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Brandon Farber

Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:

Movie fans, looking to lurk around some of your favorite film locations? You’re not alone. Stalking cinema hot spots is an obsession for many, and we’re no exception. Below are five iconic movie homes in real life.

Gone Girl’s Missouri New Build
1_Gone_Girl

Image Credit: Alexandrea Morrow

Much of 2014’s nail-biting thriller “Gone Girl” (based on the best-selling novel of the same name) took place in this massive Missouri new build. The home used in the film is truly located in Missouri—a Hollywood rarity. The five-bedroom, six-bathroom home stretches over 4,413 square feet and was last estimated at $559,528.

Cher Horowitz’s Mega Mansion
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Image Credit: Blogspot

This Los Angeles home has been featured in several Hollywood productions, but in one of its most well-known appearances, it served as the setting for Cher Horowitz’s lux pad in the cult darling “Clueless.” With that famous staircase (perfect for kissing your step brother), seven bedrooms and 10 bathrooms, this private palace is a cinema gem in Encino. The home, currently off-market, has an estimated value of $4,649,217.

Pulp Fiction’s Seedy Drug Den
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Image Credit: ItsFilmedThere.com

Quentin Tarantino fans likely remember Lance’s low-lying ranch home in “Pulp Fiction.” Most infamous for the scene in which Lance resuscitates Uma Thurman—er, I mean Mia Wallace—after her drug overdose, this Los Angeles home has two bedrooms, one bathroom, and was most recently valued at $700,318.

The Tenenbaums’ Harlem Home
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Image Credit: Pinterest

Wes Anderson fans can rejoice at the sight of this Harlem townhouse, the location of the Tenenbaums’ family home in his 2001 gem “The Royal Tenenbaums.” With four bathrooms and no listed bedroom count, Anderson and co. apparently rented the home for six months during production. The home is currently valued at $4,286,169.

A Home to Crash a Wedding In
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Image Credit: Strawberry Milk

This gorgeous waterfront Maryland property, featured in the 2005 comedy hit “Wedding Crashers,” is actually an inn, so while you can’t live in the home Owen Wilson and Vince Vaughn debauched in, you can pay to stay. The Greek Revival, built in 1816, overlooks the Chesapeake Bay and was originally used as a private residence.

*All estimates are based on Zillow at the time of publication.

Zoe Eisenberg is RISMedia’s senior content editor. Email her your real estate news ideas at zoe@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

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Brandon Farber

Reports of delayed appraisals and rising appraisal costs flourished in 2016. In this article, we try to shed light on potential paths the industry might take moving forward given trends in demographics, training, and automation. This analysis suggests that while industry constraints may improve in the short-run, the long-term constraints are significant. Furthermore, neither expanded training of new entrants nor automation alone will solve anticipated growth in demand on the appraisal industry.

Earlier this year, NAR Research surveyed REALTOR®-members who were also in the Appraiser Trends Study. The key findings were that while some appraisers would exit the industry in the near-term, a demographic waive of baby-boomer appraisers planned to retire in the not-so-distant future. Simultaneously, training the next generation was a problem. Finally, while some point to automation as a salve other suggest that it can only partially satisfy needs and creates headwind to attract the next generation of appraisers.

The intent of this analysis is to shed light on potential changes to the appraisal industry in the coming decades. Any forecast is susceptible to changes in assumptions and a long-term forecast like this one even more so. This analysis is not all-inclusive, but is intended to gauge the magnitude of major trends in the industry and possible solutions. The remainder of report is as follows; both supply of and demand for appraisers is estimated and then compared to a period of stress, shortages and rising costs, to provide insights about potential stress in the future.

Supply of Appraisers

First, the total number of unique active appraisers in the United States must be determined. The Appraisal Subcommittee (ASC) maintains a database of all licensed or certified appraisers in the United States with roughly 96,000[1] records. However, this database is an amalgamation of state databases and does not have unique identifiers for appraisers nor does it account for appraisers with multiple designations (e.g. certified, certified residential, licensed residential). Respondents to NAR’s Appraiser Trends Survey indicated in which state(s) they operated as well as their designation(s). These responses were used to estimate the magnitude of duplication in the ASC’s database and to deflate that figure in order to provide an estimate of the total unique residential appraisers at 82,000.

The Appraisal Foundation (AF) maintains records of the number persons who pass the National Uniform Licensing and Certification Examinations (NCLUE) exam each year. This exam is required before an appraiser can practice. In 2008, 2,087 persons passed the exam but that figure fell to an average of roughly 1,000 from 2010 to 2014, before bottoming at 662 in 2016.

Finally, participants in NAR’s Appraiser Trends Survey provided the number of years they intended to work before anticipated retirement or exit from the industry. These figures were used to estimate planned retirement for the entire population of 82,000 appraisers in the industry. Combining the expected annual new trainees and retirements to the stock of 82,000 creates a projection of the total stock of appraisers over a 50-year period (below).

retirement

As depicted below, the total number of appraisers varies widely depending on one’s assumption about the number of new entrants each year. If training continues as it did in 2016, the total number of appraisers falls to roughly a quarter of today’s level within 30 years (green line).  However, at a higher level of 2,087 new entrants annually as in 2008, the industry actually eclipses today’s level within 40 years (grey). Given the difficult and time consuming training process as well as steady decline in number of new entrants since 2008, the middle-path (blue) was selected for this analysis (an alternative is used later). Thus, some modest improvement in training is incorporated into the baseline.

training

Demand for Appraisals

Demand for appraisals comes from the number of unique home sales and refinances. Nearly all home purchases, new or existing, require an appraisal. To forecast the volume of new and existing home sales, the number of households was forecast based on a 20-year projection from the Harvard Joint Center for Housing Studies[2] and augmented with the average growth rate from the Harvard study. Demand for both owner and renter occupied housing is correlated with household formation. The historic ratio of number of new and existing home sales to households in conjunction with the new forecast of households drove the forecast of new and existing home sales. Note that demand for both new and existing sales rise over time with population growth. The grey and green areas represent refinances and HELOC/improvement loans, which are assumed to decline and plateau going forward at a fixed share of purchase demand in a rising rate environment.[3] This assumption is an over simplification but represents a conservative estimate in that an increase in refinances from this assumption would create more demand for appraisers.

