Missouri Real Estate News

Trends & Insight for Missouri Home Buyers and Sellers

MISSOURI REAL ESTATE NEWS
Trends for MO Home Buyers & Sellers

SELL HOME

Smart Upgrades That Add Value Before You Sell Your Missouri Home

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When it’s time to sell your house, small updates can make a big difference. Many Missouri homeowners spend money on kitchens or bathrooms, but curb appeal still matters most. What buyers see first—your yard, lighting, and overall care—sets the tone before they ever step inside.

The front of your home tells a story. A neat lawn says “I care about this place.” Dead grass or cracked walkways say “I’ve been putting things off.” Buyers notice those details in the first five seconds. And those first five seconds shape everything that comes after.

The good news? Most curb appeal fixes don’t cost much. They just take some time and attention. Here are a few simple upgrades that help your home stand out and sell faster.

1. Refresh the Landscaping

A clean, healthy yard gives buyers confidence that the home has been cared for. Trim bushes, edge walkways, and remove weeds. Add a few colorful plants near the entryway for a welcoming look.

Start with the basics. Cut back anything that’s overgrown. Pull weeds from flower beds and between paving stones. Edge along sidewalks and driveways so they look clean and defined.

Then add a little life. A few pots of bright flowers near the front door make the entry feel warm. Mums work great in fall. Petunias or marigolds pop in spring and summer. You don’t need a big garden. Even two or three colorful spots help the home feel loved.

You don’t need a professional landscape plan. Just keep it neat, balanced, and well-maintained. Even one weekend of effort can make your photos look better and attract more showings.

Think about what buyers see when they pull up. Is there a clear view of the front door? Does the yard look tidy? Can you tell someone takes pride in the property? If yes, you’re on the right track.

2. Add or Upgrade Irrigation

Nothing hurts curb appeal faster than brown grass and drooping plants. A smart sprinkler system keeps your lawn green and healthy all season long, even when you’re busy or away.

Missouri summers can be brutal. One dry week and your yard starts to suffer. Hand-watering takes time most sellers don’t have. And when you’re juggling showings, repairs, and packing, the lawn becomes an afterthought.

An automatic sprinkler system solves that problem. It waters on a schedule so you don’t have to think about it. Your grass stays green. Your flowers don’t wilt. And buyers see a yard that looks cared for, not stressed.

For example, Lawn System in Fenton designs irrigation systems that adjust automatically for weather and soil conditions. That means your lawn gets the right amount of water without waste. A system like that can lower your water bills and protect your landscaping investment.

Modern systems are smart. They check the weather forecast and skip watering if rain is coming. They adjust for hot days or cool spells. Some can be controlled from your phone. That kind of tech appeals to today’s buyers who want homes that make life easier.

Tip: Mention your irrigation system in the real-estate listing. Buyers love seeing “smart” features that make home care easier. It’s a selling point that sets your home apart, especially for busy families or anyone who travels often.

3. Update Outdoor Lighting

Good lighting improves both safety and style. Install solar or low-voltage lights along walkways, driveways, and entryways. Use warm white bulbs for a soft glow that looks great in evening photos.

Lighting does two things. First, it makes your home safer. Buyers can see where they’re walking when they visit in the evening. That matters for older buyers, families with kids, or anyone checking out the property after work.

Second, it makes your home look inviting. A well-lit entry says “welcome.” Dark corners say “I didn’t finish the job.” String lights or small path lights along the walk create a warm, finished look that shows up beautifully in listing photos.

Highlight special features, like a garden or porch, to show off your home’s best side day and night. Got a nice tree in the front yard? Light it from below. Pretty front steps? Add lights on either side. These touches cost less than $100 but make your home feel polished.

Solar lights are easy to install. No wiring needed. Just stick them in the ground and they charge during the day. Low-voltage kits work well too and give you more control over brightness and placement.

4. Repair Walkways and Driveways

Cracks in concrete or uneven pavers can make buyers worry about drainage or foundation issues. Seal small cracks before they grow larger. If needed, have a contractor resurface worn areas.

A cracked driveway doesn’t just look bad. It raises red flags. Buyers wonder if there’s a bigger problem underneath. They start asking about water drainage, soil shifting, or foundation movement. Even if those things aren’t issues, the worry can cost you offers.

Small cracks are easy to fix. Pick up concrete filler at any hardware store. Clean out the crack, fill it, smooth it, and let it dry. It takes less than an hour and makes a noticeable difference.

