Homebuyers Willing to Sacrifice ‘Must-Haves’ in Favor of Good School Districts
It should come as no surprise that buying a home in a good school district is important to homebuyers. According to a report from Realtor.com, 86% of 18-34 year-olds and 84% of those aged 35-54 indicated that their home search areas were defined by school district boundaries.
What is surprising, however, is that 78% of recent homebuyers sacrificed features from their “must-have”lists in order to find homes within their dream school districts.
The top feature sacrificed was a garage at 19%, followed closely by a large backyard, an updated kitchen, the desired number of bedrooms, and an outdoor living area. The full results are shown in the graph below.
Buyers are attracted to schools with high test scores, accelerated academic programs, art and music programs, diversity, and before and after-school programs.
With a limited number of homes available to buy in today’s real estate market, competition is fierce for homes in good school districts. Danielle Hale, Chief Economist for Realtor.com, explained further,
“Most buyers understand that they may not be able to find a home that covers every single item on their wish list, but our survey shows that school districts are an area where many buyers aren’t willing to compromise.
For many buyers and not just buyers with children, ‘location, location, location,’ means ‘schools, schools, schools.’” (emphasis added)
For buyers across the country, the quality of their children’s (or future children’s) education ranks highest on their must-have lists. Before you start the search for your next home, meet with me and let me explain the market conditions in your area.
Dallas and 4 other Texas metros make the top 15 in the new list of U.S. boomtowns
The story of the United States is the story of people migrating to different cities and towns to build new lives through new opportunities. From the promise of gold to the promise of big tech in Northern California; from trading furs to building cars in Detroit; from the prosperity of shipping to the prosperity of hospitality in Charleston, the country is built on boomtowns… and Dallas is one of them!
With all the construction cranes on the highway and business relocations to the area, it’s no surprise that Dallas has ended up on a new list of the country’s biggest boomtowns. But why all the continued growth and interest?
Texas is obviously on fire, and people love coming here, maybe it’s our salsa! Seriously though, there are three good reasons why Dallas is a boomtown:
1 – Growing industry – business is booming
2 – More people and housing – people are coming and we are keeping up!
3 – Growing workforce and employment opportunities – it’s a good place to work and make a living
In fact not just Dallas, but all of Texas’ major metros ended up near the top of the new ranking by Magnify Money, a consumer finance website.
Dallas ranked in seventh place in the comparison of top U.S. growth cities. Austin was rated the top U.S. boomtown in the report. And San Antonio was just after Dallas in ninth place.
“Americans are flocking to and prospering in Texas,” Kali McFadden with Magnify Money said in the report. “Texas metros take up one-third of the top 15 spots.”
Magnify Money ranked cities on factors including population growth, housing and rising employment and incomes.
“The first thing we looked at was how much business and industry has grown locally,” McFadden said. “We not only wanted to know how many new businesses there are but also how businesses in general are doing, as measured by their increase in hiring and — for businesses that don’t have employees, known as non-employers — how much revenue has increased.”
While Texas towns hogged the economic beauty contest, cities in the Northeast and Midwest were near dead last in the ratings.
Some cities in Pennsylvania, New York, Connecticut and Ohio saw their labor forces and the number of businesses shrink for the five-year period used in the comparison.
North Texas has been one of America’s fastest growing markets since the Great Recession, leading the country in job gains and population growth.
Article first published by MagnifyMoney.com.
From personalized wellness programs to fitness-focused apps, luxury homes are focusing on making residents feel better.
We need to take wellness into account in our non-stop paced digital lives. An increasingly isolated and aging population. Rising chronic illness. Climate change. Given the pressures of the modern world, a gym membership and taking the occasional “mental health day” often just aren’t enough to maintain a healthy lifestyle.
One way to achieve optimum wellness, experts and developers say, is by choosing a home that is designed for it.
Real Estate Developers Take Wellness Into Account
A growing number of developers believe healthier home features are a big pull for buyers. This real estate boom first sought to make office environments healthier. Now it is focusing more on the residential market, according to a new report released by the Global Wellness Institute (GWI).
What makes a “well” home?
Homes that are designed for a healthier lifestyle usually focus on energy efficiency and sustainable construction first, and then look at wellness programs within the community. Indoor components that can make a home healthier may include natural lighting, air quality, proximity to green spaces, exercise facilities, and nontoxic paints and finishes.
The U.S. leads the market share
Wellness real estate has grown to a $134 billion global industry, according to researchers at GWI. The number of residential, mixed use, and commercial properties has risen 6.4 percent annually since 2015. The GWI predicts that health-oriented real estate will continue to grow at that pace through 2022 and reach $180 billion by then. Globally, the U.S. leads the market share in wellness real estate developments.
“We’re becoming more unhealthy as we live longer,” Ophelia Yeung, a senior research fellow at the GWI, told Mansion Global. That has led more people to ask themselves “why they’ve invested their life savings in a home that is not keeping them well.”
Buyer’s are willing to pay a premium for a healthier home
Prospective owners may be willing to pay a premium for a healthier home or community. Home buyers may be willing to pay 10 to 25 percent premiums for homes in wellness developments at the middle and upper end of the market. “There is a recognition that building for human health is going to be the core [value]” in the real estate market going forward, Yeung says. “When you look at it from that perspective, it’s a whole lot bigger than the luxury apartment with the spa, the gym, the swimming pool.”
