Patti Lee, Real Estate Consultant. Realtor, Homes For Sale, Land, Realty, New Construction, Property, Foreclosures, Home, Lease, Texas, Results, Move, You, Properties
NAR’s advocacy efforts end in major win for military home buyers.
The Department of Veterans Affairs officially announced Tuesday a temporary policy allowing VA home buyers to compensate their real estate agent directly. The department says it will determine whether a formal rulemaking process is necessary.
The move brings relief to VA home buyers, whom the National Association of REALTORS® has been working feverishly to support in recent months. NAR launched an “all-hands” effort earlier this year to change the department’s previous rule, which prohibited VA borrowers from paying a “brokerage fee or commission in connection with the services” of a real estate professional. The rule presented a potential hardship for VA buyers under NAR’s proposed settlement agreement.
Under the VA’s new temporary policy, “eligible veterans, active-duty service members and surviving spouses who use their VA home loan benefits can pay for certain real estate buyer broker fees when purchasing a home,” the VA said in a statement(link is external) Tuesday. “This update is intended to ensure VA’s programs continue to promote access to homeownership for veterans.”
Housing for veterans remains a top advocacy issue for NAR. “NAR launched an all-hands advocacy effort on this issue, meeting with VA officials, engaging with lawmakers and rallying our industry partners to ensure this prohibition was lifted,” says NAR Chief Advocacy Officer Shannon McGahn. “Without this change, thousands of veteran buyers could be denied access to professional representation in their pursuit of the American Dream of homeownership. Taking this extra step ensures veterans have the same opportunity as others to compete in a tight housing market. We applaud the VA for recognizing this danger and acting swiftly to protect veterans.”
The VA home loan guaranty program is a vital homeownership tool that provides military veterans with a centralized, affordable and accessible method of purchasing homes with no down payment as a benefit for their service to the nation. It’s also the only program that explicitly banned buyers from directly paying for professional real estate representation, NAR President Kevin Sears said in a statement.
“We applaud the VA for revising this policy and allowing veterans and active-duty service members the same advantages as other buyers in a competitive real estate market,” Sears said. “We look forward to continuing this conversation, and our 1.5 million members stand ready to support the VA in whatever way possible to protect the brave men and women who serve this country and ensure they are given the equal opportunity to achieve the American Dream of homeownership.”
The VA and NAR say they will continue to monitor the evolving homebuying market, as practice changes take effect Aug. 17, and will issue updates as they occur. The VA adds that it “encourages veterans to negotiate buyer broker fees with their real estate professional. VA buyers can also still ask sellers to cover the buyer broker’s compensation at closing.”
Considering selling your house without an agent? You should know there are some serious downsides to handling it on your own.
You’ll be missing out on marketing tools that draw in more buyers, pricing and market expertise, essential negotiation skills, in-depth knowledge of the fine print in contracts, and so much more.
Don’t take all of this responsibility on. Instead, connect with an agent so you have someone with the knowledge and experience you’ll need on your side.
If you've started the process of selling your home, you've probably heard a lot of advice on what you should and shouldn't do to attract buyers. There are certain things—like working with a qualified agent and doing strategic home staging—that are always good ideas. Specific renovations and home improvement projects, however, require a bit more discretion, as they can cost a lot of time and money, and don't always offer a high return in investment. That's why it's helpful to know what home buyers are looking for and what's most likely to help sell your home.
Frontdoor, a home services and repair company, released a report sharing exactly that. To pull the findings, data analysts at Frontdoor identified over 100 of the most popular and trending home features and used Zillow’s keyword filter to find sold homes with these features in every state. From there, they calculated the average number of days that the homes with each feature took to sell and ranked the results. From vanity lighting in the bathroom to a butcher block in the kitchen, these are some of the top features that are helping buyers say "yes" to a new home right now.
The top two features on the list—vanity lighting and stone tile floor—are both primarily bathroom features, suggesting that this room can play a big role in getting your house sold quickly. The kitchen, which is often considered the most important room when selling a home, is still a major factor—and, from the findings, butcher blocks are the kitchen feature that are most effective for a quick home sale.
