Author Archives: Alisia Leyva

Mom & Dad Join New Homebuyers

The pandemic sure is changing the way we do things – even what type of homes we buy.

Recently, The National Association of Realtors ® released their 2020 Profile of Home Buyers and Sellers, and found that buyers purchasing a home since the start of the pandemic have been more likely to purchase a multigenerational home (about 15% versus 11% before 2020).

Why are buyers wanting to purchase these homes?

The survey found that these homeowners wanted a mutigenerational home for multiple reasons – caretaking of aging parents, cost savings, wanting to spend more time with aging parents, and even needing extra space for their adult children.

But what exactly is a multigenerational home?

These types of homes are designed to offer extra space for more than two generations living under the same roof. Homes designed to fit multiple generations might be more wheelchair accessible, have dual purposed rooms and extra rooms for everyone involved (usually a living room, a den, and a play room are all included in a multigenerational home). Separate entrances are also a nice touch to ensure that everyone has their own space and privacy.

So, where do you fit in a multigenerational home? Is this something you would be interested in, as a homeowner?

For more real estate news, stop by AmeriTitle’s Blog.

Real Estate Tip of the Week: Understanding Your Home Value

Wondering how an appraiser might value your home? Appraisers have a variety of categories they work through while walking through your home.

There are elements that raise or lower the value of your house – so, what are they?

Location

When you purchased your home, you thought a lot about where it was in relation to work, family or friends, your children’s schools, etc. – but appraisers look at different categories when it comes to the location of your home.

They’re looking at:

  • The quality of schools
  • Employment options
  • Proximity to shopping, entertainment, and recreational centers

Sometimes a home’s location is more important than the size of the house!

Home Size

Speaking of home size – this is still an important factor when it comes to appraising your home’s value.

The value of a home is estimated in price per square foot. If a 3,000 square foot home sold for $300,000, the price per square foot would be $200.

Features

The added elements to your home will also add to its value. Your home’s garage, fireplace, backyard, patio, etc. all can increase the price of your home.

Interior & Exterior

Obviously, what goes inside and outside of your home matters. Appraisers look for high-end materials that buyers are searching for. Think hardwood floors, stainless steel appliances, stone or fiber-cement siding, updated roof and plumbing, etc.

Your home is something to build upon – if you’re looking to sell, it’s important that you research and see where your home might land in its value.

Home Preferences Under COVID

Housing architecture and styles are always fluctuating – but has COVID brought in new updates to the home that are here to stay?

Let’s take a look at some of the new requirements homeowners are needing before they sign on the dotted line.

Meeting Room

Working from home means needing your own space; particularly, space where you can contribute to your online meetings. This space helps both the professional at home, or the student at home, focus and work when they need to.

This means an extra room is probably needed.

Bigger Backyards

Homeowners are desiring bigger and better backyards. The extra yard space can help with keeping COVID guidelines of 6-feet apart while also entertaining! Some homeowners are more willing to forfeit a bigger house to instead have a larger backyard.

Mud Rooms

Think of these as your extra defense against germs. Homeowners are wanting an introductory room that would allow family members and guests to safely wash their hands before entering the main part of the home.

COVID has changed a lot about how we all live our lives, and it looks like the pandemic is continuing to shape how we think about our homes. Will these new features stick long after the pandemic is over?

For more real estate news, check out AmeriTitle’s Blog.