Perhaps unsurprisingly, it also confirmed that one generation is investing more money than any other in home renovations, considering their plans don’t include moving anytime soon.
With 54% of boomers who own homes having pledged never to sell their property, it makes sense that they’d want to make the investment.
Additionally, the news comes after Charles Schwab revealed that most folks of the booming generation are hanging on to their assets, including real estate, for the long haul.
When asked, almost half of boomers surveyed for the report (45%) confessed they wanted “to enjoy my money for myself while I’m still alive.”
Evidently, enjoying their money includes making home improvements.
Baby boomers spent 16.8% more on projects than millennials, who spent an average of $12,101 last year. Gen X wasn’t that far behind, spending an average of $11,781, and Gen Z, which primarily rents their living spaces, spent $9,592 last year.
Given the state of the market and the struggle to create more inventory, it makes sense that the report added that 67% of homeowners prefer putting the work into renovating their current home to better meet their needs rather than moving (It should be noted that 55% of homeowners surveyed cited high interest rates as the primary reason for staying put, rather than the lack of available homes).
We suggest a variety of home improvements to help our sellers achieve a top-dollar sale. When it comes time to select the right slabs for kitchen counters, you only get one shot….and it better work!
Last week, reader TOB talked about a buyer he knew who walked away from a deal over the Rampart fireplace. Here’s a list of other issues that might be deal-killers, but we try to find a way to solve them before giving up!
Our Carmel Valley listing closed escrow yesterday!
It was the 3br/2.5 ba, 1,804sf home built in 1989 that we completed about $60,000 worth of upgrades in preparing for market (it had been a rental for years). The before-and-after photos were featured here:
The house looked great and it was vacant but this was when I did the blog post about spring break interrupting the market’s momentum. We decided to forge ahead, and I inputted the listing onto the MLS on the Thursday morning before spring break with immediate showings available that day – in hopes of catching any buyers that might be leaving for vacation the next day.
We had six showings on Thursday and Friday, and 100+ people came to open house over the weekend.
In January, I predicted that we would list for $1,750,000, and sell for $1,900,000.
On March 31st, we hit the MLS priced at $1,750,000, and closed for $1,875,000.
We received one offer.
Thankfully, the only offer included a $125,000 premium to incentivize the sellers to take the deal, instead of waiting for two in the bush. But we were already on Day 4 of open-market exposure, so I knew we were at peak market and our chances of selling for over list price would start dropping .
We contemplated whether we should counter-offer on price, or extend the two-week escrow period because we wanted the extra time for the sellers’ 1031 exchange. But given the fact that we only had one offer, the sellers signed it.
We had already completed a home inspection in advance, and thought we had fixed everything. The buyers did their own home inspection – which we always recommend to our buyers as well, and here’s why.
Their inspector noted that the water-meter gauge was running, even with all faucets being off. It’s the sign that a leak had developed, and the hot-water heater was operating the entire time too. The sellers checked their history of utilities and found their costs spiked on March 31st.
We have a ‘slab leak’, and we knew it was the hot side!
Just the thought of a slab leak causes grave concern and panic for most people. But we’ve handled them before, and know that they can be fixed with money like any other home repair.
Donna’s vendors jumped on it, and we closed in 16 days, instead of fourteen.
You may not have the budget for floor-to-ceiling renovations but that doesn’t mean you can’t still make a big difference to a home’s appearance. Interior designers from across the country respond to the question: What is your favorite summer design hack on a dime?
Here’s what they said:
1. Refresh the Color
“What works for summer—and all year round, really—is making a statement with color. A fresh coat of paint on the wall or repainting your furniture and adding new hardware offers a renewed look to any room. Don’t be afraid to try cool, summery colors; they create a tranquil mood to the space.”
We’ve all been there this year — toddlers interrupting Zoom meetings, daydreaming for more space, and shamelessly feeding sourdough starter kits. 2020 has changed the way we live in and outside our homes.
As people rethink their homes’ functionality after spending more time in them, features we never knew we needed — such as a home gym or no-touch appliances — are more important than ever. While public health precautions continue to keep us at home, these features will only become more popular to create spaces that keep our families safe, all while providing an oasis of comfort.
Driven by this new COVID era, Zillow shares top 10 home trends for 2021 that will not only add comfort, but might even add extra value to your home.
‘Zoom Rooms’
A Zillow survey found a desire for a home with a dedicated office tops the list of reasons why Americans working from home say they would consider a move, if they were to continue working remotely at least occasionally. In 2021, people will receive more clarity from their employers about the ability to telecommute moving forward, which could trigger a move to a home with more space. And, as people tire of working from a kitchen table, they will be wanting a more permanent — and quiet — solution for their at-home desk.
As of November, the number of listings mentioned “home office” or “Zoom room” increased by 48.5% compared to the same time last year. Pennsylvania home builder Berks Homes also says requests for an at-home study in lieu of existing living space more than doubled this year.
