Entering the workforce and beginning to carve out lives of their own, the Millennials have captured their share of attention over the last decade, and that’s proven particularly so in the real estate game where one in three homebuyers come from the Millennial set.

As the nation’s largest, most active share of homebuyers, outpacing both Gen X and the Baby Boomers, much has been written about the Millennials’ real estate habits. But not all of the headlines hold up to reality, according to recent data from the National Association of Realtors’ 2018 Home Buyer and Seller Generational Trends Report.

 

Millennial Myth #1: Millennials aren’t interested in owning a home.

There’s a popular misconception that Millennials are quite content bypassing homeownership, a traditional marker of adulthood. In reality, however, nearly half of Millennials listed “desire to own a home of my own” as their primary reason for purchasing a home.

Millennial Myth #2: Millennials are flocking to the city and rejecting the suburbs.

It’s true that urban life has proven alluring for many in the Millennial generation, but that has not necessarily translated to the real estate market. Only 15 percent of recent Millennial buyers purchased a home in an urban area or city center. In fact, more than half (52 percent) chose a home in the suburbs or in a subdivision.

Millennial Myth #3: Millennials have snubbed single-family homes.

A common argument holds that Millennials are most interested in condos, townhomes, and lofts and have little interest in single-family homes. Yet, among recent Millennial homebuyers, 85 percent purchased a detached single-family home.

Millennial Myth #4: Millennials aren’t financially prepared to purchase a home.

Saddled with school debt and reportedly incapable of saving, Millennials have been painted as financially ill-prepared to own a home. While school debt is real – nearly half (46 percent) of Millennial homebuyers carry student loan debt with the median tally coming in at $27,000 – three out of four Millennial homebuyers actually turned to their savings for a down payment. Yet more, only one in 10 named getting a mortgage as the most difficult aspect of the buying process.

Millennial Myth #5: Millennials don’t pursue homeownership for fear of buyer’s remorse.

Millennials have been labeled a fickle bunch, a group accustomed to returning items they’ve purchased and glossing over their missteps. Yet, only 1 percent of recent Millennial homebuyers regretted having purchased their home when they did or wished they had waited. That means 99 percent report happiness with their purchase.

Millennial Myth #6: Millennials are leading the tiny house movement.

Sharpened by the Great Recession and a desire to shed non-essentials, Millennials have been tabbed as leaders of the tiny house movement sweeping the nation. But make no mistake, Millennials enjoy their space. More than half of recent Millennial homebuyers purchased a new home of at least 2,000 square feet while one in four purchased a home of at least 2,500 square feet.

Millennial Myth #7: Millennials only care about the snazzy finishes.

It’s popular to think Millennials can be fooled by the proverbial lipstick on a pig, so entranced by high design that they don’t much care about craftsmanship and quality. But for a good chunk of Millennial buyers, the fundamentals matter. One in four Millennial buyers listed the installation of windows, doors, and siding as very important, while 30 percent wanted energy-efficient features that contributed to reduced heating and cooling costs.

Millennial Myth #8: Millennials aren’t willing to put down roots.

Millennials are accused of being a transient group, shifting from job to job and address to address because they’re averse to commitment. Among recent Millennial homebuyers, however, nearly one in three expect to be in their home for a decade or more and 26 percent expect to be in their home at least 16 years.

 

How Getting a Grasp on the Numbers Will Help You Land Your Dream Home

It is said that knowledge is power – and that mantra rings especially true in the real estate world.

Unfortunately, far too many prospective homebuyers rely on faulty data, assumptions, or arbitrary numbers, especially so when it comes to a home’s purchase price. Buyers, for example, set their maximum budget at, say, $400,000 with no credible rationale for why that figure might be too high or too low. It just “sounds right.” As a result, buyers waste time looking at homes beyond – or even below – their price range, reject promising properties, or fail to develop a budget plan that can lead to the home features they most desire.

There is, however, an easy solution: getting pre-qualified – or even pre-approved – for a mortgage by a reputable loan officer. Such a simple financial step arms homebuyers with relevant information to drive their home search.

