A NASCAR driver, co-founder of a mortgage lender, interior designers, a former U.S. Senate candidate and Arizona restaurateurs were among the buyers and sellers of metro Phoenix’s priciest home sales in early April.
$10,400,000
Dark Wash LLC paid cash for a 7,375-square-foot home in north Scottsdale’s Silverleaf community. The house with four bedrooms and 6 ½ bathrooms is located on almost five acres. It comes with an office, a game room, an exercise room, a butler’s pantry, a 1,000-bottle wine cellar, a wet bar and multiple fire pits outside. The Stuart Living Trust sold it. Tracey Gray of Russ Lyon Sotheby’s International Realty had the listing.
$6,800,000
Saguaro 65 LLC paid cash for a 7,000-square-foot Paradise Valley home with six bedrooms and 5 ½ bathrooms. The house with views of Mummy Mountain comes with rustic wood-beamed ceilings, two kitchen islands, a bar, a wine room, a state-of-the-art movie theater, an outdoor putting green and a fire pit. The John and Christina Kresevic Trust sold it. He co-founded JFQ Lending.
$6,495,000
The Lynch Family Trust paid cash for a 7,538-square-foot Paradise Valley mansion with four bedrooms and six bathrooms. The house includes a lounge bar, a wine cellar, a library, a huge movie theater, a kitchen with dual dishwashers and quartz countertops, a yoga room, and a primary suite with a fireplace and two bathrooms. James Lamon, founder of DEPCOM Power and former U.S. Senate candidate for Arizona, was the seller.
$5,983,320
Brenda and Christopher White paid cash for a Paradise Valley home near Mummy Mountain. The house wasn’t listed for sale. Baja Rosewood LLC, led by NASCAR racecar driver Casey Mears and his wife Trish, sold it.
$5,000,000
Garrett Loomis and Eric Jimenez, owners of Busted 2 Bangin Home Décor, bought a 6,938-square-foot home in north Scottsdale’s Estancia community. The European countryside-style house with four bedrooms and 5 ½ bathrooms overlooks the ninth hole of a golf course and has views of Pinnacle Peak Mountain, several patios and an outdoor fireplace. The Patricia Taylor Trust sold it.
$4,822,335
Arizona restauranteurs Mark and Lisa Shugrue paid cash for a 4,526-square-foot house in the Phoenix side of the Arcadia neighborhood. The couple owns restaurants in Sedona and Lake Havasu. Their Phoenix home has five bedrooms, 4 ½ bathrooms, views of Camelback Mountain, Italian marble countertops, a secret pantry, a gym, an office and a backyard with a heated pool and space for a sports court. Joseph and Lindsey Dies were the sellers.
Reach the reporter at catherine.reagor@arizonarepublic.com or 602-444-8040. Follow her on X, formerly Twitter: @CatherineReagor.
This week’s top-selling home in Acushnet is a spacious ranch that sold for $650,000.
This convenient one-level home at 15 Rock Cress Lane is located at the end of a cul de sac in MeadowBrook Estates.
With 1,674 square feet of living space, the open-floor planned home has high cathedral ceilings, gleaming hardwoods, and a pellet stove.
It features a large eat-in kitchen, a formal dining room, a cozy living room, and a separate laundry room. There is a grand entertainment space in the basement with a bar and private entrance.
Situated on over two acres of land surrounded by woodlands the private property has a two-car garage, a deck, and a shed. It was last sold in 2006 for $378,000.
Here are all of the residential property transfers recorded in the Greater New Bedford area this week according to The Warren Group.
