Real Estate
April 14, 2021
Buying what is considered a second home before purchasing the more conventional first is beginning to appeal to some renters.
Those in metro areas are watching the red hot housing market and may be interested in a place of their own. With remote work trending, they can take advantage of the opportunity to spread out and buy a small getaway home with a vacation-first mentality, Apartment Therapy reports.
These second-home buyers may be drawn to country cottages or mountain cabins while they continue to rent apartments in the city.
They may search for their second home in a less competitive market than their current one, too.
© Cheryl Casey – Fotolia.com
Jamie Manning, founder of the real estate blog Exposed Brick DC, told Apartment Therapy that she and her husband didn’t expect to purchase a vacation home in Charlottesville, Va., before ever buying their first property in the Washington, D.C., area. “[We] see this as a true second home, somewhere we can spend weekends and possibly work remotely during the week,” Manning told the publication. “This idea had been on our radar because real estate costs are so high in D.C. that we felt buying here may not be realistic. We have been diligent and saved and were anxious to make some kind of real estate investment. We were craving a change of scenery and a different pace of life.”
Low interest rates may be attracting some renters to the thought of buying, but they may be priced out of their own area as many markets have seen escalating home prices over the past year.
A second home could offer these first timers a financial benefit and investment while they continue to rent in the city, financial analysts say. For example, Lisa Greene-Lewis, a certified public accountant, says that you can deduct mortgage interest on a vacation home similarly to a primary residence and deduct property taxes up to the cap. Some buyers may also decide to rent out their secondary home as a form of supplemental income.
“A lot of people were excited to purchase getaways during the pandemic because of limited travel options,” John Coleman, a real estate pro who works with many first-time home buyers, told Apartment Therapy. “Buying and renting out on Airbnb has been very lucrative for some, and it will be interesting to see if that can hold up moving forward.”
Source:
“Buying a ‘Second Home’ First Might Be the Best Real Estate Move of 2021,” Apartment Therapy (April 13, 2021) and “Should You Buy a Second Home as Your First Home?” The Mortgage Source (2021)
Another driver of interest in Nevada County…Just need MORE inventory!
Real Estate, Recipes
April 2021
It will come as no surprise to market watchers, and especially buyers, that lack of inventory in Nevada County continues. We see conditions nationally mirror Nevada County. Numbers are consistent with previous months. 359 houses for sale March 2020 vs 166 houses for sale March 2021, 53.8% lower year to year. Houses sold are up 21.5%, 156 Mar last year, 123 houses sold this January.
Inventory reduction is from 2.9 months of inventory last January to 1.2 months of inventory this January, down 58,2%. A VERY, VERY STRONG SELLER’S MARKET continues, especially considering Nevada County’s attractiveness as one of the premier work-from-home communities.
The average SOLD price per square foot is up 21.9% year to year ($236 vs $293). Average price sold is up 14.6%, from $472,000 to $608,000 up 28.5%. Higher list prices continue, driven by lack of inventory.
Nevada County continues to be strongly attractive to buyers looking for safer havens, especially coupled with the myriad lifestyle opportunities and community connections the foothills offer. Days on market has fallen 24%, from 62 days last March to 54 days in March this year. Buyers are energized to immediately jump on good, well-priced houses especially given our current low inventory environment.
Buyer activity continues to be robust, with multiple offers often over ask.
Don’t hesitate to call us for evaluations of your home’s value or to tour homes on the market you have interest in. We are here for you, and Alisa (almost) always answers her cell phone, 530-559-4871.
Hungry? Here’s some essence of Spring!
Herbed Spring Salad With Egg and Walnuts
- YIELD4 servings
- TIME20 minutes
David Malosh for The New York Times. Food Stylist: Simon Andrews.
This bright, herby, fresh-tasting salad makes a very nice accompaniment to a pan-fried breaded pork chop. Cooked beets (preferably golden) thinly sliced radishes, celery and turnips are dressed, then tossed with a mixture of zesty salad greens — use a combination of watercress, dandelion, curly endive, escarole, radicchio, mizuna, spinach, or red sorrel leaves. The components can be prepared in advance, but wait until the last minute before dressing and serving.
Featured in: A Stirring Spring Menu, Fit For A Celebration.