First, what’s the difference between being pre-qualified and being pre-approved?

A first step in the mortgage process, getting pre-qualified is rather straightforward. Often quick and free, a lender assesses your overall financial picture, such as current debt, income, and assets before providing a reasonable mortgage qualification estimate.

Pre-approval, meanwhile, takes the pre-qualification process to the next level. It includes a more thorough investigation of your current financial state, including your credit rating. This helps lenders supply a more concrete loan amount and, in many cases, could even allow you to “lock in” a mortgage interest rate.

Whether you elect to get pre-qualified or pre-approved, the result is the same: greater clarity on what you can afford and the key numbers that drive decision-making. You can then act with much greater speed, efficiency, and intent during your home search.

Capturing Real Benefits

Combining your mortgage qualification with the money you have available for a down payment, you will have a more precise idea of the home you can afford. Dealing with real numbers, not assumptions or guesses, you can then set your search parameters accordingly and, critically, also begin to factor in other financial details, such as real estate taxes, homeowners insurance, or HOA fees to understand your full monthly payment.

For those interested in new construction, in particular, having a firm grasp on the numbers will help you better determine any special features you might want add to the home. For example, say you want a bonus room that’s a seemingly hefty $10,000 option. At a 5 percent interest rate on a 30-year mortgage, you will discover that adding that much-desired option will run you $41 a month, or $1.41 a day.

And finally, since the lender already has some of your financial data in hand, the professionals can then hit the mortgage approval process immediately after you find the home you want. That gets you that much closer to your dream home.

The bottom line: when you get pre-qualified or pre-approved for a mortgage, you gain more information and strength to purchase the house you want in the neighborhood you want.

And that’s why knowledge is power.

How establishing open dialogue with your homebuilder can help you land your dream home.

Building a new home will likely be the biggest investment of your life – and perhaps among life’s most daunting experiences.

But it need not be so.

By opening the lines of communication with your homebuilder and establishing transparent and honest two-way dialogue, you can cultivate a healthy relationship that more seamlessly turns your dream home from vision into reality.

It helps when your homebuilder knows your current status

With information on your current living arrangement and where you are in the buying process, builders can share the most appropriate information. If you’re just starting your home search, for example, that lends itself to a more educational and informative discussion than if you’ve been looking at model homes for the last year and are nearing a decision.

It helps when your homebuilder knows your budget

Understandably, you may want to hold your financial situation close to the vest. Sharing some general budget parameters, however, helps the homebuilder introduce suitable homes in the most efficient way possible and bring the most relevant information to the table sooner rather than later.

It helps when your homebuilder knows your timeline

Sharing any factors affecting your timeline allows the homebuilder to craft a thoughtful game plan that works to your benefit. For instance, if you’re relocating to the area and in need of a home ASAP, the builder can point out ready-to-move-in homes. On the other hand, if you’re in your current lease for another 11 months, the builder can detail ways the building process might be stretched out to best accommodate your needs.

It helps when your homebuilder knows your must-have features

Whether it’s second-floor laundry or a first-floor master suite, a flex room or finished basement, a focused discussion about your must-have features and design style will help a homebuilder suggest applicable models. This conversation can also help the homebuilder introduce ways existing home plans can be modified to meet your desires.

It helps when your homebuilder knows your lifestyle needs

Sharing information about your lifestyle needs and work situation can help the homebuilder better pinpoint solutions. If you work from home, for instance, builders can share ways a private home office can be incorporated into different floor plans. If a home member has mobility issues, then the homebuilder can identify modifications to improve accessibility, comfort, and safety.

It helps when your homebuilder knows your accessibility

Sharing details about your daily accessibility, such as if you work nights or will be traveling out of the country for a month, will help the homebuilder contact you at the most convenient times and expedite decision-making. Without this, you might miss out on a desired lot or encounter construction delays.

Create a productive working relationship

As much as you want to know about a prospective homebuilder – the firm’s track record, its floor plans, its standard features, and so on – sharing some important information with your homebuilder can spark a more straightforward, stress-free, and seamless experience that delivers the home you desire.

