These are the home features buyers want in 2020

  Posted in Residential on

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https://realtybiznews.com/these-are-the-home-features-buyers-want-in-2020/98757628/

Home buyers have pointed to “attractive storage space”, “private backyards”, “man caves” and “she sheds” as some of the most in-demand features they’re looking for in a new property, according to new research by realtor.com.

The
researchers scanned keyword home search data in each state in order
to find out the “must-have” features that buyers are looking for
in each state, and the findings are pretty interesting.

In
Oklahoma for example, residents there tend to appreciate “storm
shelters” more than people in other states. In Californian the buzz
word is “solar power”, while in Hawaii the most searched-for
feature is “fee simple”, which means a home where they own both
the land and the building. As for Washington D.C., buyers there want
a home near to the metro, while in Pennsylvania, parking spaces are a
high priority.

“While
some of the country’s most-loved home features, such as accessory
dwelling units or lakefront properties, will likely fetch a premium
on the open market, others are more matters of the heart,” says
George Ratiu, realtor.com’s senior economist. “Maybe you grew up
in a certain style of home or have always dreamed of having a big
yard—everyone’s vision of home is unique and being able to search
for what makes a house perfect for you can help you find true love in
a new home.”

Overall,
there’s a big demand for alternative living spaces such as man
caves, she sheds, workshops, granny pods or accessory dwelling units,
casita, barns, or RV parking. Residents rated those at the top in
Arizona, Idaho, Louisiana, Massachusetts, Mississippi, Montana,
Nevada, New Jersey, New Mexico, Oregon, Texas, Utah, and Washington.

Buyers
are also interested in privacy and big backyards. Home buyers in six
states rated this high, including in Alaska, Illinois, Iowa, Vermont,
Wisconsin, and Wyoming. They desired acreage, fenced in yards, room
for horses, or a country setting that provided distance from their
neighbors.

Several
buyers are also falling in love with the idea of single-story living.
Residents in nine states swooned over listings that included
first-floor masters, ranches, rambler, and single-level living:
Colorado, Delaware, Georgia, Kentucky, Maryland, North Dakota, Ohio,
Rhode Island, and Virginia.

Also,
water views certainly are beguiling to buyers. Six states ranked this
feature highly—Arkansas, Florida, Minnesota, Missouri, Tennessee,
and West Virginia. Buyers in these states were on the hunt for a
beautiful view, such as a lake view, canal, dock, lakeshore, or river
access.

The post These are the home features buyers want in 2020 appeared first on RealtyBizNews: Real Estate News.

Ask Brian: Tips for Professional Quality Interior Painting Projects

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Ask Brian: Tips for Professional Quality Interior Painting Projects

https://realtybiznews.com/ask-brian-tips-for-professional-quality-interior-painting-projects/98757623/

Ask Brian is a weekly column by Real Estate Expert Brian Kline. If you have questions on real estate investing, DIY, home buying/selling, or other housing inquiries please email your questions to [email protected].

Question from Kathy in Milwaukee: Brian, My mother-in-law is coming for an extended visit and I’m working at making our guest room as homey and comfortable for her as I can. Actually, I’m just about to get started on this project by taking out all of the furniture to start with a fresh coat of paint. I figure that since I’m going to all of the trouble, I might as well do it right. I know painting a room is one of the easier projects but what tips do you have?

Answer:
Hello Kathy. Kathy,
taking all of the furniture out of the room is a great start. That is a lot
better than covering and trying to work around it. Most people can do a decent
job of painting an interior room but a few professional tips never hurt. Not
only do professionals have more experience but they also know some techniques
that assure the project turns out better and is accomplished easier. These tips
aren’t likely to save you much time but they will give you results to make you
proud of your work. Depending on the room size and how much preparation is
required, most rooms take between two and four days to completely paint.

Besides taking out the furniture,
also remove the doors, electrical cover plates, light fixtures, and other hardware.
Also, cover the floor with the right kind of drop cloths. Old bedsheets don’t
make good drop cloths because paint drips and spills soak through fabrics. You
want to use plastic or something that paint won’t soak through. There are good
quality plastic drop cloths on the market that have a paper backing. The paper
isn’t slippery to walk on the way plastic is.