These findings also drive home the importance of paying attention to the smaller details, not just the big ticket items. Lighting, for example, is a repeating theme on the list. In addition to vanity lighting topping the list, modern lighting, chandelier lighting, and wall sconces are all desirable features for home buyers.
The report also breaks down the most popular features by room and space, including the kitchen, living room, bathroom, and yard. So, if you're considering any renovations to boost your home's sale price or speed up the sale time, it's worth reviewing the findings and getting more familiar with the items on home buyers' wish lists.
According to a recent poll from Gallup, real estate has been voted the best long-term investment for twelve straight years.
That’s because a home is so much more just than a roof over your head. It’s also an asset that typically grows in value over time.
If you’ve been debating if it makes more sense to rent or buy, connect with a real estate agent to talk about why homeownership can be a better bet in the long run.
Navigating the world of real estate can be a maze but having a reliable REALTOR® by your side is like having a GPS for a smoother journey. Whether you're buying your dream home or selling your property, a good agent is like your secret weapon. Keep reading to learn why having a REALTOR® can be a game-changer for both buyers and sellers. From helpful market tips to expert negotiating, it's not just about the deal – it's about making the whole real estate process easier and more successful for everyone involved.
Benefits of Using a REALTOR® For Buyers
They know the local real estate market.
If you have questions about features in a listing, such as neighborhood background, zoning, utilities, schools or any other subject, REALTORS® know what prospects want better than anyone. They can help you focus on the right areas and identify the best listings to help you find a new home faster.
All they do is real estate.
Helping homebuyers is a 24/7 calling. A REALTOR®will find listings you love, preview homes to ensure they’re consistent with your needs, take you to showings and make offers when the time is right. It’s a big job and a REALTOR®will do whatever it takes to get the results you want.
They know everything is negotiable.
Buying a home can involve hundreds of issues and many of them are up for discussion in a real estate transaction. Why talk to owners who can be difficult when a REALTOR®knows the ins and outs of negotiation and will be in your corner all the way to closing?
They take the worry out of your transaction.
Real estate transactions can involve reams of paperwork. Would you understand all the tricky roadblocks that might spring up during your purchase? A REALTOR®is an expert in contracts and documentation. They can offer the wisest advice and fastest service at every stage.
They have your best interests in mind.
When you buy, a REALTOR®does what is most beneficial for you. Their livelihood depends on it.
They network with other seasoned real estate professionals.
A REALTOR®can connect you to home repair companies, inspectors and title-and-escrow experts like Stewart Title. That saves you valuable time and effort.
They know how to find the best property for your needs.
REALTORS®look for things that the buyer may overlook, including foundation issues, floor plans that don’t meet your standards and much more.
Benefits of Using a REALTOR®For Sellers
They know the local real estate market.
A REALTOR®knows how to market your listing. From neighborhood background, zoning, utilities, schools or any other subject, REALTORS®know what prospects want better than anyone. They’ll work to ensure your listing stands out and is off the market sooner.
All they do is real estate.
Selling homes is a 24/7 calling. A REALTOR®will take the necessary steps to screen potential buyers, answer questions and get your home in front of serious prospects through well-planned showings. It’s a big job and a REALTOR®will do whatever it takes to get the results you want.
They can help you compromise with a buyer.
Buyers come ready to negotiate with you on listing price, costs and more. Your REALTOR®can help navigate issues that come up during a real estate transaction, so you and your buyer reach an agreement beneficial to all parties.
They are experts in contracts and documentation.
Just like buying a new home, selling one involves a lot of paperwork. A REALTOR®understands the real estate transaction process and partners with you to get all your ducks in a row so you’re prepared at the closing table.
Your needs are at the forefront of their focus.
A REALTOR®strategically navigates negotiations and decisions to ensure the most favorable outcomes for you. Your success is their success.
They have an extensive network to facilitate connections for you.
