Have you ever had Home Envy? You know, that feeling you get when you have gone over to a friend’s house for the first time and their home is much larger than yours. They have all the new gadgets and sleek new kitchen and you start to feel that green little monster come out in you.
Don’t worry, you are not the only one feeling this way. In a survey conducted by a bathroom retailer QS Supplies of 1,000 people, 56% of them admitted to being jealous of other people’s homes. If it was to be broken down by generation, Millennials take the green envy lead with 60.8%. Gen Xers follow close behind with 53.8%, then baby boomers coming in last with 37.9%. If you were to break it down by gender, it seems the ladies have much more home envy than men. Women ranked 65% whereas men ranked at 45.8%.
Having Home Envy has prompted some homeowners to tackle home improvement projects such as upgrades for kitchens, interior design, furnishings and interior painting. Most of this jealousy comes from friends and family. In fact, 35.2% of respondents made home upgrades due to envy. Many of the respondents also noted they were swayed by influencers. This gives credence as to why so many brands are willing to pay influencers to represent their products.
Platforms Showing Home Envy
Home Features Evoking The Most Home Envy
It seems the bigger the better when it comes to the size of the house, as this feature evoked the most Home Envy. Coming in at a close second was a good-looking kitchen.
Handling the Green Little Monster
There are certain ways of handling jealousy better than others. The data shows that some respondents that felt this envy and were not satisfied with their own home went as far as moving houses entirely. Others were able to take the envy and turn it into inspiration. After experiencing Home Envy, 24% of respondents attended an open house for design inspiration. With this being said, Instagram and Pinterest are great platforms for finding design inspiration.
The time has come to sell your home. You have a fresh coat of paint inside and out as well as all your landscape looking beautiful. You definitely have the sense of sight covered for new homebuyers, but do you have the sense of smell taken care of? Believe it or not, stinky homes sell slower than fresh, sweet smelling homes.
Sometimes it’s hard to tell if your home kind of smells not so nice. People living in their own home become desensitized to their own surroundings. It is best to always ask someone that lives outside of your home such as a neighbor or friend. Even better, ask your real estate agent! They are in and out of homes all the time and know when something is not smelling up to par. They may also have great ideas as how to get rid of those unwanted smells or vendors that can help you.
If you want your potential homebuyer to love your home as much as you do, below are smells that homebuyers love and hate. Paying attention to all the little details of selling a home will help you sell your home quickly and for the best possible price.
Preventing REO Closing Delays & Diversifying Your Business
An Introduction to Probate
Having vast knowledge of our industry is key for success. Join us for a webinar featuring the basics of probate and how you can incorporate these services into your business.
April 7th, 2020
1:00 PM EST, 12:00 PM CST, 10:00 AM PST
REOMAC Member: Free | Non-Member: $25
Items to be discussed include:
- Access to knowledgeable title agent/lawyer with probate experience helpful
- What is title insurance, what is probate and why do investors target “probate” homes?
- Probate includes residential and commercial properties
- Relatives and heirs often do not know where to turn for assistance in managing properties
- Savvy agent, with a few tools, can develop expertise in estate sales
In addition to Probate and Trusts, we will do a quick refresh on closing delays with REO properties – what the Servicer/Lender, Broker and Attorney/title can do to identify potential issues before they become problems.
- Code violations and code liens – resolutions and mitigation
- Selling properties with code liens/violations in place – best practice
- HOA issues – Safe Harbor Rules, identifying HOA violations
- IRS liens and CC judgments
- MI Insurance
- Junior and Secondary Liens
Michelle Garcia Gilbert, Esquire
Managing Partner, Gilbert Garcia Group, P.A.
Managing Partner, Sapphire Title & Escrow Company
Michelle Gilbert has been admitted to the following practices and courts: Florida Bar, 1986; Middle District of Florida; 1988, Northern District of Florida; 2005, Southern District of Florida, 2006; U.S. Supreme Court, 2000; U.S. Court of Appeals, Eleventh Circuit, 2003. She matriculated at the University of South Florida (B.A., 1982, cum laude), and the University of Notre Dame (J.D., 1985). She is a member of the following groups: Greater Tampa Association of Realtors; Bay Area Real Estate Council, Inc., Board of Directors; Hillsborough County Bar Association (Real Property, Probate and Trust Law; Solo and Small Firm; Diversity; and Military and Veteran Sections); Florida Bar (Real Property, Probate and Trust Law; Business; and Solo and Small Firm Sections); American Legal and Financial Network; Legal League 100 (Vice Chairperson, 2016-19; Advisory Council Member, 2014-19; Special Initiatives Working Group, 2017- present); REOMAC; Attorney Agent, Attorney’s Title Insurance Fund/ Old Republic; and Westcor Title agent.
She manages Gilbert Garcia Group’s foreclosure, real estate transactional and litigation, probate, estate planning, guardianship, business transactional and litigation, and corporate law practices, and oversees Sapphire Title & Escrow Company. Gilbert Garcia and Sapphire provide training and consulting to their clients, as well as sponsor monthly give back initiatives in their community.