demand

However, as evidenced by both Fannie Mae’s and Freddie Mac’s recent forays into automated appraisals, automation will have a significant impact on the industry. Public statements by Fannie Mae indicate that as much as 10 percent of refinance mortgage will be automated, but discussions with industry analysts and experts suggest that it could be higher, include purchase mortgages, and might someday include government-backed mortgages (FHA, VA, etc.). As depicted above, the green and yellow dashed lines represent total demand under different levels of automation, which subtracts from total demand. The different levels of automation are:

  • Baseline – 10% of all GSE refinance mortgages
  • Low GSE and FHA Automation – 20% of all GSE and FHA purchase and refinance mortgages
  • High GSE Automation – 50% of all GSE purchase and refinance mortgages
  • High GSE and FHA Automation – 50% of all GSE and FHA purchase and refinance mortgages

Furthermore, the GSE’s share of the market is assumed to moderate toward its historic norm of roughly 40 percent, while the FHA’s share moderates as well to 18 percent by unit volume. These latter assumptions could change with GSE reform, but lower shares would suggest lower take-up of automation and therefore more demand for appraisers’ services.

Supply vs. Demand: Defining Stress

In 2016, there were widespread anecdotes of appraiser shortages, delays, and “rush order” fees. As a result, the ratio of appraisals needed (e.g. new and existing sales with refinances) relative to the number of appraisers in 2016 was selected as the benchmark for stress as depicted by the pink dashed line in the chart below. An increase in the ratio suggests growing strain and a measure above the 180 average appraisals per appraiser indicates higher stress than in 2016. Four scenarios are depicted below each with a varying degree of automation as discussed earlier. In all periods there is a short-run improvement as automation takes hold followed by increasing stress as boomers exit the industry and population-driven housing demand continues to grow.

appraisers

What if training improves? In the chart below, the same four scenarios of automation are depicted, but with a higher rate of new entrants to the appraisal field, 2,087 persons per year as in 2008. With this change each scenario improves and the time to return to or approach stress levels is postponed five to ten years. However, the stress levels are breached in each scenario except for “high GSE and FHA automation” for at least a year and under moderate levels of automation stress is maintained. Even under high levels of automation, the appraisals/appraiser ratio is elevated in the mid-term.

supply

Appraisals: The Future is Mixed

While some have bet the future of the appraisal industry on automation others are less sanguine. This analysis suggests that even with high levels of automation of appraisals, there remains a need to increase training of new entrants to the appraisal industry. Furthermore, this analysis does not account for distortions within the industry such as factors that exacerbate the demand for FHA, VA, and rural appraisals. In a future of growing demand for and declining supply of appraisers, strain on these submarkets would likely outpace the general strain on the industry.


[1] As of January, 2017

[2] http://www.jchs.harvard.edu/sites/jchs.harvard.edu/files/household_growth_projections2016_jchs.pdf

[3] Share of refinance applications of total applications in 1990 based on HMDA, roughly 25%

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Brandon Farber

At the national level, housing affordability is down from last month and down from a year ago. Mortgage rates increased to 4.01 percent this May, up compared to 3.83 percent a year ago.

  • Housing affordability declined from a year ago in May moving the index down 5.4 percent from 161.8 to 153.0. The median sales price for a single family home sold in May in the US was $254,600 up 6.0 percent from a year ago.
  • Nationally, mortgage rates were up 18 basis point from one year ago (one percentage point equals 100 basis points) while incomes rose 2.4 percent.
  • Regionally, the Midwest and the West shared the biggest increase in price at 7.4 percent. The South had an increase of 5.0 percent. The Northeast had the smallest incline in price of 4.9 percent.
  • Regionally, all four regions saw a decline in affordability from a year ago. The West had the biggest decline of 7.3 percent. The Midwest followed with a decline of 6.8 percent. The South had a decline of 5.0 while the Northeast had the smallest decline of 4.6 percent.
  • By region, affordability is down from last month except in the South where there was no change. The Midwest had the biggest decline of 3.5 percent followed by the Northeast who had a decline of 2.9 percent. The West had the smallest decline in affordability of 2.3 percent.
  • Despite month-to-month changes, the most affordable region is the Midwest where the index is 187.8.  The least affordable region remains the West where the index is 109.2.  For comparison, the index is 154.8 in the South, and 158.2 in the Northeast.
  • Mortgage applications are currently down this week. Housing activity and consumer confidence is up but providing for demand remains a challenge. More new construction will help improve home ownership rates and tame price growth.
  • What does housing affordability look like in your market? View the full data release here.
  • The Housing Affordability Index calculation assumes a 20 percent down payment and a 25 percent qualifying ratio (principal and interest payment to income). See further details on the methodology and assumptions behind the calculation here.

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Brandon Farber

By Melissa Dittmann Tracey, REALTOR® Magazine

Two-toned colored kitchens are gaining popularity this year. White and gray painted cabinets are dominating kitchen color schemes, according to the 2017 Kitchen & Bath Design Trends survey conducted by the National Kitchen and Bath Association.

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Particularly gray-toned kitchen cabinets are seeing a surge in popularity lately.

 

transitional-kitchen.jpg

But colors are getting mixed too in adding a little more pizzazz to kitchen design. For example, the surrounding kitchen cabinets may be white and then the center island may have gray cabinets. Or, white cabinets may be on the top and then gray cabinets on the bottom.

 

transitional-kitchen.jpg
transitional-kitchen.jpg

 

Other materials are getting mixed in the kitchen too, but the combinations are mostly muted and simple. “Clean lines with no fussy moldings or trims,” one NKBA survey respondent said. “White kitchens are never going away, but I’ve recommended mixed countertop materials, mixed cabinet colors and frequently use lots of light/dark materials for contrast.”

 

contemporary-kitchen.jpg

 

That said, for the more daring, blue and black-toned cabinets, as well as high-gloss finishes are gaining popularity in kitchen designs too, according to NKBA’s survey.

 

modern-kitchen.jpg

 

 


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Katherine Farber

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For more information and images about this property text 305723 to 434.363.3899 and a website will be sent directly via text message to your phone with all information about this property.