Leverage the network of your REALTOR®to seamlessly connect with the right professionals, including home repair experts, inspectors, and title and escrow specialists like Stewart Title to ensure a smooth and efficient home selling process.
They know how to find the best prospect for your needs.
A REALTOR®learns everything about your home and neighborhood to negotiate the highest sales price from the right buyer.
Are you ready to work with a REALTOR®? As you navigate the path of real estate, remember that having a REALTOR® is not just about making a deal; it's about having a dedicated professional invested in your success. Let us help you navigate your next journey!
Home value growth eases along with competition – price relief may be on the horizon.
Home sellers are returning to the market but finding buyers hesitating. Fresh listings of houses rose significantly over last year – outpacing sales and cooling buyer competition and home price appreciation. Zillow forecasts further price relief on the horizon – further injections of inventory and mortgage rates expected to stay elevated through the year should temper competition.
Inventory infusion
New listings from sellers took a significant step up in May, rising 8% month over month (a bit more than pre-pandemic averages) and 13% above last year’s extremely low pace. The effects of ‘rate lock,’ owners holding on to their existing homes and low-rate mortgages, appear to be lessening over time, even as most outstanding mortgages have a rate well below what’s currently being quoted on the market. A Zillow survey of recent sellers found a large majority (about 80%) were influenced by life events, such as getting married or having a child – not necessarily just by when financial conditions are optimal.
But buyers aren’t matching sellers’ uptick in activity – sales in May [1] were 6% lower than last year’s already-low volume. This helped partially restock the housing shelves – the number of homes on the market rose 22% compared to last year’s near-record-low level. Inventory is still 34% below pre-pandemic levels, but that’s the smallest deficit in more than three years.
Competition and appreciation ease
As a result, competition among buyers eased in May and home price appreciation cooled with it. Growth in the Zillow Home Value Index slowed from 4.4% year over year in April to 3.9% in May, while monthly appreciation ticked down from 1.2% in April to 0.8% in May. Home values are now 45% above what they were before the pandemic.
Renters struggling to save up for a down payment may get a slight reprieve in the coming year. Zillow forecasts home values will end 2024 up 0.4% on the year, and tick down 1.4% through May 2025.
What it means for buyers and sellers
Zillow’s Market Heat Index shows the nation is becoming a bit friendlier for buyers and is headed toward ‘neutral’ territory, but sellers still hold a slight advantage. Buffalo, Hartford and San Jose are the top markets for sellers among the 50 largest metro areas. New Orleans, Miami, Jacksonville and Memphis are all tilted toward buyers, giving those in the market better leverage in negotiations.
Nationwide, nearly a quarter of all homes for sale received a price cut in May – the highest share in at least the last six years for this time of year. There’s a good chance that buyers can purchase a lingering property for less than list price. This environment makes experienced agents all the more valuable for both buyers and sellers – to find and negotiate deals for buyers, and to price and market properties correctly for sellers.
The value of a typical home in the U.S. is $360,310. The typical monthly mortgage payment, assuming 20% down, is $1,931.
Home values climbed month over month in all 50 of the nation’s largest metro areas in May. Gains were biggest in Buffalo (2.1%), Pittsburgh (1.9%), Cleveland (1.8%), San Jose (1.8%), and Hartford (1.7%).
The smallest monthly appreciation was in Austin (0.2%), Tampa (0.3%), San Antonio (0.3%), Orlando (0.3%), and New Orleans (0.4%).
Home values are up from year-ago levels in 46 of the 50 largest metro areas. Annual price gains are highest in San Jose (12.7%), Hartford (11.6%), San Diego (11.1%), Los Angeles (8.9%), and Boston (8.3%).
Home values are down from year-ago levels in three major metro areas. The largest drops were in New Orleans (-5.9%), Austin (-4.1%), and San Antonio (-2.2%).
The typical mortgage payment is up 11.3% from last year and has increased by 115.3% since pre-pandemic.
Inventory & new listings
New listings increased by 7.9% month over month in May.