Bigger problems might need a pro. Sunken sections, large gaps, or crumbling edges should be patched or resurfaced. It’s not cheap, but it’s cheaper than losing buyers over something fixable.

Fixing these spots not only looks better—it shows that the home has been well cared for. Smooth, safe paths also make open houses and inspections easier. No one trips. No one worries. And the house presents better overall.

5. Tidy Up Outdoor Living Spaces

Missouri buyers love outdoor areas where they can relax or entertain. Clean your patio or deck, power-wash the furniture, and add bright cushions or planters for color.

Your deck or patio is an extension of your living space. Buyers imagine themselves there with coffee in the morning or friends over for a cookout. If it’s dirty or cluttered, that picture falls apart.

Start with a deep clean. Sweep off dirt and leaves. Power-wash the deck boards or patio stones. Scrub furniture cushions or replace them if they’re faded. Wipe down railings and tables.

Then stage it like a room inside. Add a few pots of flowers. Set out clean cushions in fresh colors. Put a small side table with a book or candle on it. Make it look like a place someone would actually want to sit.

Even a small space can feel inviting with a few easy touches. Think about how you’d want it to look in a real-estate photo—fresh, clean, and move-in ready. If your outdoor space looks good in photos, more buyers will want to see it in person.

Remove personal clutter. Toys, hoses, tools, and garden supplies should be tucked away. Store bikes and grills neatly. The goal is to let buyers imagine their own life there, not trip over yours.

6. Keep Maintenance Simple

Low-maintenance yards are a major plus for buyers. Choose plants that thrive in Missouri weather and need little watering. Replace old mulch, remove dead plants, and keep tools neatly stored.

Not everyone wants to spend weekends mowing, trimming, and weeding. In fact, most buyers today are looking for homes that don’t add work to their already busy lives. They want a yard that looks good without constant effort.

Native plants are your friend. They’re used to Missouri soil and weather. They don’t need as much water or fussing. Black-eyed Susans, coneflowers, and ornamental grasses all do well here and come back year after year.

Mulch makes everything look cleaner. It covers bare soil, holds in moisture, and keeps weeds down. Fresh mulch costs about $30 a bag and makes flower beds look instantly better. Go for natural brown or dark tones that won’t fade fast.

Pull out dead or dying plants. Don’t leave empty spots or brown patches. Fill in gaps with something green and healthy. Buyers notice bare spots and wonder if the yard struggles.

Smart irrigation, durable walkways, and simple landscaping help future owners save time and money. When your home looks great and is easy to maintain, it stands out from the competition. It says “this place won’t be a burden” and that’s exactly what buyers want to hear.

Final Thoughts

You don’t have to spend thousands to add value before selling your home. Focus on visible, practical upgrades that make life easier for the next owner. Fresh landscaping, outdoor lighting, and an efficient irrigation system create a strong first impression and help your property shine in any market.

Start with what’s broken. Fix the cracks. Replace the dead plants. Get the lighting working. Then move to what’s missing. Does the yard need color? Would a smart sprinkler system make life easier? Could the patio use a quick refresh?

Every improvement should pass one test: Does this make the home more appealing to a buyer scrolling through listings on their phone? If yes, it’s worth doing. If it’s just for you, save your time and money.

The homes that sell fastest in Missouri aren’t always the biggest or fanciest. They’re the ones that look cared for, feel welcoming, and make buyers think “I could live here.” Small outdoor upgrades help you get there without breaking the bank.

When buyers pull up to your house, you want them excited before they even get out of the car. That excitement leads to better offers and faster sales. And that’s the whole point.

Growing Demand for Self-Storage in Missouri: What You Need to Know

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As the Missouri real estate market evolves, one trend that has gained significant traction is the rising demand for self-storage. Homebuyers and sellers across the state are increasingly turning to self-storage solutions, driven by various factors like urbanization, downsizing, and shifts in the housing market. This growing need for storage space presents both challenges and opportunities for those involved in real estate transactions.

Urbanization and Space Constraints

Missouri’s urban areas, such as St. Louis, Kansas City, Springfield, and Columbia, are experiencing steady growth, leading to a higher concentration of people in these regions. As urbanization increases, the availability of spacious homes and large yards diminishes, making it more difficult for homeowners to find enough storage space within their properties. This trend is especially prevalent in downtown areas and newly developed neighborhoods where smaller homes and apartments are more common.

