Julie Morris

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Children Get Richer From Home Prices Too

Posted On: April 15th, 2015 12:20AM

Children Get Richer From Home Prices Too

Home prices can influence a home owner's child's future income, according to a new study by the Federal Researchers found that when households included a 17-year-old, they saw a 1 percent rise in home prices that year that led to about 0.9 percent higher annual income for that child later in life if the parents owned the home, according to the study published in the Journal of Urban Economics. On the other hand, if the parents were renters, a 1 percent rise in home prices resulted in 1.5 percent lower annual income for the child.

"If home prices are rising, parents who are home owners may have additional resources to finance a child's higher education, either because they feel richer or they can borrow against the home’s equity," Maria Jose Luengo-Prado, a senior economist at the Federal Reserve Bank of Boston, says about the report. "This may allow their children to attend college or attend a higher-ranked [more expensive] school. On the other hand, the effect of rising house prices for parents who are renters is the opposite. Rising housing prices often mean higher housing costs. Rents go up. They may also need to save more money for a down payment to buy a house in the future."

Source: "Salary Advantage Goes to Children of Homeowners," The Wall Street Journal (April 12, 2015)


Reserve Bank of Boston.

 

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Home Staging Basics for Clients

Posted On: April 14th, 2015 11:55PM

Home Staging Basics for Clients

From first impressions to possible layouts, home staging can provide potential buyers with a visual representation of the home and can help sell it faster and for a higher price. Staging showcases a home, making it easier for buyers to envision how they could ultimately embrace the space. These tips can help your clients understand what to expect during the staging process.

Staging is an investment

A thorough and professional staging effort can be the leading reason a property sells quickly, and in many cases, for over the asking price. If a property is styled and furnished in good taste it translates into competitive offers, increased demand and a higher sale price. A staged home also will show better than its competitive properties; more often than not, the cost of staging comes back to a seller many times over in the final sale price. Ultimately, the benefits of marketing a home that has been thoroughly styled and prepared for the broader buying audience outweighs the initial expenses and yields a far greater return.

Best represent the property

One major goal is to enhance the appeal of a home while maintaining its design integrity; that is, by editing and styling each room and dressing it up so that it appeals to the broadest market audience. While some homes are staged when they're vacant, others are staged by de-cluttering and incorporating a carefully edited selection of the seller's furnishings with the stager's in a coordinated way to create a look that best represents the property.

Staging also makes each room feel less personal by removing older furniture and minimizing
clutter. For example, adding new bedding and accessories as well as accent pillows and flowers can perk up rooms with color and excitement. Shelves can be styled with books and interesting objects; and artwork can be displayed throughout the house.

Make a few easy improvements

Many homes may need a few quick upgrades before staging. These improvements could consist of painting walls in lighter colors, installing new carpeting, and upgrading lighting by adding uniform-colored bulbs. The seller might also consider resurfacing kitchen counters and replacing old appliances with new, stainless ones.

Use the space wisely

Thoughtful furniture installation and placement can give a buyer an understanding of how to use a space or how to best arrange their own furnishings. Staging and styling can also help "animate" a home by adding a fresh, light feeling.

It's always good to remember that not all staging is created equal. While some sellers prefer to show an interior as if its lifted from the pages of a style magazine, while some might approach it from a more realistic  "lived in" perspective.

Staging offers sellers the opportunity to view their home from a different perspective.

Overall, staging goes beyond furniture placement and filling a house with inventory. For many sellers, staging is about creating style that inspires a buyer's excitement as they visualize themselves emotionally and physically "at home" in the house. By looking at a home from the viewpoint of a buyer, the strengths of the home can be highlighted, and sellers can show buyers a home's true potential without forcing them to use their imaginations.

Source: "Design Ideas from a Home Stager: For Selling a Home or Just Freshening It Up," 


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How to Decorate Using Your Zodiac Sign

Posted On: April 13th, 2015 7:01PM

Using a little bit of feng shui and a little bit of your zodiac sign...

How to Decorate Your Room According to Your Zodiac Sign

By: 

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Buying Is Cheaper Than Renting in Most Places

Posted On: April 10th, 2015 7:24PM

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How to Stage a Bathroom

Posted On: April 9th, 2015 8:17PM

Staging Your Bathroom

 

A small or dated bathroom can be a big turn off to home buyers. Short of a major remodel, whose cost may not be fully recouped, here are quick and easy updates you can do to turn that liability into an asset.

A few changes can make it feel new

Update the light fixtures. You can get new lighting at a home center for $80 or less.

If you have an outdated vanity, you can give it new life with a coat of paint and new hardware.

Frame-less mirrors are out. If you have one, you can add a frame with MirrorMates.  They come in various styles and colors, are custom cut to the size of your mirror and are easily and quickly applied to plain, bare mirror.

Carpet in the bathroom is not only out of fashion, it can gross people out if they start thinking about what’s lurking there. So if you have carpet, remove it. If the floor underneath does not look good, install a neutral tile that coordinates with the wall tile. Use tiles that are at least 12″ since larger tiles make a room look more spacious than smaller tiles. If you have an old linoleum floor, you can inexpensively update it using large peel and stick travertine look tiles.

An area rug in the bathroom can draw attention away from old flooring. Make it light and neutral. And NEVER use those area rugs that fit around the base of the toilet. Ditch the decorative toilet seat cover too.

Give it that spa-like feeling

A new coat of paint in a soothing spa-like color. Good color choices for bathrooms include:Benjamin Moore Wedgewood Gray (HC-146),  Saybrook Sage (HC-114) or Powell Buff (HC-35).  But if you have colored wall tile, you’ll have to choose a paint color that coordinates with the tile.

Purchase plush new towels, and DON”T use them!  You can never go wrong with white towels, but you can also use two coordinating colors if you want to be more daring. Make one a neutral color and add hand towels on top in an accent color.

If your bathroom has a shower curtain, chances are it’s starting to grow mold along the bottom. But even if it’s not, get a new shower curtain (fabric, not plastic).  Choose a light, neutral color. Again, white is a no-risk choice.

Add interest with accessories

If you have a counter add apothecary jars in different sizes and shapes filled with shells, cotton balls, bath salts etc. Michael’s Crafts  and Hobby Lobby has inexpensive ones, as does Home Goods.

A basket filled with rolled up towels or washcloths makes a bathroom look inviting and contributes to that spa feel.

Healthy plants and candles also add interest.

Keep it Q-Tip clean and clutter-free

No one wants to see your personal hygiene products. Tuck all that stuff away in the drawers. If you have a pedestal sink, invest in a simple bath cabinet at Target or Wal-mart to hide your clutter.

Re-caulk the tub and shower areas for a clean look.

Remove toilet bowl cleaners, plungers and waste baskets.

Keep the counters and sinks wiped clean.

 

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