There were 12.6% more new listings compared to last year.
New listings are still 23.3% lower than pre-pandemic levels.
Inventory (the number of listings active at any time during the month) in May increased by 7.4% from last month.
There were 22.1% more listings active in May compared to last year.
Inventory levels are 33.8% lower than pre-pandemic levels for the month – the smallest deficit in more than three years.
Price cuts & share sold above list
23.9% of listings in May had a price cut. That’s compared to 22.4% in April and 19.3% last May.
33.3% of homes sold above their list price in April, up from 30.3% in March. In April 2023, 34.5% of homes sold for more than list price.
Newly pending sales
Newly pending sales held steady in May from the prior month.
Newly pending sales decreased by 4.2% from last year.
Median days to pending, the typical time from initial list date to pending status for homes that went under contract during a month, is at 13 days in May, which is unchanged from April.
Median days to pending increased by three days from last year.
Rents
Asking rents increased by 0.6% month over month in May. The pre-pandemic average growth for this time of year is 0.7%.
Rents are now up 3.4% from last year.
Rents fell, on a monthly basis, in just one major metro area – Birmingham (-0.3%). They held steady in Tampa (0%) and New Orleans (0%), and rose slightly in Louisville (0.1%) and Miami (0.1%).
Rents are up from year-ago levels in 48 of the 50 largest metro areas. Annual rent increases are highest in Providence (7.1%), Hartford (7%), Louisville (6.4%), Cleveland (6.3%), and Buffalo (6%).
For contemporary kitchens, there’s nothing quite like the drama and simplicity of a waterfall countertop. Consider a waterfall countertop as the kitchen's ultimate style hero, serving both as a functional countertop surface and visually striking focal point.
Although this clean-lined countertop has been popular for years, there are a few key things to consider before choosing the style for your own space. Here’s what the experts have to say about the installation, pricing, benefits, and potential disadvantages of a waterfall countertop.
A traditional countertop is a horizontal surface that sits on top of a base cabinet, whereas a waterfall countertop keeps going. A waterfall countertop is a design feature where the countertop extends vertically down the sides of a cabinet or island all the way to the floor, the continuous design flow resembling a waterfall.
In their current iteration, waterfall countertops came into popularity about 10-15 years ago, though they have been around much longer. They are a nod to the waterfall edges seen on Art Deco furniture in the '30s and '40s as well as mid-century modern furnishings, which evolved from curved waterfalls to square edges.
It’s these edges that give today’s waterfall countertops their signature dramatic look. A waterfall countertop is meant to appear as one slab that’s been bent or folded from the countertop to the floor; it is the result of meticulous attention to detail in the planning and execution. Achieving the look requires precisely mitered edges: two separate pieces of material are cut at 45-degree angles and installed to appear as a seamless 90-degree angle on a single piece of material. It also requires the countertop material to be aligned to give off a continuous look—for example, marble veining patterns that run uninterrupted between horizontal and vertical surfaces.
Types of Waterfall Countertops
There are a few variations when it comes to the look and style of a waterfall countertop. A big factor is the number and location of the vertical sides. For example, it’s popular to have the waterfall side go down both ends of an island, but a single waterfall edge can be used to add asymmetrical drama. Similarly, a waterfall countertop can be limited to the end of a peninsula, or it can cover one or more exposed sides of a row of lower cabinetry, instead of a finished cabinet panel.
You can also get creative with waterfall length. Most typically, that edge extends all the way to the floor, but there are some great examples of artful uses that extend down partially, as a cutaway to reveal another surface that extends to the floor.
Waterfall countertops can be made from nearly any surface material, but some work better than others. “Most commonly, we see quartz and natural stone used, but nearly every countertop surface can be used to create a waterfall edge, wood makes a particularly commanding statement.
Waterfall countertops create drama, definition, and interest, while also signaling luxury and a modern feel. These eye-catching installations elevate kitchens, but their sleek look is better suited for modern, contemporary, and transitional spaces. "If you prefer a more traditional style with a detailed counter edge, or softened corners, you may not feel at home with a waterfall countertop. Deciding if the contemporary, cascading look is a good fit for your kitchen is just one of the factors to consider when assessing if a waterfall countertop is right for your home.