ACUSHNET
7 Diane St $439,900.
Robert C. and Meghan R. Genereux to Erik J. and Noel L. Miles
2 Perkins Ln $485,000.
Olivier Rt and Sarah E. Petersen to Liam D. Manning and Carolan M. Kelley
15 Rock Cress Ln $650,000.
Antonio C Carvalho RET and Antonio C. CarvalhoJason and Crystal Santiago
BOURNE
40 Chartwell Dr $531,000.
Scott M. Dambrosio to Robert S. Montagna
3 Colony Ave $499,000.
Taylor Murkland to Tyler Cuozzo
20 Heritage Dr Unit 20 $320,000.
Michael W. Good to Kenneth Hermenegildo
32 Heritage Dr Unit 32 $201,000.
Carr Donna M St and Elizabeth Abromavage to Alf Property Mgmt LLC
9 Holly Hill Ct Unit 9 $695,000.
David C. and Sue R. Lindblom to Raynard C. and Cheryl D. Soon
82 Lake Dr $702,000.
Osprey Point Corp to Christopher M. Brungardt and Jamie E. Putnam
41 Noreast Dr $970,000.
Tassinari Ft and Mark P. Tassinari to Pechilis RET and William Pechilis
31 Rip Van Winkle Way $442,500.
Wayne F. and Mary E. Dudley to Jonathan and Jean Garvey
CARVER
11 Lillian Way $739,900.
Jake Pylant to Noah A. and Sasha Griffith
2 Shaw Rd Unit A $350,000.
Mador Construction LLC to Joseph Wilbur
DARTMOUTH
34 Alpha St $522,000.
Heidi A. and Brian J. Sylvia to Jmlk Nt and Lucie A. Kafka
28 Autumn Ct $647,000.
Mary E Silva Irt and Lorraine Almond to Joshua M. Montminy and Sarah Caudill
6 Bourgon St $360,000.
Sarah M. Souza to Bradley D. Nilsson and Melanie Chinea
7 Jenny Lind Way $680,000.
John M. and Virginia Perriera to Michael T. Cramc and Monique D. Crane
27 Lilac Dr Unit 27 $580,000.
Riana Yaman to Sergio C. Campos and Crystal B. Cote-Campos
16 Pike St $497,500.
Stefan and Ashley Salvador to Romeo J. and Michelle L. Igisomar
735 Reed Rd $395,000.
Catarina and Daniel M. Sylvia to Lori Camara
FAIRHAVEN
12 Brook Dr $500,000.
Skinner Ft and Jane E. Garcia to Daniel J. and Heather Pitiger
15 Harvard St $200,000.
Marcelle M. Jerome to Louis C. Bierig
50 Spring St $385,000.
Mary Machado RET and Peter W. Machado to Karina Sovik-Correia
FALL RIVER
92 Ballard St $760,000.
Hqv Homes LLC to Alba E. Aldana and Karla Maldonado
552 Bowen St $125,000.
Maria Andrade to Bristol County Homes Inc
104 Choate St Unit 6 $85,000.
Assist Realty Group LLC to Preferred Prop Soln LLC
104 Choate St Unit 1 $85,000.
Assist Realty Group LLC to Preferred Prop Soln LLC
104 Choate St Unit 2 $85,000.
Assist Realty Group LLC to Preferred Prop Soln LLC
750 Davol St Unit 814 $325,000.
Cordell B. Golson to Lj Realty Associates LLC
780 Dickinson St $545,000.
Peter A. and Raquel L. David to Leiriao LLC
233 Eagle St $380,000.
Mercurio T and Elizabeth Mercurio to Around The Clock Svcs Inc
449 Freelove St $460,000.
Richard P. Keating to Jason L. and Jennifer L. Darosa
219 Glasgow St Unit 1 $249,000.
Daniel Quintal to Fridah L. Kinyua
45 Lafayette St $288,000.
Sandy Medeiros to Paiva Brother Prop LLC
109 Langley St Unit 4 $175,000.
L J Realty Asspciates LLC to Resendes Investments LLC
785 N Main St Unit 2 $265,000.
Correira Deborah J Est and Chad E. Correira to Jessica J. and Robert J. Perry
1163 New Boston Rd $207,900.
Stephen F. Gardiner to Susan E. Gardiner
2039 Pleasant St $580,000.
Monsour H. and Nancy Hanoud to Edith Multy-Derogene
272 Savoie St $4,600,000.
Emanuel L. and Hope Sousa to Ryan Monsegue
135 Vale St Unit 4 $154,500.
John T. Garganta to Stefanie Touron
191 Winthrop St $200,000.
Matthew C. Cuvellier to Corey M. Cuvellier
LAKEVILLE
16 Country Club Ln Unit 16 $630,000.
Betty Ford 2020 T and Betty Ford to Jane M. Mahoney
1 Freetown St $349,000.
Joyce A. Demoranville and Mortgage Assets MgmtC Scott LLC
3 Violet St $374,000.
Williams Co-Star Re LLC to Perry E. Baker
MARION
9 Briggs Ter $405,000.
Deborah A. Thornhill and Dale C. Briggs to Corey and Peter Lorenco
MATTAPOISETT
52 County Rd Unit 32 $610,000.
Christopher D. and Meghan C. Barclay to Harvey Varnet Truts and Theresa M. Varnet
