Top 5 Home Design Trends for a New Decade

Whether you’re planning a simple refresh or a full-scale renovation, it’s important to stay up-to-date on the latest trends in home design. Sellers who make tasteful updates can generate increased buyer interest and, in some cases, a premium selling price. And buyers should consider which features of a home will need updating immediately (or in the near future) so they can factor renovation costs into their overall budget.

Even if you have no immediate plans to buy or sell, we advise our clients to be thoughtful about the colors, materials, and finishes they select when planning a remodel, or even redecorating. Choosing over-personalized or unpopular options could hurt a home’s value when it does come time to list your property. And selecting out-of-style or overly-trendy elements could cause your home to feel dated quickly.

To help, we’ve rounded up five of the hottest home design trends for 2020. Keep in mind, not all of these will work well in every house. If you plan to buy, list, or renovate your property, give us a call. We can help you realize your vision and maximize the impact of your investment.

1. IN: Sustainability / OUT: Fast Furniture

Consumers have become increasingly eco-conscious. Many are shunning the mass-produced, “fast furniture” popularized by retailers like IKEA, opting instead for higher-quality pieces that are built to last. And the availability of non-toxic, environmentally-friendly furniture and decor options is set to grow in 2020 and beyond.

At the same time, there’s been a noticeable shift toward individuality in today’s interior design. Instead of following the latest fad, more homeowners are opting to embrace their personal style and invest in items they believe will “spark joy” (à la Marie Kondo) for years to come.

Want to know more about Marie Kondo’s famous organization method and how it can increase your home’s value? Contact us for a free copy of our recent report, “Top 6 Home Organization Upgrades That ‘Spark Joy’ for Buyers.”

 

To incorporate this trend, designers recommend layering old and new pieces for a curated look that you can build over time. Instead of purchasing a matching furniture set from a big-box retailer, buy one or two sustainably-sourced pieces that complement what you already own. Try searching estate sales and Craigslist for vintage classics or well-built furniture that can be refinished. And to accessorize your room, mix sentimental items with newer finds to create a truly personalized space.

2. IN: Cozy / OUT: Cold

Designers are moving away from cool grays, industrial finishes, and stark modernism. In 2020, there’s a big emphasis on creating warm and cozy spaces through color, texture, and shape.

Gray has dominated the color palette for the past decade. This year, expect to see a move toward warmer neutrals, earth tones, and nature-inspired shades of blue and green. Warm metals, like gold and brass, will also continue to trend. And hardwood floors are heating up, as cool gray and whitewashed finishes fade in popularity. Expect to see a rise in classic choices like walnut, mahogany, and oak in richer and darker tones.

Furniture will also get cozier—and curvier—in 2020. From rounded sofas and curved-back chairs to oval dining tables, softened-angles are dominating the furniture scene right now. And designers expect softly-textured fabrics—like velvet, shearling, and mohair—to be big this year, as homeowners strive to add a touch of “hygge” (the Danish concept of calming comfort).

Want to warm up your home decor? Try one of the top paint colors for 2020: Benjamin Moore’s First Light (soft pink), Sherwin Williams’s Naval (rich blue), or Behr’s Back to Nature (light green).

3. IN: Bold / OUT: Boring

Bold is back! After years of neutral overload, vivid colors and prints will take center stage in 2020. Expect to see geometric designs, color blocking, and floral and botanical patterns on everything from pillows to rugs to wallpaper.

The hottest trend in interior paint right now is bold trim and ceilings. Monochromatic rooms (e.g., walls, ceilings, and millwork painted the same color) will be big this year, as well as high-contrast pairings, like white walls with black trim. Color is coming back to kitchens, too, and two-toned color schemes continue to gain steam. In 2019, 40% of remodelers chose a contrasting color for their kitchen island.1 While white was still the top choice for cabinets, blue and gray are increasingly popular alternatives.

If you’re ready to “go bold,” separated spaces like laundry and powder rooms are great places to start. It’s easier to incorporate busy wallpaper or a bright wall color in an enclosed area because it doesn’t have to flow with the rest of your decor.

Of course, clients always want to know how design choices could impact their home’s value. The reality is, neutral finishes are still the safest bet for resale. If you’re prepping your home to go on the market, stick with non-permanent fixtures—like artwork and accessories—to brighten your space.

4. IN: Nature / OUT: Industrial

Biophilic design has been big the past few seasons, and it isn’t going anywhere in 2020. It centers around the health and wellness benefits of connecting with nature, even while indoors, and it’s impacted the latest trends in color, prints, and materials.

As we mentioned previously, floral and botanical patterns are hot right now, along with nature-inspired hues, like blues, greens, and earth tones. We’re also seeing a heightened use of organic shapes and sustainable materials in furniture and furnishings, including wood, wicker, rattan, and jute. This infusion of nature coincides with a decline in the popularity of urban-industrial fixtures. Designers predict that concrete floors and Edison light bulbs are on the way out.

