Tuesday, April 7, 2015

Good advice for the Homeowner if you are thinking of improvements!

Spring Remodeling: Trends in Kitchens and Baths

An open-plan kitchen with Caesarstone countertops and an island with a breakfast bar.
An open-plan kitchen with Caesarstone countertops and an island with a breakfast bar.

Considering any home improvement projects this spring, like renovating your kitchen or bath? It's worth looking at some data first. In today's marketplace, you may not fully recoup your remodeling costs at resale time.
For a bathroom remodel, a homeowner can expect to recoup about 70 percent of the cost upon resale, while a major kitchen remodel could return 67.8 percent of the cost, according to the Remodeling 2015 Cost vs. Value Report, which compares the average cost of 36 types of remodeling projects with the value retained at resale in 102 U.S. markets.
The survey found that a midrange bathroom remodel costing $16,724 would only add $11,707 to the resale value of a home in today's market. Meanwhile, a midrange major kitchen remodel could total $56,768 and add $38,485 to the resale value of the home. The cost to value recouped on both remodeling jobs declined this year, with the bathroom job down 2.5 percent and the kitchen remodel down 6.4 percent, according to the report.
Should you remodel at all?
It depends. Housing markets vary, but in general, unless someone is looking for a fixer-upper, homebuyers are seeking updated kitchens and baths.
"In my market, the buyer generally will pay more for someone else to do the work. They don't want to disturb their family by living through construction," says Dawn McKenna, real estate broker at Hinsdale, Illinois-based Coldwell Banker Residential Brokerage.
When considering a potential remodeling job, McKenna advises homeowners to evaluate their property. "Does it have high ceilings? Does it have good bones? Is it in a good location? If the floor plans are worthy, you should update your kitchen and bath because you will reap the rewards at resale time. If your house is priced and marketed properly and it looks like a '10,' it will sell significantly faster," McKenna says.
For homeowners willing to dive into a remodeling project, it pays to think long term. "You've got to pick things that are timeless and good enough quality that will stand the test of time," says Ilyce Glink, author of numerous real estate books, including "100 Questions Every First-Time Home Buyer Should Ask." "When I remodeled my kitchen 16 years ago, I chose natural birch, nickel hardware, granite and neutral tile. People think we just redid our kitchen," Glink says.
As you begin to pick appliances, colors, countertops and cabinets, think about resale. "I always tell my clients: You want to enjoy it, but don't pick some crazy color. You want to appeal to the masses," McKenna says.
Kitchens: What's in. Great rooms, which are often large, separate family rooms with vaulted ceilings, are out. Buyers today are seeking an open kitchen-family room, where a large kitchen opens up into a family room and has no walls separating the two, McKenna says. If you have space, an island with a breakfast bar is ideal.
"Everybody wants an open kitchen-family room. They will do without a living room, and some people will even forgo a dining room," McKenna says. Stylistically, light, bright and open space appeal to homebuyers. Keep it clean-lined and sleek, McKenna advises.
Among countertop materials, McKenna favors Quartzite and Caesarstone because they are low maintenance. For appliances, "we are still seeing Wolf and Sub-Zero in the upper bracket, but Miele is being introduced in more transitional and contemporary applications. I also think Jenn-Air is making a comeback, due to the price point and uber-current features," McKenna says.
Built-in kitchen desks were all the rage about 10 years ago, but they've fallen out of favor, Glink says. Homeowners are replacing kitchen desks with "more usable" countertop space and shelving, she says. "How people use technology in their kitchen has evolved for designers over time. People are using laptops now, and you don't need a whole desk for that," Glink explains. Consider building a technology station with lots of outlets in your kitchen, and create a space for everyone to recharge their electronic gadgets and cellphones.
Smart home technology is also an attractive feature for home buyers. Homes that boast programmable thermostats and the ability to lock your front door remotely "make your house sell faster for a little more money," Glink says. Such technology extends to the kitchen as well. "Today we see refrigerators that will monitor and know when you are out of milk. In the next few years, you will be able to place your order with your food delivery service that will automatically deliver milk once you are out," Glink says.
Speaking of refrigerators, home buyers are looking for a special place to store and chill their favorite chardonnay. "We are seeing more demand for wine refrigerators that have several temperature areas," Glink says.
Trends in baths. Homeowners today are choosing larger shower spaces with all the trimmings, such as aromatherapy steam showers and more. "We are seeing a trend toward incredible shower experiences, with big, round rainwater shower heads. We are seeing places to sit in the shower and more elaborate shelving. Lots of glass tile and multispray heads," Glink says. These shower spaces can include built-in containers that allow you to preload your shampoo and conditioner.
When it comes to the number of bathrooms in your house, more is almost always better, real estate experts say. Still, the cost-to-value numbers aren't encouraging in this year's market. A midrange bathroom addition costs $39,578 but will only recoup 57.8 percent of the job cost at resale time, according to the Remodeling 2015 Cost vs. Value Report.
Although you may not fully recoup your kitchen or bath remodel, there are other factors to consider. After all, you'll get to enjoy that new kitchen or aromatherapy shower, and experts say updated homes .
"Buyers don't want to do big work in their house, especially if they're paying top dollar for a property. No one is going to pay top dollar for a house with old kitchens and baths. ... If you spend $60,000 on a new kitchen or $30,000 on a refresh and can sell your home for nearly top dollar immediately, what's that worth?" Glink says.
Courtesy of USNews by Kira Brecht 