Law Offices of Tyler Gold PA
Has a track record of success in the REO and title industry. Jill has been Office Manager and over seen day to day operations of Tyler A Gold PA for over 10 years. She has successfully resolved and mitigated code violations and code liens in dozens of municipalities through out the state of Florida. Jill is also responsible for the mitigation of association Estoppels for traditional closings and REO closings involving the application of the safe harbor statute. Jill and her office team also work with the IRS and DOJ in resolving federal tax liens and obtaining release from the right of redemption when applicable. Jill and her team have also successfully resolved subordinate liens through mutual indemnity and obtaining a release whenever possible. The office of Tyler A. Gold, has closed 1000’s of transactions in Florida for more than 25 years, and has a long history of satisfied repeat clients as well as long standing REO clients.
In January, the housing industry had the largest drop it has seen in more than four years. Realtor.com notes that the inventory sank by 13.6% compared to January of last year.
Realtor.com compiled a list of housing markets where it is easy and not so easy to purchase a home.
A couple of factors for the list of easiest to purchase is a strong economy such as that seen in a retirement destination or beach area and a tax-friendly location such as Charleston, South Carolina.
Hardest places to purchase a house can be found in the Northeast and tech cities.
Markets where it is easiest to buy a house:
- Cape Coral, Florida
- Bridgeport, Connecticut
- Charleston, South Carolina
- Virginia Beach, Virginia
- Las Vegas, Nevada
- New York, New York
- Baton Rouge, Louisiana
- Des Moines, Iowa
- Houston, Texas
- Honolulu, Hawaii
Markets where it is the hardest to buy a house:
- San Jose, California
- Buffalo, New York
- Seattle, Washington
- Milwaukee, Wisconsin
- Columbus, Ohio
- Salt Lake City, Utah
- Boston, Massachusetts
- Harrisburg, Pennsylvania
- Washington, D.C.
- Grand Rapids, Michigan
Nowadays it’s easy for home buyers to want to impulsively buy a house that they have fallen in love with because they are afraid that it will be snagged by another buyer with the same sentiments. With housing inventory in short supply, home buyers are quick on the trigger to purchase. A recent Redfin study also supports this with the fact that homes are on the market for less than 10 days before they are sold.
With the housing market being extremely competitive, it is in a home buyers best interest to really determine a home’s value. Using comparable sales, or comps as they are called in this industry, are recently sold homes that are comparable to a home you wish to purchase. This is a critical way to figuring out a home’s worth.
Here are ways of using comps to your advantage:
According to a recent report from WalletHub, the city of Tampa ranks #10, out of 169 other cities in the United States, for wholesale real estate investing. Tampa Bay has undergone some astonishing changes in the past couple of years. In January of 2010, Tampa’s unemployment rate was at an appalling 11.7%. In 2011, Tampa’s GDP per capita, which is a measure of the worth of all goods and services produced, minus the value of goods and services used up in production, was at $38,863. In September of 2013, the median sale price of all properties was $177,500. On the contrary, in 2018: The unemployment rate, as of June, is 3.8%, the projected GDP per capita is $42,047, and the median sale price of all properties is remaining at $239,000. Home values have risen 15.3% in the past year and are anticipated to increase another 7.9%. Older neighborhoods such as Seminole Heights, and properties downtown, especially near Channel Side, are being revitalized and invested in. Since the Tampa Bay Rays announced the potential construction of a brand new ballpark in the Ybor City area, investors have been scrambling to snag properties in the 33605 area code. With all projections pointing upwards, the time to flip is yesterday.
Flipping homes may seem like a simple endeavor, you purchase an old, outdated property, make a few renovations, sell it, and make an enormous profit. Unfortunately, wholesale real estate investing is not as easy as depicted on popular TV shows such as Property Brothers, and in fact, requires more time and money than most people realize. If one is looking to do some flipping in Tampa, there are a few important points to remember. Most professional flippers will stress the importance of expedience. You want to buy and sell a property as fast as possible due to the property maintenance costs, mortgage, and potential property holding costs which may reduce final profits margins. Another major aspect is financing. If you are financing the property renovation and must borrow money, you will have to pay interest which is not 100% tax deductible. It is essential that you find a mortgage lender who offers low-interest rates. You can pay for everything with cash, but you will still be subject to the capital gains tax. When flipping a home, you must understand the amount of time involved. You must invest the time in buying, renovating, ensuring the property is up to code and selling the property.
If you are seeking to flip a home on top of your normal occupational work, you may find it extremely difficult or impossible to accumulate the time required. Inexperienced flippers also find themselves lacking the skills and knowledge demanded in flipping a property. If you have to pay out of pocket for the professional renovation and resale of a property, you will find your profit margins to be extremely slim. In summation, wholesale real-estate investing should not be taken on unless you have done all the necessary research and due diligence. With that being said, the profit potential in Tampa has never been higher. Three years ago a 3 bedroom, one bathroom bungalow in a Ybor neighborhood sold for $25,000 in a foreclosure sale, and today the property will most likely close at $164,900. Like all investments, there are risks involved, but right now, Tampa is a risk worth taking.
We will be attending the Nov. 5th BAREC Luncheon/Meeting where the topic focus will be on Drone Law.