For homebuyers moving into these urban areas, the lack of adequate storage space can be a significant concern. Whether they’re transitioning from a larger suburban home or simply need a place to store seasonal items, self-storage offers a convenient solution. Sellers, too, can benefit by using self-storage to declutter their homes and create a more appealing, spacious environment for potential buyers.

Downsizing and Decluttering

Another factor contributing to the growing demand for self-storage in Missouri is the trend of downsizing. Many homeowners, particularly retirees and empty nesters, are choosing to move into smaller, more manageable homes. While downsizing can simplify life and reduce expenses, it often requires homeowners to part with a significant portion of their belongings.

However, not everyone is ready to let go of cherished items or valuable possessions. This is where self-storage becomes invaluable. Homeowners can keep their excess belongings in a secure storage unit, allowing them to downsize without the stress of making hasty decisions about what to keep and what to discard.

For sellers, decluttering is a crucial step in preparing a home for sale. A well-organized, clutter-free home not only looks more appealing to buyers but also allows them to envision themselves living in the space. By moving excess items into self-storage, sellers can enhance the presentation of their home, potentially leading to a quicker sale at a higher price.

The Impact of the Housing Market

Missouri’s housing market has been dynamic in recent years, with fluctuations in home prices, inventory levels, and buyer demand. These changes have prompted both buyers and sellers to consider self-storage as part of their real estate strategy.

For buyers, especially those who are in between homes or dealing with delayed closings, self-storage provides a temporary solution for their belongings. Instead of worrying about where to store their possessions during the transition, they can rely on a secure storage facility until they’re ready to move into their new home.

Sellers, on the other hand, may use self-storage to prepare their home for sale, as mentioned earlier. Additionally, in a competitive market, where staging can make a significant difference, having a place to store non-essential items allows sellers to create an inviting, minimalist space that appeals to a broader range of buyers.

Business Storage Needs

Beyond residential use, businesses in Missouri are increasingly relying on self-storage to manage their operations efficiently. Small businesses, in particular, often lack the space to store excess inventory, office supplies, or equipment. Self-storage offers an affordable and flexible solution for these needs.

For example, retail businesses can use storage units to manage seasonal inventory, while contractors might store tools and materials securely off-site. As Missouri’s small business sector continues to grow, the demand for business-related storage solutions is expected to rise.

College Students and Temporary Storage

Missouri is home to several colleges and universities, attracting thousands of students from both in-state and out-of-state. College students often face storage challenges, especially during the summer months when they need to vacate dorms or apartments. Self-storage provides a convenient option for students to store their belongings until the next semester.

This trend is particularly noticeable in college towns like Columbia, home to the University of Missouri, where student populations fluctuate seasonally. Storage facilities near campuses can see a significant increase in demand during peak times, making them a critical resource for students and their families.

Choosing the Right Self-Storage Facility

With the growing demand for self-storage in Missouri, it’s essential for homebuyers, sellers, businesses, and students to choose a facility that meets their needs. When selecting a storage unit, consider factors such as location, security features, climate control, and accessibility. A conveniently located facility can save time and effort, especially during a move or business transition.

For those in Columbia, Missouri, especially the south and southwest area, Route K Storage offers an ideal solution. With its affordable, no – frills storage options (including dry and climate-controlled storage), Route K Storage provides secure, clean, and accessible storage units tailored to the needs of homeowners, businesses, and students alike.

Conclusion

The growing demand for self-storage in Missouri is driven by a variety of factors, including urbanization, downsizing, the dynamic housing market, business needs, and the fluctuating student population. For homebuyers, sellers, businesses, and students alike, self-storage offers a practical solution to many of the challenges that arise. By understanding these trends and choosing the right storage provider, Missouri residents can make their home buying, selling, or business operations more efficient and successful.

Stunning Frontenac McAlpine mansion hits the market

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FRONTENAC, Mo. – Celebrated architect and interior designer Bobby McAlpine designs houses to be sanctuaries of serenity for his clients, creating a detailed environment that allows the head and the heart to be at ease.

McAlpine’s deft hands were put to use, fashioning the look of an English-inspired home seated on 1.45 beautiful acres in Frontenac.

Lines of enormous trees surround the home’s expansive yard on the front, side, and back, giving it a sense of seclusion and peace. The property features a guest cottage and pool house, as well as a saltwater pool, a spa, a built-in trampoline, and a hardtop court for pickleball or basketball, all of which border the Mercy Retreat and walking trail.

Built in 2006, the 8,300-square-foot home at 42 Countryside Lane has 6 bedrooms, 5 full bathrooms, and 2 half baths.