12 Old Mattapoisett Neck Rd $525,000.
Jayne M. Mello and Jeffrey J. Dupont to Daniel F. and Kate E. Marmelo
MIDDLEBORO
32 France St $535,000.
Michael and Colleen Peirce to Michael Baker
36 Keith St Unit 36 $412,000.
Maureen Meech to Melissa J. Poirier and Joseph A. Greca
NEW BEDFORD
234 Austin St $485,500.
Austin St 234 Rt and Christopher J. Dumont to Shavoryia G. Mcelroy
906 Belleville Ave $415,000.
Maria E. Fula and Leonisa Sousa to Ariel O. Colon
857 Brock Ave $287,000.
Lsf9 Master Participation and Us Bank TTr to Siarhei Hubarau
133 Chestnut St $550,000.
Maria S. Barros to Manuel P. and Maurisa Monteiro
105 Dawson St $404,000.
Correia Michael J Est and Susan J. Harrington toGoncalo D. Lima and Antonia V. Alves
178 Deerfield Rd $265,000.
Arthur J. Medeiros to Thornton Capital LLC
48 Hawthorn St $564,900.
Bradford J. and Kristy L. Allison to Deborah Crockett-Rice
963 Homestead St $300,000.
Erik J. and Noel L. Miles to Karina B. Almeida
2088 Phillips Rd Unit 13 $727,000.
Southcoast Holdings LLC to Middleboro Ark LLC
2094 Phillips Rd Unit 16 $128,000.
Eric L. and Nicole P. Olsen to Middleboro Ark LLC
2108 Phillips Rd Unit 32 $727,000.
Southcoast Holdings LLC to Middleboro Ark LLC
2108 Phillips Rd Unit 11 $727,000.
Southcoast Holdings LLC to Middleboro Ark LLC
2110 Phillips Rd Unit 12 $727,000.
Southcoast Holdings LLC to Middleboro Ark LLC
2120 Phillips Rd Unit 12 $727,000.
Southcoast Holdings LLC to Middleboro Ark LLC
2120 Phillips Rd Unit 30 $727,000.
Southcoast Holdings LLC to Middleboro Ark LLC
108 Pierce St $375,000.
108 Pierce St Irret and Jason A. Pacheco to Awilda Pizarro and Kervin O. Ortiz
1166 Sawyer St $400,000.
Vicky D. Rosa to Aaron Taylor and Kirsten Dacosta
182 Seabury St $330,000.
Louise P. Goulart to Melo Irt and Mario J. Melo
22 Viall St $549,000.
Ramdall L. Person to Jonathan Searles
ROCHESTER
163 Feather Bed Ln $451,000.
Demello Helen Edith Est and Sheri L. Adriano to Sean G. Meisch and Marijella E. Collins
87 Forbes Rd $735,000.
Bryan G. and Kathleen M. Burger to John Burke and Alana Pacheco
653 Walnut Plain Rd $441,750.
John P. Burke to Michael J. Christie
WAREHAM
2798 Cranberry Hwy $177,500.
Cascade Funding Mtg T Hb9 to Aij Realty Corp
1 Fir St $345,000.
Vandebulcke Rt and Scott S. Vandenbulcke to Sargo Int and William S. Sargo
6 Ladd Ave $460,750.
2012 Fund LLC to Great Neck Invs LLC
233 Marion Rd $165,000.
Btf Properties LLC to John M. Hancock
2 Short St $485,000.
Buckland Ft and Stephen J. Buckland to Jenny L. Mccracken and Jamie L. Fallon
Copyrighted material previously published in Banker & Tradesman/The Commercial Record, a weekly trade newspaper. It is reprinted with permission from the publisher, The Warren Group. For a searchable database of real estate transactions and property information, visit www.thewarrengroup.com.
This week’s top-selling home in Taunton is a remodeled two family that sold for $610,000.
This home at 647 Somerset Avenue has undergone significant upgrades to create a trendy and bright atmosphere. Built in 1880, the home has had a complete overhaul, it features new windows, flooring, and stunning tile.
With 1,636 square feet of living space, the first floor offers three spacious bedrooms, a modernized kitchen, and a lot of storage. The second floor has two large bedrooms and a kitchen with a walk-in pantry.
The property includes an inviting front porch and a two-car garage with an attached workshop. It was last sold in 2023 for $325,000.
Here are all of the residential property transfers recorded in the Greater Taunton area this week according to The Warren Group.