Thursday, April 2, 2015

Local Market Trends

The Barringer Team Market Trends Newsletter

The following information is from the local MLS database, as of April 2, 2015 and is compared to(March 1, 2015). The active listings are increasing daily.  However there are more pending sales as buyers are out there buying! Inventory is barely keeping up. Buyers are eager to buy but sometimes appraisals are not keeping up.  And prices are rising more and more.   Interest rates are slightly improving with 30 yr fixed at 4.35% and FHA/VA at 3.75%. 15 yr is 3.75. New home construction projects are popping up more in the area and even though the prices are a little higher, there are still good deals out there in the new communities.  Don't forget...We can represent you with the new home builders too!  Don't go with out being represented!
   If you have been on the Fence about selling your home then NOW is the time to sell. There will be more homes coming on the market  and the buyers that are looking are SERIOUS buyers!  Don't wait till the summer!  If you are curious to see how much equity you have in your house, give us a call for a market analysis! Or go to our new service forinstant valuation of your home on the internet at www.tracyhomevalue.com.  or  Just call or e-mail for an hassle free appointment or to just talk about the market anytime. 1-800-894-7282 or sales@tracyhomes.com.
Tracy, CA
Total # of residential properties for sale in the city of Tracy: 120 (106)
# of REO (foreclosures): 2 (3)
# of Short Sales: 4 (8)
Average # of days on market: 20 (21)
The median price of all homes for sale in Tracy: $417.475 ($422,400)

Number of properties currently under agreement: 149 (135)
# of REO: 8 (7)
# of Pending Short Lender Approval: 24 (22)
Median pending price: $365,000 ($370,000)

Residential property sold over previous 30 days: 79 homes (74)
REO's sold in the last month: 6 (4)
Short sales sold in the last month: 1 (6)
Median sale price: $380.000 ($376,250)
Median # of days on the market:  13 (41)

Mountain House, CA


Total # of residential properties for sale in the city of Mountain House: 33 (32)
# of REO (foreclosures): 0 (0)
# of Short Sales: 0 (2)
# of New Construction:10 (7)
Average # of days on market: 15 (21)
The median price of all homes for sale in Mountain House: $517,163 ($540,975)


Number of properties currently under agreement: 51 (57)
# of REO: 0 (2)
# of Pending Short Lender Approval: 2 (4)
# New Construction: 16
Median pending price: $499,900 ($479,999)


Residential property sold over previous 30 days: 33 homes (22 homes)
REO's sold in the last month: 0 (0)
Short sales sold in the last month: 2 (0)
New Construction sold: 6
Median sale price: $479,000 ($501,830)
Median # of days on the Market: 24  (42)