According to the homeowners, reclaimed barnwood was used for the flooring in the great room, giving it English cottage vibes. The kitchen has two islands, two pantries, and a cozy breakfast nook that is deceptively large.

The lower level of the home was remodeled for entertainment with a movie theater, a game room, a theatre stage, and a wet bar.

  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • default42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • default42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)
  • 42 Countryside Lane, Frontenac, Missouri, 63131. (Photography: Brandon Monzyck, Square One Media)

See the full listing here.

Additional Information
Realtor: Stephanie Oliver, Dielmann Sotheby’s International Realty
Photography: Brandon Monzyck, Square One Media

You can check out more of Bobby McAlpine’s work in one of his four books: “The Home Within Us,” “Art of the House: Reflections on Design,” “Poetry of Place: The New Architecture and Interiors of McAlpine,” and “McAlpine: Romantic Modernism.”

 

 

Originally Appeared Here

Redfin: Only 16 percent of 2023 listings affordable; 2024 should be better

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Just 15.5 percent of homes for sale in 2023 were affordable for the typical U.S. household — the lowest share on record, according to Redfin.

That’s down from 20.7 percent in 2022 and more than 40 percent before the pandemic homebuying boom.

The number of affordable homes for sale also dropped to the lowest level on Redfin’s records. There were 352,500 affordable listings in 2023, down 40.9 percent from 596,135 in 2022 and down from over a million per year during the prior decade. While the decline is partly due to a drop in listings in general — listings overall fell 21.2 percent year-over-year — it’s also due to elevated mortgage rates and stubbornly high prices making listings hitting the market more expensive, according to Redfin.

Mortgage rates have fallen from their October peak but remain higher than they were in 2022; the typical homebuyer’s monthly payment is roughly $250 more than it was a year ago. Elevated mortgage rates have also propped up housing costs by limiting supply. Many homeowners are staying put instead of selling because they don’t want to lose their ultra-low interest rate. That’s bolstering home prices because it means buyers are competing for a limited pool of homes.

The good news is that housing affordability has already started to improve, and Redfin expects it to continue improving in 2024.

“Many of the factors that made 2023 the least affordable year for homebuying on record are easing,” Redfin Senior Economist Elijah de la Campa said in a release. “Mortgage rates are under 7 percent for the first time in months, home price growth is slowing as lower rates prompt more people to list their homes, and overall inflation continues to cool. We’ll likely see a jump in home purchases in the new year as buyers take advantage of lower mortgage rates and more listings after the holidays.”

Only 6.9 percent of homes for sale in 2023 were affordable for the typical Black household, compared with 21.6 percent for the typical white household. The share was nearly as low for Hispanic/Latino households (10.4 percent) and was highest for Asian households (27.4 percent).

Housing has become unaffordable for a lot of Americans, but Black and Hispanic/Latino families have been hit especially hard because they’re often less wealthy to begin with, Redfin said. On average, these groups earn less money, have less generational wealth, and have lower credit scores (and sometimes no credit scores at all) than white Americans due to decades of discrimination. That makes it tougher to afford a down payment and qualify for a low mortgage rate. Black Americans, in particular, also frequently face racial bias during the homebuying process, Redfin added.

The racial housing affordability gap exists nationwide, from the least affordable metros to the most affordable metros.

In Detroit, which has the lowest mortgage payments in the country, 31.8 percent of listings were affordable for the typical Black household this year and 50.2 percent were affordable for the typical Hispanic/Latino household, but that’s much lower than the 66 percent affordable for the typical white household.

In Anaheim, Calif., one of the most expensive markets in the country, people across the board have a hard time finding affordable housing. Still, Black and Hispanic/Latino house hunters have fewer options. Less than 0.5 percent of listings were affordable for the typical Black household and the typical Hispanic/Latino household in 2023, compared with 1.8 percent for the typical white household.

It’s worth noting that wages have grown faster for nonwhite households than for white households this year, helping to shrink the income gap. Rents have also started to fall, which disproportionately impacts communities of color because they’re more likely to be renters.

In Kansas City, 27.9 percent of homes for sale in 2023 were affordable for the typical local household, down from 42.8 percent in 2022. That 14.8 percentage point decline is the largest among the metros Redfin analyzed. Next came Greenville, S.C. (-14.1 ppts), Worcester, Mass. (-13.7 ppts), Cincinnati (-13.7 ppts) and Little Rock, Ark. (-13.5 ppts).

