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Senior-Friendly Homes and How to Sell Them

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | March 8th, 2017

A married couple in their 50s intend to put their one-story suburban house on the market soon. Proceeds from the sale will fund an active retirement involving boating, skiing and traveling the world.

The listing agent in this true story is optimistic about the couple’s chances for a successful sale. As she says, many people in their 60s and 70s are scouring the couple’s popular neighborhood in search of a single-level house, a rarity in an area where most properties are at least two stories high.

“Lots of older people hate climbing stairs because their knees cry out with arthritis pain. But they also hate the idea of moving to an apartment where they fear feeling boxed in. So, downsizing to a one-story house in the same area where their friends are still living is tremendously appealing,” says Sid Davis, a veteran real estate broker and author of “A Survival Guide for Buying a Home.”

“If they can’t find a single-story house, at least they want a house with a first-floor master suite with a full bathroom,” he says.

Dorcas Helfant, a real estate broker and former president of the National Association of Realtors, says many seniors try apartment living and then reverse course, heading back to a traditional detached house.

“They don’t want to have to get into an elevator to go outside. They want more personal space and a little land around them, including possibly a small garden,” she says.

Are you seeking to sell a property with features that would make it suitable for older buyers with health issues or people with disabilities? If so, these few pointers could prove helpful:

-- Evaluate the market supply of senior-friendly houses in your area.

If you’re planning to sell one of the rare senior-friendly houses in your neighborhood, Davis says it’s conceivable your place could fetch a premium price of up to 10 percent more than houses of like square footage that lack these features.

But he cautions to make sure that the supply-demand ratio is in your favor before putting a price tag on your property.

“It’s always unwise to overprice your home, especially when it first hits the market and buyer interest is at its peak,” Davis says.

-- Consider adapting your house to make it more appealing to seniors.

To cater to the burgeoning senior market, some sellers are tempted to renovate their vertical houses to make them more user-friendly. But Davis says such a major investment is usually a mistake, unless you intend to enjoy the improvement for several years before you move.

“Spending too much on a pre-sale basis is overkill. Normally, you can’t expect to get any more than 60 percent back for a major addition when you sell,” he says.

Still, there are some less expensive steps that could be justified by would-be sellers who have the senior market in mind. For example, you might wish to replace shag carpet with laminate flooring to make your rooms easier to navigate by those in wheelchairs.

Also, home sellers who are already planning to redo a kitchen might want to incorporate some easy-to-use features with the senior market in mind. These could include wide low kitchen cabinets and countertops, as well as wide doorways.

“Many people don’t wait until they have health problems or need a wheelchair to think about buying a more accessible house. Once they hit their early 60s, they start preparing for their future needs,” Davis says.

-- Underscore your home’s senior-friendly features.

Any home placed on the Multiple Listing Service can be easily tagged by a listing agent to reflect its senior-friendly features. Because of this, any agent searching on behalf of senior buyers can do a computer run to locate nearly all the available one-level homes in a neighborhood, as well as those with a first-floor master suite.

But as Helfant says, the listing agent for a senior-friendly house can do much more than identify its features in the MLS. Ask your agent to highlight your home’s special features through various types of marketing -- including all types of social media, as well as newspaper and online ads.

“With so many older people now in the home-buying population, it’s totally in your interest to trumpet whatever features you have to draw in senior buyers,” Helfant says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

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How to Sell an Urban Home

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | March 1st, 2017

After a young woman in her 20s landed a dream job with a finance firm in Los Angeles, she made the same choice as an increasing number of millennials: to live walking distance from her workplace in downtown.

This true story doesn’t surprise Jeff Speck, a city planner and author of “Walkable City.” That’s because property in redeveloping urban centers is increasingly popular.

“Seventy-seven percent of millennials say they want to live in America’s urban cores,” says Speck.

The increasing popularity of walkable city neighborhoods with many amenities is good news for those with a property to sell in one of those areas, says Geoff Anderson, the president and CEO of Smart Growth America, a nonprofit group promoting city living.

“The closer you are to amenities, the higher the prices for city property,” he says.

Do you have a property to sell, whether a condo apartment or a detached house, in a vital urban core? If so, these pointers could prove of value:

-- Stress the value of road access.

Granted, most homebuyers wouldn’t relish living near the noisy entrance to a major highway. But a location just a mile from that ramp could be a plus for those who work in suburban areas but want to live downtown, says James W. Hughes, a housing expert and dean of the Rutgers University’s school of planning and public policy.

If your city location leads directly to an important thoroughfare, without being too close, he says this point should be emphasized in your marketing materials. Also, if the home is a short walk to mass transit, you should stress this point as well.

Sid Davis, a long-time real estate broker and author of “A Survival Guide to Selling a Home,” says that the majority of buyers with young children still prefer green suburban living to an in-town setting. But he notes that recent immigrants are often less resistant to life on a bustling street than those who’ve always lived in America.

To encourage interest, Davis says your agent should attach a map to the flier prepared to promote your property, pinpointing your home as well as popular sites nearby, such as the local cafe, a public library or a city park. This map should emphasize the advantages of your location.

-- Underscore access to improving urban schools.

Is the community where you live served by quality schools, whether public, charter or private? And are many would-be purchasers people with young children?