After the room is cleared and spill-proofed,
you need to prepare the walls and ceiling. Hopefully, you don’t need to make
any major repairs because that is a different set of skills. What you are
looking for are minor cracks, dents, and peeling paint. If there is peeling or
flaking paint on the wall, use a putty knife to scrape it off and then sand it
smooth. For small holes, use spackle to fix them (or a patching kit for slightly
large holes). For damaged trim, use painter’s putty or a wood filler. It’s a
good idea to clean the damaged part of the wall before applying any fillers.
After the repairs are complete, you want to sand these areas down to blend in
with the surrounding wall. Professionals often use a pole sander to make it
easier to reach the high parts of the walls and ceilings. For molded trim, you
want to use a sanding sponge rather than sandpaper. Sponges mold to the shape
of the trim. But you’re not ready to start painting quite yet…

Kathy, something homeowners often overlook
is checking the type of paint that is already on the walls and ceiling. You
want to determine if it is latex or oil-based paint. You can’t paint directly over
oil-based paint with latex. If you are going to do this, you need to sand the entire
wall and apply a bonding primer before you can add the new latex coat. A simple
test is soaking a cotton ball in rubbing alcohol and rubbing it on the existing
paint. If the paint comes off, it’s latex. If it doesn’t, it’s oil-based. If
you have to sand oil paint, do it before cleaning all of the surfaces.

Always clean the surfaces that you
will be painting. Most professionals use trisodium phosphate (TSP). It’s also a
good idea to rinse the TSP off with clean water. If something like cigarette
smoke has been absorbed into the old paint, you want to use a strong cleaner
like a 25/75 solution of bleach and water (rinse with clean water). Let the
walls dry completely before painting (usually overnight).

This isn’t directly related to
painting but you might want to seal any drafty cracks or gaps. You typically
find these around the trim on floors. Use a paintable acrylic-latex caulk.

You’re getting close to starting to
paint but there are another couple of other steps to consider. One is taping
off anything that you don’t want to get paint on. There shouldn’t be much
taping required because you have taken everything out of the room including
electrical cover plates. But if the ceiling and walls will be different colors,
taping between these might be a good idea. You may also want to tape window
frames. Professional painters have mixed opinions about taping. The reason some
don’t tape is that paint can bleed behind the tape and/or remove the paint it’s
stuck to. If you do tape, use “blue” painters tape and seal it tightly to the
surface using a putty knife.

Next, you need to decide if you can
go straight to the finish paint or if you need to primer the surface first. You
should primer first when:

Painting over bare drywall or bare wood.Using high-gloss paint.The walls are stained.Repaired damage should have a primer applied.The color change is drastic (from a dark color to light color).

Finally, make sure the paint you select
is correct. There are many different paints to choose from and each has
different reasons for being selected.

Flat or Matte Finish doesn’t have a shine. These work well on surfaces that still have some imperfections. But they are more difficult to keep clean. These work well in rooms that aren’t used much like bedrooms but not in kitchens and bathrooms where stains are likely to happen.

Satin finishes are better for kitchens, bathrooms, or children’s rooms where frequent cleaning is needed. Satins also work well on interior woodwork.

Eggshell finishes go in bedrooms but not in kitchens, baths, or high traffic areas like
hallways. Eggshell doesn’t wear as well as other finishes.

Gloss finish
is shiny and works well on window frames and trim to make them stand out. But
these aren’t great for large wall sections where imperfections will stand out
more. Gloss is the easiest to clean and the most durable.

Semi-gloss can
be a good substitute for gloss. It isn’t as shiny, so imperfections won’t show
as much. But it is easier to clean and is more durable than flat, satin, and
eggshell finishes.

You also want to select the right
tools to apply the paint. Large surfaces like walls and ceilings are rolled.
This requires the right “nap” on the roller. The more texture your walls have,
the thicker the nap you’ll want on your roller to fill in crevices for complete
coverage. But if the nap is too heavy, the paint goes on too thick and creates a
texture that you don’t want. The best thing to do is talk to a salesperson who
can match the nap to the paint you are using and the texture you are covering. Also,
talk to the salesperson about the best brushes that you’ll use in small areas
where precision is needed. Don’t be afraid to spend a little more money for
quality brushes. If you clean and store them properly, they will last for many
years and many projects.