You dont want to miss this one! Beautiful, well maintained home just a couple minutes from the 29 bypass and the town of Amherst.This home has been freshly painted, landscaped, and offers stunning views. Enjoy a nice flat 1/2 acre for your children or animals to play in while sitting on the large back deck watching the sunset over the mountains. With a tranquil setting this home has many great features. The unfinished basement offers 1000 sq ft of potential room for expansion or great storage, already roughed in bathroom and flue for chimney. The 32 x 36 detached garage is the perfect man cave! Call agent today for your private showing! - See more at: http://search.thelynchburgteam.com/idx/details/listing/a331/305723/695-E-Union-Hill-Road?widgetReferer=true#sthash.FyoOkhSP.dpuf

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Brandon Farber

Most homeowners are content with the current status of the housing market, believing not only that they made a smart choice by owning, but also that conditions in their area have gotten better since the recession, according to the results of a new survey.

Ninety-one percent of homeowners and 83 percent of renters surveyed recently by Digital Risk perceive homeownership as “a good investment,” with 87 percent of homeowners seeing their home’s value hold or rise—some more than 20 percent.

Homeowners believe there is room for improvement, however, when it comes to obtaining a mortgage. Although 75 percent of those surveyed report that they supported “efforts over the past decade to make the mortgage process safer and more consumer-friendly,” just 22 percent of homeowners and 13 percent of renters think progress has been made.

“There’s no question that the housing sector continues to be a major driver of growth and recovery in the U.S. economy,” says Jeff Taylor, co-founder and managing director of Digital Risk. “It’s important to remember how far we’ve come in a decade. The fact that the American Dream of owning a home is once again considered a smart investment suggests the housing market has years of strong performance ahead of it—provided that more borrowers clearly understand the criteria and ‘pathway’ to obtaining a mortgage.”

“It’s no secret that Americans support a healthy housing market with clear rules and procedures,” says Rose Bogan, senior vice president of Governance, Risk and Compliance at Digital Risk. “Still, lenders and borrowers alike recognize that consumer protections can be accomplished in a more straightforward, efficient way. The challenge moving forward is for lenders to smartly use technology and procedures to adapt to shifting regulatory requirements as seamlessly as possible.”

Source: Digital Risk, LLC

For the latest real estate news and trends, bookmark RISMedia.com.

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Brandon Farber

(TNS)—The housing market crash has become a distant memory, and home prices are looking healthy again. But does that mean there are good opportunities for investing in the residential real estate market?

Home values are climbing in most places. According to the National Association of REALTORS®, or NAR, 85 percent of major metro areas saw gains in prices for existing single-family homes during the first quarter of 2017, while 14 percent just saw prices decline.

But while interest rates remain low, the days of quick, easy financing are over, and the tightened credit market can make it tough to secure loans for investment properties. Still, a little creativity and preparation can bring financing within reach of many real estate investors.

If you’re ready to borrow for a residential investment property, these five tips can improve your chances of success.

Make a Sizable Down Payment
Since mortgage insurance won’t cover investment properties, you’ll need to put at least 20 percent down to secure traditional financing. If you can put down 25 percent, you may qualify for an even better interest rate, says mortgage broker Todd Huettner, president of Huettner Capital in Denver.

If you don’t have the down payment money, you can try to obtain a second mortgage on the property, but it’s likely to be an uphill struggle.

Be a ‘Strong Borrower’
Although many factors—among them the loan-to-value ratio and the policies of the lender you’re dealing with—can influence the terms of a loan on an investment property, you’ll want to check your credit score before attempting a deal.

“Below (a score of) 740, it can start to cost you additional money for the same interest rate,” Huettner says. “Below 740, you will have to pay a fee to have the interest rate stay the same. That can range from one-quarter of a point to two points to keep the same rate.”

The alternative to paying points if your score is below 740 is to accept a higher interest rate.

In addition, having reserves in the bank to pay all your expenses—personal and investment-related—for at least six months has become part of the lending equation.

“If you have multiple rental properties, (lenders) now want reserves for each property,” Huettner says. “That way, if you have vacancies, you’re not dead.”

Shy Away From Big Banks
If your down payment isn’t quite as big as it should be or if you have other extenuating circumstances, consider going to a neighborhood bank for financing rather than a large national financial institution.

“They’re going to have a little more flexibility,” Huettner says. They also may know the local market better and have more interest in investing locally.

Mortgage brokers are another good option because they have access to a wide range of loan products—but do some research before settling on one.

“What is their background?” Huettner asks. “Do they have a college degree? Do they belong to any professional organizations? You have to do a little bit of due diligence.”

Ask for Owner Financing
A request for owner financing used to make sellers suspicious of potential buyers, during the days when almost anyone could qualify for a bank loan. Now, it’s more acceptable due to the tightening of credit; however, you should have a game plan if you decide to go this route.

“You have to say, ‘I would like to do owner financing with this amount of money and these terms,'” Huettner says. “You have to sell the seller on owner financing, and on you.”

Think Creatively
If you’re looking at a good property with a high chance of profit, consider securing a down payment or renovation money through a home equity line of credit, from credit cards or even via some life insurance policies, says Ben Spofford, an Ohio home remodeler and former real estate investor.

Financing for the actual purchase of the property might be possible through private, personal loans from peer-to-peer lending sites like Prosper and LendingClub, which connect investors with individual lenders.

Just be aware that you may be met with some skepticism, especially if you don’t have a long history of successful real estate investments. Some peer-to-peer groups also require that your credit history meet certain criteria.

“When you’re borrowing from a person as opposed to an entity, that person is generally going to be more conservative and more protective of giving their money to a stranger,” Spofford says.

©2017 Bankrate.com

Distributed by Tribune Content Agency, LLC

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Brandon Farber

We can all agree that the American Dream of homeownership is a sentiment that Americans have held for generations.  It is to no surprise that the vast majority of people see owning a home as the best way to invest their money.  Yet, affordability concerns continue to loom in consumer’s minds as home prices steadily rise.