If so, Davis says it would be a smart idea to promote the purchase of your home as a way to gain easy access to good schools for your kids.

“Assuming your price is realistic and your schools are well regarded, this could be a genuine plus for your sale. Remember that many young families with a preference for city living are working diligently to improve the quality of the urban schools their kids attend,” Davis says.

-- Explore the cost of fencing your urban yard.

Some urban roadways seem particularly risky for children and pets. These include avenues traveled by many commercial vehicles. If you own a detached house along this sort of roadway, Davis says you might wish to fence your yard in hopes of lessening the fears of potential buyers.

“Fences aren’t cheap, there’s a lot of labor involved in their installation. But the expense could be justified if it helps unload a hard-to-sell property,” he says.

Your listing agent should be able to advise you on whether the fencing of your yard would constitute a justifiable pre-sale expenditure. As one money-saving option, the agent might recommend that you fence your backyard only, creating a protected area where small children and pets could play.

If you decide to invest in a fence, the choices may seem daunting.

“When selecting your fencing, choose something in wood or vinyl. Stay away from one of those chain-link fences that looks like a military installation,” Davis says.

-- Consider a price cut if your home won’t sell otherwise.

Suppose you’re attempting to sell a home on the noisier side of an urban community. But while comparable homes in more tranquil parts of your urban community are selling swiftly, your place continues to languish unsold.

In this case, Davis says one of your few remaining options is to take a slight price cut below what’s being asked for comparable properties on calmer streets nearby.

“Many sellers in popular city centers don’t need a discount. But if you’re selling in a still-up-and-coming area with an unusually high volume of construction noise, you might need a small price cut to move that property,” he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

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How to Buy a Big House

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | February 22nd, 2017

Real estate agents often joke that the bigger the house, the smaller the family. And there's some truth to this.

“Your peak earning years typically don’t occur until your 50s or 60s. That’s when you can finally afford that ‘last hurrah’ house and enjoy the fruits of your labor,” says John Rygiol, a long-time real estate broker who specializes in luxury property.

Rygiol contends that for couples who can afford the elbow room and prestige of a big house, the ideal time to make that purchase is when their children are young and can make good use of the extra space.

James W. Hughes, a housing analyst and dean of the School of Planning and Public Policy at Rutgers University, says Americans have a long-standing preference for huge houses.

“There’s something beguiling about big houses. Bigger is always better in America, assuming you can afford it,” Hughes says.

Do you have solid reasons for buying a large house -- along with the financial means to support its mortgage, utility and upkeep costs? If so, these few pointers could prove helpful:

-- Select the strongest neighborhood you can afford.

The U.S. economy is still in an expansionary phase. But housing analysts say another real estate downturn is nearly certain. That means it’s wise to buy the sort of property most likely to retain value in bad times as well as good.

“Affluent areas with strong amenities are usually on the leading edge of any recovery,” Hughes says.

Foreclosures are far less common than they were during the financial crisis. But even if you spot one that seems too good a deal to pass up, it could be a perilous choice if the property is located in an area where foreclosures are still numerous.

“Even during a strong period of recovery, it can take a long time for a neighborhood like that to regain its reputation,” Hughes says.

His rule of thumb: It’s better to compromise and buy a smaller house in a stronger neighborhood than a much bigger one in a weaker area.

-- Choose a community with a reasonable commute.

In the past, many people seeking a huge house willingly accepted a lengthy commute in exchange for the space.

But even at a time when gas prices are moderate, it can be unwise to invest in a property in a distant suburb or exurban area.

“Buying a house that requires its owners to make a one-hour-plus commute is a significant financial risk, particularly if you have to sell within five to 10 years,” Hughes says.

-- Screen for top-rated public schools.

It’s widely believed that strong neighborhood schools help keep property values high and Hughes supports this view. Indeed, he contends that school quality is becoming increasingly important.

How can you check out school quality? Real estate agents typically decline to characterize schools in terms of quality, for fear their remarks might be taken as discriminatory. Yet your agent should be willing to provide you a large volume of statistics that compare schools on test scores, high school graduation rates and other quantitative factors. Then, too, you can make an appointment to visit schools to see how they fare on the intangibles, like the warmth and receptivity of teachers and staff.

In addition, for a fee you can buy detailed online reports on local schools through a service such as SchoolMatch (schoolmatch.com), a research organization focused on comparative school quality.

-- Give priority to the needs of your household.

Fred Meyer, a real estate broker and appraiser who sells property near Harvard University, says many parents of school-age children want a house with a large master suite that’s segregated from the cluster of bedrooms where their kids reside. This is especially likely if their offspring are teenagers with noisy electronic devices.

If both spouses operate a home-based business or do a substantial amount of telecommuting, there's that to consider as well.

“It’s common nowadays for buyers to ask for ‘his and her’ home offices that are separated from the main living areas of the house. This requires lots of space,” Meyer says.

At this point in the economic cycle, relatively few buyers of any age can afford to buy and maintain a big house in a desirable neighborhood. But if you are the lucky exception and big house ownership is a priority for you, Meyer sees no reason to postpone this goal.

“Buyers who want the social status of a large home and are well-positioned financially can make out very nicely in any market,” he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

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