Relatively inexpensive metros have seen affordability erode quickly because housing costs have more room to rise, and local incomes are often climbing at a fraction of the pace that mortgage payments are.

In San Francisco, 0.3 percent of homes for sale in 2023 were affordable for the typical local household, down from 0.4 percent in 2022. That’s the smallest decline among the metros Redfin analyzed. Next came Detroit (-0.2 ppts), Los Angeles (-0.2 ppts) Boise, Idaho, (-0.3 ppts) and Oakland, Calif. (-0.5 ppts).

Markets that have long been expensive like San Francisco, Oakland and Los Angeles already had so few affordable homes that the share didn’t have much room to fall.

In the five aforementioned metros aside from Detroit, less than 5 percent of listings were affordable for the typical household in 2023.

Originally Appeared Here

Dog Owners Want More Space. Here’s Where They’re Finding It.

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Pet ownership has soared in the pandemic, and those new pets are affecting housing decisions for owners looking to relocate, a recent analysis shows.

The analysis, a collaboration between the real estate marketplace Zillow and the pet-service firm Rover, found that many dog owners were looking for areas that were better suited to their pets’ needs. To compile a list of the fastest-growing, dog-friendly locales in the United States, the companies analyzed dog accounts added to Rover’s database from June 2021 to March 2022, and combined those with views of single-family home rentals identified as “pet friendly” from March 2021 to March 2022 on Zillow.

The list comprises midsize cities and suburbs, a sign that pet owners are not finding adequate accommodations in big cities, said Kate Jaffe, a trends expert at Rover. Topping the list was Antioch, Tenn., a neighborhood in south Nashville anchored by a creekside park. It was followed by Baltimore; Alexandria, Va.; Fuquay-Varina, N.C.; Kansas City, Kan.; Cumming, Ga.; Bellevue, Wash.; Fort Lauderdale, Fla.; Palo Alto, Calif.; and Charleston, S.C.

“Pet parents tell us their biggest motivator for moving is more space,” Ms. Jaffe said in an email. “The cities with more homes that have pet-friendly features like fenced yards, dog doors and close proximity to a dog park are going to be popular with pet parents right now.”

In a separate survey of 1,000 dog owners conducted for Rover in March by Pollfish, 72 percent of respondents said they would consider moving to a home that better suited their dog’s needs. Sixty-one percent cited their pet’s well-being as their inspiration to move.

Of course, moving can bring pet owners a new set of headaches. “On top of the challenge of finding a pet-friendly rental, many are still up against expensive pet deposits, breed and size restrictions and a limit on the number of household pets,” Ms. Jaffe said.

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How Do I Force My Unresponsive Landlord to Make Needed Repairs?

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Q: I live in a rent-stabilized apartment in a medium-size, prewar building in Brooklyn. A couple of months ago, the ceiling in my shower started leaking. Then, a chunk of the ceiling above the leak collapsed. The super covered the hole with cardboard but never actually fixed the leak or ceiling. I have called numerous times, and he always says “tomorrow” but never fixes it. I have also called management twice and sent pictures. The wall seems to be becoming moldy. The cardboard is starting to fall apart. What should I do?

A: There is quite a lot you can do. Start by calling 311 to request an inspection from the Department of Housing Preservation and Development. An inspector would most likely issue a violation, which may not solve your problem immediately but would create a paper trail of evidence.

“In general, getting violations placed doesn’t do much,” said Samuel J. Himmelstein, a Manhattan lawyer who represents tenants. “Landlords will rarely respond.”

At the same time, file what is known as an HP proceeding in housing court. It’s basically a lawsuit filed against the landlord, whereby you ask the court to order the repairs. “This is the quickest way to get it done,” Mr. Himmelstein said. These cases tend to move quickly, and the landlord usually settles and agrees to the repairs.

This process should certainly get your ceiling fixed. Resolving the mold might be more complicated. Mold remediation is not cheap and can sometimes be extensive. You would need to prove that you have mold, and your photographs alone will not be enough. You would also have to hire your own expert to determine the extent of the problem and make recommendations for remediation, Mr. Himmelstein said. Mold can pose serious health dangers, so, if you are concerned about it, you might want to take this extra step.

You should also be entitled to a rent abatement for this period of time. Start by asking the landlord for one. If your request is rebuffed — as it probably will be — you can withhold rent entirely. If the landlord took you to housing court for nonpayment, your defense would be that the conditions violated your warranty of habitability, a state rule. You would ultimately have to pay back some of the rent for that period of time, but not all of it.