Now that you’re ready to start
painting, work from the top down. Paint the ceiling first with a roller on an
extension. Then use a good brush to cut the line on the wall between the
ceiling and the walls. If you have crown molding, you’ll need to carefully use
a brush to cut a line between both the ceiling and the walls. Next, roll the
walls. Professionals do the door and other moldings after the walls and the
baseboards last. The thought is that splash from the roller won’t get onto
freshly painted moldings.

Kathy, I hope this helps you
achieve the results you want and gets you off to a good start with your mother-in-law’s
visit. Happy Painting!

What tricks of the painting trade can you offer? Please leave your comments.

Our weekly Ask Brian column welcomes questions from readers of all experience levels with residential real estate. Please email your questions or inquiries to [email protected].

Author bio: Brian Kline has been investing in real estate for more than 35 years and writing about real estate investing for 12 years. He also draws upon 30 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, near a national and the Pacific Ocean.

The post Ask Brian: Tips for Professional Quality Interior Painting Projects appeared first on RealtyBizNews: Real Estate News.

Homebuyers Flock to Four Cities for Affordable Land and Growing Salaries

  Posted in Residential on

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https://www.redfin.com/blog/booming-real-estate-markets/

Spokane, Las Vegas, Charlotte and Orlando will be the hottest metros among affordability-seeking homebuyers in the coming decade

As expensive coastal metros struggle to find solutions to rising housing costs, homebuyers have begun looking to smaller more affordable metros where land is cheap and incomes are growing. Already, Spokane, Las Vegas, Charlotte and Orlando are attracting out-of-town homebuyers and, thanks to the low cost of acquiring and developing land for new home construction, each is poised to attract homebuyers for years to come. That makes these the four metros primed for growth over the next decade.

Spokane, Washington

Sales of new homes increased 37% in Spokane from Q4 of 2018 to Q4 of 2019 compared to only 5% growth in existing homes. The city is currently the most competitive housing market in the country with a Compete Score™ of 89. That’s in part thanks to significant homebuyer interest from out-of-towners—73% of Redfin searches for homes in Spokane come from homebuyers located outside the metro.

Conveniently, Spokane is well suited to absorb all of the potential new migrants. That’s because in Spokane land is cheap and therefore homebuilding is inexpensive. The cost of acquiring land to develop on is a major reason housing supply has lagged behind demand in big expensive cities. In Seattle, land comprises 42% of the value of the homes, but in Spokane, land comprises only 23% of the value of homes, making it harder for homebuilders to turn a profit on land in Seattle than in Spokane. Seattlites, who are used to a median home price of $570,000, will find Spokane homes extremely affordable, regardless of whether they are buying an existing home with a median price of $255,000 or a new home with a median price of $350,000.  

“Tons of people are moving in from the coasts because Spokane is more affordable and less crowded,” said Redfin market manager Michelle Kendrick. “Spokane has all of the basics you would want in a city, but at a great price. It feels like we are in a construction boom. A lot of the new construction is happening on the outskirts of the city, which contributes to our version of traffic. To people from out of town the traffic is nothing, but if you have lived here a long time you do notice it. Job growth has also been a draw for out-of-towners. We have a new Amazon distribution center, the airport is expanding, and the medical industry is big and growing.”

Las Vegas, Nevada

In Las Vegas, home sales are growing at the rapid pace of 15.7%, with 47% of homebuyer interest coming from outside the metro. The primary source of out-of-town homebuyers is Los Angeles, where the median home price is $650,000 and land comprises about 61% of home values. In Las Vegas, homebuyers can purchase an existing home for $285,000 or a new home for $388,000. With land comprising only 25% of home values in Las Vegas, new construction is a profitable investment for developers.

“Las Vegas is a pretty competitive market, and I see both new homes and existing homes receiving multiple offers,” said Redfin agent Carol Vandenberg. “I see plenty of buyers from Los Angeles. They are used to the sunshine and the two cities are so connected.”