 

While a backyard can offer seclusion and privacy, a respite from the noise and grind of daily life, more and more homeowners are relaxing in front of their homes in an effort to cultivate deeper community connections capable of propelling more fulfilling, healthy lives.

Not that this should come as a surprise given our over-scheduled lives, the stranglehold of digital technology, and our general yearning for simpler times. In fact, there’s even a name for this community-fueled, get-outside movement: Front Yard People.

The Front Yard People champion, as the name suggests, being in front of the home rather than stuck behind closed doors, shielded behind a privacy fence, or handcuffed to a computer screen.

And for good reason.

A heightened sense of community can spark feelings of belonging while also adding shots of purpose and meaning to everyday life. In addition, simply being outside can promote emotional and physical well-being. Various scientific studies over the years have shown outdoor time to have a positive effect on energy levels, blood pressure, creativity, and stress.

Interested in becoming a Front Yard Person? Here’s how to bring the “front yard revolution” to your community:

Don’t Overthink It:

You don’t need to glam up, prepare a massive meal, tidy your home, or conquer any extensive to-do list. Rather, simply take your normal routine – reading a magazine, drafting plans for the next workday, a family card game, or having a glass of wine – to your front yard. That’s it.

Make It Easy to Engage:

From a dog bowl filled with water to sidewalk chalk for kids, offer folks a reason to stop and chat, if even briefly. A lemonade stand, popsicles, cookies, coffee, and more can all pull people in and jumpstart connections. Another clever option: station a “Little Free Library” in front of your house.

Create a Comfortable Gathering Space:

Design a space that’s conducive to interaction and lingering. Provide seating, even if it’s simply patio chairs or a picnic table, in which people can face one another and gain some protection from the elements. Have a spot for people to place food or drink. Offer bug spray or light citronella candles to keep the mosquitoes at bay.

Don’t Be Afraid to Spread the Word:

Drop a few casual invitations to neighbors that simply mention you’ll be out front tonight with the kids (or your significant other or a new bottle of wine). Encourage them to stop by if the opportunity strikes.

Light the Way:

Especially as night falls, good lighting serves to both welcome visitors and ensure a safe environment.

Make it Routine:

Be out front regularly, which increases opportunities for interaction and, hopefully, inspires others to similarly be present and visible in the front of their homes. With some momentum, you might even suggest a new neighborhood tradition like “Front Yard Fridays” complete with bingo, a craft beer swap, baking contest, or arts-and-crafts projects for kids

Video Link: The Today Show – Front Yard People

To renovate or move?

‘Tis the question for many homeowners contemplating the years ahead.

As needs and priorities change and lives evolve, a home that once seemed charming and complete may be falling short in contemporary times. That might call for a renovation or addition to make the home more functional and modern. Or it might lead to exploring a move, perhaps to new construction and a home built in your image.

When deciding to renovate or move, consider these important questions:

1. Does your current home’s location still fit your needs?

If the neighborhood isn’t meeting your current needs – such as subpar safety, schools, or recreational opportunities or forcing a

dreadful work commute

– then a new master suite or expanded kitchen won’t change those pressing concerns and important quality-of-life issues.

2. Do you have the stomach for a renovation?

Renovations, especially plans involving various rooms and mechanicals, can run upwards of six months, if not more. Months of eating carryout, living amid noise and dust, dealing with contractors, and forced compromise can challenge even the most calm and composed individuals. If the mere thought of enduring such a plight makes you queasy, a move could be in order. When purchasing new construction, in particular, you just move in and unpack with much greater clarity on costs.

3. What hurdles might a remodel bring?

A remodel

will require time and money

– that much is certain. But a remodel can also bring unexpected hurdles that derail plans and heighten costs. For example, local building codes might prohibit the addition of a front porch; an inspector might require the installation of a new electrical system; or the homeowners association might restrict plans for the backyard. Though it can be difficult to anticipate all of these potential roadblocks, investigating them thoroughly before signing off on a renovation could swing your decision to stay or go.