However, once your ceiling is repaired, you might decide that the rent abatement is not worth the headache of another day in court.

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Changing Needs Motivating Home Sellers

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According to a new Realtor.com survey, some 92% of people who sold their home within the last year accepted some buyer-friendly terms, and approximately 41% accepted some contingencies in the contract. Additionally, among those surveyed, the number of buyers asking for repairs based on the inspection results more than doubled in recent months and the number of sellers refusing to make repairs dropped to zero. Whether it be financing, timing, repairs or flexibility, the art of negotiation is returning to the housing market.

This summer’s markets are confirming that the feverish pandemic conditions are moving in the rearview mirror. As mortgage rates jumped over 200 basis points in the last six months, the monthly mortgage payment for a median-priced home surged 60% higher. In turn, higher prices and borrowing costs have been cooling demand, as many first-time buyers hit an affordability ceiling, finding they were no longer able to qualify for a mortgage. This resulted in sales of new and existing homes dropping in the first half of the year in response to changing dynamics.

“Our survey shows that the overheated housing market of the past two years, which predominantly favored sellers, is beginning to regain a sense of normalcy, which is welcome news for home buyers,” said George Ratiu, Manager of Economic Research at Realtor.com. “The combination of higher mortgage rates and prices have noticeably cooled demand over the first half of the year. In addition, as more homeowners have been listing their properties, rising inventory is motivating more of them to resort to price cuts in order to successfully close transactions. At the same time, even as we are seeing a shift toward a more buyer-friendly market, it’s worth noting that the majority of recent sellers are still satisfied with the outcome of their home sale.”

Room for negotiation

Despite the extremely competitive housing market of the past several years, the survey suggests that negotiation is back on the table –for both price and contract terms. Homes that sold at- or above-asking price peaked at 82% in February and March of 2022 when mortgage rates were below 4%, and dropped to 69% for homes that sold within the last month when rates hovered near 6%. By contrast, the share of sellers who sold below-asking jumped from 18% in February and March 2022 to 31% for those sold within the last month.

All recent sellers —or 92%— that accepted some buyer-friendly terms include:

  • Accepted some contingencies in the contract (appraisal, home inspection, home sale, financing, etc.) — 41% 
  • Dropped the price because the home didn’t meet appraisal — 32% 
  • Paid for some or all of the buyer’s closing costs — 32% 
  • Had to be flexible on the ideal timeline for closing — 30% 
  • Paid for repairs to the home after the appraisal — 29% 
  • Were not able to rent the home back after close despite asking to — 28% 

Inspections and repairs make a comeback

A professional home inspection is always a good idea for homebuyers, but during the housing market’s peak, many buyers waived this important step in order to be competitive with their offer. Of those who sold within the last month, 95% reported that the buyer requested a home inspection, up from 82% of those who sold 6-12 months ago. More than twice as many buyers of homes that sold in the last month asked for repairs as a result of the home inspection —or 67%— compared to homes that sold 6-12 months ago at 31%. The number of surveyed sellers who refused to pay for any repairs during that time dropped from 8% to zero.

Nearly all respondents —95%— who sold their home in the last month made some updates or repairs to the property prior to listing, compared to 71% who sold 6-12 months ago. The average amount that recent sellers spent on repairs prior to listing was $14,163.

Not all bad news for sellers

Despite the shifting market, homes are continuing to sell quickly. In fact, 22% of people who sold within the past month said that their home went under contract in less than a week. This is up from 14% of people who sold 6-12 months ago. Additionally, 92% of people who sold their home in the past month were satisfied with the overall outcome of their home sale, down slightly from the 98% who were satisfied 6-12 months ago. An estimated 46% of sellers in the last month were satisfied with the price of their home sale, compared to 72% of those who sold 6-12 months ago.

Changing needs motivate sellers

After two years of the pandemic, sellers’ needs have changed, prompting a search for another home. Of those who sold within the last year:

  • 31% were looking for different amenities/features
  • 29% found that the home no longer met the needs of their families
  • 26% needed a home office for remote work
  • 23% wanted to live closer to family and friends
  • 20% felt they bought their home in a hurry/panic and decided it was not the right home for them
  • 17% no longer needed to live near an office

Affordability is a central challenge for this year’s markets

The market of the past year saw median list prices follow an upward trajectory toward new highs, culminating with June 2022’s record $450,000. Yet, even in a seller’s market, sale prices were spread across the spectrum. About a third of sellers had homes listed at or below $350,000, a factor that would comprise the entry-level of the market for many first-time buyers. Another 30% of sellers closed on homes priced in the mid-range of the market, the $350,000 – $750,000 price segment. Almost 1 in 4 homeowners who sold in the last 12 months, were in the trade-up range, $750,000 – $1.5 million. The remainder of sellers were concentrated in what is the luxury segment for most of the country, above $1.5 million.