Charlotte, North Carolina

In Charlotte, home sales are growing at an annual pace of 14.5%. With 40% of search activity coming from outside of the metro, Charlotte—where household incomes are growing 5% annually and jobs grew 2.9% in 2019, well above the national rate of 1.4%—will continue to attract job seekers. Charlotte is well positioned to absorb growth given that land comprises only 28% of home values on average in the metro. Notably, Charlotte is home to one of 2019’s hottest neighborhoods in the country (Wildwood), and that neighborhood has a new housing development under construction. 

Orlando, Florida

Jobs, median household income, home sales, and home prices have all been growing in Orlando. Inexpensive land—it comprises only 29% of home values—has also meant growth in new homes sales for the city. Sales of new homes increased 21% in Orlando from Q4 of 2018 to Q4 of 2019 compared to only 5% growth in existing homes. 

 

Metro
Average Land Share of Home Value
Median Sale Price Growth
Homes Sales Growth 
Median Household Income Growth 
Job Growth 
Percent of Searches from Outside the Metro
Median Sale Price – New Construction
Median Sale Price – Existing
City Compete Score™ 

Spokane, WA
23%
14.2%
5.5%
4.7%
1.7%
73%
$350,000
$255,000
85

Las Vegas, NV
25%
6.5%
15.7%
3.5%
2.4%
47%
$388,000
$285,000
60

Charlotte, NC
28%
9.1%
14.5%
5.1%
2.9%
40%
$325,000
$248,000
66

Orlando, FL
29%
7.0%
14.7%
5.4%
3.2%
51%
$316,000
$250,000
75

 

Methodology

The top four U.S. booming real estate markets were selected based on the criteria that average share of land value be less than 30%, home price growth be more than 4%, home sales growth be greater than 4%, and percent of searches from outside the metro be at least 40%. Redfin analyzed 78 metros across the United states. 

Average share of land value is calculated from the accessed land and home values in the 2017 property tax assessment files. Sale price growth and home sale growth is from January 2019 to January 2020 and is seasonally adjusted. Household income growth is from 2017 to 2018. Job growth is from December 2018 to December 2019. Median sale price of new construction and existing homes is from Q4 2019. Compete Score™ is for Q4 2019.

The post Homebuyers Flock to Four Cities for Affordable Land and Growing Salaries appeared first on Redfin Blog.

Homebuyers Flock to Four Cities for Affordable Land and Growing Salaries

  Posted in Residential on

  by admin

https://www.redfin.com/blog/booming-real-estate-markets/

Spokane, Las Vegas, Charlotte and Orlando will be the hottest metros among affordability-seeking homebuyers in the coming decade

As expensive coastal metros struggle to find solutions to rising housing costs, homebuyers have begun looking to smaller more affordable metros where land is cheap and incomes are growing. Already, Spokane, Las Vegas, Charlotte and Orlando are attracting out-of-town homebuyers and, thanks to the low cost of acquiring and developing land for new home construction, each is poised to attract homebuyers for years to come. That makes these the four metros primed for growth over the next decade.

Spokane, Washington

Sales of new homes increased 37% in Spokane from Q4 of 2018 to Q4 of 2019 compared to only 5% growth in existing homes. The city is currently the most competitive housing market in the country with a Compete Score™ of 89. That’s in part thanks to significant homebuyer interest from out-of-towners—73% of Redfin searches for homes in Spokane come from homebuyers located outside the metro.

Conveniently, Spokane is well suited to absorb all of the potential new migrants. That’s because in Spokane land is cheap and therefore homebuilding is inexpensive. The cost of acquiring land to develop on is a major reason housing supply has lagged behind demand in big expensive cities. In Seattle, land comprises 42% of the value of the homes, but in Spokane, land comprises only 23% of the value of homes, making it harder for homebuilders to turn a profit on land in Seattle than in Spokane. Seattlites, who are used to a median home price of $570,000, will find Spokane homes extremely affordable, regardless of whether they are buying an existing home with a median price of $255,000 or a new home with a median price of $350,000.  