Want to bring in elements of biophilic design on a budget? Houseplants are a great place to start. But you can also enhance your home’s natural light and create a visual sightline to the outdoors by removing heavy curtains and blinds. And when the weather is nice, open your windows and enjoy the breeze, sounds, and smells of nature. These simple acts are scientifically proven to help reduce stress, boost cognitive performance, and enhance mood!2

5. IN: Functional / OUT: Fussy

In 2020, homeowners want design that’s beautiful, but also liveable. With the rise in remote workplaces, online shopping, and virtual exercise classes, many of us are spending more time at home than ever before. Cue the growing appeal of multi-functional spaces, like a combination kitchen/office or gym/playroom. Real life—and rising housing prices—necessitates creative use of limited space.

Durable, low-maintenance materials will also surge in popularity this year. Engineered quartz—which is more stain, heat, and chip-resistant than natural stone—is now the #1 choice for kitchen countertops.1 Waterproof, wood-look luxury vinyl is the fastest-growing segment in the flooring industry.3 And improvements to water and stain-resistant performance fabric has made it a mainstream option for both indoor and outdoor upholstery.

Now that functional is hot, what’s not? Designers say that mirrored furniture, open shelving, and all-white kitchens are too impractical for today’s busy families.

So how can you start enjoying the time and energy-saving benefits of this design trend? Begin by structuring each room so that it best suits your needs. And when purchasing furniture or fixtures, choose options that are durable and easy-to-clean. The truth is, design fads come and go. But a comfortable and relaxed home (that you don’t spend every spare minute maintaining!) can help create memories to last a lifetime.

DESIGNED TO SELL

Are you contemplating a remodel? Want to find out how upgrades could impact the value of your home? Buyer preferences vary greatly by neighborhood and price range. We can share our insights and offer tips on how to maximize the return on your investment. And if you’re in the market to sell, we can run a Comparative Market Analysis on your home to find out how it compares to others in the area. Contact us to schedule a free consultation!

Sources:

  1. Houzz –
    https://www.houzz.com/magazine/2020-us-houzz-kitchen-trends-study-stsetivw-vs~129594531
  2. Terrapin Bright Green – https://www.terrapinbrightgreen.com/reports/14-patterns/
  3. Remodeling Magazine –
    https://www.remodeling.hw.net/products/vinyl-ceramic-and-hardwood-oh-my-todays-popular-flooring-trends_o
  4. Elle Decor –
    https://www.elledecor.com/design-decorate/trends/g29859422/design-trends-2020/?slide=1
  5. Forbes – https://www.forbes.com/sites/amandalauren/2019/12/23/twelve-interior-design-trends-well-see-in-2020/#43f81f044a5f
  6. Wall Street Journal –
    https://www.wsj.com/articles/the-top-6-interior-design-trends-for-2020-11577460357
  7. Good Housekeeping –
    https://www.goodhousekeeping.com/home/decorating-ideas/g29849170/home-decor-trends-2020/
  8. Architectural Digest –
    https://www.architecturaldigest.com/story/top-design-trends-of-2020
  9. Los Angeles Times –
    https://www.latimes.com/lifestyle/story/2020-01-11/2020-home-design-trends

 

5 Step Strategy for Downsizing Your Home

In our “bigger is better” culture, there’s an expectation that each home should be larger and grander than the last. But life changes like divorce, kids leaving for college, or even the simple act of growing older can prompt us to find a smaller home that better suits our shifting needs and lifestyle.

In fact, the advantages of downsizing are being increasingly recognized. A “tiny house movement” has gained passionate advocates who appreciate the benefits of living simply at any age and stage of life. Not only does a smaller home typically cost less, it also takes less time and effort to maintain.1

Whatever your reasons are for downsizing, the process can seem overwhelming. That’s why we’ve outlined five steps to guide you on your journey. And in the end, we hope you’ll find that less is more … more comfort, more security, and more time and energy to spend on the activities and the people that you love.

5 STEPS TO DOWNSIZING SUCCESS

  1. Determine Your Goals and Limitations

The first step is to figure out your goals for your new living environment. Do you want to live closer to family? Are you hoping to cut down on home maintenance? Are you looking for a community with certain amenities?

You should also consider any limitations that will impact the home you choose. For example, are stairs an issue? Do you need access to medical care? In the case of divorce, are there child-custody issues you need to take into account?

Estimate how long you plan to stay in your new home. Do you expect your needs to change during that time?

Make a “wish list” of features and prioritize them from most to least important. If you’d like any assistance with this process, give us a call! We’d be happy to sit down with you for a free consultation. We can also help you assess the value of your current home so you can set a realistic budget for your new one.

  1. Find the Perfect New Home

Once you’ve established your “wish list,” we can begin the search for your new home. As local market experts, we know the ins and outs of all the top communities in our area. We can help you determine the neighborhood and type of home that will best fit your wants and needs.

From family neighborhoods to retirement communities, we serve clients in all stages of life. If you or a loved one are in need of extended support, we can also share our knowledge of the assisted living facilities in town and help you identify those that offer the optimal level of care.

Are you planning to relocate out of town? We can refer you to a trusted real estate professional in your target area who can help you with your search.

  1. Sell Your Current Home

If you’re ready to sell your current home, we’ll begin the process of preparing to list it as we search for your new one.