NAR took the pulse of these consumer sentiments in the recent National Housing Pulse Survey.  The survey measured consumers’ attitudes and concerns about housing issues in the nation’s 25 largest metropolitan statistical areas and found that 84 percent of Americans now believe that purchasing a home is a good financial decision – the highest number since 2007. Yet six in 10 said that they are concerned about affordability and the rising cost of buying a home or renting in their area.

The survey goes further and shows clear demographic divides over affordability concerns in the U.S.  According to the survey, more than five out of 10 unmarried and non-white Americans view the lack of available affordable housing as a big problem, compared to only 40 percent of married and white Americans.

Below are some other key figures from the survey.

  • Eight out of 10 believe that the most important financial reason to own a home is that the money spent on housing goes towards building equity rather than to a property owner.
  • There is also greater concern about affordable housing among the working class (65 percent) than for public servants such as teachers, firefighters or police (55 percent).
  • Family and friends, REALTORS®, and banks top list of trusted sources when it comes to buying a home or property.
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Brandon Farber

Commercial real estate finds itself at the intersection of major global changes. Activity has remained moderate in the world’s economies, with further monetary easing continuing on several continents, according to the Expectations & Market Realities in Real Estate 2017: Intersection of Global Change report, released by Deloitte, the National Association of REALTORS®, and Situs RERC.

Commercial real estate (CRE) investment trends mirror the global economic slowdown and broader uncertainty.  Sales of global large capitalization (cap) transactions—over $2.5M—have been on a decline over the past two years, with 2016 volume totaling $826 billion (down 15%) and the 2017 first quarter’s volume at $271 billion (down 2%), based on data from Real Capital Analytics (RCA).  Investors took a pause from the strong pace of investments recorded in 2015, ascertaining the impact of economic and geopolitical changes upon markets. Commercial investments in the U.S. echo the global trends, with sales volume in large cap markets closing the year at $489 billion, an 11 percent decline on a yearly basis.

In comparison to the high-end deals, 83 percent of REALTORS® who specialize in commercial investments reported transactions below the $2.0 million threshold in 2016.  Although many REALTORS® participate in transactions above $2.0 million per deal, they serve a segment of the CRE market for which data are generally not as widely reported—small cap investments.

Based on National Association of REALTORS® (NAR) data, CRE in small cap markets continued on a divergent path, with sales volume accelerating during 2016. REALTORS® reported continued improvement in fundamentals and investment sales.  Following on the first and second quarters’ above-8.0 percent advances in sales volume, and the third quarter’s 11.0 percent gain, the last quarter of the year witnessed sales volume rising 12.9 percent compared with the same period in 2015.

As domestic and international investors across the value spectrum broadened their search for yield into secondary and tertiary markets, the shortage of available inventory remained the number one concern for commercial REALTORS®. Prices for small cap commercial properties increased at an average of 5.9 percent during the year. The data underscore an important point about the recovery and growth in small cap markets.  The rebound in smaller markets lagged by three years that of large cap markets, providing investors in these markets opportunities for continued growth.

However, even with continued improvement in leasing fundamentals and cash flows, overarching regulatory concerns led to a tightening of lending conditions in REALTORS®’ markets. In 2016, 37 percent of REALTORS® reported tightening lending conditions, compared with 33 percent in 2015, 22 percent in 2014 and 28 percent in 2013.

In addition, 51 percent of REALTORS® reported that insufficient bank capital remains an obstacle to commercial sales in small cap markets. Regulatory uncertainty for financial institutions was the main reason for the banks’ restrictive approach to commercial lending, followed by proposed legislative and regulatory initiatives.

Against this backdrop, the proportion of cash deals increased from 26 percent in 2015 to 30 percent in 2016, as it remained a significant component of small cap markets’ financing.

commercial transactions

For the full report, access NAR’s Commercial Real Estate Lending Trends 2017.

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Brandon Farber

Affordable housing, heat, technology, property management, engineering, and architecture.

New tech campus plans include housing, of which 15 percent will be affordable housing.

This new geothermal system from Google’s Alphabet is a bargain compared to conventional systems.

Check out how interactive technology is changing traditional spaces.

Do you know what a spirit level is? Did you know the iPhone has one, among other features?

Alex Gilbert 2010

Alex Gilbert/flickr/2010

We hope all employers would react this way to using a sick day for one’s mental health.

Want to ease communications between landlords and tenants? There’s an app for that.

Summer is in full swing, which means water fights! Just don’t bring a water cannon to a water pistol fight…

Repurposing prisons as office spaces? Yeah, that sounds about right.

We would happily live in any one of these beautifully designed homes.

 

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Brandon Farber

Matterport, a virtual reality company, contributed to this post to let agents and brokers know about a free e-book on using virtual reality in real estate that it’s making available.

Top real estate agents and brokers agree—virtual reality is the future of real estate. With incredible ease and accessibility, home buyers can have the immersive experience of walking through a home and its surrounding neighborhood, without leaving the comfort of their couch. Increasingly, top producers are using virtual reality to differentiate their marketing offering and really impress buyers and sellers alike.
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“We win nearly every listing presentation because we come in with Matterport 3D and VR technology,” according to Matt Altman, star of Bravo’s Million Dollar Listing. “If you don’t have it, you have no chance, especially in luxury. The value to us – it’s priceless.”

Matterport, a virtual reality company that works with real estate brokers and agents to increase leads and inbound interest with immersive digital experiences, has published a free e-book to help you understand the state of VR in real estate, and how to apply it to your own business. Without a doubt, letting home sellers know you can give their listing a virtual reality treatment is a way to set yourself apart. Although, as the company points out, given how quickly virtual reality is being adopted in real estate, it might not be too long before the technology is standard practice. Use it or be left behind.

You can get more information on the e-book on the company’s website. It’s called 10 Ways to Use VR to Win Listings in Real Estate. Look out for more webinars and educational programs about interactive technology in real estate from Matterport – and download this ebook today to understand specifically how to start driving leads and sales results with virtual reality.


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Brandon Farber

Matterport, a virtual reality company, contributed to this post to let agents and brokers know about a free e-book on using virtual reality in real estate that it’s making available.