“Tons of people are moving in from the coasts because Spokane is more affordable and less crowded,” said Redfin market manager Michelle Kendrick. “Spokane has all of the basics you would want in a city, but at a great price. It feels like we are in a construction boom. A lot of the new construction is happening on the outskirts of the city, which contributes to our version of traffic. To people from out of town the traffic is nothing, but if you have lived here a long time you do notice it. Job growth has also been a draw for out-of-towners. We have a new Amazon distribution center, the airport is expanding, and the medical industry is big and growing.”

Las Vegas, Nevada

In Las Vegas, home sales are growing at the rapid pace of 15.7%, with 47% of homebuyer interest coming from outside the metro. The primary source of out-of-town homebuyers is Los Angeles, where the median home price is $650,000 and land comprises about 61% of home values. In Las Vegas, homebuyers can purchase an existing home for $285,000 or a new home for $388,000. With land comprising only 25% of home values in Las Vegas, new construction is a profitable investment for developers.

“Las Vegas is a pretty competitive market, and I see both new homes and existing homes receiving multiple offers,” said Redfin agent Carol Vandenberg. “I see plenty of buyers from Los Angeles. They are used to the sunshine and the two cities are so connected.”

Charlotte, North Carolina

In Charlotte, home sales are growing at an annual pace of 14.5%. With 40% of search activity coming from outside of the metro, Charlotte—where household incomes are growing 5% annually and jobs grew 2.9% in 2019, well above the national rate of 1.4%—will continue to attract job seekers. Charlotte is well positioned to absorb growth given that land comprises only 28% of home values on average in the metro. Notably, Charlotte is home to one of 2019’s hottest neighborhoods in the country (Wildwood), and that neighborhood has a new housing development under construction. 

Orlando, Florida

Jobs, median household income, home sales, and home prices have all been growing in Orlando. Inexpensive land—it comprises only 29% of home values—has also meant growth in new homes sales for the city. Sales of new homes increased 21% in Orlando from Q4 of 2018 to Q4 of 2019 compared to only 5% growth in existing homes. 

 

Metro
Average Land Share of Home Value
Median Sale Price Growth
Homes Sales Growth 
Median Household Income Growth 
Job Growth 
Percent of Searches from Outside the Metro
Median Sale Price – New Construction
Median Sale Price – Existing
City Compete Score™ 

Spokane, WA
23%
14.2%
5.5%
4.7%
1.7%
73%
$350,000
$255,000
85

Las Vegas, NV
25%
6.5%
15.7%
3.5%
2.4%
47%
$388,000
$285,000
60

Charlotte, NC
28%
9.1%
14.5%
5.1%
2.9%
40%
$325,000
$248,000
66

Orlando, FL
29%
7.0%
14.7%
5.4%
3.2%
51%
$316,000
$250,000
75

 

Methodology

The top four U.S. booming real estate markets were selected based on the criteria that average share of land value be less than 30%, home price growth be more than 4%, home sales growth be greater than 4%, and percent of searches from outside the metro be at least 40%. Redfin analyzed 78 metros across the United states. 

Average share of land value is calculated from the accessed land and home values in the 2017 property tax assessment files. Sale price growth and home sale growth is from January 2019 to January 2020 and is seasonally adjusted. Household income growth is from 2017 to 2018. Job growth is from December 2018 to December 2019. Median sale price of new construction and existing homes is from Q4 2019. Compete Score™ is for Q4 2019.

The post Homebuyers Flock to Four Cities for Affordable Land and Growing Salaries appeared first on Redfin Blog.

anyone else like as much as me

  Posted in Residential on

  by admin

The following real estate transfers were recorded recently in Lebanon County: Lebanon. JLJ Enterprises LLC to Jeremy M. Petersheim, 323 N. 12th St.

Two-thirds of couples argue over buying and selling a home

  Posted in Residential on

  by admin

https://realtybiznews.com/two-thirds-of-couples-argue-over-buying-and-selling-a-home/98757601/

Buying or selling a home can signal the beginning of a new phase in a couple’s life together, but a new survey commissioned by Zillow and conducted online by The Harris Poll finds those two transactions are often fraught with conflict.