Dighton
1940 Putters Way, $642,500
Nelson, Jennie L Nelson, Randy to Salloum, Sammy
434 School St, $567,000
Daniel, Margaret E to Munson, Riley G Munson, Courtnee S
Raynham
20 Alvin Cir, $735,000
Liberman, Scott Liberman, Maureen to Klarou, Salomon
Taunton
602 Bay St, $528,000
Auguste, Thessie P Pierre, Darnley A to Depina, Maria R Darosa, Liziane
90 Lakeview Ave, $269,500
Medeiros Victoria J Est Medeiros, Michael M to Figara, Colby T Figara, Jeni N
55 Chester St, $400,000
Vicente, Herminia B to Fortuna, Pedro
16 Arthur St, $585,000
Fenton, David W to Hooker, Dane C
19 Ingell St, $425,000
Binda Realty LLC to Lawson, Anthony R Lawson, Desiree A
620 Somerset Ave, $455,900
Aspen Prop Group LLC to Lerebours, Katherine
65-R 1st St, $544,000
Meunier, Steven F Meunier, Debra to Massillon, Vanessa
150 Cullen St, $420,000
Brandao, Ana F Brandao, Joarez A to Naidjate, Boubakeur Kradra, Wafa
190 Winthrop St, $360,000
Snell Theckla H Est Helides, Joanne to Philips, George W Philips, Cynthia
647 Somerset Ave, $610,000
809 Central St LLC to Rodriguez-Pinto, Angel
166 Copley Dr, $577,000
Almeida, Alexander Silva, Andrea M to Trozzi, Amanda
Copyrighted material previously published in Banker & Tradesman/The Commercial Record, a weekly trade newspaper. It is reprinted with permission from the publisher, The Warren Group. For a searchable database of real estate transactions and property information, visit www.thewarrengroup.com.
Realtor commission fees consumers pay to buy and sell a house could soon change.
The National Association of Realtors, embroiled in legal battles over the real estate industry’s commission structure, has reached a settlement that could dramatically slash the fees paid to agents.
NAR said Friday that the settlement would lead to it put in place a new Multiple Listing Service rule, which would prohibit offers of broker compensation.
The association’s rules do not set commission rates, NAR said, which are negotiated between consumers and their agents.
However, the real estate industry has long worked under a model of a 5% to 6% commission paid by the seller and split between the seller’s agent and the buyer’s agent.
A federal case in Missouri that challenged that commission structure led to a jury deciding in October that NAR and large brokerage firms conspired to keep costs artificially high. The jury awarded $1.8 billion in damages, which could rise to more than $5 billion under antitrust rules.
What could happen to real estate commissions?
If the class-action case settlement announced Friday is approved, the changes could dramatically lower costs for those looking to sell their home.
The settlement must still get court approval. If it gets the okay, changes would go into effect in mid July, NAR said.
“This would mean that offers of broker compensation could not be communicated via the MLS, but they could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals,” NAR said in a press release. “Offers of compensation help make professional representation more accessible, decrease costs for home buyers to secure these services, increase fair housing opportunities, and increase the potential buyer pool for sellers. They are also consistent with the real estate laws in the many states that expressly authorize them.”
Commission change is good for consumers
“This is a major win for consumers,” said Ryan Tomasello, a real estate industry analyst with Keefe, Bruyette & Woods, who has written several reports about the lawsuits challenging the industry’s fee structure and effects they could have on the industry.
“The first reason it’s a win is because this is going to add much needed transparency to the process for both sellers and buyers, particularly for buyers who historically have lacked the knowledge to be able to negotiate lower commissions that could ultimately benefit them in their home closing process,” Tomasello told USA TODAY.
A key question, Tomasello said, will be whether buyers will now be strapped with an additional cost to pay their agent, which they can’t afford, or whether there will be updated mortgage writing guidelines that would allow buyers to finance their commissions.
Sellers still have the option to offer to pay for the buyer’s agent commissions and so that would occur on a case-by-case basis, he said.
In a series of reports, Tomasello has predicted the lawsuits could result in a 30% reduction in the $100 billion paid in real estate commissions by Americans every year. Additionally, Tomasello thinks the legal decisions could result in 60% to 80% of the 1.6 million agents leaving the industry.
Commissions going away?:How much you pay to buy or sell a home may be about to change. Here’s what you need to know
According to survey data from his company, close to 75% of recent homebuyers didn’t know how their agent was compensated.
Tomasello’s firm’s research shows that overall commission prices in a home sale could come down by upward of 2% or more.
Stephen Brobek, a senior fellow at the Consumer Federation of America, has said elimination of the practice of a house seller paying fees to both the seller’s and buyer’s agent will be a watershed moment for the industry.
“This settlement over time will benefit home sellers and buyers greatly, eventually lowering agent commissions by tens of billions of dollars a year and helping align agent compensation and services rendered,” he said Friday.