We have a special interest in helping homeowners who are facing major life transitions, and we offer a full-service real estate experience that aims to remove as much of the stress and hassle of selling your home as possible. We also understand that many of our clients choose to downsize for financial reasons, so we employ tactics and strategies to maximize the potential sales revenue of your home.

We do this by employing our proven three-part approach, which focuses on optimum preparation, pricing, and promotion. As part of that plan, we invest in an aggressive marketing strategy that utilizes online and social media platforms to connect with consumers and offline channels to connect with local real estate agents. This ensures your property gets maximum exposure to prospective buyers.

  1. Sort and Pack Your Belongings

Even before you find your new home, you can begin preparing for your move. A smaller home means less space for your furniture and other possessions, so you will need to decide what to keep and what to sell or donate. Sorting through an entire house full of belongings will take time, so begin as early as possible.

Parting with personal possessions can be an extremely emotional process. Start with a small, unemotional space like a laundry or powder room and work your way up to larger rooms. Focus on eliminating duplicates and anything you don’t regularly use. If you have sentimental pieces, family heirlooms, or just useful items you no longer need, think about who in your life would benefit from having them. For large collections, consider keeping one or two favorite pieces and photographing the rest to put in an album.2

Make sure the items you keep help you achieve the goals you outlined in Step 1. For example, if you want a home that’s easier to clean, cut down on knickknacks that require frequent dusting. If you’re moving to be closer to your grandchildren, choose the shatterproof plates over the antique china.

Allow yourself time to take breaks if you start to feel overwhelmed. If you’re helping a loved one with a move, try to be a patient listener if they want to stop and share stories about particular items or memories throughout the process.3 This can be therapeutic for them and an opportunity for you to learn family history that may otherwise have been forgotten.

  1. Get Help When You Need It

Moving is stressful in any situation. But if you’re downsizing due to health issues or a major life change, it can be an especially tough transition. Don’t be afraid to ask for help.

Seek out friends and family members who can assist with packing and decluttering. If that’s not an option, or if you need additional help, consider hiring a home organizer, full-service moving company, or even a senior move manager, which is a professional who assists older adults and their families with the physical and emotional aspects of relocation.4 You can find one accredited by the National Association of Senior Move Managers at https://www.nasmm.org/find/index.cfm.

If financial constraints are holding back, let us know. We can help you explore the possibility of tapping into the equity in your current home now. That way you can afford to get the assistance you need to make your transition as smooth as possible.

ARE YOU LIVING YOUR BEST LIFE?

If your current home no longer suits your needs, maybe it’s time to consider a change. We would love to help you explore your options. Contact us today to schedule a free, no-obligation consultation.

Sources:

  1. The Tiny Life –
    https://thetinylife.com/what-is-the-tiny-house-movement/
  2. My Move –
    https://www.mymove.com/moving/senior-guide-downsizing/
  3. Daily Caring –
    https://dailycaring.com/5-tips-to-downsizing-for-seniors-keepsakes-mementos/
  4. National Association of Senior Move Managers –
    https://www.nasmm.org

Serious About Selling? 5 Steps to Make Your Home the Best on the Block

We all want to be good neighbors. But when it comes to selling your home, it’s not just about “keeping up with the Joneses.” It’s about outshining them at every opportunity!

If you’re looking to sell your home fast and for the most money possible, you’ll need a strategy to set it apart from all the other listings competing for buyers in your area. That’s why we’ve outlined our proven, five-step plan for serious sellers.

Use these five tactics to help your listing get noticed, win over buyers, and net a higher sales price than your neighbors!Get Moving

STEP 1: Stage Your Home to Show Its Full Potential

The average seller will do the minimum to prepare their home for market: clean and declutter, fix anything that’s broken, mow the lawn. And while those tasks are essential, today’s buyers want more than just a clean house and tidy yard. When they dream of buying a new home, they envision a designer house with modern finishes. Help them see your property’s full potential by staging it.

Home staging is one of the hottest trends in real estate—because it works! According to the Real Estate Staging Association, homes that are professionally staged spend 73% less time on the market.1

So what exactly is staging? In a broad sense, staging is the act of preparing your home for market. The goal is to highlight your home’s strengths, minimize any deficiencies, and help buyers envision themselves living in the space. When staging a home, you might rearrange the furniture to make a room feel larger or remove heavy curtains to make it appear brighter.

Some sellers choose to hire a professional home stager, who has specialized training and experience, to maximize the appeal of their home to the largest number of potential buyers. Others may opt to do it themselves, using guidance from their agent.

We can help you determine the appropriate budget and effort required to push your home ahead of the competition in your neighborhood. The good news is, an investment in staging pays off. A 2018 survey found that 85% of staged homes sold for 6-25% more than their unstaged neighbors homes.2

STEP 2: Draw Buyers in with High-Quality Listing Photos

You only have one chance to make a first impression with potential buyers. And many buyers will view photos of a listing before they decide whether or not to visit it in person. In fact, 87% of buyers find photos “very useful” in their home search.3 Poor-quality or amateur-looking listing photos could keep buyers from ever stepping through your door.

Since good photography plays such an important role in getting your property noticed, we only work with the top local professionals to photograph our listings. But we don’t just rely on their photography skills when it comes to showcasing your home.