A
vast majority of Americans (77 percent) who have gone through the
home buying process with a significant other in the past decade say
they argued over the home buying process. Nearly as many Americans
(71 percent) who have sold a home with a significant other in the
past decade say they argued over the home selling process, suggesting
those two life events may take a toll on relationships.

Beefing Over Buying

Of
those who argued with their significant other over the home buying
process, most (54 percent) disagreed over the size or style of home
to buy, and nearly half (47 percent) disagreed over a home’s
must-have features or deal breakers.

Other
conflicts surfaced over the location or neighborhood to buy in (42
percent argued over this), the budget (37 percent) and whether to buy
a fixer-upper (29 percent).

Nearly
a quarter of couples who argued over the home buying process were
feuding over their mortgage options, such as selecting the right
lender or mortgage product.

Selling Squabbles

A
large percent of Millennial sellers, aged 25 to 39, argued with a
significant other over selling a home (85 percent) while a smaller
share of baby boomer sellers, 55 years and older, argued about the
home selling process (54 percent), indicating that life experience –
and a higher likelihood of being a repeat seller – may help couples
weather the tension that can come with a home sale.

Of
couples who argued over the home selling process, a majority (69
percent) fought about at least one of three financial decisions: what
price to list the home for, whether to drop the price and whether to
accept an offer.

Many
also argued over the following hassles of a traditional sale:

– Whether or not to make repairs (24 percent)

– Strangers walking through the home during open houses (24 percent)

– Keeping the house clean for showings (23 percent)

– Uncertainty over whether the house would sell or not (21 percent)

Previous Zillow research found more than one-third of home sellers cry when selling a home, and more Americans are stressed out by selling a home than they are by planning a wedding or getting fired. Zillow also found uncertainty caused sellers more stress than showings and repairs.

“We know buying and selling a home can be taxing, but now we know those stressors can cause friction in a relationship,” said Zillow lifestyle expert Amanda Pendleton. “Couples may want to take that into account when deciding how to sell, and consider an alternative that removes many painful parts of the real estate transaction.”

The post Two-thirds of couples argue over buying and selling a home appeared first on RealtyBizNews: Real Estate News.

Homebuyers Flock to Four Cities for Affordable Land and Growing Salaries

  Posted in Residential on

  by admin

https://www.redfin.com/blog/booming-real-estate-markets/

Spokane, Las Vegas, Charlotte and Orlando will be the hottest metros among affordability-seeking homebuyers in the coming decade

As expensive coastal metros struggle to find solutions to rising housing costs, homebuyers have begun looking to smaller more affordable metros where land is cheap and incomes are growing. Already, Spokane, Las Vegas, Charlotte and Orlando are attracting out-of-town homebuyers and, thanks to the low cost of acquiring and developing land for new home construction, each is poised to attract homebuyers for years to come. That makes these the four metros primed for growth over the next decade.

Spokane, Washington

Sales of new homes increased 37% in Spokane from Q4 of 2018 to Q4 of 2019 compared to only 5% growth in existing homes. The city is currently the most competitive housing market in the country with a Compete Score™ of 89. That’s in part thanks to significant homebuyer interest from out-of-towners—73% of Redfin searches for homes in Spokane come from homebuyers located outside the metro.

Conveniently, Spokane is well suited to absorb all of the potential new migrants. That’s because in Spokane land is cheap and therefore homebuilding is inexpensive. The cost of acquiring land to develop on is a major reason housing supply has lagged behind demand in big expensive cities. In Seattle, land comprises 42% of the value of the homes, but in Spokane, land comprises only 23% of the value of homes, making it harder for homebuilders to turn a profit on land in Seattle than in Spokane. Seattlites, who are used to a median home price of $570,000, will find Spokane homes extremely affordable, regardless of whether they are buying an existing home with a median price of $255,000 or a new home with a median price of $350,000.  

“Tons of people are moving in from the coasts because Spokane is more affordable and less crowded,” said Redfin market manager Michelle Kendrick. “Spokane has all of the basics you would want in a city, but at a great price. It feels like we are in a construction boom. A lot of the new construction is happening on the outskirts of the city, which contributes to our version of traffic. To people from out of town the traffic is nothing, but if you have lived here a long time you do notice it. Job growth has also been a draw for out-of-towners. We have a new Amazon distribution center, the airport is expanding, and the medical industry is big and growing.”

