinet compartments provides full access to stored items and prevents lesser-used items from being lost or forgotten.

6. Contribute sweat equity

Shave labor costs by doing some work yourself. Tell your contractor which projects you’ll handle, so there are no misunderstandings later.

Some easy DIY projects:

• Install window and baseboard trim; save $250.
• Paint walls and trim, 200 sq.ft.; save $200.
• Install toilet; save $150.
• Install towel bars and shelves; save $20 each.

7. Choose low-cost design for high visual impact

A “soft scheme” adds visual zest to your bathroom, but doesn’t create a one-of-a-kind look that might scare away future buyers.

Soft schemes employ neutral colors for permanent fixtures and surfaces, then add pizzazz with items that are easily changed, such as shower curtains, window treatments, towels, throw rugs, and wall colors. These relatively low-cost decorative touches provide tons of personality but are easy to redo whenever you want.

In today’s economy, saving enough money for a down payment on a home can be a struggle for young adults. A recent national survey conducted by Better Homes and Gardens® Real Estatefound that baby boomers are part of an increasing trend in which they are helping their children and grandchildren become homebuyers.

According to the survey, one in five baby boomers had already financially supported their children or grandchildren in purchasing a home. The survey also found more than two-thirds of baby boomers are willing to provide this type of support in the future.

Baby boomers have been a driving force in the housing market for the past 30 years. The survey data reveals they are using their earnings to invest in the future of their children and grandchildren to help them realize the American dream of homeownership.

Aside from an investment justification, respondents of the survey cited the readiness to provide financial support to their family was out of love. Respondents stated that they could ensure their children and grandchildren would benefit from their assets and help them achieve the American dream.

Key findings of the survey included:

• One in five baby boomers have already gifted, loaned or co-signed a loan to their children or grandchildren for a down payment on a home.
• One in 10 baby boomers said they will “definitely” provide their children or grandchildren with financial support for a down payment on a home.
• In total, more than 68 percent of all baby boomers said they want to provide future financial support for their children or grandchildren to purchase a home.
• Those who have already provided support are confident they will do so again.
• Baby boomers are driven to provide financial support primarily by their belief in the overall investment value for them and or their children or grandchildren and the role homeownership plays in fulfilling the American dream.
• Respondents ages 55 or older and who earned more than $100,000 in annual household income are more likely than their younger counterparts to have previously provided financial support.
• Baby boomers show more interest in “gifting” or loaning money and less interest in co-signing loans.

More than 1,000 adults ages 45 and older were surveyed for this study by Better Homes and Gardens® Real Estate. Data was collected from those who qualified as a baby boomer and who had at least one child or grandchild over the age of 18.

Affordable housing, weather and recreation are just a few of many reasons people choose to move to a new place when they retire, according to U.S. News and World Report.

Pittsburgh meets this retirement lifestyle criteria with a mix of affordability and amenities by offering a low cost of living together with a variety of services that retirees will need as they age. Senior citizens ages 65 or over can ride Port Authority buses and trains free at all times if they have a state senior citizen identification card or a Medicare card.

The National Association of Home Builders® recently announced that Pittsburgh was also among a number of housing markets that have doubled in the past few months. The city has shown improvement for at least six months in housing permits, employment and housing prices. NAHB chief economist David Crowe said Pittsburgh was among the top two largest improving housing markets in the country.

According to the NAHB/First American Improving Markets Index (IMI), the average age of a home in Pittsburgh is 55 years compared to 37 years for the U.S. as a whole. Buyers of newly-constructed homes in Pittsburgh tend to be move-up and move-down buyers with some carry-over with few first-time buyers. Primarily middle-aged and empty-nesters are driving the current spike in construction activity. 

NAHB reports while new homes are being built in many parts of the Pittsburgh area, it appears that much of the activity is occurring in northern Alleghany, Beaver and Butler Counties.  

U.S. News and World Reports 10 best places to retire include:

• Flagstaff, AZ. –Pleasant year-round weather
• Boone, NC. – For affordable mountain town
• Traverse City, MI. – Water views on a budget
• Walnut Creek, CA. – Greenest place to retire
• Ithaca, NY. – A college town for retirees
• Lincoln, NB. – Place to launch a second career
• Pittsburgh, PA. – Best mix of affordability and amenities
• Port Charlotte, FL. – Best place for affordable housing
• Pittsfield, MA. – Best place for single retirees
• Santa Fe, NM. – Best place for recreation and culture

Home values are down 32 percent but farmland is soaring in the struggling real estate market, according to a recent report from CBS News.

While the housing market continues to struggle, investors are keeping an eye out on the recent farmland boom. MSNBC reported last week that farmland prices in Iowa have skyrocketed more than 30 percent in the last year alone. Land in Iowa recently sold for $20,000 an acre, setting a state record.

The high demand for farmland may be driven from rising grain costs. The price of crops have tripled in the past five years as there is a rising demand to make ethanol from corn. Rising prices for wheat, soybeans and other crops have also driven the increase. As the crops bring higher prices, the land in which they are grown on becomes more valuable.

The rise in farmland prices have some experts warning that Iowa and its neighbors could be instigating the country’s next real estate boom. The New York Times reported that Thomas M. Hoenig, president of the Federal Reserve Bank of Kansas City, told the Senate Agriculture Committee last February that farmers could suffer from a drop in real estate prices if grain prices were to fall and interest rates rise.

Demand for farmland boomed in the 1970’s and early 1980’s as U.S. grain exports increased. Rising grain prices pressed farmers to borrow money to buy more land and when interest rates rose, farmers couldn’t cover the debt. The average price for Iowa farmland fell 63 percent from the peak in 1981 to the trough in 1986, according to Iowa State data.

Since many land buyers are paying heavy cash down payments for their purchases, the risk may not be as high as some fear. MSNBC reported that buyers are often required by banks to pay for close to half of the land that they buy upfront. While many real estate housing markets continue to struggle around the country, hunger among farmers has prompted more sellers to put their land up for public bidding to see what they can get in a sale.

The increase of Internet listings with video and multiple photos is quickly making open houses more of a preference, rather than a necessity for selling a home.

“There are still buyers out there that do not want to be tied to agents right away and they are searching the Internet for open houses,” said Realtor® Terry Kirkwood of Radnor. “I make sure all my open houses are on all the Internet sites.”

In 1995, two percent of home buyers used the Internet to look for a home, according to the National Association of Realtors®. NAR has reported that over 90 percent of home buyers today shop online. Many Realtors® now refuse to hold open houses, considering them a misuse of time. And many sellers now prefer to open their doors to serious buyers only.

“Opens don’t sell houses, rarely generate serious buyer prospects and can result in theft,” said Realtor® Andrew Wetzel of Havertown. “Today’s initial showings happen online and serious buyers would prefer a ‘private showing.’ The proof in the pudding is that many new agents won’t waste their Sunday sitting for a couple of hours.”

Since MLS listings began being featured online around 1996, the transparency of homes for sale has improved considerably. Through the use of multiple photos, virtual tours and video, home buyers can look inside each home without ever setting foot on the property.

“Many Realtors® make use of open houses when the normal advertising has not worked to secure prospective buyers to look at the property,” said Realtor® Conrad Vanino of Shillington. “In many cases, it is good as it allows the Realtor® that is holding the open house to meet prospective customers that may become clients.”

Without an open house, qualified buyers still may need to make arrangements see a home with the assistance of a real estate professional. In the end, running an open house is a matter of preference, not a necessity, in selling the home.