‘Homecation’ Amenities
With lots of time and nowhere to go, homeowners are coming up with creative solutions to create vacation-vibes right at home. “Pool” was the top Zillow keyword search term in 2020. “Waterfront” and “dock” also landed in the top ten. Additionally, homeowners may be looking for big and small ways to create a luxury experience at home, from upgrading to a spa-like bathtub or relaxing rain shower. Zillow research shows home buyers paid more for amenities that make their home feel like a retreat. Listings that mentioned a free-standing tub typically sold for 5.5% more than expected, while the listing keyword “spa-inspired” contributed to a 1.8% price premium.
The rise of remote work will allow more homeowners to turn their favorite vacation destination into their hometown. Page views of for-sale listings in areas typically considered vacation destinations – such as Key West, the Jersey Shore and Cape Cod — are up nearly 50% compared to last year.
Intergenerational Living
Intergenerational living will rise in popularity as young adults and grandparents alike find themselves moving in with family for financial and health reasons. According to Generations United, about one in six Americans currently live in multigenerational households, and this year, the share of young people moving back home reached all-time highs as more Millennials and Gen Z’ers than ever – particularly renters – found themselves packing their bags and moving back in with their parents.
Katie Detwiler, Chief Experience Officer at Berks Homes says this trend is manifesting in how people are designing new construction homes, with more requests than ever before for a finished basement with a full bathroom, and bedroom additions.
Gourmet Kitchens
This year inspired people to break out of their old baking habits and start new hobbies in the kitchen, and in 2021 homeowners will want to level-up from their sourdough obsession to create other culinary masterpieces. A previous Zillow survey finds 41% of people value a well-equipped kitchen more than before as a result of social distancing recommendations — and more people will want the space to show off their new culinary skills in the next year.
“We’ve seen an increase in requests for gourmet kitchens,” says Katie Detwiler, Berks Homes’ Chief Experience Officer. “This includes bigger cabinets and island additions so homeowners have the space they need to cook their gourmet meals.” Berks Homes has seen more than 100 more requests for alternate kitchens and island additions this year compared to last.
Backyard Oasis
A yard that is safe and functional has taken on renewed importance — a Zillow survey from the Harris Poll found that 41% of people say they value a large outdoor space more as a result of social distancing recommendations.
There are many easy upgrades to make a backyard a relaxing oasis the whole family can enjoy, and in tandem, increase the resale value of your home. Zillow research finds homes mentioning “firepit” in the listing sold for 2.8% more than similar homes, and “outdoor kitchen” sold for 4.5% more. Smart sprinkler systems and outdoor lighting are other features that add a contemporary flare to a backyard that also help your home sell up to 15 days faster than expected.
Are you looking for a smaller one-story view home to re-finish?
Do you like being at the top of the hill on a quiet single-loaded culdesac?
The insurance company did the remediation of a water leak, but expect these seniors to manage their own reconstruction project. We’d rather you do it your way! The house has a roof, newer sliders and windows, and shutters – do you mind doing the rest?
Here is the last sale of this floor plan – it closed at $842,500:
Did sheltering in place have any effect on home improvement rates? Our data says yes.
Over half of American homeowners (55%) said the pandemic and associated disruptions gave them time to improve their homes, while 59% admitted that spending more time inside due to lockdown inspired them to renovate their place of residence.
What’s the stated reason? “Finally having the time” was the top motivator, with 25% of homeowners saying that’s what drove them to go ahead with their improvement and remodeling projects.
Impressively enough, it ranked above the more typical drivers of home improvement, such as adding value to a home (21%) or making a home feel more comfortable and cozy. (21%).
Donna and Jim provided exceptional support and professionalism throughout the entire process. We couldn't have been happier with their efforts. They made our house shine, and thanks to their expertise, it sold above the listing price in the very first weekend! Truly a fantastic experience from start to finish.
jesus a sahagun
2024-11-10
Verified
This year has been difficult on our family, mainly due to having to sell our home. Thankfully we knew God had a plan for us and working with the Klinge team was a key part of it. It was an obvious decision to work with them again after such an amazing experience when purchasing the same home we needed to sell. The challenge was, how will we do this in so little time with so much going on? Jim and Donna held our hand every step of the way. Whenever an unexpected issue arose they found and provided a solution. Never once did we feel pressured to make a decision and the Klinges were always reassuring after providing the information that the decision was ours to make. Despite the curve balls, they never panicked and exemplified the “can do” attitude, making us feel optimistic and taken care of. Their expertise and professionalism was superb. But of all the reasons to work with the Klinges, the most impactful and valuable is their compassion and genuine care for their clients. We pray that we can one day purchase our forever home and you better believe that Jim and Donna will be representing us - as long as they will have us of course. Thank you again Klinge team! Your execution, experience, and care are unmatched.
SabihaPasha
2024-07-22
Verified
Jim and Donna were fantastic! Jim understanding my needs, recommending potential places, pointing out the pros and cons of each property was invaluable. Then when the offer was accepted Donna’s organized guidance through the inspections, paperwork etc made the whole process seem effortless.
