SAN FRANCISCO, Nov. 8, 2019 — Florida Realtors® and the Toronto Real Estate Board (TREB) today signed a joint Memorandum of Understanding (MoU) during the National Association of Realtors® (NAR) Conference and Trade Expo taking place in San Francisco, Nov. 8-11, 2019.Read More »
ORLANDO, Fla., Nov. 7, 2019 – Florida’s housing market experienced positive trends in 3Q 2019, with more closed sales, higher median prices, more pending sales and rising pending inventory, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 78,759 in 3Q 2019, up 8.1% from the 3Q 2018 level.Read More »
ORLANDO, Fla., Oct. 22, 2019 – During September, Florida’s housing market reported more closed sales, higher median prices and increased pending inventory compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 23,510 last month, up 11.5% from September 2018.Read More »
BERLIN, Oct. 22, 2019 — Florida Realtors® and IVD Germany today signed a joint Memorandum of Understanding (MoU) during a VIP meeting between leaders of the two real estate professional organizations in Berlin, Germany.Read More »
ORLANDO, Fla. – Whether it’s a kitchen redo or a new front door, homeowners who undergo a home improvement project often find that the task was worth the investment and time, according to the latest remodeling report from the National Association of Realtors® (NAR) with insights from the National Association of the Remodeling Industry (NARI).
The 2019 Remodeling Impact Report, an examination of 20 projects, surveyed Realtors, consumers who have completed home renovation projects and members of the National Association of the Remodeling Industry.
The report examined a variety of remodeling projects and used responses to rank the appeal of a given project, the value of the project in terms of resale and its overall functionality. The study also looked into the reasons for remodeling, the success of taking on the various projects and the increased happiness reported in the home upon completion of the job.
After completing a remodeling project:
- 74% of owners have a greater desire to be in their home
- 65% experience increased enjoyment
- 77% feel a major sense of accomplishment
- 58% report a feeling of happiness seeing completed projects
- 38% say they have a feeling of satisfaction
NAR calculated a “Joy Score” for each project. The score is based on the happiness homeowners reported with their renovations – the more pleased with a given project, the better the Joy Score, with the highest possible score being 10.
Interior projects that received some of the higher Joy Scores are complete kitchen renovations, closet renovations, full interior and individual room paint jobs, kitchen upgrades and basement conversions to living areas. Exterior jobs with the highest Joy Scores were new fiberglass or steel front doors, new vinyl and wood windows and new roofing.
A complete kitchen renovation received a top Joy Score of 10. Ninety-three percent of those polled said they have a greater desire to be at home since the completion of their kitchen, and 95% said they have an increased sense of enjoyment when at home.
The most important result of a kitchen renovation is improved functionality and livability, according to 46% of those polled. As to the reasons why they decided to take on the project, 24% say they wanted to upgrade worn-out surfaces and materials. Another 20% report they had recently moved into their home and had a desire to customize the kitchen to their particular tastes.
Upgrading home closets was another task that received a 10 Joy Score. This is due in part to the inconvenience of a disorganized closet, which is something a homeowner encounters daily, often at the start of their day. When a closet renovation is finished, the sense of achievement is immediate. Thusly, 68% of those surveyed say they feel a major sense of accomplishment when they think about the completed project. Nearly three-quarters, 72%, report having a greater desire to be at home since finishing the job.
With a closet redesign, 56% say the most important result is better functionality and livability. Fifty-four percent say the top reason for doing the job was the need to improve organization and storage. Fifteen percent answered that it was time for a change.
Full interior paint job
Completing a full interior paint job in the home scored a 9.8 Joy Score. A finished paint job is usually visible in every room in a home, which speaks to how important a task this is to respondents.
A vast majority, 88%, say they have a greater desire to be home since having their home freshly painted. Eighty-six percent report feeling a major sense of accomplishment when they think of the project.