We go the extra mile to ensure your listing photos showcase the true essence of your home. We’re always on site during the photo shoot to help the photographer capture the best angles and lighting, and to let them know about unique or compelling selling features that they should photograph. The extra effort pays off in the end. In fact, listings with high-quality photography sell 32% faster than the competition … and often for more money!4

STEP 3: Price It Properly From the Start

Even in a strong real estate market, there are homes that will sit unsold for months on end. This can be the “kiss of death” in real estate, as buyers tend to imagine that there must be something wrong with the property, even if it’s not the case.

But why are those houses still on the market in the first place? It’s because they are often priced too high.

Every buyer has a budget. And most will be viewing listings within a particular price range. If your property is overpriced, it can’t properly compete with the other houses they’re viewing that are priced correctly. Which means it’ll sit on the market until you’re eventually forced to drop the price.

Alternatively, if you price your home aggressively, it can be among the nicest homes that buyers have seen within their budget. This can lead to emotionally-attached buyers, who are often willing to pay a premium or settle for fewer seller concessions. And in certain markets, it can lead to a multiple-offer situation, or bidding war. The end result? More money in your pocket.

We can help you determine the ideal listing price for your home in the current market. Pricing it properly in the beginning is the best way to ensure a fast and profitable sale.

STEP 4: Put on a Good Show at Each Showing

Once buyers are interested enough to schedule a visit, it’s crucial that you put on a good show at each showing.

The first step is to make your home readily available—and often on short notice—for buyers to see it. A missed showing is a missed opportunity to sell your home. If you set too many restrictions on when it’s available to view, busy buyers will simply skip over your listing and move on to the next one.

Part of making your home available means keeping it relatively show-ready as long as it’s on the market. Most of us don’t live picture-perfect lives, and our homes reflect the day-to-day reality of our busy (and sometimes messy) families. But a little extra effort spent keeping your home clean, fresh-smelling, and ready for buyers will help it sell faster … which means you can get back to your regular routine as quickly as possible!

STEP 5: Use a Proven Promotion Plan

Most agents are still marketing their listings like they did 20 years ago  … put a sign in the yard, put the listing in the MLS, and pray that it sells. Yet, we know that 93% of buyers search for real estate listings online.3

That’s why we invest in the latest training and technology—to ensure your listing appears in the places where buyers are most likely to look. Our dual-level promotion strategy includes both pre-launch activities designed to seed the marketplace and post-listing activities to ensure your home stays top-of-mind with potential buyers.

By utilizing online and social marketing platforms to connect with consumers and offline channels to connect with local real estate agents, your property gets maximum exposure to prospective buyers.

LET’S GET MOVING

Are you thinking about listing your home? Get a head start on your competition! Contact us for a copy of our Home Seller’s Guide, which offers a complete guide to the home selling process. Or call us to schedule a free no-commitment consultation. We’d love to put together a custom plan to maximize the sales potential of your property!

Sources:

  1. Real Estate Staging Association – https://www.realestatestagingassociation.com/content.aspx?page_id=22&club_id=304550&module_id=164548
  2. Home Staging Resources –
    https://www.homestagingresources.com/2018-home-staging-statistics/
  3. National Association of Realtors –
    https://www.nar.realtor/sites/default/files/documents/2018-real-estate-in-a-digital-world-12-12-2018.pdf
  4. RIS Media –
    https://rismedia.com/2018/12/12/shocking-stats-importance-photography-real-estate/

How Moving Into a New Home Can Help Heal After Loss

Nothing can prepare you for the emotional havoc that comes after losing someone near and dear to your heart. Soon after the initial shock, our minds race through the stages of grief in strange and unusual patterns. Positive memories of times spent with a loved one can even become painful reminders of the absence that now exists. The pictures that line your hall might even feel like ghosts of your past coming back to haunt you.

Grief can make us latch onto locations in strange ways, and it may be that continuing to dwell where the hurt is can make it seem as if the pain will never go away. Sometimes the best thing we can do after experiencing a traumatic loss is to refresh our lives in a new location. If you are considering moving into a new home, here are some things to think about.

Friends and Family Members Will Likely Understand

Initially, you might feel ashamed for wanting to leave your home. You might even think that it is a sign of shallowness or weakness. However, bear in mind the start of a new chapter always comes after another ends.  Communicate with friends and family members about your decision to move. Talking things through can help them understand your situation, help you feel at ease, and help you stay involved with those who care about you during your transition.  Buying and selling a home during an already challenging time can feel overwhelming, so keep communication flowing to allow loved ones to assist and support you.

Connect with good help

Everyone’s financial situation is unique, and your own circumstances will shape how the buying and selling process will work for you. Start by consulting with professionals, such as real estate agents, attorneys, and financial advisers. Your decisions could influence personal circumstances you might not even think about, such as your future taxes, so by covering all your bases you set yourself up for success. It’s also important to find an affordable property in the location of your choosing, sell your current home, and ensure you’re able to purchase your new home without hiccups. Those advisers can play a key role, especially your real estate agent.

