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As Featured in West + Main Home Magazine: A Journey of Restoration

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West + Main Agents Jaren Thomas + Braden Wahr

“The house originally had a closed off kitchen and a lot of hallways. We wanted it to feel open and bigger. It’s hard to believe it is the same house. We started with something that you could never imagine someone living in and finished with a beautiful home I would love to have for myself!”
— Jaren Thomas + Braden Wahr

When West + Main agent Jaren Thomas teamed up with fellow agent and General Contractor Braden Wahr to renovate a Denver-area home for sale, they wanted to give the house a fun mid-mod feel and highlight its best features, the back porch and the kitchen.

As investors, they loved the location, which is close to popular shops, restaurants + trails but in a nice quiet neighborhood, the big lot size, and that it backed to open space! They spent a little over $300k on the remodel, which was more than expected, but it needed a lot of love and as they went along they wanted to make sure they did the house justice so they put a little extra into things like the deck, wet bar, landscaping, etc.

Before:

“And, it all worked out,” said Braden. “This was a really fun project, and found the perfect buyers really quickly. We really hope that they are loving living in this special home!”

 

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‘Housing affordability is reshaping migration trends,’ economist says. Here’s where people are moving

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With high mortgage rates and home prices, would-be buyers are understandably looking for deals — even if they have to move to a different city, state or region to find them.

Last year, consumers moving interstate tended to pick new metropolitan areas where housing costs and competition are less severe, and construction is keeping up with demand, according to a recent Zillow Group analysis of United Van Lines data.

Homes in those consumers’ new metros cost $7,500 less, on average, compared to the places they left.

“Housing affordability has always mattered...and you’re seeing it across the country,” said Orphe Divounguy, a senior economist at Zillow. “Housing affordability is reshaping migration trends.”

The 10 metros where people are moving

The search for affordability has led a strong migration flow into states like Florida, North Carolina, South Carolina, Tennessee and Texas, said Jessica Lautz, deputy chief economist and vice president of research at the National Association of Realtors.

Cities in the Zillow analysis showing the most inbound moves include Charlotte, North Carolina; Providence, Rhode Island; Indianapolis, Indiana; Orlando, Florida; and Raleigh, North Carolina, according to the Zillow analysis.

 
 

The real estate market is facing a low supply of active listings; while builders are trying to fill the gap, they can only do so in areas where it is financially feasible for both buyers and builders.

“That’s why you’re seeing these relatively more affordable Southern, Midwestern markets rise to the top of the list,” Divounguy said.

The draw of these metros is because they “are markets where jobs are being created rapidly” and where more new houses are being constructed, Divounguy said. For example, Charlotte and Raleigh have become tech and financial hubs attracting workers from metro areas like New York City.

“Because of that, they have remained relatively more affordable than other markets across the country,” he said.

Read more at CNBC.com

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3 Must-Do’s When Selling Your House in 2024

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If one of the goals on your list is selling your house and making a move this year, you’re likely juggling a mix of excitement about what’s ahead and feeling a little sentimental about your current home.

A great way to balance those emotions and make sure you’re confident in your decision is to keep these three best practices in mind when you’re ready to sell.

1. Price Your Home Right

The housing market shifted in 2023 as mortgage rates rose and home price appreciation started to normalize once again. As a seller, you still need to recognize how important it is to price your house appropriately based on where the market is today. Hannah Jones, Economic Research Analyst for Realtor.com, explains:

“Sellers need to become familiar with their local market and work closely with a local agent to make sure their listing is attractive to buyers. Buyers feeling the pressure of affordability are likely to be pickier, so a well-priced, well-maintained home is the ticket to drumming up big demand.”

If you price your house too high, you run the risk of deterring buyers. And if you go too low, you’re leaving money on the table. An experienced real estate agent can help determine what your ideal asking price should be, so your house moves quickly and for top dollar.

2. Keep Your Emotions in Check

Today, homeowners are staying in their houses longer than they used to. According to the National Association of Realtors (NAR), since 1985, the average time a homeowner has owned their home has increased from 6 to 10 years (see graph below):

 
 

This is much more than what used to be the norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your space. If it’s the first home you bought or the house where your loved ones grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from the sentimental value.

For some homeowners, that makes it even tougher to separate the emotional value of the house from fair market price. That’s why you need a real estate professional to help you with the negotiations and the best pricing strategy along the way. Trust the professionals who have your best interests in mind.