Top real estate agents and brokers agree—virtual reality is the future of real estate. With incredible ease and accessibility, home buyers can have the immersive experience of walking through a home and its surrounding neighborhood, without leaving the comfort of their couch. Increasingly, top producers are using virtual reality to differentiate their marketing offering and really impress buyers and sellers alike.
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“We win nearly every listing presentation because we come in with Matterport 3D and VR technology,” according to Matt Altman, star of Bravo’s Million Dollar Listing. “If you don’t have it, you have no chance, especially in luxury. The value to us – it’s priceless.”

Matterport, a virtual reality company that works with real estate brokers and agents to increase leads and inbound interest with immersive digital experiences, has published a free e-book to help you understand the state of VR in real estate, and how to apply it to your own business. Without a doubt, letting home sellers know you can give their listing a virtual reality treatment is a way to set yourself apart. Although, as the company points out, given how quickly virtual reality is being adopted in real estate, it might not be too long before the technology is standard practice. Use it or be left behind.

You can get more information on the e-book on the company’s website. It’s called 10 Ways to Use VR to Win Listings in Real Estate. Look out for more webinars and educational programs about interactive technology in real estate from Matterport – and download this ebook today to understand specifically how to start driving leads and sales results with virtual reality.


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Brandon Farber

How much sellers spend to stage their home will vary by where they are and what they have done, but generally speaking they can expect to pay about $600. Staging tends to break out into three categories: 1) The consultation, which can run between $300 and $600, depending on home size, home location, and so on, according toy Julea Joseph a stager in the Chicago area, 2) the actual staging of an occupied house, which can run between $500 and $600, and 3) the staging of the house if its vacant, which can be as much as $1,800. Vacant homes tend to cost more because furniture has tho be brought in and the house decorated from scratch and also the furniture might have to stay in there for a while.

VRE 71 stillWhatever the actual cost, it’s clear it’s not cheap, and it’s typically the seller who foots the bill. But an NAR report that just came out suggests the cost is worth it, because staged homes sell for more money on average and they spend less time on market. One reason they sell more quickly is because online pictures of staged homes attract more viewers, which in turn gets more people walking through the house itself.

The latest Voice for Real Estate news video from NAR looks at staging. It quotes from Joseph, who talks about what sellers get for their money, and it excerpts from NAR’s recent report, the 2017 Profile of Home Staging. The video also covers three important public policy topics:

1) NAR’s recent victory on the closing disclosure, which agents have been having trouble getting their hands on. The problem started about two years ago, when the federal government revamped federal closing rules. Since that revamping, lenders have cited privacy concerns in resisting to give agents a copy of the closing disclosure, which replaces the old HUD-1 settlement form. NAR argued that the new rules changed nothing about privacy and so agents should continue to receive closing information, as they always have. The Consumer Financial Protection Bureau agreed and in a rule it published last week, confirmed that it’s customary for agents to receive a copy of the form.

2) NAR’s proposal to create a mortgage market liquidity fund. The fund is NAR’s solution to a problem Fannie Mae and Freddie Mac face. Since they were taken under conservatorship by the federal government about half a dozen years ago, they’ve been giving up larger and larger shares of their earnings to the federal treasury and now they’re on track to give up all of their earnings to the federal government by the end of the year. Why would the government take all of their earnings in this way? The answer is, lawmakers were using the gradual transfer of their earnings to spur them to enact comprehensive reform of the secondary mortgage market. As it turns out, lawmakers have had to focus on other priorities and it doesn’t look like major reform is going to happen any time soon, and yet the companies face losing all their earnings by year’s end. So, NAR’s proposed fund would create a mechanism for allowing the companies to retain part of their earnings for reserves, which would help protect taxpayers.

3) NAR’s joining a coalition in support of net neutrality. Net neutrality is the law of the land now, but the Federal Communications Commission has proposed rolling back the rules and NAR opposes that, because it wants to ensure real estate brokerages and other content providers don’t get stuck having to pay money to ensure their customers have a good experience browsing their websites. The concern is that, without net neutrality, Verizon, Comcast, and other Internet Service providers could strike deals with some content providers to give them faster Internet service while everyone else gets stuck with slow Internet service. The coalition that NAR joined could file a lawsuit to block the rollback of the rules.

Access the latest Voice for Real Estate.


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Brandon Farber

How much sellers spend to stage their home will vary by where they are and what they have done, but generally speaking they can expect to pay about $600. Staging tends to break out into three categories: 1) The consultation, which can run between $300 and $600, depending on home size, home location, and so on, according toy Julea Joseph a stager in the Chicago area, 2) the actual staging of an occupied house, which can run between $500 and $600, and 3) the staging of the house if its vacant, which can be as much as $1,800. Vacant homes tend to cost more because furniture has tho be brought in and the house decorated from scratch and also the furniture might have to stay in there for a while.

VRE 71 stillWhatever the actual cost, it’s clear it’s not cheap, and it’s typically the seller who foots the bill. But an NAR report that just came out suggests the cost is worth it, because staged homes sell for more money on average and they spend less time on market. One reason they sell more quickly is because online pictures of staged homes attract more viewers, which in turn gets more people walking through the house itself.

The latest Voice for Real Estate news video from NAR looks at staging. It quotes from Joseph, who talks about what sellers get for their money, and it excerpts from NAR’s recent report, the 2017 Profile of Home Staging. The video also covers three important public policy topics:

1) NAR’s recent victory on the closing disclosure, which agents have been having trouble getting their hands on. The problem started about two years ago, when the federal government revamped federal closing rules. Since that revamping, lenders have cited privacy concerns in resisting to give agents a copy of the closing disclosure, which replaces the old HUD-1 settlement form. NAR argued that the new rules changed nothing about privacy and so agents should continue to receive closing information, as they always have. The Consumer Financial Protection Bureau agreed and in a rule it published last week, confirmed that it’s customary for agents to receive a copy of the form.

2) NAR’s proposal to create a mortgage market liquidity fund. The fund is NAR’s solution to a problem Fannie Mae and Freddie Mac face. Since they were taken under conservatorship by the federal government about half a dozen years ago, they’ve been giving up larger and larger shares of their earnings to the federal treasury and now they’re on track to give up all of their earnings to the federal government by the end of the year. Why would the government take all of their earnings in this way? The answer is, lawmakers were using the gradual transfer of their earnings to spur them to enact comprehensive reform of the secondary mortgage market. As it turns out, lawmakers have had to focus on other priorities and it doesn’t look like major reform is going to happen any time soon, and yet the companies face losing all their earnings by year’s end. So, NAR’s proposed fund would create a mechanism for allowing the companies to retain part of their earnings for reserves, which would help protect taxpayers.