To help your real estate agent find the perfect place, consider making some notes about your search criteria.  Categorize what property features are non-negotiable, what would be flexible, and what items are on your wish-list.  To help you get started, The Balance offers an extensive list of home amenities and features.

It’s Good to Have a Timeline

Once you find your new home, consider creating a timeline to help make the transition as smooth as possible. It’s a great way to ensure you stay on track and avoid getting waylaid.  Make sure you hire movers or arrange helpers well in advance, since the last thing you want is to have everything packed and no help for moving day.  If you do hire movers, be sure to adjust your budget accordingly. Most homeowners in Fort Lauderdale spend between $671 – $1,772 for a local move. While hiring movers gives you one less thing to worry about on moving day, having friends and family help can be a nice way to connect and keep your mind busy. Do what helps you the most during a challenging time.

Packing Is the Hardest Part

Another reason to have a timeline laid out is because there will likely be some emotional hurdles involved with sorting your household items.  This is especially true if you need to sort many things that belonged to or remind you of your special someone.

Allow yourself ample time to work through things and consider asking a close friend to help.  Having someone there who knew your loved one will give you a chance to sort your emotions while you sort tangible belongings, laughing and crying as those things trigger memories.  Shelly Frey explains that while it may be difficult to let go of something that belonged to your loved one, it can be an important part of the healing process. At the same time, allow yourself to keep some special things. You might like to create a memory album or some other tribute to your loved one, and revisit it as you wish.

Packing and moving after a major loss can be a highly emotional experience.  As you begin your new life, consider it a refresher instead of thinking of it as running away.  Embrace the promise of a new chapter and know your loved one would want you to be happy.

Do You Really Need A Lockbox When Selling Your Home?

I had a conversation with a colleague this week about using lock boxes.  She hadn’t been able to convince her seller that using a lock box was advantageous and whether having a lockbox on her door was even necessary to sell her home. Those of you that don’t know, a lockbox is an apparatus that usually holds your front door key securely inside; your listing agent will attach it (the lockbox) in a convenient location somewhere on or near your home, making it very easy for the buyer’s agent who wants to show your home to gain access.  To get the key out of the lockbox, a Realtor would use an electronic key or an app on their smart-phone to access the lockbox.

 

In the South Florida market, Real estate agents have become very accustomed to lockboxes and almost expect them for the convenience they afford.  Often agents will schedule several homes to show with their buyer and will want to have the ability to quickly go from one property to another without having to worry about keys. If your home is one of the few properties without a lockbox, it puts a monkey wrench in the flow of things.  Homes without lockboxes run the risk be tagged “Difficult to Show.”

Without a key on site (in a lockbox) there are usually only few other ways to gain access to your home; none of which agents care for:

  • Seller has to be home to let you in
  • The buyer’s agent has to go to (listing) agent’s office to get and later return the key
  • Listing agent has to go to your property to unlock the door and wait at the property with the showing agent until done

Agents don’t have time to worry about keys nor do they like having to schedule around other people’s time such as the home owner or listing agent.  Thinking you will always be home or that your listing agent will always be available to accommodate another Realtor’s showing schedule is not realistic.  A showing can happen at anytime and arrival time to your home is usually within a broad time-frame which fluctuates within a half hour to an hour.  It is usually inconvenient for the listing agent to sit around your home waiting for a showing, and it’s often challenging for a buyer agent to keep a precise schedule.

Agents are like water, they follow the course of least resistance.  If your home is difficult to get inside an agent may drop it from their showing schedule.

What would be your objection to a lockbox anyways: Safety? Security? Someone coming in your home unannounced?  The South Florida MLS uses a lockbox system call Supra. It is very secure and affords Realtors many options controlling the lockbox functions.  Once you see the lockbox firsthand and understand how secure it is (holding your key inside) and all the control you and your listing agent have over others having access to the key inside. The box itself is virtually indestructible and it would be far easier for a nefarious intruder to break down your door instead of trying to gain access to a lockbox.  Going that extra step to assure your home accessible at any given time will go along way in helping you sell your home.

Realtors in South Florida using the Supra system can:

  • Block-out showing times;
  • Provide you (the seller) with online access where you can restrict showings;
  • Require all showings to be confirmed by you, by me, by both of us, or completely automatically;
  • Know exactly when any Realtor accesses the lock box in real-time;
  • Post all showings and agent feedback in real time online.
Block-Out Showing Times Feature:

You can ask your agent to automatically block off showings (and disable your lockbox) for any specific time or recurring time frames.  Unless otherwise objected, I like to restrict home showing times to fit between: 9AM to 7PM daily; before or after that time-frame Realtors can not automatically schedule a showing online and the lock-box goes into complete lock down – The lockbox is completely disabled and no one has access.  It’s also good to know for example, when when an owner has a vacation home and wants to “use” it for the weekend they can block out times days or weeks in advance.  It’s simple to block out those days and time they plan on being at the property.  Scheduling block-out times is very easy. Another option is the do not disturb feature. This gives a seller the ability to disable the lockbox ANYTIME desired.