Take a look at this chart to see the SOLDS in Tracy for March.  Call us for a free Market Analysis on your home!  209-833-7777.
  Address  BedsBathsSq FtList SellDOM 
8336 ParkPl5 (6)4 (3 1)429311950001085000255 
1724 Duncan Drive 42 (2 0)1527289000293000190 
1117 HarrisLn53 (3 0)251640000040000021 
861 PohonoCt44 (4 0)2902535475494976195 
1411 Maple Ct 43 (3 0)1716313000309000163 
2445 Spring CreekCt42 (2 0)1557374950374000117 
2551 AmatchiDr4 (5)5 (4 1)3767599950580000108 
231S3rdSt33 (2 1)1348337500328500177 
325WCarltonWay21 (1 0)855220000220000134 
141 CherubWay4 (5)3 (2 1)238141000040500066 
651 TennisLn32 (2 0)154828990028000096 
3108 HuttonPl55 (4 1)5059885000810000105 
106WWhittier Ave 22 (2 0)96015900015582022 
2559 GaraziSt4 (6)4 (3 1)369859900059900082 
444 GlenbriarCir53 (2 1)246742900042900055 
2147 Cedrus 3 (4)3 (2 1)204535000035000082 
781 SaffronDr53 (3 0)256443000042750063 
3120 corbett 42 (2 0)164829990030000065 
530 Renaissance Dr 33 (2 1)171435990035500067 
222 DiegoLn43 (2 1)299445000045000044 
25972 TeslaCt3 (4)3 (2 1)209663400054000052 
230EMount DiabloAve43 (2 1)200937500037500077 
2584 RedbridgeRd42 (2 0)238849900047500043 
1336 CottonwoodDr32 (1 1)107327000027000059 
1990 Thomas DehavenCt32 (2 0)131531995031500034 
1148 MichaelDr53 (3 0)280743490043000033 
75 Edward Ct 32 (2 0)127831995032000017 
207 BarcelonaDr43 (2 1)33494299004100000 
1245 MeadowLn33 (2 1)144134500034500019 
8291 WaterwellWay55 (5 0)456611000009850006 
28389WDepot MasterDr54 (3 1)351758900056500032 
1213 PyreneesCt43 (3 0)285954900045500028 
1650 ReyesLn32 (2 0)178136150036150015 
193 FairmontLn43 (3 0)195438500039300016 
2968 WagnerCt43 (2 1)21763850003850000 
3978 BastilleCt3 (4)3 (2 1)24103900004000008 
1552 ShadowoodCt43 (2 1)167332950033100033 
2299 YellowstoneAve43 (3 0)20393899003950005 
2343 Del MarCt3 (4)3 (2 1)246744490044390019 
2463 ChoisserCt43 (3 0)28924249504250008 
721 TulareDr43 (2 1)22873899003890007 
1675 LaholaCt53 (3 0)27634899504950003 
2572 TennisLn3 (4)3 (2 1)235644900044600018 
4181 Cherry BlossomLn3 (4)2 (2 0)181036500036500015 
4695 CalamityCt43 (2 1)24524159004250009 
48 PrimroseCt43 (2 1)172635500036000012 
101 AliCt53 (3 0)23834150004150004 
1146 MansfieldCt43 (2 1)215243750043600010 
277 James W SmithDr42 (2 0)17823799003799004 
2704 GilberteCt53 (3 0)376759995060000017 
2322 CabanaLn54 (3 1)29434380004350002 
1408 MichaelDr32 (2 0)17093650003700004 
1065 ThorntonLn34 (3 1)170331900032500014 
3425 BriarLn32 (2 0)107823990026000013 
64 LasataDr53 (3 0)27894500004455005 
792 DarbyCt4 (5)3 (2 1)20294053004150007 
1211 FruitwoodWay32 (2 0)11663099503110009 
531 WagtailDr33 (2 1)13733100003110009 
1227 GentryCt53 (2 1)213039500038000011 
331WHighlandAve32 (2 0)15583150003150002 
175 MachadoCt42 (2 0)19074275004150007 
1500 MontereyCt53 (3 0)268434675035575013 
1347 PerryCt42 (2 0)16394100004100009 
1422 LocustDr32 (2 0)116827900027900010 
1589 Cherry BlossomLn42 (2 0)18103888883840006 
727 F 3 (4)3 (3 0)174032800032500011 
2124 ThelmaLoop43 (3 0)244340980041500011 
2262 HoltspurCt23 (2 1)10801950002000005 
1131 TullochDr42 (2 0)214543900040500038 
1225 MeadowLn33 (2 1)14413500003525003 
1546 ParksideCt32 (2 0)13373249503300008 
1501NTracyBlvd32 (2 0)16863350003350007 
471 Pombo SquareDr32 (2 0)13453100003170005 
1635WKavanaghAve32 (2 0)17203300003315008 
1858 CraterPl4 (5)3 (3 0)26424010004250004 
1341NTracyBlvd32 (2 0)13421980002115004 
1451 TennisLn42 (2 0)20253600003550001 
243E3rdSt11 (1 0)44870000700000 
1730 Thomas DehavenLn32 (2 0)14763550003550003