3) NAR’s joining a coalition in support of net neutrality. Net neutrality is the law of the land now, but the Federal Communications Commission has proposed rolling back the rules and NAR opposes that, because it wants to ensure real estate brokerages and other content providers don’t get stuck having to pay money to ensure their customers have a good experience browsing their websites. The concern is that, without net neutrality, Verizon, Comcast, and other Internet Service providers could strike deals with some content providers to give them faster Internet service while everyone else gets stuck with slow Internet service. The coalition that NAR joined could file a lawsuit to block the rollback of the rules.

Access the latest Voice for Real Estate.


View the full article


Brandon Farber

New homeowners always have the best intentions when it comes to taking care of their house. However, no one is knows all the ins and outs of maintaining a home right off the bat, so avoidable mistakes are often made in the beginning.

Mid section of female cleaner holding various brushes

In an attempt to protect new countertops, many owners will apply sealant too frequently, which can create a cloudy or streaky appearance on natural stone, concrete, butcher block and glass. Homeowners should always defer to the manufacturers’ recommendations when it comes to sealing, as different materials can have different needs. Using bleach as a go-to cleaner is another common mistake. Bleach can eat through sealant, discolor laminate and dissolve vinyl. Homeowners should use water and vinegar instead, which are the perfect tools for most home cleaning jobs.

Story Springboard:

Check out HouseLogic’s “Little Things That Hurt Your Home (and 9 That Help)” Spotlight for more information on common home maintenance mistakes. Interview housekeepers in your community for tricks and tips they employ to keep a home clean longer. Speak with REALTORS® about advice they give new homeowners once they close on a house.

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Brandon Farber

New homeowners always have the best intentions when it comes to taking care of their house. However, no one is knows all the ins and outs of maintaining a home right off the bat, so avoidable mistakes are often made in the beginning.

Mid section of female cleaner holding various brushes

In an attempt to protect new countertops, many owners will apply sealant too frequently, which can create a cloudy or streaky appearance on natural stone, concrete, butcher block and glass. Homeowners should always defer to the manufacturers’ recommendations when it comes to sealing, as different materials can have different needs. Using bleach as a go-to cleaner is another common mistake. Bleach can eat through sealant, discolor laminate and dissolve vinyl. Homeowners should use water and vinegar instead, which are the perfect tools for most home cleaning jobs.

Story Springboard:

Check out HouseLogic’s “Little Things That Hurt Your Home (and 9 That Help)” Spotlight for more information on common home maintenance mistakes. Interview housekeepers in your community for tricks and tips they employ to keep a home clean longer. Speak with REALTORS® about advice they give new homeowners once they close on a house.

EEDSxoahA2I

View the full article


Brandon Farber

Renters can save thousands of dollars by renewing a lease instead of moving to a new rental, according to a recently released analysis by Zillow—a golden opportunity to put savings toward a down payment on a home.

Researchers arrived at an average $3,946 in savings by assessing the most recent rent data from the U.S. Census Bureau. Their findings reveal that the market rate rent rose more than the rent for a tenant who remained in the same rental for five years or more: 5.6 percent versus 3.6 percent between 2014 and 2015.

The savings depend largely on location:

Zillow_Rent_Savings

“Renters have a decision to make almost every year—do they stay in the same place, or should they look for a new unit?” says Dr. Svenja Gudell, chief economist at Zillow. “With the country in the middle of an affordability crisis, it’s important for renters to understand how much they can save if they renew their lease instead of finding a new rental. Nationally, rental rates have slowed and the savings from renewing are not as significant for renters today; however, in some of the hottest rental markets, where rents are still rising aggressively, continually renewing a lease can mean saving thousands of dollars.”

For more information, please visit www.zillow.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Apartment-Hoppers: Stay Put and Save appeared first on RISMedia.

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Brandon Farber

Renters can save thousands of dollars by renewing a lease instead of moving to a new rental, according to a recently released analysis by Zillow—a golden opportunity to put savings toward a down payment on a home.

Researchers arrived at an average $3,946 in savings by assessing the most recent rent data from the U.S. Census Bureau. Their findings reveal that the market rate rent rose more than the rent for a tenant who remained in the same rental for five years or more: 5.6 percent versus 3.6 percent between 2014 and 2015.

The savings depend largely on location:

Zillow_Rent_Savings

“Renters have a decision to make almost every year—do they stay in the same place, or should they look for a new unit?” says Dr. Svenja Gudell, chief economist at Zillow. “With the country in the middle of an affordability crisis, it’s important for renters to understand how much they can save if they renew their lease instead of finding a new rental. Nationally, rental rates have slowed and the savings from renewing are not as significant for renters today; however, in some of the hottest rental markets, where rents are still rising aggressively, continually renewing a lease can mean saving thousands of dollars.”

For more information, please visit www.zillow.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Apartment-Hoppers: Stay Put and Save appeared first on RISMedia.

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Brandon Farber

Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:

It’s no secret that moving is a headache. You need to purchase packing supplies, change your address, clean your current home, and more. Luckily, technology can make the process less painful. Whether you’re choosing the best mover or expertly packing your belongings, there’s an app for it. Read on for useful apps to help you streamline your moving process.

Unpakt
Book, manage, and pay for your move all within the Unpakt app. No need to fill out multiple request forms or call different movers for quotes. Simply enter your move details into the app to see moving prices in several cities across 37 states.

Hire a mover via Unpakt online or on iOS and Android.

TaskRabbit
Get your home or apartment ready for the move by hiring a Tasker to complete home repairs, deep clean your home, and disassemble your bed frame. Services are available in most major cities.

Get your chores done with TaskRabbit on iOS and Android.

MagicPlan
Take pictures of your new home or apartment before your move and use them to create detailed floor plans with MagicPlan. These floor plans allow you to view your space in 3D, decide where to put your couch, and plan DIY projects.

Visualize your space with MagicPlan on iOS and Android.