The changes could eventually save consumers $20 billion to $30 billion in real estate commissions each year, he said. The Consumer Federation of America has predicted commission rates could decline from a range of 5% to 6%, to 3% to 4%.
First-time homebuyers could feel pinch
But changes to the existing commission structure could create an unfair disadvantage for first-time home buyers, especially people of color, said Gary Acosta, co-founder and CEO of the National Association of Hispanic Real Estate Professionals.
“The plaintiffs and proponents of these lawsuits claim they represent consumers but in reality, they have been nothing more than vicious attacks on first-time home buyers and small businesses,” Acosta said. “In the settlement, NAR made the right choice by prioritizing the protection of its members from unfair liability, and preserving the option of broker cooperation; which reduces the financial burden on minorities and first-time homebuyers.”
Other parts of the settlement
Another new rule that is part of the proposed settlement would require MLS participants working with buyers to enter into written agreements with those clients.
Additionally, NAR will pay $418 million over approximately four years as part of the class-action settlement.
“NAR has worked hard for years to resolve this litigation in a manner that benefits our members and American consumers. It has always been our goal to preserve consumer choice and protect our members to the greatest extent possible. This settlement achieves both of those goals,” said Nykia Wright, Interim CEO of NAR said in a statement.
Added Kevin Sears, NAR president: “This will be a time of adjustment, but the fundamentals will remain: buyers and sellers will continue to have many choices when deciding to buy or sell a home, and NAR members will continue to use their skill, care, and diligence to protect the interests of their clients.”
The settlement by NAR resolves four class-action cases filed against the organization, according to Cohen Milstein Sellers & Toll, a firm representing plaintiffs in one of the legal actions.
“Consumers have really been locked out of the process of negotiating the price for their brokers when they’re on the buyer side of housing purchases,” said Benjamin D. Brown, managing partner of Cohen Milstein Sellers & Toll and co-chair of its Antitrust practice. “Once this relief goes into effect, I think that the industry is going to develop in a new direction where there are some innovative brokerages offering lower commissions for buyer broker services.”
Betty Lin-Fisher is a consumer reporter for USA TODAY. Reach her at blinfisher@USATODAY.com or follow her on X, Facebook or Instagram @blinfisher. Sign up for our free The Daily Money newsletter, which will include consumer news on Fridays,here.
A new community in Surprise will sprout 795 homes with prices starting in the high $300,000s.
Meritage Homes’ 227-acre development called Paloma Creek will also have the biggest amenity center it has built so far, with a pool, an outdoor kitchen, a playground, a fire pit, a basketball court and fitness and community centers.
Located near West Happy Valley Road and 163rd Avenue, the community’s houses will range in size from about 1,200 square feet to more than 3,000 square feet. Prices range from $380,000 to about $450,000.
Homes are under construction and models are open in Paloma Creek. Sales started last month.
The median home price in Surprise is $445,000, according to Realtor.com. Metro Phoenix’s median price is $430,000.
“Paloma Creek offers homebuyers well-appointed, energy-efficient homes at an affordable price,” said Jamie McAndrew, vice president of sales for Meritage in Phoenix. “We look forward to welcoming buyers to the community and helping them achieve their goal of homeownership.”
The houses will include spray-foam insulation, Low-E windows, air infiltration systems and ENERGY STAR-certified appliances.
New homes are drawing more Valley homebuyer attention because of the short supply of existing houses. Also, many home builders offer mortgage-rate buydowns for buyers.
Reach the reporter at catherine.reagor@arizonarepublic.com or 602-444-8040. Follow her on X, formerly Twitter: @CatherineReagor.
Buying a home is likely one of the biggest financial decisions a person can make. Because of that, homebuyers often come into the buying process with a wish list of their most desired home features.
But, what was popular in the past might not be popular now, and homebuying trends have changed as we enter 2024. So, what popular home features might make a property a hot commodity? Here are a few:
Move-in ready homes
Before all else, more homebuyers are seeking properties that are move-in ready, rather than those that might require some updating.
“I think now people are getting a little bit more picky on what they want. They just want instant gratification,” said Max Stokes, a partner of the Fox & Stokes team at Compass Real Estate.
Stokes said buyers that are coming from luxury buildings in areas like Hoboken and Jersey City are used to having a fully finished living space. Because of this, he said more buyers are turning towards properties in less desirable locations as long as they’re move-in ready.
“When I bought my first house about 14 years ago, I just bought for the neighborhood and figured that everything else in the house I can fix over time,” he said. “I don’t hear that anymore. People would rather buy something in a location that might not be as desirable, but the home’s move-in ready.”