4. What’s happening in your local market?

The decision to move or renovate can also be influenced by the local real estate market. Learning about

comparable home sales

in your area provides insight into demand and the potential value of your home. If your current neighborhood is trending upward, then selling now – and letting someone else potentially deal with the renovation dilemma – could provide you the resources necessary to land your dream home today.

We ask a lot of our garages – to hold bikes and athletic equipment, outdoor furniture and tools, garbage cans and recycling bins, and, of course, cars.

As a result, garages can become a cluttered mess. Following a few battle-tested organizational principles, however, can transform your garage from a jumbled dumping ground into a tidy and orderly home for your cars and so much more.

Step #1: A Savvy Start

Schedule a day or weekend to go through everything in the garage, dividing items into one of three piles: keep, donate/sell, or toss. Then, further separate the “keep” pile into categories like garden supplies, sports equipment, hand tools, holiday decorations, and so on. This coordinated effort allows you to get a grasp on what you have and eliminate frivolous, space-clogging items.

Step #2: Create a Plan

After deciding what stays, sketch a plan – at least mentally if not on paper – defining where specific items will go. Keep accessibility in mind as well as the location of windows and switches and how often you use items. For example, seasonal items are often best stored out of the way, while trash and recycling bins should be easily accessible with a clear path outside.

Step #3: Know Your Storage Options

From store-bought containers with lids, coated wall hooks, and shelving to DIY options like concrete-forming tubes crafted to hold hockey sticks and baseball bats, consider the myriad ways to store your goods. Holiday decorations, for instance, often sit well in storage bins, which can either be clear and/or labeled for easy identification. Automotive supplies like oil, windshield fluid, and car wash solution, meanwhile, might sit together on open shelving.

Step #4: Look Upward

Garages offer limited floor space, especially with the presence of cars. That makes verticality that much more important to maximize square footage. Ceiling-mounted storage solutions and shelving enables space-saving, off-the-ground storage, while pegboard, slatwall panels, or track-based systems provide customizable opportunities to store things up and down a wall.

Sit back and smile.

With some advance planning, a creative mind, and versatile storage solutions, you can transform your garage from a disaster zone into a clean and streamlined space where everything has a place.

From one American Dream-chasing generation to the next, many homebuyers have faced the same, challenging dilemma: to buy an existing home or to opt for new construction.

While existing homes maintain their appeal, generally – though certainly not always – featuring a lower initial price tag and closer-to-town locations, new homes continue to capture the attention of discerning homebuyers.

Here’s why:

Cost

While a newly constructed home might run upwards of 10-30 percent more than existing properties in a given area, that new home will also arrive without the hidden and not-so-hidden costs that frequently come with an older home.

On a new home, the roof shouldn’t need to be replaced for a quarter century; the furnace and central air conditioner should last at least 15 years; plumbing and electrical meet the latest standards; and enhanced energy-efficiency features reduce utility costs. The ability to avoid major out-of-pocket expenses helps promote a healthier pocketbook and peace of mind.

Built for Safe, Contemporary Living

There’s surely something to be said for old-world craftsmanship and the art of homebuilding. The historic Chicago bungalow, after all, isn’t a revered home style because it lacks durability and character.

Homes pushing 50, 70, or 90-years-old, however, often come with decades’ worth of temporary fixes and even safety hazards like lead paint. New homes will feature energy-efficient elements like windows and HVAC systems; will be built to code to ensure safety; and will include modern homebuyers’ most in-demand elements.

Personalization

When you purchase an existing home, you inherit the previous homebuyer’s taste. If they liked wood paneling, dark cabinets, and gold faucets, then that’s your style – at least temporarily. Altering the home to your liking, though, can be time-consuming, costly, and filled with frustration and stress.

A new home purchase, however, represents a blank canvas. You pick the flooring and cabinets, the countertops, paint colors, and bathroom vanities. Your fingerprints – literally and figuratively – sit all over the home.

“Newness”

Much like new cars have a smell, so, too, do new homes – and it’s not the smell of the previous owner’s cats or nicotine habit. A new home is just that – new.