When looking at the price distribution, the shifting market becomes more contoured across time. The last few months have seen mortgage rates surge toward 6% and, combined with high prices, they put a dent in affordability. Not surprisingly, the survey highlights a shift in prices toward the more affordable range. While sales prices above $1.5 million comprised 17% of sales 6-12 months ago, they accounted for only 6% in August 2022. Conversely, a higher concentration of sellers were successful at closing on more affordable homes over the last three months.

To read the full report, including more charts and methodology, click here.

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Your Future Landlord Just Outbid You for That House

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It’s no secret that rising prices and shrinking inventory have made it difficult to bid successfully on a home. The news that investors are increasingly winning those bids should offer no solace to frustrated home shoppers.

During the third quarter of 2021, investors bought more than 18 percent of the homes sold in the United States — about 90,000 homes in all, for a total of about $64 billion. That’s the highest share and the largest number in any quarter on record, according to a new report by Redfin.

“Investors have the advantage because they usually come with cash,” said Daryl Fairweather, chief economist at Redfin. “They are usually willing to waive inspections. An investor is able to offer terms that are more favorable than an owner occupant.”

The study also found that investors were buying more expensive homes than in the past; the average investor home purchase in the third quarter cost $438,770, about 5 percent more than the average a year earlier. That means investors are profiting from higher rents paid by middle-class earners who in another era may have had an easier time buying themselves.

“The people who own homes these days have very good credit. They’re putting a lot of money down, and people who don’t have that are being shut out,” noted Ms. Fairweather. “That creates an opportunity for investors to buy homes and rent them back to the very people that would have wanted to buy them.”

Rising investor share is nothing new. In Q3 2000, investors bought only about 6 percent of available homes; by the beginning of 2020, just before the pandemic, their share peaked at 16.6 percent. After taking a pandemic dive, the share roared back to the current record 18.2 percent, essentially catching up with the prior trajectory of investor purchases.

To reach their conclusions, Redfin analysts searched sales records and deeds for telling keywords in the names of purchasers, such as “LLC,” “Inc,” “Trust, ” “association,” company” and “corporate trustee.” The study covered the 50 largest metropolitan areas in the United States, though only 40 could be used because of laws prohibiting records access. This week’s chart shows the 20 metropolitan areas in which investor home purchases increased the most over a year, according to the report.

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What’s Up With the Crazy Housing Market?

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But if you need a home now — and you can stomach the roller coaster — the world is looking a little brighter when you squint. Yes, your monthly payments will be higher than they would have been had you bought a few months ago. But the low rates of 2020 and 2021 weren’t entirely your friend: They fueled a runaway train of spiraling home prices, pushing the boundaries of affordability. Soon, buyers may be in a better position than they have been in a long time.

Mr. Miller, who said he was “thrilled” to see rates rise, pointed out that “5 percent mortgage rates are not a bad thing in terms of sustainable housing markets.”

And remember: Rates fluctuate. Unlike the price you pay for a home, which is permanent, the mortgage rate is not. Or, as Mr. Sharga put it, you “date the rate, but marry the home.”

Not surprisingly, real estate agents, who earn their income from home sales, are bullish about buying now, arguing that for the first time in a long time, buyers could get a deal.

“You have to be a little bit of a cowgirl,” said Bess Freedman, the chief executive of Brown Harris Stevens, which predicted in its second quarter market report that Manhattan was shifting to a buyer’s market. While one buyer may be scared off by the volatility, another “may come in and say, ‘You know what, there’s a hell of an opportunity right now. I have the money, I’m going to go in, I’m going to negotiate, I’m going to get a great price.’”

As the market cools, it could return to one that resembles a prepandemic normal, with homes that take a few months to sell and prices that increase gradually. Buyers may be able to start making a few reasonable demands — for appraisals, inspections and mortgage contingencies. And as inventory increases, they may even be able to compare a few options before making a decision.

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A House With ‘Good Bones’? It Could Be a Complete Wreck.

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Take a gander at the real estate listing supplements that often come with your newspaper, and you’ll find no shortage of city, suburban, beach and mountain Shangri-Las.