Las Vegas, Nevada

In Las Vegas, home sales are growing at the rapid pace of 15.7%, with 47% of homebuyer interest coming from outside the metro. The primary source of out-of-town homebuyers is Los Angeles, where the median home price is $650,000 and land comprises about 61% of home values. In Las Vegas, homebuyers can purchase an existing home for $285,000 or a new home for $388,000. With land comprising only 25% of home values in Las Vegas, new construction is a profitable investment for developers.

“Las Vegas is a pretty competitive market, and I see both new homes and existing homes receiving multiple offers,” said Redfin agent Carol Vandenberg. “I see plenty of buyers from Los Angeles. They are used to the sunshine and the two cities are so connected.”

Charlotte, North Carolina

In Charlotte, home sales are growing at an annual pace of 14.5%. With 40% of search activity coming from outside of the metro, Charlotte—where household incomes are growing 5% annually and jobs grew 2.9% in 2019, well above the national rate of 1.4%—will continue to attract job seekers. Charlotte is well positioned to absorb growth given that land comprises only 28% of home values on average in the metro. Notably, Charlotte is home to one of 2019’s hottest neighborhoods in the country (Wildwood), and that neighborhood has a new housing development under construction. 

Orlando, Florida

Jobs, median household income, home sales, and home prices have all been growing in Orlando. Inexpensive land—it comprises only 29% of home values—has also meant growth in new homes sales for the city. Sales of new homes increased 21% in Orlando from Q4 of 2018 to Q4 of 2019 compared to only 5% growth in existing homes. 

 

Metro
Average Land Share of Home Value
Median Sale Price Growth
Homes Sales Growth 
Median Household Income Growth 
Job Growth 
Percent of Searches from Outside the Metro
Median Sale Price – New Construction
Median Sale Price – Existing
City Compete Score™ 

Spokane, WA
23%
14.2%
5.5%
4.7%
1.7%
73%
$350,000
$255,000
85

Las Vegas, NV
25%
6.5%
15.7%
3.5%
2.4%
47%
$388,000
$285,000
60

Charlotte, NC
28%
9.1%
14.5%
5.1%
2.9%
40%
$325,000
$248,000
66

Orlando, FL
29%
7.0%
14.7%
5.4%
3.2%
51%
$316,000
$250,000
75

 

Methodology

The top four U.S. booming real estate markets were selected based on the criteria that average share of land value be less than 30%, home price growth be more than 4%, home sales growth be greater than 4%, and percent of searches from outside the metro be at least 40%. Redfin analyzed 78 metros across the United states. 

Average share of land value is calculated from the accessed land and home values in the 2017 property tax assessment files. Sale price growth and home sale growth is from January 2019 to January 2020 and is seasonally adjusted. Household income growth is from 2017 to 2018. Job growth is from December 2018 to December 2019. Median sale price of new construction and existing homes is from Q4 2019. Compete Score™ is for Q4 2019.

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Homebuyers Flock to Four Cities for Affordable Land and Growing Salaries

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https://www.redfin.com/blog/booming-real-estate-markets/

Spokane, Las Vegas, Charlotte and Orlando will be the hottest metros among affordability-seeking homebuyers in the coming decade

As expensive coastal metros struggle to find solutions to rising housing costs, homebuyers have begun looking to smaller more affordable metros where land is cheap and incomes are growing. Already, Spokane, Las Vegas, Charlotte and Orlando are attracting out-of-town homebuyers and, thanks to the low cost of acquiring and developing land for new home construction, each is poised to attract homebuyers for years to come. That makes these the four metros primed for growth over the next decade.

Spokane, Washington

Sales of new homes increased 37% in Spokane from Q4 of 2018 to Q4 of 2019 compared to only 5% growth in existing homes. The city is currently the most competitive housing market in the country with a Compete Score™ of 89. That’s in part thanks to significant homebuyer interest from out-of-towners—73% of Redfin searches for homes in Spokane come from homebuyers located outside the metro.