INGREDIENTS
FOR THE VINAIGRETTE:
- 2 tablespoons finely diced shallot
- 1 tablespoon Dijon mustard
- 1 tablespoon red wine vinegar or sherry vinegar
- 3 tablespoons lemon juice, plus more to taste
- ½ teaspoon grated garlic (from 2 small cloves)
- Kosher salt and black pepper
- ¼ cup walnut oil or extra-virgin olive oil
FOR THE SALAD:
- 6 ounces/4 cups lightly packed watercress or, preferably, a mixture of zesty salad greens
- 3 medium golden beets, cooked, peeled and cut in wedges
- ½ cup thinly sliced red radish (6 to 8 medium radishes)
- ½ cup thinly sliced turnip (or use small kohlrabi or watermelon radish)
- ½ cup thinly sliced celery heart, plus tender leaves (from the center of 1 celery head)
- Kosher salt and black pepper
- 2 tablespoons roughly chopped dill
- 2 tablespoons tarragon leaves
- 4 (7-minute) boiled eggs
- 1 cup toasted walnut halves
Real Estate
Nevada County Market Observations-February 2021
Lack of inventory in Nevada County continues.
Numbers are consistent with previous months. 339 houses for sale January 2020 vs 163 houses for sale January 2021, 51.9% lower year to year. Houses sold are up 26.5%, 163 Jan last year, 104 houses sold this January.
Inventory reduction is from 4.4 months of inventory last January to 1.6 months of inventory this January.
A very strong SELLER’S MARKET continues, especially considering Nevada County’s attractiveness as one of the premier work-from-home communities.
The average SOLD price per square foot is up 23.3% year to year ($224 vs $274). Average price sold is up 14.6%, from $433,000 to $564,000.
Higher list prices are prevailing.
Nevada County continues to be strongly attractive to buyers looking for safer havens, especially coupled with the myriad lifestyle opportunities and community connections the foothills offer. Days on market have fallen 38%, from 91 days last January to 57 days in January this year. Buyers are energized to jump on good, well-priced houses especially given our current low inventory environment.
The market is rebounding from slower buyer activity over the holidays and elections.
We are seeing robust buyer activity. Good houses are attracting significant attention from buyers and garnering strong offers. While prices are climbing, appraisals tend to lag the market a bit, so some circumspection in pricing is smart.
Johnson’s Sierra Lifestyle Team adds Instagram expertise to support client listings!
Social Media has many benefits, especially for businesses.
It is a tool that many people tend to overlook. Having a good social media presence is especially important as we move further and further into a world dependent on technology. Perhaps the best way to get business is by word of mouth and advertising, social media combines those. When a business posts something on social media, not only is it being spread to more people than you can reach with typical advertising, but it also creates a personal connection between the business and the consumer making them more likely to pick that business over any other. Social media can help businesses grow immensely in size, and reach new younger customers that are essential to keeping a business alive.
Overall, Social Media is only a positive for businesses looking to grow, reach more customers, and to create more personal connections with customers.
The Sierra Lifestyle Team utilizes our robust Social Media skills to benefit the sale of your home, reaching thousands of qualified buyers.
We don’t rest on our laurels…and are pleased to announce a new INSTAGRAM manager, Karissa Johnson. Karissa will head up our new Instagram program to highlight your properties to thousands of interested buyers, giving you significant new exposure to interested real estate buyers.
Brought to you by Johnson’s Sierra Lifestyle Team!
Don’t hesitate to call us for evaluations of your home’s value or to tour homes on the market you have an interest in. We are here for you, and Alisa (almost) always answers her cell phone, 530-559-4871.
Real Estate
Easy Property Fixes to Prompt a Quick Sale
Small upgrades and aesthetic swaps can make all the difference in drawing buyers to a home.
by Danielle Braff
Key takeaways:
- Instead of replacing outdated furnishings, consider paring down decorative distractions to show off the natural attributes of a well-structured space.
- Focus on flourishes in common, small hardware such as doorknobs and handles on kitchen cabinetry.
- If there are significant property defects, play up the home’s backstory to redirect attention to a positive talking point.
Despite the thought and preparation that goes into listing a home, the two biggest hurdles to the sale are property photos, which should motivate buyers to request an in-person tour, and the showing, which needs to justify the photos, says Kenny Dahill, CEO and co-founder of Burbz Co., an à la carte property manager platform. Your sellers could do expensive home improvements like a kitchen renovation or a room addition. But how can they complete a project of similar impact without spending thousands? And after the work is done, how do you promote your listing’s new look?
The National Association of REALTORS®’ Remodeling Impact report shows the following are the projects with the highest ROI:
- New roofing: 107%
- New hardwood floors: 106%
- Refinished hardwood floors: 100%
But there are even easier tricks to get houses looking snazzy without spending too much time or money.
Focus on Spaces and Fixtures
Sometimes less is more, says Tamika Todd, a Bermuda-based broker with Platinum Realty.