One recent edition of View, a publication of Coldwell Banker Realty, touted, in no particular order: a backyard oasis in northern New Jersey, an elegant sunlit Tudor and a “stunningly luxurious French Provincial” with “breathtaking panoramic views” in Watchung, N.J.

Then there was the 7,700-square-foot “stately manor” in Mendham, N.J., nestled on six acres (though one might ask how a 7,700-square-foot house can “nestle”).

The people tasked with writing such descriptions — generally, the listing agents for the properties — have a tricky assignment. In a paragraph, maybe a few sentences, they need to convey the ineffable appeal of the home while also addressing practical matters, like the size of the lot, the number of bedrooms and bathrooms, and the special features — pool, terrace, doorman, whatever — that the discriminating buyer couldn’t possibly live without.

They say a picture is worth a thousand words; one video or virtual tour may be worth several thousand more. But actual words still carry weight, and some choice nouns and adjectives can spark the interest of a prospective buyer, according to industry professionals.

“The things that people tend to forget is that advertising has only one goal in the real estate industry: get the person to go look at the property,” said Frederick W. Peters, the president of the real estate firm Coldwell Banker Warburg, part of Coldwell Banker Realty.

Accomplishing that goal “is a huge communication challenge,” said Allen Adamson, a marketing consultant. “The trick is to go beyond the facts about the house and to make an emotional connection with the consumers.” That might be done by identifying one core theme — “country living close by” or “antidote to civilization” — and then adding “some rational support like ‘recently renovated’ to make buyers know the house won’t be a money pit,” he said.

“If it’s all evocative, consumers will tune out,” Mr. Adamson continued. Some detail helps, he added, “but the more you try to tell them everything the less they’ll hear anything.”

Putting the best possible face on a property requires finesse. But it’s not always clear what listing agents are getting at. We’re here to explain.

Translation: This house is odd.

Translation: Small and dark.

Translation: See: cozy.

Translation: It’s not landscaped.

Translation: It’s a wreck. Get out your checkbook.

Translation: It’s a wreck. Get out your checkbook.

Translation: Right in a flood zone.

Translation: Lace up your sneakers and pack a lunch.

Translation: It’s a teardown.

Translation: See: interesting design

Translation: “You can be sure the listing agent has already shown it to many others,” said Diane Saatchi, an associate broker in the East Hampton office of the real estate firm Saunders & Associates.

Translation: “Shouldn’t all properties be priced to sell?” Ms. Saatchi asked.

Translation: The previous price was too high.

Translation: “It’s overpriced,” Ms. Saatchi said.

Translation: The house could be three years old. Or 30 years old.

Translation: Inquire further. The house could overlook the railroad tracks.

Too often, ads are written to gratify sellers rather than bring in buyers, according to Ms. Saatchi. “They want you to say everything about their property including that the pavers are two years old,” she explained. “Or there will be things like ‘Relax by the pool,’ which sounds stupid,” she said, adding: “Are you going to tell buyers what to do in the bathroom?”

Mr. Peters is amused by new construction developments “in which you have the brand of every appliance and the name of the marble in the bathroom,” he said. “For God’s sake, who cares about the source of the marble? I think it’s done to convey luxury.”

Judy Szablak, an associate broker at Coldwell Banker Realty in Westport, Conn., feels differently. “Some buyers may not know what Carrara marble is, but they’d rather read ‘Carrara marble’ than just plain ‘marble,’” she said. “Absolutely, I think that flowery language is valuable, maybe not with all buyers but with what I think of as expressive buyers. A particular descriptive phrase can help them identify with a property, see it and put an offer in.”

Unsurprisingly, the coronavirus pandemic has reshaped the content and language of some ads. “Retreat,” “secure” and “private” are frequently deployed. Highlighting features like the home office, tech infrastructure and internet speed, particularly in rural environments, “is now incredibly important if prospective buyers have a hybrid work arrangement,” said Brad Nelson, the chief marketing officer for Sotheby’s International Realty.

Further, Mr. Nelson said, what might have been billed before the pandemic as “a nanny suite” might now be more flexibly labeled a secondary principal bedroom, i.e. accommodations for quarantining friends or family. “It’s the same feature but you’re describing it in a different way now.”

To make sure listings are boiled down to their essence, Sotheby’s International recently imposed a 350-character count on property descriptions in the advertising supplements. “This way,” Mr. Nelson said, “agents are forced to focus on the most important feature that will capture a buyer’s attention.”

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