Looking for a house in NJ in 2024?Here’s how you do it, for first-time buyers
Separated spaces over open-concept living
While the interest in open-concept layouts will likely never fully go away, Oakley said she’s seen more buyers interested in properties with designated spaces.
“Now I’m noticing that buyers want a little bit more separation and designation between the rooms and more closed spaces,” she said. “They still want a nice flow, of course, but just not that complete open box where you can see everything.”
Oakley said she’s seeing this trend in other areas of the home. For example, she said the trend of open shelving in kitchens is starting to go away, as more people are going back to wanting their items away and out of sight. Similarly, integrated appliances were predicted to be a popular interior design trend for 2024 specifically because they’re more hidden in our kitchen spaces, rather than being freestanding.
Multiple primary suites and first-floor bedrooms
Having a bedroom on the home’s first floor — a trend we saw driving up home prices in 2023 — and having multiple primary suites are increasingly popular features homebuyers are searching for in 2024.
Due to the relatively recent unpredictability of the real estate market across the nation, more homebuyers have been focused on finding a property that they’ll be able to spend the rest of their lives in. Having a first-floor bedroom will allow their properties to be more functional as they age. Additionally, more households have become multigenerational due to the costs of living, so younger generations are looking for spaces where they can accommodate elderly family members.
“I’m noticing with certain buyers that they’re looking for either a first-floor bedroom or the option of having a first-floor bedroom,” said Jamie Oakley, a realtor with Prominent Properties Sotheby’s International Realty in Franklin Lakes. “Thinking into the future and functionality for them, whether it’s the buyers themselves as we get older or thinking about family members who may be coming to live with them at some point.”
Homes with multiple primary suites were also predicted to be a big trend in 2024 due to more couples choosing to sleep in separate spaces.
“I’m hearing a lot of trends of people wanting two primary suites, so like couples who want to sleep separately but still want to live together, which is interesting,” said HGTV personality Noel Gatts, founder and principal designer of Beam and Bloom based in Bloomfield.
Multiple home offices
While home office spaces grew increasingly popular during the time surrounding the coronavirus pandemic, many homebuyers have been searching for properties with multiple office to accomodate more people working from home.
This is not only due to many companies continuing to work remotely, but also because more companies have implemented hybrid work schedules, meaning more people may be working at home, even if only for a few days a week.
“The work from home trend is definitely continuing, so having multiple home office spaces is definitely something that tops a lot of people’s lists,” Stokes said. “It’s becoming more than one because one person would be working from home, but now it’s the real deal where people, whether it’s even going back to the office, they still have the opportunity to work from home a couple days a week.”
A finished basement, or the option for a finished basement
Homes with a finished basement — or a basement that has the ability to be finished and used for different purposes — is something many homebuyers are seeking.
Oakley said many families are looking to incorporate more hang out and entertainment spaces in their home, such as game rooms, media rooms and playrooms, which are often common uses of basement spaces. Finished basements are also often used as an in-law suite or as a distinct living space for kids or other family members that may visit.
In older homes, Oakley said basement heights tend to be shorter, meaning there isn’t enough room for these spaces to be used for anything other than storage.
“I was actually showing a property recently that was a beautiful new construction home on an existing foundation and everything my clients were looking for,” she said. “Then, we went into the basement and they could hardly stand up in it, which for them was just a complete turn off because it wasn’t a space that they could use.”
Self-care amenities and spaces
Homes with self-care amenities or spaces the buyers can use for self-care activities has become more popular, Oakley said.
“I saw a house recently that had a cold plunge installed in it and that completed wowed the buyers,” she said. “So, spaces for a gym or a spa. Even with staging, I’m noticing that they might have yoga mats set up with little weights and things like that just to show what the space could be used for.”
Maddie McGay is the real estate reporter for NorthJersey.com and The Record, covering all things worth celebrating about living in North Jersey. Find her on Instagram @maddiemcgay, on X @maddiemcgayy, and sign up for her North Jersey Living newsletter. Do you have a tip, trend or terrific house she should know about? Email her at MMcGay@gannett.com.
It’s a new year, and if your resolution is to finally make the leap into homeownership, this might be the best time to do it.
In 2024, there is expected to be more predictability and stability for potential homebuyers. Additionally, Zillow predicts that more homes will hit the market this year, as more homeowners who locked in all-time-low mortgage rates may put their homes up for sale, growing tired of waiting for such low rates to return.
“I do believe we’re going to get back to a normalcy of the market where people are going to buy, sell, rent and relocate based on what’s going on in their life,” said Rob Norman, eastern region president of Coldwell Banker Realty, based in New Jersey. “I don’t think we’re going to be as shocked or surprised by what’s going on in the market, as perhaps we were in the past.”