Personal wellness advisors play a part
At some high-end developments, staff are assessing the homeowner’s health as soon as they move in, Mansion Global reports. For example, condo owners at Canyon Ranch in Lenox, Mass., consult with a personal health adviser to implement individualized wellness plans, which include on-site physicians, nutritionists, exercise physiologists, behavioral counselors, and spiritual wellness experts.
The mid-market should catch up in 3-5 years
The wellness movement seems to be taking root more in the high-end market, but the lower end of real estate will soon catch on too, Kavita Kumari, principal engineer at Cundall, a London-based multidisciplinary engineering consultancy, told Mansion Global. As the products and materials used in making healthier homes grow in appeal, costs will come down, Kumari says. Yeung estimates that in three to five years, the mid-market will catch up with the luxury segment. Broad consumer awareness about healthy homes is “just being awakened,” Yeung says.
Source: Article first published by Mansion Global (June 2018) “Wellness Real Estate Has Blossomed Into a $134 Billion Industry Worldwide—and It’s Growing Fast”.
Recently, the National Association of Real Estate Editors (NAREE) held their 52nd Annual Journalism Conference in Las Vegas, NV. Among the many highly anticipated sessions was one called “Top Ten Issues Affecting Real Estate™,” given by Joseph Nahas, Jr.
Their annual “top 10” list spans any and all issues that could have an impact on the real estate market. This year, the list was broken up into “Current” and “Long-Term Issues.”
This week I am going to focus on three of the five “Current” issues with a brief explanation of their impacts on the housing market today!
E-Commerce & Logistics
With promises of 2-day shipping no matter where you live, we are benefiting more now than ever before from the speed and ease-of-use of online retailers like Amazon. These e-retailers haven’t changed whether or not we buy certain items, but rather HOW we buy them!
Many traditional malls or big-box stores are being repurposed as warehouses or distribution centers for online retailers so that they can get their products out faster.
A Look to the Future: “Developers who are including experiences into their locations are the ones who will succeed. It’s about the experience and gaining something over just going to buy a product.”
Generational Change & Demographics
By now we’ve all heard that the millennial generation is the largest yet, just by sheer volume. The largest group of millennials turns 30 years-old in 2020. The average first-time homebuying age is between 30 and 32, depending on marital status. Real estate professionals will be inundated with more and more buyers as the years roll on. Nahas commented on this in his presentation, saying that,
“Too many developers have become dependent on making decisions based on baby boomer’s preferences.
The 75 million millennials are coming, and they will influence real estate and commerce even faster than the baby boomers in the 50s and 60s.”
Interest Rates & the Economy
The interest rate that you secure for your mortgage is a big factor in your monthly housing cost and in how much you ultimately pay for your home. According to Freddie Mac’s Primary Mortgage Market Survey, rates rose to 4.62% on a 30-year fixed rate loan last week.
The Federal Reserve also raised the federal funds rate for the second time this year. If unemployment continues to be at or near record lows, two more hikes are likely to come later this year.
“Rising rates can be good and bad for the economy. Bad for borrowing money with additional costs, but good to control inflation and help grow the economy at a moderate pace.”
If you are planning on buying and/or selling a home this year, consult The Norma Langston Team who can help you navigate the conditions in your market and set you up for success. Phone: 469-450-2559 or email: email@example.com.
Your Backyard Oasis
There’s nothing better than a quick swim in crystal clear water on blazing hot day. Taking care of your pool filter will make sure that your pool is always in top condition and ready for you to enjoy.
What Types of Pool Filters Need to be Cleaned?
Filter cleanings are necessary for nearly all residential swimming pools. The reason for this is approximately 98% of residential swimming pools in Texas are either DE (diatomaceous earth), cartridge, or some combination of the two types called a hybrid. The remaining 1-2% are sand filters which do not disassemble and clean up without a sand change. Commercial swimming pools in comparison are nearly all outfitted with sand filters for several reasons.
Depending on the type of filter you have, you should check in on it every 1 to 3 months during the peak season and perform a backwash. Backwash is the setting used for flushing out the filter when it becomes overloaded with dirt or sand. Water is drawn from the pool by the pump and enters the filter through the underdrain system in the bottom of the tank. Refer to your particular product’s user manual to get the exact directions on how to properly backwash your filter.
Did you know filter cleanings pay for themselves?
The electricity savings alone will often cover the cost. To verify this just put a voltmeter on the filter pump motor and measure the amount of amps it is drawing when running before and after your filter cleaning. NOTE: If you are not familiar with electricity or qualified to do this please hire a professional.
A dirty filter that has been cleaned will often drop the average pressure on the tank by 5-10psi. This increased flow through the filter means the filter pump will draw less amps or power. Since your filter pump motor is one of the biggest consumers of power in your home this savings in power will directly affect your electric bill. Why give this money to the electric company when you could have a healthier pool instead?
With a clean and maintained pool filter you will:
- Lower your electrical bill – this alone could pay for a swimming pool filter cleaning.
- Get healthier pool water – 10-20lbs of dirt and gunk will no longer be in your swimming pools circulatory system. Your pool water will not longer be pumped through this gunk. Also you will be at less risk of algae outbreaks.
- Prolong your pool filter’s life – less stress on the internals means less repairs.
- Prolong the life of your filter pump motor – less resistance from the filter means it can do its job of moving your pool water more easily.
Enjoy your pool this season!