Wunderlist
Plan your move with Wunderlist, a to-do list web app. Create lists, set deadlines, schedule reminders, and share your list with friends and family helping you move. You can also assign tasks to people you’ve shared your to-do list with.

Make your to-do list online with Wunderlist.

Sortly
Pack with the help of Sortly, a digital organizer. Use the app to take inventory of what you packed in each box so you know where to find your wine opener, your favorite jeans, or your drill. With the premium account, you can create QR code labels for your boxes, access your account online, and export your lists via PDF and Dropbox.

Pack like a pro with Sortly on iOS.

Internet Speed Need Tool
Determine your ideal internet speed with this web app. The tool also shows internet providers in your area that offer your recommended speed—helpful if you’re moving to a new area. The internet speed you need will vary depending on how you use the internet. You may need faster speeds if your kids play video games, if you recently upgraded to a smart TV, or if you run an online business from home.

Determine the speed you need online with the Internet Speed Need Tool.

Postmates
Order late-night meals, cleaning supplies, basic toiletries, or lunch from virtually any store or restaurant in your city. Postmates will deliver the best your city has to offer right to your doorstep—saving you a trip while you’re busy unpacking. Postmates is available in over 200 cities.

Start receiving deliveries through Postmates on iOS and Android.

Nextdoor
Socialize with your new neighbors on Nextdoor, a private social networking app that over 145,000 neighborhoods use to stay connected. Find a babysitter, learn about a rash of car break-ins, and hear about neighborhood events all in one place.

Meet your neighbors through Nextdoor online or on iOS and Android.

Thumbtack
Hire house cleaners, interior designers, carpet cleaners, painters, home security companies, and more, with Thumbtack. Find professionals—in all 50 states—for anything you need in your new home or apartment.

Hire a professional via Thumbtack online or on iOS and Android.

While these apps might not make moving completely pain-free, they can help you get your home ready to move, hire the best mover, and find services in your new neighborhood. Whether you’re moving down the street or across the country, technology can help you save time, money and energy.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Your Move Simplified: The 9 Best Apps for Moving appeared first on RISMedia.


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Brandon Farber

Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:

It’s no secret that moving is a headache. You need to purchase packing supplies, change your address, clean your current home, and more. Luckily, technology can make the process less painful. Whether you’re choosing the best mover or expertly packing your belongings, there’s an app for it. Read on for useful apps to help you streamline your moving process.

Unpakt
Book, manage, and pay for your move all within the Unpakt app. No need to fill out multiple request forms or call different movers for quotes. Simply enter your move details into the app to see moving prices in several cities across 37 states.

Hire a mover via Unpakt online or on iOS and Android.

TaskRabbit
Get your home or apartment ready for the move by hiring a Tasker to complete home repairs, deep clean your home, and disassemble your bed frame. Services are available in most major cities.

Get your chores done with TaskRabbit on iOS and Android.

MagicPlan
Take pictures of your new home or apartment before your move and use them to create detailed floor plans with MagicPlan. These floor plans allow you to view your space in 3D, decide where to put your couch, and plan DIY projects.

Visualize your space with MagicPlan on iOS and Android.

Wunderlist
Plan your move with Wunderlist, a to-do list web app. Create lists, set deadlines, schedule reminders, and share your list with friends and family helping you move. You can also assign tasks to people you’ve shared your to-do list with.

Make your to-do list online with Wunderlist.

Sortly
Pack with the help of Sortly, a digital organizer. Use the app to take inventory of what you packed in each box so you know where to find your wine opener, your favorite jeans, or your drill. With the premium account, you can create QR code labels for your boxes, access your account online, and export your lists via PDF and Dropbox.

Pack like a pro with Sortly on iOS.

Internet Speed Need Tool
Determine your ideal internet speed with this web app. The tool also shows internet providers in your area that offer your recommended speed—helpful if you’re moving to a new area. The internet speed you need will vary depending on how you use the internet. You may need faster speeds if your kids play video games, if you recently upgraded to a smart TV, or if you run an online business from home.

Determine the speed you need online with the Internet Speed Need Tool.

Postmates
Order late-night meals, cleaning supplies, basic toiletries, or lunch from virtually any store or restaurant in your city. Postmates will deliver the best your city has to offer right to your doorstep—saving you a trip while you’re busy unpacking. Postmates is available in over 200 cities.

Start receiving deliveries through Postmates on iOS and Android.

Nextdoor
Socialize with your new neighbors on Nextdoor, a private social networking app that over 145,000 neighborhoods use to stay connected. Find a babysitter, learn about a rash of car break-ins, and hear about neighborhood events all in one place.

Meet your neighbors through Nextdoor online or on iOS and Android.

Thumbtack
Hire house cleaners, interior designers, carpet cleaners, painters, home security companies, and more, with Thumbtack. Find professionals—in all 50 states—for anything you need in your new home or apartment.

Hire a professional via Thumbtack online or on iOS and Android.

While these apps might not make moving completely pain-free, they can help you get your home ready to move, hire the best mover, and find services in your new neighborhood. Whether you’re moving down the street or across the country, technology can help you save time, money and energy.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Your Move Simplified: The 9 Best Apps for Moving appeared first on RISMedia.


View the full article


Brandon Farber

Baseball’s best stars gather at Marlins Park in Miami tonight for the 88th MLB All-Star Game.

Similar to the heat coming out of pitchers’ hands and off the bats of the game’s best hitters, Miami’s housing market is hot right now. Check out these stats courtesy of the Miami Association of Realtors on housing activity in May:

  • May saw 1,344 Miami single-family home sales (most in any May in Miami real estate history; 9.9 percent jump from a year ago)
  • Miami existing condo sales: up 5.7 percent
  • Total residential sales: up 7.7 percent
  • Single-family luxury transactions: up 23.5 percent
  • Miami-Dade County single-family home prices jumped 10.7 percent (increasing from $293,500 to $325,000)
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Brandon Farber

Baseball’s best stars gather at Marlins Park in Miami tonight for the 88th MLB All-Star Game.