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Many first-time buyers don’t even know the steps they need to take to begin the process. If you’d like to buy your first home in 2024 but don’t know where to start, don’t be intimidated. Here’s a look at how the homebuying process works:
Save for a down payment
Ensuring you have money tucked away before starting the homebuying process is important.
Down payments are a percentage of a home’s purchase price, so the amount you’d need to pay for a down payment largely depends on the price of the home you’re looking to purchase. A 20% down payment is traditionally what’s recommended, and the more you’re able to put down means the less you’d have to pay each month for your mortgage.
While this is recommended, it doesn’t mean you actually have to have that much saved up. According to a 2023 study from the National Association of Realtors, the median down payment for homebuyers across the country is just 14%. Additionally, many loans today require a much lower percentage to qualify, such as 3% for some conventional loans and 3.5% for FHA —Federal Housing Association — loans.
Get preapproved for a mortgage
It’s important to get preapproved for a mortgage before you start house hunting so you know exactly what you can afford, and to save time later in the process.
This requires submitting income verification, like pay stubs, tax returns and bank statements, to a lender, as well as looking at your debt-to-income ratio.
“You have to get preapproved by a mortgage professional,” said Betti Russo, a broker sales associate with Keller Williams Prosperity Realty in Wayne and Oakland. “It’s to be able to know exactly what you can afford. You might think you can afford more than you can or you might be shortchanging yourself and thinking you can afford less than you actually can. The preapproval is going to really dig deep and tell you exactly what you can afford.”
Russo said that in today’s market, it’s important to act quickly when you find a house you love. Getting preapproved also means that you’ll be ready to submit your best offer right away, giving you the best chance at securing your property. Because houses are leaving the market so frequently, she said there’s no time to waste.
Not only will getting preapproved help you understand what you can afford, it’ll also give you a better idea of how much you’ll pay for other homebuying fees. This includes closing costs, which typically cover property taxes, insurance and fees from various entities.
Explore potential neighborhoods
Once you know how much house you can afford, you’ll have a better understanding of what areas you can consider buying in. Russo said she always recommends that homebuyers take the time to visit and explore areas they’d consider buying in to make sure it’s the right fit for them.
“Just because there’s a beautiful house there and the price fits within your budget doesn’t mean that you’re actually going to love living in that area,” she said. “You want to pick an area that talks to who you are as a person, what you like to do and how close you want to be to certain things.”
Would you rather more of a city or a suburban environment? Are you a commuter who needs easy access to public transportation? Would you like to be within walking distance of certain amenities? Russo said these are just a few factors to consider when picking a location.
Map out your wants versus your needs
Chances are, you’re not going to find a home that comes with everything you want right off the bat. So, it’s recommended to write a list of what features you need, as well as what features you want, but can survive without for the time being.
“The things that are your must-haves are concrete, and your wants should be like ‘I would like this someday, and maybe the house doesn’t have it right now, but I can change this about the house down the road,'” Russo said. “You don’t have to have everything right away, especially if you’re a first-time homebuyer.”
Certain aspects about the property can’t change, such as being too close to a highway or having a small backyard, but cosmetic things, like carpeting and kitchen cabinets, can be updated at any time. Russo said figuring this out and knowing what you want in advance is necessary to give yourself the best chances at securing your home.
“It’s a very, very big sellers market still, so homebuyers don’t have time to waste,” she said. “They need to do a lot of preparation in order to be able to get the home that they want. They need to figure all of this out in advance so that when you step into a home, you either want it or you don’t want it. And if you do want it, you have too act very quickly, there’s no time to think about out.”
Find a realtor
While you’re not necessarily required to work with a realtor to find a home, having one does make the process easier.
Because buying a home involves a lot of moving parts, such as finding homes for sale, writing up offers, making edits to the contract and ensuring other parties are prepared, having a realtor will alleviate some stress, especially for first-time buyers.
Additionally, realtors often have a network of trusted people like real estate lawyers and building inspectors, meaning they’ll be able to recommend other individuals that you may need to consult during the process.
Russo said that just because one person had a great experience with a particular realtor doesn’t mean they’ll be the best fit for you. She said it’s important to find someone that you can mesh with, especially because you’ll be working so closely with one another.
“I think referrals are really good and knowing somebody that has worked with the agent before and that they’ve had a good experience with them. Online reviews are also great,” she said. “Experience is not always the answer, but experience is definitely a good answer. You can pick the most experienced agent in the area, but you could have a serious personality conflict or just don’t like their style. Just because they’ve sold the most homes doesn’t mean they’re the best fit for you and your needs.”
