Home-Selling Can Come With $18,000-Plus Price Tag

By Susanne Dwyer

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Are you a homeowner listing your property for sale? Consider the expenses that are often overlooked by sellers: cleaning costs, moving costs, painting, staging…

“Even in the hottest housing markets in the country, selling a home takes time and costs money,” says Jeremy Wacksman, CMO at Zillow, which assessed the costs that come with listing in the recently released “2018 Hidden Costs of Selling” report.

“From decluttering and staging to pre-inspections, agents and homeowners often spend months behind the scenes prepping a home—well before it’s listed on the market,” Wacksman says. “If you’re planning to sell this year, try to take some time to research what costs you may be responsible for and how they could affect your profit, or even budget for your next house.”

According to the analysis by Zillow, the average homeowner is on the hook for $18,342 when selling, with $4,985 allocated to prep projects and $13,357 going to the agent’s commission and sales taxes. The data was drawn from Thumbtack, which offers quotes for professional services.

Costs differ by market, the analysis found. In San Jose, Calif., where the median price is one million-plus, the average cost to sell is $81,507; in Cleveland, Ohio, where the median price is $137,600, the average cost to sell is $12,986. (Get the complete data for the largest markets.)

Carrying out improvements, though pricey, is worth it, says Lucas Puente, economist at Thumbtack.

“While there could be some initial sticker shock associated with the costs of selling a home, investing in home improvement projects like painting and home staging often proves to be very valuable in the long run,” Puente says. “Homeowners starting to think about selling should take time to research and budget for the projects that can ultimately help sell their home faster and at a higher value.”

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

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From: Consumer News and Advice

    

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Nancy Wey
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How Should You Gauge Your Home for Hazards and Disasters?

By Susanne Dwyer

Do you know how disaster-prone your home or community really is? Smack in the southern end of California—one of the nation’s most disaster-weary states—bloggers at inscenter.com started reaching out to clients years ago to share important data regarding residential risk assessment.

In 1992, University of Colorado’s Dr. William Gray accurately forecasted Hurricane Andrew, and predicted a sharp rise in the number and severity of hurricanes in the near future. The website also flags eerily accurate predictions about floods, tornadoes, and earthquakes, too.

While many states and localities have adopted building codes aimed at reducing damage caused by wind, flood and earthquakes, those codes may not always be enforced. Take Hurricane Andrew, for instance.

Construction industry experts found that Andrew’s posted losses could have been reduced by 30-40 percent had existing building codes been properly enforced.

Did you know that the Federal Emergency Management Agency (FEMA) maintains a Building Science Branch for developing and producing guidance on creating disaster-resilient communities? They conduct post-disaster engineering investigations for both man-made and natural hazard events.

These building scientists take a lead in developing publications, materials, tools, technical bulletins and recovery advisories incorporating the most up-to-date building codes, floodproofing requirements, seismic design standards, and wind-related requirements for new construction, and the repair of existing buildings.

For property owners, FEMA’s Hazard Mitigation Assistance or HMA grants provide funding for pre- and post-disaster mitigation with a goal of reducing the risk of loss of life and property due to natural hazards.

The agency’s Hazard Mitigation Grant Program (HMGP) assists in implementing long-term hazard mitigation measures following Presidential disaster declarations, and its Pre-Disaster Mitigation or PDM initiative provides funds on an annual basis for hazard mitigation planning—and the implementation of mitigation projects prior to a disaster.

The goal of the PDM program is to reduce overall risk to populations and structures while reducing reliance on federal funding from actual disaster declarations.

Source: FEMA.gov/protecting-homes

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From: Home Spun Wisdom

    

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Keep plumerias indoors until Easter to avoid threat of freeze

By By Kathy Huber Q: When should I move my plumerias back outside?
Joe Peddy, Houston
A: In around Thanksgiving and out around Easter was the motto of Eulas and Lake Stafford, the late plumeria experts who generously shared their advice with area gardeners. Of course, first check the forecast. It’s best to move plumerias indoors for winter storage when night temperatures drop below 50 degrees, often around the fall holiday. Return the tropical plants to fresh air and encourage them out of dormancy when spring nights remain 50 degrees and warmer.
The long-range forecast shows no freezes, and day and night temperatures look promising as we near Easter on April 1.
Q: I’ve seen blueberries in some local nurseries.

From: Gardening

    

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HQ2: How the Experts Think Amazon’s Decision Will Shake Out

By Susanne Dwyer

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Since Amazon announced its search for a second headquarters site, experts have speculated on what city will become home to HQ2. In January, the company narrowed down its selections to 20. The area Amazon chooses can expect its economy to surge, and, in the housing market, an influx of new residents.

According to experts recently surveyed by Zillow, Atlanta and Northern Virginia are frontrunners. Twelve of the 85 experts who participated in Zillow’s 2018 Home Price Expectations Survey believe affordability, the availability of land and business-friendly incentives are what make Atlanta a prime spot.

Another 12 experts believe that, though costly, Northern Virginia is ideal for its proximity to Washington, D.C. Eleven others chose Austin, nine chose Raleigh and six chose Denver.

Los Angeles, Miami, Newark and New York are the least likely to be selected, according to the experts, chiefly due to congestion, high home prices and lack of incentives.

Whichever city wins, how Amazon has benefitted Seattle—where its current headquarters is located—could indicate how it will impact HQ2’s market.

“As the experience of Seattle suggests, Amazon will not only directly bring thousands of high-paying jobs to the chosen city, but also has the potential to transform the regional economy,” says Aaron Terrazas, senior economist at Zillow. “The local jobs boom that Amazon’s HQ2 promises will spur demand for the full spectrum of housing types, ranging from urban apartments to suburban single-family homes.

“Atlanta has the benefit of being one of the most affordable markets in the country, and is undergoing an urban renaissance with new public infrastructure providing attractive opportunities for employers seeking to lure young urbanites,” Terrazas says. “Northern Virginia has its benefits, as well, as it’s close to a highly educated workforce and a well-developed public transit infrastructure in the D.C. area.”

Amazon’s benefits, however, could come with drawbacks. A boom in the housing market could pressure prices, and more commuters could impact infrastructure.

“The potential economic benefits of hosting Amazon HQ2 are tantalizing, and will tempt the 20 municipalities still in the hunt to dangle significant tax incentives to get a deal done,” says Terry Loebs, founder of Pulsenomics, which conducted the survey with Zillow. “These cities should be prepared not only to justify their financial inducements, but to carefully weigh the social risks and costs that could accompany their HQ2 commitment. The mix and degree of these potential risks, such as diminished affordable housing stock, more congested roadways, and greater income inequality, vary considerably across the 20 markets.”

Amazon announced it would build the headquarters in October. The contenders: Atlanta, Ga.; Austin, Texas; Boston, Mass.; Chicago, Ill.; Columbus, Ohio; Dallas, Texas; Denver, Colo.; Indianapolis, Ind.; Los Angeles, Calif.; Miami, Fla.; Montgomery County, Md.; Nashville, Tenn.; Newark, N.J.; New York, N.Y.; Northern Virginia; Philadelphia, Pa.; Pittsburgh, Pa.; Raleigh, N.C.; Toronto, Canada; and Washington, D.C.

For more information, please visit www.zillow.com.

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post HQ2: How the Experts Think Amazon’s Decision Will Shake Out appeared first on RISMedia.

From: Consumer News and Advice

    

Remember I am just a phone call away to help with all of your real estate needs!

Nancy Wey
281-455-2893