Todd had a rental listing laden with outdated finish work and furnishings, including 1960s wall tiles and heavy drapery. She suggested that her client open up the space by removing the furnishings so the room contained only a bed, a small desk, and a chair. This helped highlight the depth of the 17-by-17-foot room and the ceiling height of the 750-square-foot loft-style unit. Todd showed the space with sheer curtains, neutral-colored walls, and open windows.
“The transformation definitely made the owner say ‘wow,’ along with every person who viewed it thereafter. It allowed prospects to see the size of the unit and to visualize living in the space without being distracted by the owner’s personal preferences,” Todd says. The owner of the rental originally wanted $1,500 per month in rent, but Todd listed it for $1,700 after the refresh of the unit and received five lease requests.
If your listing has other apparent physical issues that can’t be staged and must be disclosed, amplify the story behind the property to redirect buyers’ attention, Todd suggests.
Talk about the family whose children climbed the trees in the backyard, who witnessed a surprise proposal while hosting a family dinner by candlelight, or who welcomed aging parents to join the household. Ideally, you’ll capture these stories on video from the people who lived them and share with potential buyers ahead of their visit to the home, Todd says. “You will find that the people who view the property in person start to feel the story come alive and envision themselves in the space with their own dreams.”
One small, more tangible fix Todd often makes is replacing doorknobs, which are often overlooked.
But when chosen correctly, they can attract the eye of a buyer. “Imagine an entry door with a new coat of paint that already catches the eye but stands out even more with a just-as-eye-catching doorknob feature,” she says. For these, she selects ornate, modern doorknobs, or those that are traditional with a hint of flair, to spark intrigue and beckon buyers to wonder what’s inside. Todd instructs her listing photographer to get detail shots of the doorknob so house hunters searching online can see the thoughtfulness put into the welcoming feature of the home.
Swapping out light fixtures and other hardware, such as cabinet handles, is the first step Erik Wright, owner of New Horizon Home Buyers, a real estate investment company in Chattanooga, Tenn., takes before flipping a home.
The replacement fixtures and hardware you choose depends on trends in your market. Wright prefers simple, quality light fixtures throughout the home, with just one or two standouts, like a chandelier in an entryway or above the dining table. “Homes in my area usually do well with farmhouse chic or industrial-style fixtures,” Wright says. “Darker metal fixtures that use Edison-style bulbs are some of my favorites.”
If the floors need work, Wright selects an easy-to-install flooring option.
His favorite is luxury vinyl plank. “It looks like beautiful hardwood floors while also being much more durable and resistant to water,” Wright says. Once the floor is replaced, Wright makes sure to add “brand-new flooring” to the listing description.
Upgrades and No-Nos
Christina McCaffrey, CRS, broker-owner of Triangle Trusted Realty in Willow Springs, N.C., suggests a surprising property upgrade to her clients: She encourages adding a fence. “It’s a major expense, even if you’re doing the work yourself, but it will be a great asset when you go to sell,” she says. “Homes that have fenced yards tend to sell quickly, and the look is appealing because it makes the yard look bigger.”
In the kitchen, painting the cabinets can do wonders.
And if you have older appliances, it’s worth it to swap them out for stainless steel, McCaffrey says. White cabinetry is the preferred look in her area, so she aims for clean and sleek in her kitchens. Swapping out the faucets and adding in solid-surface countertops will also help if clients don’t have the latest look. “An older appliance will make a house look shabby,” McCaffrey says. “You only have one opportunity to ‘wow’ the buyer, so you should think about replacing the worn-out dishwasher with a new stainless one.”
In her market, she says, demand for these items is high, so most sellers recoup the cost of the replacements. However, some fixes shouldn’t be advertised, says Ricardo Mello, co-founder and managing partner at Manhattan Miami, a luxury residential real estate agency with offices in New York and Miami. The first thing buyers see when viewing a listing is the outside of the home, so curb appeal is a big deal. You don’t need to hire a landscaper to make your listing’s outdoor areas shine; small things, such as refreshing mulch, planting seasonal flowers, keeping on top of lawn maintenance, and adding a new doormat, can make an excellent first impression, Mello says.
“I find that making sure these are taken care of definitely results in a better overall impression in photos, which translates to more people opting to view the home in person,” Mello says.
“These small changes aren’t something I’d advertise in a listing. I want potential buyers to have the impression that this home has been well cared for versus quickly updated to be on the market.”
Nevada County, Real Estate
Nevada County Housing Market Observations
November 2020
Lack of inventory in Nevada County continues.
Numbers are consistent with previous months, 520 houses for sale October 2019 vs 286 houses for sale October 2020, 45% lower year to year. Houses sold are up 25%, 157 Oct last year, 157 houses sold this October.
Inventory reduction is from 4.2 months of inventory last October to 1.8 months of inventory this October.