Today’s most successful, responsive builders pack their homes with universally prized elements of modern life – thoughtfully designed floor plans with open-concept layouts, mudrooms, three-car garages, ample storage spaces, and bigger, brighter bedrooms and bathrooms to name a few – as well as on-trend amenities like master suites and gourmet kitchens.

And amid the “newness,” some treasured, historic elements like crown molding, rich hardwood floors, archways, and covered front porches can be seamlessly integrated into the home’s design for those sought-after touches of charm.

Warranty

While some buyers will receive a home warranty with the purchase of their existing property, such warranties frequently have a short life span. And if the seller didn’t pony up for the warranty, it’s just another added expense for the homebuyer.

Reputable homebuilders, on the other hand, will stand behind the structural integrity of their construction and craftsmanship. Such warranties can protect your home from any immediate repairs and provide a timely, no-cost fix to problems that might arise.

 

 

For many homeowners, the backyard offers a retreat from the fast-paced swirl of life, promoting solitude and serenity, calm and good health amid the daily grind.

Though the popular home improvement shows spotlight finished outdoor spaces with massive water features, grand exterior kitchens, and ambitious landscaping, creating such splendid spaces often carries a mighty cost. With some calculated planning and creativity, however, you can inject fresh flair into your backyard without breaking the bank.

1. Hit the Lights:

Outdoor lighting brings a whimsical look to any backyard while also increasing safety. From vintage Edison bulbs to lights contained in mini-mason jars, retailers big and small now carry a range of string lights in fun shapes and colors to make backyards sparkle.

2. Ignite Your Green Thumb:

Adding fresh flowers is among the easiest and most economical ways to enliven your backyard. Whether you create a flower bed surrounded by stones, use planter boxes, or turn that rickety old red wagon into a garden on wheels, fresh flowers add color and perfume to any outdoor space.

3. Aim and Fire:

A good power washing to your sidewalk, patio, or fence can quickly – and economically – rejuvenate your backyard.

4. Get Your “Upcycle” On:

While you could go out and purchase new seating and a patio table, that can hurt the pocketbook. If you can find furniture, planter boxes, and other tangible elements with good bones, you can resuscitate those dated pieces with some elbow grease and spray paint for a vibrant, contemporary look.

5. Grab Some Gravel:

Gravel is low-maintenance, durable, available in multiple colors, and rather inexpensive. It’s also often overlooked as an on-the-ground solution to high-traffic areas or spots unfit for plants. When used on walkways, in particular, gravel can surround flagstone or stepping stones to merge style and function.

6. Make Mulch an Ally:

Considered the “carpet of the backyard,” fresh mulch brightens the look of any backyard. Dedicating a few bags to flowerbeds and exposed soil, fresh mulch delivers an invigorated look, blocks weeds, and ensures plants receive much-needed nutrients.

7. Let the Water Flow:

A fountain will not only serve as a decorative element, but it will also bring the soothing sounds of flowing water right to your backyard.

8. Bring Inside Elements Outside:

Extend your living space into the great outdoors by bringing some traditional interior elements outside. Add color and texture to the backyard with a large outdoor rug or transform an old hutch into an outdoor bar.

9. Embrace Your Inner Architect:

Pergolas and trellises add immediate heft to any backyard. A trellis, for instance, can sit in the back of a yard as a charming focal point or delineate one backyard area from another, while a pergola can provide shade and serve as a dramatic anchor to any backyard’s design.

10. Use the Fence as a Canvas:

Feeling particularly artistic and daring? A unique mural on the fence or even a two or three-toned “racing stripe” running across the fence can add a vibrant pop of color and fun-loving dimension.

Selecting the right homebuilder can be a daunting task.

With a home being the largest and most significant purchase of one’s life, buyers understandably fret over the decision – the trustworthiness of the builder, the budget, and the quality of the construction. These 10 questions, however, will help you evaluate homebuilders and team with the right pro for the job.

#1: Might you connect me to recent homebuyers?

Reputable homebuilders are confident in their work and their ability to please clients. Connecting with current homeowners can provide firsthand perspective regarding a particular builder’s competency as well as insights on the construction process.

#2: How long has your company been building homes?