Conveniently, Spokane is well suited to absorb all of the potential new migrants. That’s because in Spokane land is cheap and therefore homebuilding is inexpensive. The cost of acquiring land to develop on is a major reason housing supply has lagged behind demand in big expensive cities. In Seattle, land comprises 42% of the value of the homes, but in Spokane, land comprises only 23% of the value of homes, making it harder for homebuilders to turn a profit on land in Seattle than in Spokane. Seattlites, who are used to a median home price of $570,000, will find Spokane homes extremely affordable, regardless of whether they are buying an existing home with a median price of $255,000 or a new home with a median price of $350,000.  

“Tons of people are moving in from the coasts because Spokane is more affordable and less crowded,” said Redfin market manager Michelle Kendrick. “Spokane has all of the basics you would want in a city, but at a great price. It feels like we are in a construction boom. A lot of the new construction is happening on the outskirts of the city, which contributes to our version of traffic. To people from out of town the traffic is nothing, but if you have lived here a long time you do notice it. Job growth has also been a draw for out-of-towners. We have a new Amazon distribution center, the airport is expanding, and the medical industry is big and growing.”

Las Vegas, Nevada

In Las Vegas, home sales are growing at the rapid pace of 15.7%, with 47% of homebuyer interest coming from outside the metro. The primary source of out-of-town homebuyers is Los Angeles, where the median home price is $650,000 and land comprises about 61% of home values. In Las Vegas, homebuyers can purchase an existing home for $285,000 or a new home for $388,000. With land comprising only 25% of home values in Las Vegas, new construction is a profitable investment for developers.

“Las Vegas is a pretty competitive market, and I see both new homes and existing homes receiving multiple offers,” said Redfin agent Carol Vandenberg. “I see plenty of buyers from Los Angeles. They are used to the sunshine and the two cities are so connected.”

Charlotte, North Carolina

In Charlotte, home sales are growing at an annual pace of 14.5%. With 40% of search activity coming from outside of the metro, Charlotte—where household incomes are growing 5% annually and jobs grew 2.9% in 2019, well above the national rate of 1.4%—will continue to attract job seekers. Charlotte is well positioned to absorb growth given that land comprises only 28% of home values on average in the metro. Notably, Charlotte is home to one of 2019’s hottest neighborhoods in the country (Wildwood), and that neighborhood has a new housing development under construction. 

Orlando, Florida

Jobs, median household income, home sales, and home prices have all been growing in Orlando. Inexpensive land—it comprises only 29% of home values—has also meant growth in new homes sales for the city. Sales of new homes increased 21% in Orlando from Q4 of 2018 to Q4 of 2019 compared to only 5% growth in existing homes. 

 

Metro
Average Land Share of Home Value
Median Sale Price Growth
Homes Sales Growth 
Median Household Income Growth 
Job Growth 
Percent of Searches from Outside the Metro
Median Sale Price – New Construction
Median Sale Price – Existing
City Compete Score™ 

Spokane, WA
23%
14.2%
5.5%
4.7%
1.7%
73%
$350,000
$255,000
85

Las Vegas, NV
25%
6.5%
15.7%
3.5%
2.4%
47%
$388,000
$285,000
60

Charlotte, NC
28%
9.1%
14.5%
5.1%
2.9%
40%
$325,000
$248,000
66

Orlando, FL
29%
7.0%
14.7%
5.4%
3.2%
51%
$316,000
$250,000
75

 

Methodology

The top four U.S. booming real estate markets were selected based on the criteria that average share of land value be less than 30%, home price growth be more than 4%, home sales growth be greater than 4%, and percent of searches from outside the metro be at least 40%. Redfin analyzed 78 metros across the United states. 

Average share of land value is calculated from the accessed land and home values in the 2017 property tax assessment files. Sale price growth and home sale growth is from January 2019 to January 2020 and is seasonally adjusted. Household income growth is from 2017 to 2018. Job growth is from December 2018 to December 2019. Median sale price of new construction and existing homes is from Q4 2019. Compete Score™ is for Q4 2019.

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