1. Functional Needs Like Outlets and Seating
You’ll want to plan the function of the island or peninsula first and foremost and decide whether a waterfall edge will support your needs or not before committing to using them in your design. They require more planning and potentially compromises.
For example, electrical placement can be more difficult with a waterfall countertop. Typically, the non-storage sides of lower cabinets are where outlets would go. However, with a waterfall countertop, there may be fewer available sides or locations for placement. The last thing you’ll want is to put an outlet on your beautiful surface! Planning ahead is key. You’ll need to include enough outlets for convenience and to meet electrical codes requirements, and find a way to keep them off of your waterfall sides.
Seating can also be a concern. While a waterfall countertop design can easily include an overhang that accommodates seating, you’ll need to consider if it allows for the placement and amount of seating that you’re hoping for.
2. Material Compatibility
Although a variety of countertop materials can be used to create the waterfall design, the material’s pattern can be a critical factor. A consistent pattern can make it easier to achieve an uninterrupted flowing look. Especially if you want bold veining, opting for quartz or porcelain offers consistent patterns that can be book-matched to ensure your design flows cohesively down all sides of the waterfall. Natural stone options may present challenges due to variations in veining, potentially disrupting the seamless flow of the design.
You’ll also want to consider the material’s compatibility with your lifestyle. For example, a waterfall countertop made from a material that requires sealing, like natural stone, will add another surface that requires routine care and maintenance.
The cascading portion of the waterfall also opens the countertop material to bumps, scratches, kicks, and other impacts that happen along ground level—but this is actually a bonus. Waterfall edges can provide the strength and durability of countertop material onto the surface below, which adds a measure of protection from the activity of day-to-day life.
3. Fabrication and Installation
A waterfall countertop is generally more complex and nuanced than a convention countertop. The precision required means you need to find professionals who are comfortable and familiar with designing and implementing a waterfall countertop. You’ll need a great fabricator and installation team to make sure the miter cuts and edges are aligned well, this work is especially critical to get good vein placement and alignment when it comes to stone patterns.
Structurally, the vertical portion of the waterfall countertop can simply be a surface along the cabinet, or it can be used as an integral part of the structure by providing support for the horizontal countertop surface as well. If the waterfall edge is also acting as a counter support, you’ll need to work that into the construction plan to create adequate strength and support.
Generally, waterfall countertops come with a higher price tag than traditional countertops. Like any countertop, the type of material, size, and style features like edge thickness impact cost; where waterfall countertops differ is in the amount of material, fabrication, and installation. Waterfall countertops do require more material and precise fabrication and installation, so people should be prepared to invest a bit more for the design. It's all about the extra material and craftsmanship needed to achieve that seamless flow.
The craftsmanship includes fabrication and installation, which is more complex than a simple, traditional countertop because it requires precise cutting and alignment to achieve the sleek mitered edge. Estimates typically suggest additional fees of $1,000 to $2,000 for fabrication work1.
Waterfall countertops also require more material, adding to the expense. You’ll need more countertop material to cover the additional surface area, plus extra material to align the veining on patterned surfaces. Depending on your countertop material thickness and finished edge thickness, you’ll need more material for the mitered edges and fabrication costs to polish and/or miter the edges.
Is a Waterfall Countertop Right for You?
Once you know the key considerations, you can weigh the pros and cons for your space and lifestyle.
Pros
Conveys luxury and elegance
Makes a space look and feel more contemporary
Provides drama and visual interest
Can be a focal point for the kitchen’s design
Surface is generally less susceptible to scuffs and marks than exposed cabinet sides
Cons
Higher costs than a traditional countertop
Fabrication and installation is harder than a traditional countertop
Modern style is not a good fit for every kitchen style
Sharper angles and edges than the softer, rounded countertop edges available to traditional countertops
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