New fiberglass front door
The installation of fiberglass front doors is a highly rated exterior project, receiving a Joy Score of 9.7. Seventy-nine percent of polled homeowners say they have had a greater desire to be at home upon completion of the job. Sixty-seven percent say they have an increased sense of enjoyment when they are at home, and another 69% state that they feel a major sense of accomplishment when they think of the completed project.
New vinyl windows
New vinyl windows also received a very high Joy Score, 9.6, while 42% of those surveyed say the most important result is improved functionality and livability. As for the top reasons for doing the job, 47% say they had a desire to improve their home’s energy efficiency and 23% say they wanted to upgrade worn-out surfaces, finishes and materials.
Remodelers often take on projects with resale in mind, rather than their own home preferences. The report found the top projects for recovering cost are new roofing, hardwood floor refinishing and new hardwood floor installation. NARI remodelers estimate that new roofing costs $7,500, and Realtors estimate that new roofing helps sellers recover $8,000, on average. That equates to 107% of value recovered from the project.
Also, NARI remodelers estimate that new wood flooring costs $4,700, with Realtors estimating the project helps sellers recover $5,000, or a 106% value recovery. NARI remodelers estimate that hardwood floor refinishing costs $2,600, and Realtors estimate that the hardwood floor refinishing would help sellers recover $2,600.
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ORLANDO, Fla. – A majority of younger baby boomers and older Generation X-ers aren’t planning to downsize with their next move, according to a recent survey by MKM Partners Quantitative Survey Group, commissioned by Del Webb.
Of the 57% of survey respondents who plan to move in the future, 65% prefer their next home to be either the same size (43%) or larger (22%) than their current home.
A clear majority (71%) expects to need more space in their next home, and they prefer a single-family home; 63% say they want three or more bedrooms. For Gen X-ers, more space is not so much a luxury but a necessity: 29% of the 50-year-olds surveyed said they would design their next home to accommodate aging parents.
“Today’s 50- and 60-year-olds are active and looking ahead to their next move,” says 2019 Florida Realtors® President-Elect Barry Grooms, co-owner of Sarabay Suncoast Realty Inc. in Bradenton. “Research shows there are more than 140 million Generation X and Baby Boomers in the U.S., and many of them are planning for a future with different goals, but they still will be active in the housing market as they realize their new dreams.”
Contrary to some other forecasts, these older adults aren’t seeking urban locations. A significant percentage of those surveyed want to stay away from the city, with 87% preferring a suburban or rural setting. When asked for a preference, 60% said they wanted their next home to be a “quiet, tranquil place where they can slow down and get some peace.”
Inside the home, most respondents still prefer open floor plans, but a shift toward a more traditional layout may be brewing: 34% said they prefer more defined space to open concepts, and 60% of Gen Xers and 48% of baby boomers still want a dedicated dining room in their next home.
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ORLANDO, Fla. – It seems parenthood adds another level of chaos to the homebuying process, according to the National Association of Realtors® (NAR) 2019 report, Moving With Kids. It explores the homebuying habits and seller preferences of people with children under the age of 18 years living in the home.Read More »
ORLANDO, Fla. – Homebuyers are showing more interest in technological home features these days. For example, 46% of new and prospective homeowners say they want a security camera on the premises, according to the latest annual survey from the National Association of Home Builders’ (NAHB).Read More »
Pictured are members of Coldwell Banker CORE (Culture of Real Estate), or CB CORE, a year-old group that offers help to people of different ethnicities who may be struggling to buy homes. Shown standing at center is Darrell Burks, chair of the southeast branch of CB CORE, with Donna Reid, seated at left, and Nancy Klock Corey, seated at right.
MIAMI BEACH, Fla. – When Hurricane Irma hit in 2017, Nancy Klock Corey, regional vice president of Coldwell Banker Residential Real Estate, Southeast Florida, in Miami Beach, learned some valuable lessons.Read More »
Publication Honored for Design, Writing Excellence
ORLANDO, Fla., Sept. 23, 2019 — Florida Realtor, the Business Magazine of Florida Real Estate and monthly trade publication of Florida Realtors®, recently won seven awards in the 2019 Florida Magazine Association’s (FMA) competition.Read More »