3. Stage Your Home Properly

While you may love your decor and how you’ve customized your house over the years, not all buyers will feel the same way about your vibe. That’s why it’s so important to make sure you focus on your home’s first impression, so it appeals to as many buyers as possible.

Buyers want to be able to picture themselves in the home. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. As Jessica Lautz, Deputy Chief Economist and Vice President of Research at NAR, says:

“Buyers want to easily envision themselves within a new home and home staging is a way to showcase the property in its best light.”

A real estate professional can help you with expertise on getting your house ready to sell.

Bottom Line

If you’re considering selling your house, reach out to a local real estate professional to help you navigate the process while prioritizing these must-do’s.

Read more at KeepingCurrentMatters.com

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3 Key Factors Affecting Home Affordability

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Over the past year, a lot of people have been talking about housing affordability and how tight it’s gotten.

But just recently, there’s been a little bit of relief on that front. Mortgage rates have gone down since their most recent peak in October. But there’s more to being able to afford a home than just mortgage rates.

To really understand home affordability, you need to look at the combination of three important factors: mortgage rates, home prices, and wages. Let’s dive into the latest data on each one to see why affordability is improving.

1. Mortgage Rates

Mortgage rates have come down in recent months. And looking forward, most experts expect them to decline further over the course of the year. Jiayi Xu, an economist at Realtor.com, explains:

“While there could be some fluctuations in the path forward … the general expectation is that mortgage rates will continue to trend downward, as long as the economy continues to see progress on inflation.”

And even a small change in mortgage rates can have a big impact on your purchasing power, making it easier for you to afford the home you want by reducing your monthly mortgage payment.

2. Home Prices

The second important factor is home prices. After going up at a relatively normal pace last year, they’re expected to continue rising moderately in 2024. That’s because even with inventory projected to grow slightly this year, there still aren’t enough homes for sale for all the people who want to buy them. According to Lisa Sturtevant, Chief Economist at Bright MLS:

“More inventory will be generally offset by more buyers in the market. As a result, it is expected that, overall, the median home price in the U.S. will grow modestly . . .”

That’s great news for you because it means prices aren’t likely to skyrocket like they did during the pandemic. But it also means it’ll probably cost you more to wait. So, if you’re ready, willing, and able to buy, and you can find the right home, purchasing before more buyers enter the market and prices rise further might be in your best interest.

3. Wages

Another positive factor in affordability right now is rising income. The graph below uses data from the Federal Reserve to show how wages have grown over time: 

 
 

If you look at the blue dotted trendline, you can see the rate at which wages typically rise. But on the right side of the graph, wages are above the trend line today, meaning they’re going up at a higher rate than normal.

Higher wages improve affordability because they reduce the percentage of your income it takes to pay your mortgage. That’s because you don’t have to put as much of your paycheck toward your monthly housing cost.

What This Means for You

Home affordability depends on three things: mortgage rates, home prices, and wages. The good news is, they’re moving in a positive direction for buyers overall.

Bottom Line

If you're thinking about buying a home, it's important to know the main factors impacting affordability are improving. To get the latest updates on each, connect with a trusted real estate agent.

Read more at KeepingCurrentMatters.com

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Sorry, Marble: Home Buyers Still Prefer This Kitchen Countertop Material

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Thanks to AI, you no longer have to restrict your online house hunt to a zip code.

You can ask for all the other things that matter to you. And that’s exactly what home buyers did when Zillow introduced its AI-powered natural language search last year. After analyzing more than 250 billion search queries, the company found that people prioritized looking at places with a garage, backyard, fireplaces, and walk-in closets first and foremost. But there was a surprising term that cracked the top 10 in 2023: granite countertops. Not milky white Carrara marble. Not super-durable quartz. Granite. 

While granite has been a popular choice for decades, the construction boom of the early 2000s brought on a new kind of mania. You couldn’t watch an episode of House Hunters without hearing the words granite countertops. But like most design trends, the coarse-grained, igneous rock reached the point of being overdone…or so we thought. DeVol’s creative director, Helen Parker, called it last February when she predicted that granite—specifically, black granite—was bound to bounce back. “Black granite was a staple in the 1990s, and it still has a certain understated luxury, especially when honed,” she told Domino. 

It’s true that when we think of granite countertops, we tend to picture a sandy-colored surface with flecks of black, the kind you’d most likely find in a Tuscan-inspired McMansion. But as Parker points out, there is a world of other granite varieties and finishes out there to explore—ones that sellers could easily put on their home’s résumé without feeling like they’ve sold out. Here are a few slabs we’d happily have in any current (or future!) home.

Read more at Domino.com

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