HOUSING UPDATE
Curious about selling your home? Understanding how much equity you have is the first step to unlocking what you can afford when you move. And since home prices rose so much over the past few years, most people have much more equity than they may realize.
Here’s a deeper look at what you need to know if you’re ready to cash in on your investment and put your equity toward your next home
Home equity is the difference between how much your house is worth and how much you still owe on your mortgage. For example, if your house is worth $400,000 and you only owe $200,000 on your mortgage, your equity would be $200,000.
Recent data from the Census and ATTOM shows Americans have significant equity right now In fact, more than two out of three homeowners have either completely paid off their mortgages (shown in green in the chart below) or have at least 50% equity in their homes (shown in blue in the chart below):
Home prices have gone up, which means your equity probably has too. Connect with a local real estate agent so you can find out how much equity you have in your home and move forward confidently when you sell.
Today, more homeowners are getting a larger return on their homeownership investments when they sell. And if you have that much equity, it can be a powerful force to fuel your next move
WhatYouShouldDoNext
If you’re thinking about selling your house, it’s important to know how much equity you have, as well as what that means for your home sale and your potential earnings. The best way to get a clear picture is to work with your agent, while also talking to a tax professional or financial advisor. A team of experts can help you understand your specific situation and guide you forward
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MUST-HAVE FEATURES FOR 2024
New-Home Buyers
The must-have features that make houses dream homes are constantly evolving. In order to identify this year’s top requests, Fixr surveyed 56 industry experts on various features they believe are the most wanted by home buyers in 2024 “New homes need to cater for the modern family and their lifestyle,” says Adam Graham, an industry analyst at Fixr “Priorities include making the home as functional as possible This is why multifunctional use features like kitchen islands top the list, as well as walk-in pantries and laundry rooms.”
1.Kitchen Island
Just over 60% of surveyed professionals chose kitchen islands as home buyers' No 1 priority With built-in storage, islands help keep kitchens tidy by providing additional cabinets and drawers This aligns with the fact that 83% of experts identified storage as the top kitchen priority in 2024.
Continuing the storage theme, walk-in pantries came in at No. 2.
According to 43% of the professionals, this kitchen space is a top priority, due to its ability to reduce clutter by providing plenty of shelves and storage options.
Thirty-one percent of those surveyed say that a laundry room is one of the most important home features Similar to a pantry, with built-in storage, a laundry room helps keep cleaning supplies and laundry essentials neatly organized and out of sight
With 30% of industry experts agreeing, a patio is a top priority. When compared to other outdoor living spaces such as a deck or porch, 44% of experts say that a covered patio wins out in terms of most wanted.
5. Hardwood Flooring
Over a quarter (28%) of the experts believe today’s buyers are looking for hardwood flooring It not only provides a durable and long-lasting surface that is easy to clean and maintain, it also adds a touch of elegance and warmth to any room.
Another 28% of the professionals say that they’ve seen clients prioritizing multi-zone HVAC systems. With more than one zone, these systems allow for precise temperature control in different areas or rooms, ensuring everyone stays comfortable and reducing energy consumption
7. Full Bath on the Main Level
Around a quarter of the experts (26%) believe that a full bath on the main level is a big priority A full bathroom provides easy access for guests and residents, eliminating the need to go upstairs or downstairs, and is especially beneficial for people with mobility issues or for hosting gatherings.
2. Walk-In Pantry
3. Laundry Room
4. Patio
6. Multi-Zone HVAC System
THE BEVERAGE CENTER IS THE NEW WINE FRIDGE -
HERE’S WHY IT’S WORTH IT
A beverage center can raise the overall value of your home and keep your drinks cold.
You might never have thought that a wine fridge could go out of style (chilled wine is timeless, after all). But a new, trendier way to store your rosé has emerged: the beverage center.
Beverage centers are small, under-the-counter, temperature-controlled fridges that can hold any type of drink. Basically, they’re a well-structured mini fridge that you can set to a specific temperature to chill your beverages properly. Best of all, they’re not designed just to store wine you can fill the shelves with anything you’d like.
According to a report from Zillow, homes that list a beverage center in their description can sell for up to 2.4% more than those that don't. Homes that mention a wine fridge, however, only see a 0.9% increase in sell price. The feature was also included in the National Kitchen and Bath Association (NKBA) kitchen trends report for 2024: More than half of survey respondents said they wanted a dedicated area with specialized storage and appliances for all kinds of drinks, from sparkling water to iced coffee.
One reason homeowners are adding beverage centers to their wish lists is because they balance convenience and a streamlined look.
Gone are the days of going to the wine fridge in the garage or cellar under-the-counter beverage centers make it easy to grab a glass of whatever you're craving at any time (Fluffy Coke, anyone?). They’re often positioned in the kitchen or a bar area that’s close to the dining room, making it that much easier to serve guests or get something for yourself on your way to sit down for dinner.
And as the name implies, you can keep whatever you want in your beverage center: waters and sparkling drinks on the top shelf, cocktail mixers and fixings in the middle, and a row of your favorite wines on the bottom. If you don't drink alcohol, use it for your mocktails While you probably wouldn't want to turn an enormous wine fridge into a non-alcoholic beverage station, you could easily do so with a beverage center.
Plus, they look good in any space and can function as hidden storage. Turn your second sink, extra counter, fixed island, or pantry area into a place with a purpose without sacrificing style. You're getting the best of both worlds and when you're at home, that's what you deserve.
BENJAMIN MOORE
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