Do Not Disturb (DND) Feature:

You have total control when someone can use the lockbox. You can disable the lockbox on your property at any time – from the comfort of your home.  Say for instance you are feeling a little under the weather, took the day off from work and are at home bedridden; you called your listing agent and asked them not to schedule any showings for the day but … you keep thinking about the key in the box outside.  Not to worry, all you have to do is enter a simple code (provided by your agent) and that code will completely disable/lockout anyone that tries to get access until you turn off the DND function.  You can keep it off for minutes, hours or days – you have total control over that lockbox.

Showing Record:

Every Time your lockbox is accessed by a Realtor their unique electronic key instantly embeds their personal identification, date and time of access and the information is then transmitted wireless to Supra which can be accessed online. We always know who was at your property and when.

Sellers’ Gateway:

In addition to documenting who has accessed the lockbox, the Sellers’ Gateway also solicits agents’ feedback about your home, keeps a tally of all the showings you had, and will even show future showings.  Our sellers love this feature and it’s only possible when using both the Supra lockbox and our ShowingTime scheduling system.

Going back to the question at hand – Should you use a lockbox when selling your home? Of course I feel strongly that it is in your best interest as a seller to use a lock box.  A lockbox makes a home much more accessible to buyers and their agents and  provides you with a complete and accurate record of showings.  The key inside is safe and secure and you always have total control.  When I visit for a listing presentation I will bring a sample lockbox with me.  I will show you all the features of the lockbox firsthand and how we interact with it.

Having a lockbox at your home increases the number of showings and foot traffic through your property. The buyer’s agent still needs to make an appointment with the listing agent to show the house and no one can gain access to your home without your knowledge.

Fort Lauderdale Housing Market

My Market Insider provides a wealth of information that will help you better understand the factors that impact the real estate market. Consider this page your reference library for resources, tips, and techniques.  Whether you’re a buyer or seller, the knowledge you gain will help put you in control of your real estate transactions.  Gain valuable insight into a community by looking at household incomes, crime risk, education levels attained, and potential for extreme weather. Use the map to locate points of interest like shopping, restaurants, and healthcare services.

These reports are updated in real time and broken down by neighborhood throughout Fort Lauderdale and surrounding communities.

I can provide a more in-depth analysis for a particular neighborhood.  Contact me if I can share anything with you.

Downtown Fort Lauderdale and the Las Olas Isles – zip code 33301

Near North, Victoria Park, Middle River, Central Beach – zip code 33304

Wilton Manors to the southern Corals – zip code 33305

Southeast Oakland Park – zip code 33306

Coral Ridge Country Club, Bay Club, the northern Corals and Imperial Point – zip code 33308

North Fort Lauderdale and Central Oakland Park – zip code 33334

West Fort Lauderdale and West Wilton Manors – zip code 33311

Lauderdale West, South Fort Lauderdale, Riverside, Lauderdale Isles – zip code 33312

Downtown South, Marina Mile and Fort Lauderdale Airport – zip code 33315

Rio Vista, Lauderdale Harbours, Harbor Beach – zip code 33316

 

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Hesitant to sell in today’s market because you’d also have to buy? Not so fast…

Conventional wisdom has it that when you sell, and might buy in the same market, you’ll be buying in the same market conditions as well. You’d be mostly right, but not always. It pays to have a grasp of what’s happening in different segments of the market and take advantage when conditions are right.

At the moment, the South Florida market is pretty hot. Single family home inventory is low and good inventory sells quickly – often with multiple bidders. If you’re trying to buy in the “Sweet Spot” right now – between $300,000 and $500,000 – you’re probably having challenging time. It’s even more competitive if you’re shopping for a single family home below $300,000 – the market is best described as “insane.”

But what if you’re in a position to “move up?”

You bought your current home a few years ago or more, and you’ve taken great care of it. Today you find yourself seeking more space, perhaps a pool, or more bedrooms? Your current home that you bought for $250,000 is now in that magical sweet spot and should sell for $400,000 – that would be amazing, wouldn’t it? Except you’re worried that selling at the top of the market means that you’ll also be buying at the top of the market? Maybe not so. This is why having an expert in in the market can pay big dividends for you.

That new home priced between $500,00 and $700,000 might be a pretty good deal right now. The market for homes priced higher than yours is not as hot. Sluggish even? Check out the stats…stats1

 

Your current home priced between $300,000 and $500,000 is clearly in the heart of “Seller’s Market” territory.  However take a look a that $500,000 to $700,000.   Almost into “Buyer’s Market” territory.

 

 

 

 

stats2

Check out the next slide.  Non-distressed homes priced between $500,000 to $700,000 are even further into the “Buyer’s Market” territory.  See what I mean?  There’s opportunity here for a buyer in just the right situation.  Could that be you?

 

 

 

 

Check out the last slide:   Current market conditions are favorable in several price ranges to take advantage stats3of a hot market to sell in, and a sluggish market to buy in.  Despite the lower total number of sales in the $200,000 to $300,000 price range, the number is primarily due to lack of decent inventory.  Price increases in the same range are steep.  So if you’re ready for a leap into the $500,000 to $700,000 price range, moving up from nearly any price point is advantageous.