So grateful that I had them on my side!
dodyfrancis
2024-07-10
Verified
I appreciate Jim & Donna's great teamwork, sound advice, and guidance that eased the stress of selling our Carlsbad home. Their professional input and assistance throughout the process was very helpful. Highly recommended!
sbisachsen
2024-07-10
Verified
The Good
The Klinge Realty Group operates like a finely tuned machine, with a very personal touch. We contacted them on a Sunday and they were talking to us about our family and our needs on our living room couch the following day. They carefully listened to us and worked with us to identify the best and quickest path to listing within 2 weeks to take advantage of the low inventory conditions in our South Carlsbad neighborhood. They knew our tract specifically and had many previous sales there over the years - they came prepared with a thorough analysis of comparative sales and recommended a pricing strategy that they felt confident would yield offers the first weekend on the market.
The Great
Over the next two weeks Donna coordinated a range of vendors who she knew from experience could get the preparation to list work we needed done on time and with high quality. Our light tune-up involved excellent experiences with their stagers, landscapers, contractors, electricians, and plumbers. Throughout this period Donna's daily communication was clear, concise, and responsive. Any time we had questions Donna picked up the phone or texted immediately - but almost always, she answered our questions before we even knew we had them.
The Outstanding
We had a tricky situation with a shared fence that could have delayed our escrow. Donna used superb mediation skills to negotiate the terms of replacement and was personally on site with the fence contractor to make sure everything went smoothly. The fence looks great and escrow closed on time.
The Truly Exceptional
Our house came on the market on a Wednesday and between then and Monday morning Jim was personally at all three open houses. He was in constant communication explaining potential buyer reaction and strength. As he predicted offers began to come in on Saturday and each one was incrementally higher than the last. At the end we had 5 offers, 4 of which were over list, and the final accepted offer was $100,000 over list. In addition to being over list it included rent back terms that met our needs.
The Recommendation
For all of these reasons we would strongly recommend The Klinge Team to anyone wanting to sell in North County Coastal San Diego. I had been reading Jim's blog for 15 years and knew when the time came to sell that he would be our first call. Jim Klinge is not your standard realtor. He is keenly aware of market conditions and sales strategies. And, works his tail off - though not as hard as Donna . At this point he's gone from realtor to friend and I plan to have him over to grill and chill at our new place to talk real estate, but also just about life and raising kids in San Diego. He's more interested in relationships than his sales numbers - and that's why his sales numbers are so high. We have already recommended the Klinge's to some close friends and another successful sale is on deck right around the corner...
user19164788
2024-06-21
Verified
We recently had the pleasure of working with Jim and Donna from Klinge Realty Group to sell our house, and we couldn't be more satisfied with the experience. From the initial meeting, they listened attentively to our needs and provided invaluable guidance on specific improvements to get our home market ready.
Their responsiveness throughout the entire process was truly impressive. Anytime we had questions or concerns, they were quick to address them, ensuring we felt comfortable and informed every step of the way. What stood out the most was their team and extensive network of tradespeople, which made addressing any necessary repairs or updates seamless and stress-free.
Thanks to their expertise and dedication, our house sold quickly and at a great price. We highly recommend Jim and Donna to anyone looking to buy or sell a home. They are a fantastic team who truly care about their clients and deliver exceptional results.
cali4neal
2024-05-07
Verified
We had a wonderful experience buying our home with Donna and Jim! In particular I was very impressed with their efficiency and support through the purchase process. As we were doing the walk through, Donna started contacting roofers, plumbers, aircon, electricians, etc for all the areas we needed potential repairs - by the time we were done with the walk through appointments were already set up to get estimates for all the major services. When we had to change an appointment, or couldn't make one, Donna was there to arrange things to fit our schedule. Even after we closed on our home, Donna helped set up the repairs we needed before move in day. They truly went above and beyond to deliver exceptional service. I'll be calling them for our next home!
zuser20160809095816651
2024-03-16
Verified
The sale of our home exceeded our expectations - Jim and Donna Klinge are the best!
We’ve followed Jim’s Bubbleinfo blog since the 2006 housing bubble. After he helped us buy in 2017 we stayed in touch and Team Klinge were the obvious choice when it came time to move. They guided us through the preparation of the house, including a kitchen refresh - Donna and Lisa skillfully managed the various contractors for us after we had moved out of state. Donna’s excellent attention to detail and regular communication made the whole process run smoothly from a distance.
Jim’s market knowledge, expert negotiating skills and candid opinions, together with Donna’s responsive communications and problem solving, set them in a league of their own.
Highly recommended!
bourmakin
2024-02-09
Verified
Jim and Donna have exceeded my expectations with sale of my house. It was best experience with house sale. Professional, responsive, superior negotiating skills. I would recommend them with 5 star (I would give them even more than max) rating. Sale of my house was closed for really good price in 10 days. Jim and Donna perfectly handled house preparation for sale. Thanks a lot!!!
user1916779
2023-11-17
Verified
Jim and Donna have exceeded my expectations and made my most recent move back to California go so much more smoothly than I expected. Jim’s Bubbleinfo blog was full of useful information about the current market conditions. His experience helped us make a successful offer for the home we wanted in a desirable neighborhood. After the purchase Donna organized the work we needed done in the house without us having to make an additional trip. We were pretty worried when we started searching for real estate that not being in the area was going to makes things really difficult but Jim and Donna made the process so much easier. I enthusiastically recommend them.
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