A very strong SELLER’S MARKET continues, especially considering Nevada County’s attractiveness as one of the premier work-from-home communities, and media outlets have taken notice.
Average SOLD price per square foot is up 13.7% year to year ($234 vs $266. Average price sold is up 14.6%, from $435,000 to $570,000. Higher list prices are prevailing.
Nevada County continues to be strongly attractive to buyers looking for safer havens.
Especially coupled with the myriad lifestyle opportunities and community connections the foothills offer. Days on market has fallen 48%, from 75 days last year in October to 39 days in October this year. Buyers are energized to jump on good, well-priced houses especially given our current low inventory environment.
We continue to see a slight slowing of the market in our own area, likely due to national elections coupled with the coming holidays. That said, good houses are still commanding significant attention from buyers and garnering strong offers. While prices are climbing, appraisals tend to lag the market a bit, so some circumspection in pricing is smart.
Don’t hesitate to call us for evaluations of your home’s value or to tour homes on the market you have an interest in. We are here for you, and Alisa (almost) always answers her cell phone, 530-559-4871.
Johnson’s Sierra Lifestyle Team Adds Instagram expertise to support client listings!
Social Media has many benefits, especially for businesses.
It is a tool that many people tend to overlook. Having a good social media presence is especially important as we move further and further into a world dependent on technology. Perhaps the best way to get business is by word of mouth and advertising, social media combines those. When a business posts something on social media, not only is it being spread to more people than you can reach with typical advertising, but it also creates a personal connection between the business and the consumer making them more likely to pick that business over any other. Social media can help businesses grow immensely in size, and reach new younger customers that are essential to keeping a business alive. Overall, Social Media is only a positive for businesses looking to grow, reach more customers, and to create more personal connections with customers.
The Sierra Lifestyle Team utilizes our robust Social Media skills to benefit the sale of your home, reaching thousands of qualified buyers on Facebook.
We don’t rest on our laurels…and are pleased to announce a new INSTAGRAM manager, Karissa Johnson. Karissa will head up our new Instagram program to highlight your properties to thousands of interested buyers, giving you significant new exposure to interested real estate buyers.
Brought to you by Johnson’s Sierra Lifestyle Team!
Lifestyle, Real Estate
Johnson’s Sierra Lifestyle Team Adds Instagram Expertise to Support Client Listings!
ON SOCIAL MEDIA – Karissa Johnson
Social Media has many benefits, especially for businesses.
It is a tool that many people tend to overlook. Having a good social media presence is especially important as we move further and further into a world dependent on technology. Perhaps the best way to get business is by word of mouth and advertising, social media combines those. When a business posts something on social media, not only is it being spread to more people than you can reach with typical advertising, but it also creates a personal connection between the business and the consumer making them more likely to pick that business over any other. Social media can help businesses grow immensely in size, and reach new younger customers that are essential to keeping a business alive.
Overall, Social Media is only a positive for businesses looking to grow, reach more customers, and to create more personal connections with customers.
The Sierra Lifestyle Team utilizes our robust Social Media skills to benefit the sale of your home, reaching thousands of qualified buyers on Facebook. We don’t rest on our laurels…and are pleased to announce a new INSTAGRAM manager, Karissa Johnson.
Karissa will head up our new Instagram program to highlight your properties to thousands of interested buyers, giving you significant new exposure to interested real estate buyers.
Brought to you by Johnson’s Sierra Lifestyle Team!
Younger Americans Lead Desire for Bigger Homes, Outdoor Space
October 13, 2020
Young Americans are having their housing preferences shaped by the pandemic.
They’re seeking larger homes and outdoor space, yet in walkable areas, according to findings from the 2020 Community and Transportation Preference Surveys recently conducted by the National Association of REALTORS®.
Young adults who live in walkable areas tend to report a higher quality of life than those who live in less walkable areas, the survey shows.
And young Americans may need a boost: Americans under the age of 40—millennials and Generation Z—are the most likely to say their overall quality of life has been negatively affected by the pandemic.
“Although COVID has dramatically changed people’s lives, this study shows that a substantial demand for walkability persists for Americans of all ages,” says Vince Malta, NAR’s president.
The survey also showed that families with children in school tended to show a stronger desire for detached homes and larger yards.
Before the pandemic, a majority of Americans preferred smaller yards in a walkable community, the survey says.
Americans 55 and older and those with higher incomes also tended to show an increased desire for walkability in their neighborhood.
Overall, survey respondents who strongly agreed with the statement that there are “lots of places to walk nearby” showed an 8% increase in quality of life, the NAR survey shows.
Source:
“NAR Community and Transportation Preferences Surveys,” National Association of REALTORS® (2020)
Walkable areas? Nevada County got ’em!!