The same can be said for moving from $750,000 into any price point over $1-million.  If you might be interested in a condominium priced over $1-million the market is truly your oyster.  Sluggishness in the new-construction market has caused developers to offer a slew of new incentives to capture a dwindling number of buyers that are interested in luxury condos.

I have more information available and if there’s a particular segment of the market that you are interested in, please reach out.  I’d be pleased to share what I have.

 

 

 

How do I sell my timeshare in Florida?

Or is the better question: CAN I sell my timeshare in Florida?Resport

I get questions from colleagues around the country asking for referrals here in Florida for agents that can sell a timeshare.   Since it’s the magical time of the year when folks start planning for their winter get-aways down to Sunny Florida, here are my tips for buying, and selling, a timeshare.

Plan Ahead and Buy Smart

The first thing to know is that you will over-pay for a timeshare if you buy from the developer or the on-site agent.   There’s a tremendous markup for the developer when selling timeshares right on the property.  However in established timeshare communities there are often timeshares that can be found on the secondary market for less than half the price the developer is offering, and can be as low as a dollar.    Yes.   $1.   A buck.

But don’t forget that your timeshare costs far more than the purchase.  The annual fees can amount to thousands of dollars.   Typically around $7,500 per year.

Check out eBay timeshares and see for yourself:   http://www.ebay.com/sch/Florida-Timeshares-for-Sale/15897/bn_18950828/i.html

When buying, consider forming a Limited Liability Company to take title to the timeshare.    Friends of mine have purchased several timeshares in the name of the LLC and when they decided they didn’t want the timeshare anymore, they just stopped paying the maintenance fees on it.   Eventually the timeshare company will take the timeshare back although they won’t want to.    The LLC limits the liability to the assets of the LLC so the timeshare company can’t come after you to pay the monthly maintenance in arrears.

If you haven’t planned this far in advance, you probably own the timeshare personally.

You might be able to try the same tactic with the timeshare management company – stop making your monthly maintenance payments and try to negotiate for the company to simply take the timeshare back.   However this isn’t always successful and you could wind up with derogatory marks on your credit report because of the late payments.  At the very least, expect that your account will be turned over to a collection agency and that they will begin a campaign of merciless harassment by phone and mail to get you to pay your past-due maintenance fees.

Sell with a timeshare liquidator

One of the largest timeshare selling companies is Sell My Timeshare Now:  www.sellmytimesharenow.com however this is more of a listing company for folks trying to sell “By Owner” on their own.

Another is Buy a Timeshare: www.buyatimeshare.com.  This company is more like a listing company that charges a fee to broker your timeshare sale.

There are a few companies that will purchase your timeshare from you – often times at a huge discount.   But if you just want to get out from under the maintenance charges, this might work for you.  They come and go so quickly my recommended companies are no longer in business but a Google search should turn something up.   Just make sure that during the transaction, the company takes on full responsibility for the maintenance and any other payments.

There is a Timeshare Users Group with loads of user-generated content about selling un-loved and un-used timeshares.  www.tug2.net

Last but not least is Redweek: www.redweek.com where users can post their timeshares for sale or for rent, or try to GIVE them away to other users.

Is your timeshare worth anything?

Do your research.   A great website to see if there are recent sales in nearly any timeshare resort is Sharket:  www.sharket.com

Avoid the scams

Since we have already determined that a local Realtor may not be able to handle the transaction, and you’re anxious to be free of the monthly maintenance and other responsibilities, know that thousands of other folks are in situations just like yours.   Watch out – there are probably dozens of timeshare peddling scams going on at any given time.   A good rule of thumb: don’t deal with a company that has any upfront costs higher than $100.    You really should only need to pay a “By Owner” type of marketing company for the use of its website, its promotional prowess and good name.    You should only pay a company that works as your “Agent” in facilitating your sale after the transaction is successfully consummated or closed.

 

Top Ten Tips for 1031 Exchanges

The 1031 Exchange is slowly making its way into daily conversation by Realtors, title companies, and investors.  Please keep in mind that Section 1031 isn’t restricted to Real Estate but this is where most of the discussion takes place.

Although most sales are taxable as sales, if you use 1031, you’ll either have no tax or limited tax due at the time of the exchange.

In effect, you can change the form of your investment without cashing out or recognizing a capital gain.   There’s no limit on how many times or how frequently you can do a 1031 exchange.  Although you may have a profit on each swap, you can avoid tax until you actually sell for cash many years later.

In general, if you swap one building for another building, you can avoid depreciation recapture.  But if you exchange improved land with a building for unimproved land without a building, the depreciation you’ve previously claimed on the building will be recaptured as ordinary income.

Such complications are why you need professional help when you’re doing a 1031 exchange.  If you’re considering a 1031 exchange, or just curious, here are 10 things you should know.

1.  A 1031 isn’t for personal use.

The provision is only for investment and business property, so you can’t swap your primary residence for another home.   There are ways you can use a 1031 for swapping vacation homes.

2.   Some personal property qualifies.

Most 1031 exchanges are of real estate.  However some exchanges of personal property (say – a valuable painting) can qualify.

3.   “Like-kind” is broad.