It’s true that every homebuilder was, at one point or another, a new homebuilder. That said, experience counts. Established, credible firms have a track record you can evaluate, deep industry relationships, and the wisdom to troubleshoot challenges.

#3: Who will lead the building of my home?

Homebuilders will generally appoint one specific individual to oversee the entire construction process. Meet this individual, as he or she will likely be your primary point of contact during construction.

#4: Will I be able to visit the worksite?

It’s completely understandable that you’ll want to see construction progress for yourself. Trustworthy builders will gladly accommodate a more in-depth tour, though it is often best to schedule these visits so as not to impede progress.

#5: What changes can I make to the floor plans?

All builders handle floor plan changes a bit differently, so understand if and how changes are addressed. While some only build to the precise blueprint plans, others will move walls, add windows, shift closets, and incorporate other architectural changes as requested by the buyer.

#6: What are standard features and what are options?

Homebuilders will often supply a comprehensive list of the standard features included in each home plan, many of which will be different than what you might view in the model home. Getting clarity on standard features, available options, and the pricing structure for upgrades, particularly those important to you, is imperative to your budget and landing the home you desire.

#7: Is there a homeowners association (HOA)?

If there is an HOA, it will certainly have its own bylaws. Ask the builder for this information as it could influence your final decision and what you can – or cannot – do with your home. (It’s worth noting as well that some homebuilders impose their own community restrictions, such as preventing two like homes from sitting side by side. So-called monotony clauses ultimately protect the community’s integrity.)

#8: What is the inspection process like?

While many municipalities require specific inspections, many builders have an inspection process of their own with buyers that might include a pre-drywall walkthrough or an “Orientation Walkthrough” in which the superintendent familiarizes the new homeowners with maintenance and operation and identifies any final issues in need of attention.

#9: How long will it take to build my home?

Get an accurate estimate of your build time and understand the factors – weather being a notable one – that could delay construction. Dependable homebuilders can offer rather firm answers, not wishy-washy replies.

#10: What is your warranty program?

While appliances and other home elements are often covered by manufacturer warranty, proven homebuilders typically offer their own warranty plans. Gather specifics on the length of the warranty, what is (or is not) covered, and how repairs are handled within the warranty period.

For many Americans – nearly 9 out of 10, in fact – dogs are more than furry, four-legged friends; they’re treasured members of the family. With that, it shouldn’t be surprising that homeowners keep their dogs top of mind when designing a new home.

As a result, Fido is living large these days as homeowners create dynamic, dog-friendly spaces throughout the home.

Napping Nooks

Often tucked in alcoves beneath stairways, under laundry room counters, or other “dead space” within a home, homeowners are creating comfy sanctuaries for dogs to cuddle up and nap. Outfitted with plush beds, homeowners are also adding décor elements like custom wallpaper, textured throws, and pet candles to further enliven the spaces.

Grooming Stations

Rather than washing Fido outside or in the family bathtub, homeowners are giving dogs their own pampering space – often adjacent to laundry or a mudroom – featuring easy-access tubs, hand showers, drying equipment, grooming tools, and even customized towels.

Motion-Detecting Doggie Doors

In an effort to give their dogs on-demand access to the great outdoors, some homeowners are installing motion-detecting doggie doors wirelessly linked to a dog’s collar. In comparison to the traditional swinging doggie door, these tech-enabled doors also limit outside critters’ ability to wander inside as well.

Brain Games

In an effort to engage Fido, many dog owners are bringing clever food or treat-dispensing devices into the home. These “brain games” require dogs to somehow manipulate the item to receive their goods, which offers both physical and mental stimulation.

Smart Tech

Homeowners are increasingly adding smart technology to ensure their dog’s comfort and health. There are electronic devices that allow owners to talk remotely to their dog; mobile apps that allow out-of-the-home owners to dispense treats; and even GPS-enabled fitness trackers that monitor a dog’s activity and whereabouts.

Outdoor Retreats

From faux fire hydrants, obstacle-course elements, and enticing water features to designer outdoor doghouses, owners are dressing up their outdoor spaces to help Fido feel comfortable in or out of the home.