Similar to the heat coming out of pitchers’ hands and off the bats of the game’s best hitters, Miami’s housing market is hot right now. Check out these stats courtesy of the Miami Association of Realtors on housing activity in May:

  • May saw 1,344 Miami single-family home sales (most in any May in Miami real estate history; 9.9 percent jump from a year ago)
  • Miami existing condo sales: up 5.7 percent
  • Total residential sales: up 7.7 percent
  • Single-family luxury transactions: up 23.5 percent
  • Miami-Dade County single-family home prices jumped 10.7 percent (increasing from $293,500 to $325,000)
ggL1p-O1f5w

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Brandon Farber

Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:

Call it a household name.

A new analysis from Zillow finds a home owned by a person named Alison or Stuart is likely to be worth roughly two-thirds more than the typical home in the U.S.—for both of them, that equates to over $332,000. The link varies based on location, with some names suited more to one region than others given sociocultural influences.

Ali and Stu are joined by the likes of Anne, Geoffrey, Marina and Peter, to (ahem) name a few, but conventionally female names overtake conventionally male names by a wide margin. The names tied to the most valuable homes also have homes with more living space, generally upwards of 1,550 square feet.

Zillow_Household_Name_Chart

Image Credit: Zillow

At first glance, the names boasting the most valuable homes in each state are common: Janes, Jills and Julies, plus a Martha for good measure. Look again, though—homeowners named Suzanne tend to have the most valuable homes in not one, but two states. Suzanne!

Me

 

 

 

Image Credit: Tenor

Nevermind that home values in Georgia are relatively lower than those in other housing markets. Nevermind that Nevada was ground zero for the collapse. Two states. Two states!

I know what you’re thinking—I thought of it, too:

Note: Zillow’s got everyone covered with a neat tool matching virtually every name ever given with homeownership-related data. Select yours to see the stats!

For more information, please visit www.zillow.com.

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Hi, My Name Is…Owner of a Valuable Home appeared first on RISMedia.

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Brandon Farber

Simple raw counts of home sales are often more meaningful than the seasonally adjusted figures.  The raw count determines income and helps better assess how busy the market has been.

  • Existing home sales increased 1.1 percent in May from one month prior while new home sales rose 2.9 percent.  These headline figures are seasonally adjusted figures and are reported in the news.  However, for everyday practitioners, simple raw counts of home sales are often more meaningful than the seasonally adjusted figures.  The raw count determines income and helps better assess how busy the market has been.
  • Specifically, 555,000 existing homes were sold in May while new home sales totaled 58,000.  These raw counts represent a 24 percent increase for existing home sales from one month prior while new home sales rose 2 percent.  What was the trend in recent years?  Sales from April to May increased by 11 percent on average in the prior three years for existing homes and rose by 2 percent for new homes.  So this year, existing homes outperformed compared to their recent norm. As for new home sales, they neither underperformed nor outperformed since sales increased at the same rate as their recent norm.
  • Why are seasonally adjusted figures reported in the news?  To assess the overall trending direction of the economy, nearly all economic data – from GDP and employment to consumer price inflation and industrial production – are seasonally adjusted to account for regular events we can anticipate that have an effect on data around the same time each year.  For example, if December raw retail sales rise by, say, 20 percent, we should not celebrate this higher figure if it is generally the case that December retail sales rise by 35 percent because of holiday gift buying activity.  Similarly, we should not say that the labor market is crashing when the raw count on employment declines in September just as the summer vacation season ends.  That is why economic figures are seasonally adjusted with special algorithms to account for the normal seasonal swings in figures and whether there were more business days (Monday to Friday) during the month.  When seasonally adjusted data say an increase, then this is implying a truly strengthening condition.
  • What to expect about home sales in the upcoming months in terms of raw counts?  Independent of headline seasonally adjusted figures, expect busier activity in June while sales are expected to fall in July. For example, in the past 3 years, June sales rose by 7 to 16 percent from May but July sales dropped by 2 to 12 percent from June. For the new home sales market, the raw sales activity is expected to diminish in June while sales typically drop in July as well.  For example, in the past 3 years, sales in June decreased by 6 to 12 percent from May while July sales dropped by 1 percent on average from June.

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Katherine Farber

travers cir.jpg

For more information and a detailed property website to be sent to your phone text 838852 to 434.363.3899

Listing ID: 838852
Price: $459,900
Status: Active
Address: 45 Travers CIR
City: Moneta
State: Virginia
Postal Code: 24121
Bedrooms: 4
Total Baths: 3
Full Baths: 3
Square Feet: 2,678
Acres: 0.730
County: Bedford
Waterfront home on Smith Mountain Lake! 3/4 acre of privacy! Totally renovated, new roof, freshly painted, new HVAC, brand new kitchen w/ granite counter tops, hardwood flooring in great room, kitchen & dining area. Screen porch with huge deck across the rear of home overlooking beautiful Smith Mountain Lake! Oversized garage to host 4 vehicles, location minutes to Westlake & Bridgewater. Gentle slope/steps to water & 10x12 floating dock. Lower level has spacious family room with billiard, plumbed for a future wet bar & full bath. Decorated as a 5 bedroom home w/ 3 bedroom septic. French drains with two battery backup keep it extra dry! Owners will have a single slip dock w lift built for an additional $37,000. Majority of furniture and billiard will convey with acceptable offer.
 

Listing ID: 838852 Price: $459,900 Status: Active Address: 45 Travers CIR City: Moneta State: Virginia Postal Code: 24121 Bedrooms: 4 Total Baths: 3 Full Baths: 3 Square Feet: 2,678 Acres: 0.730 County: Bedford Waterfront home on Smith Mountain Lake! 3/4 acre of privacy! Totally renovated, new roof, freshly painted, new HVAC, brand new kitchen w/ granite counter tops, hardwood flooring in great room, kitchen & dining area. Screen porch with huge deck across the rear of home overlooking beautiful Smith Mountain Lake! Oversized garage to host 4 vehicles, location minutes to Westlake & Bridgewater. Gentle slope/steps to water & 10x12 floating dock. Lower level has spacious family room with billiard, plumbed for a future wet bar & full bath. Decorated as a 5 bedroom home w/ 3 bedroom septic. French drains with two battery backup keep it extra dry! Owners will have a single slip dock w lift built for an additional $37,000. Majority of furniture and billiard will convey with acceptable offer.

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