Most exchanges must merely be of “like-kind.”  You can exchange an apartment building for raw land, or a ranch for a strip mall.  The rules are surprisingly liberal.  You can even exchange one business for another.

4.   You can do a “delayed” exchange.

An exchange involves a simple swap of one property for another between two people;e.  But the odds of finding someone with the exact property you want who wants the exact property you have are slim.  For that reason the vast majority of exchanges are delayed.  in a delayed exchange, you need a middleman who holds the cash after you “sell” your property and uses it to “buy” the replacement property for you.  That middleman is called the “intermediary.”

5.   You must designate replacement property.

Once the sale of property occurs, the intermediary will receive the cash.  You can’t receive the cash or it will spoil the 1031 treatment.  Also, within 45 days of the sale of your property you must designate the replacement property in writing to the intermediary, specifying the property you want to acquire.

 6.   You can designate multiple replacement properties.

The IRS says you can designate three properties as the designated replacement property so long as you eventually close on one of them.

7.   You must close within 6 months.

You must close on the property within 180 days of the sale of the old property.  YOu start counting when the sale of your property closes.   If you designate a replacement property 45 days later, you’ll have 135 days left to close on the replacement property.

8.   If you receive cash, it’s taxed.

You may have cash left over the intermediary acquires the replacement property.  If so, the intermediary will pay it to you at the end of hte 180 days.  That cash – known as “boot” – will be taxed as partial sales proceeds from the sale of your property, generally as capital gain.

9.   You must consider mortgages and other debt.

One of the main ways people get into trouble with these transactions is failing to consider loans.  Suppose you had a mortgage of $1-million on the old property, but your mortgage on the new property you receive in exchange is only $900,000.   You have $100,000 of gain that is also classified as “boot,” and it will be taxed.

10.   Using a 1031 for a vacation house requires caution.

You can sell your primary residence and, combined with your spouse, shield $500,000 in capital gain, so long as you’ve lived in your home for two years out of the past five.  But this break isn’t available for your second or vacation home.  Yes, taxpayers can still turn vacation homes into rental properties and do 1031 exchanges.  Example:  You stop using the beach house, rent it out for six months or a year and then exchange it for other real estate.  If you actually get a tenant you’ve probably converted the house investment property, which should make the 1031 exchange OK.

In 2008 the IRS set forth a safe harbor rule.

To meet safe harbor, in each of the two 12 month periods immediately after the exchange: (1) you must rent the dwelling unit to another person for a fair rental rate for 14 days or more; and (2) your own personal use of the dwelling unit cannot exceed the greater of 14 days or 10% of the number of days during the 12-month period.

Glossary:

Relinquished property:  The original property being sold by the taxpayer when making an exchange.

Replacement property:  The new property being acquired by the taxpayer when making an exchange.

Qualified intermediary:  Accommodator, facilitator, qualified escrow holder.  A third party that helps to facilitate the exchange.

 

4 Demands you need to make of your Real Estate Agent

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Are you thinking of buying a home? Are you dreading having to walk through strangers’ houses? Are you concerned about getting the paperwork correct? Hiring a professional real estate agent can take away most of the challenges of buying. A great agent is always worth more than the commission they charge just like a great doctor or great accountant.

You want to deal with one of the best agents in your marketplace. To do this, you must be able to distinguish the average agent from the great one.

Here are the top 4 demands you need to make of your Real Estate Agent when buying a home:

1. Tell the truth about the price

Too many agents just take your offer at any price and then try to ‘work’ both the seller and you while negotiating later. Demand that the agent prove to you that they have a belief in the price you are offering. Make them show you their plan to get both the seller – and the bank – to accept that price. Every house in today’s market must be sold two times – first to you and then to your bank.

The second sale may be more difficult than the first. The residential appraisal process has gotten tougher. A recent survey showed that there was a challenge with the appraisal on 24% of all residential real estate transactions. It has become more difficult to get the banks to agree on the contract price. A red flag should be raised if your agent is not discussing this with you at the time of the original offer.

2. Understand the timetable with which your family is dealing

You will be moving your family into a new home. Whether the move revolves around the start of a new school year or the start of a new job, you will be trying to put the move to a plan.

This can be very emotionally draining. Demand from your agent an appreciation for the timetables you are setting. You agent cannot pick the exact date of your move, but they should exert any influence they can, to make it work.

3. Remove as many of the challenges as possible

It is imperative that your agent knows how to handle the challenges that will arise. An agent’s ability to negotiate is critical in this market.

Remember: If you have an agent who was weak negotiating with you on parts of the purchase offer, don’t expect them to turn into a super hero when they are negotiating with the seller for you and your family.

4. FIND the right house!

There is a reason you are putting yourself and your family through the process of moving.

You are moving on with your life in some way. The reason is important or you wouldn’t be dealing with the headaches and challenges that come along with purchasing. Do not allow your agent to forget these motivations. Constantly remind them that finding the right house is why you hired them. Make sure that they don’t worry about your feelings more than they worry about your family. If they discover something needs to be done to attain your goal (i.e. rethinking price), insist they have the courage to inform you.

Good agents know how to deliver good news. Great agents know how to deliver tough news. In today’s market, YOU NEED A GREAT AGENT!