Do your research to find a realtor that is familiar with your desired area and that you feel will be able to fulfill your needs.
Make an offer
Russo said that when making an offer on a house, you want to put your best foot forward because you might not get a second chance.
“You need to be prepared to go in with your best foot forward. I always ask people, ‘What’s the house worth to you? How are you going to feel if you don’t get it?'” she said. “Obviously besides your budget, that’s going to determine how strong you go in with an offer.”
Russo said to also remember that money is not the only factor involved in making an offer. Things like how soon you can close on the home and whether you’re willing to waive an inspection also play a role.
“You need to be very flexible in your demands and do whatever you can to make the seller happy, whether that be offering a quick or flexible closing based on the seller’s needs or offering inspections for information purposes only,” she said. “Just make it really easy for the seller to accept your offer.”
Maddie McGay is the real estate reporter for NorthJersey.com and The Record, covering all things worth celebrating about living in North Jersey. Find her on Instagram @maddiemcgay, on X @maddiemcgayy, and sign up for her North Jersey Living newsletter. Do you have a tip, trend or terrific house she should know about? Email her at MMcGay@gannett.com.
Scott Williams is CEO of Ohio REALTORS.
Headlines over the last few months from around the country and from right here in Ohio have made it clear that we are facing a startling reality: Homeownership is out of reach for far too many Americans.
Rising prices, high interest rates and housing shortages have made this part of the American dream, simply, unattainable, especially for adults under the age of 35. Those adults are postponing homeownership — in some cases, by as much as a decade as compared to 2013. Many are choosing to forego homeownership entirely, calling themselves “forever renters.”
This is not would-be homeowners’ fault. As recent news stories show, median home values have nearly doubled in the last 10 years. At the same time, household incomes grew by only about 13.5%.
More than white picket fences
Each and every one of us should be alarmed by these data points.
Homeownership is not just a white-picket-fence veneer. For many people, it provides the foundation for stability, security and a sense of community — things that renting often cannot supply. Owning a home builds equity and wealth. Homeowners can deduct mortgage interest and property taxes from their income taxes and benefit from appreciation when they sell or pass it on to the next generation.
Having an asset to borrow against provides financial flexibility. And while rents might go up, monthly mortgage payments generally remain stable over decades, helping homeowners manage housing costs during retirement.
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Higher homeownership rates benefit communities, too.
More homeowners mean more stable property tax revenues to fund public services. Engaged homeowners tend to demand quality schools, parks, libraries and public safety. Home ownership incentivizes people to have a long-term outlook, to invest in their property and neighborhoods.
But times are challenging for would-be homeowners. Interest rates are high. Inventory is low. Prices seem to be ever-increasing.
Headlines across the country describe this, and while housing challenges used to primarily affect large cities on the coasts, it is clear that in communities across Ohio, we must take action to ensure those who want to own a home are able to.
Home ownership does not have to be a thing of the past
Part of that happens at the community level, and this is where everyone — each and every one of us — can play a role. It is imperative that we support policies that foster easier paths to homeownership. That means more development, greater housing density, and zoning updates that permit things like accessory dwelling units.
And part of it happens through state programs and policies that ease the path for homeowners.
The most recent of those programs, launched in January, is Ohio Homebuyer Plus, which makes it easier to save for a down payment, and is something we at Ohio REALTORS advocated and pushed for. The program allows Ohioans to deduct up to $5,000 in down payment savings contributions from their state taxes each year and helps to grow that money with higher interest rates than traditional savings accounts — right now, 2.59% on top of a bank’s ordinary savings rate.
Ohio Homebuyer Plus|New state program offers down payment help to Ohio homebuyers
This program, we think, amplifies and supports existing programs that can help Ohioans buy a home, and that’s where knowledgeable, experienced Realtors can help. Not only do great Realtors bring expertise in local markets, but they also understand incentives and policies that can smooth the path to home ownership. And in Ohio, that expertise has maybe never been more important.
Recent news stories showed that Cleveland, Columbus and Cincinnati are among the top housing markets for 2024.
Making homeownership easier benefits all of us, by making our state a more attractive place to live, work and play, and by strengthening our communities.
I would agree that homeownership is not for everyone, and renting certainly makes sense for some, particularly during certain phases in life. But I have seen that smart policies and programs can help make homeownership more accessible. And when we do that, we all — individuals, families and communities — benefit.
Scott Williams is CEO of Ohio REALTORS.