How did it get downstairs?
The New Bern real estate market has always been fairly unique. For most of my career our market demanded a master on the ground floor. We had a variety of ranch and story and a half floor plans. Only the historic or larger homes were truly two story homes. Many of these still had ground floor masters.
Men like Paul Crayton, Guion Lee, Frank Efird, Lonnie Pridgen, Tommy Karam and others put New Bern on the map as a place to retire. Port O’ Pines, later Treasure Cove and then Fairfield Harbour started the great migration. River Bend and Trent Woods began to entice retiring seniors to put down roots in our great community. Soon Weyerhaeuser began Greenbrier and many other areas that increased the flow. The one thing that these buyers required was a ground floor master bedroom. Since the retirees were the driving force of our market, resale potential required others to insist on downstairs accommodations.
Then the bubble burst!
The days of competing offers were over. That nasty pendulum swung from sellers to buyers. Prices began to fall. Our four decade flow of retirees stopped. They were no longer ready to sell their homes at post bubble prices and move. Sales of existing homes were much lower than the prices contractors needed to produce the designs they had been building. For years builders had been adding the features that made their homes superior to competitors and older homes. Buyers paid the price because the homes were going up in value and inflation would cover the expense with future gains.
A new design was needed.
It was necessary for builders to build more efficiently. Most spent hours designing, estimating and redesigning floor plans. The result has been two story homes with tuck under garages. These plans lower the price by having an upstairs master. The current driving force in the New Bern market are people who are moving here for jobs. I see Marines, Sailors, hospital employees, manufacturer workers, educators, and service job workers. Most are younger with children. Many mothers want the baby and younger ones in a room that is close. They have been quick to accept having all the bedrooms on the second floor. Builders have found that this new type of plan can be built for a lower price than many are asking for the resale of existing pre bubble burst homes. Younger buyers have consistently chosen space over features and curb appeal.
Will the master bedroom move back downstairs?
The answer is yes. When retirees accept the new reality of the housing market and find that continuing to wait to move is unacceptable, we will see them again. They will again demand a downstairs master. This will create struggles for our appraiser friends. Comparing homes of the same amount of square feet of heated space, you will find that the one with the downstairs master will cost between $8,000 to $12,000 more. Unless the appraiser recognizes the value of that feature it will be difficult to cover a downstairs master bed room home‘s cost. The cost of a garage area that is not tucked under is also much higher.
The adept builder will recognize when retirees again begin to drive the market. When that day arrives the master bedroom will move back downstairs.
by Gary Barker
Gary has been selling real estate in New Bern since 1977
Visit my website http://www.gary-barker.com/
A Blog to provide information to buyers and sellers of real estate.
Showing posts with label retirees. Show all posts
Showing posts with label retirees. Show all posts
Sunday, October 24, 2010
Wednesday, October 13, 2010
8 Tips for Finding Your New Home
A solid game plan can help you narrow your homebuying search to find the best home for you.
1. Know thyself
Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you’re leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors?
2. Research before you look
List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you’d like to live in based on commute time, schools, recreation, crime, and price. Then hop onto REALTOR.com to get a feel for the homes available in your price range in your favorite neighborhoods. Use the results to prioritize your wants and needs so you can add in and weed out properties from the inventory you’d like to view.
3. Get your finances in order
Generally, lenders say you can afford a home priced two to three times your gross income. Create a budget so you know how much you’re comfortable spending each month on housing. Don’t wait until you’ve found a home and made an offer to investigate financing. Gather your financial records and meet with a lender to get a prequalification letter spelling out how much you’re eligible to borrow. The lender won’t necessarily consider the extra fees you’ll pay when you purchase or your plans to begin a family or purchase a new car, so shop in a price range you’re comfortable with. Also, presenting an offer contingent on financing will make your bid less attractive to sellers.
4. Set a moving timeline
Do you have blemishes on your credit that will take time to clear up? If you already own, have you sold your current home? If not, you’ll need to factor in the time needed to sell. If you rent, when is your lease up? Do you expect interest rates to jump anytime soon? All these factors will affect your buying, closing, and moving timelines.
5. Think long term
Your future plans may dictate the type of home you’ll buy. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in the home for five to 10 years? With a starter, you may need to adjust your expectations. If you plan to nest, be sure your priority list helps you identify a home you’ll still love years from now.
6. Work with a REALTOR®
Ask people you trust for referrals to a real estate professional they trust. Interview agents to determine which have expertise in the neighborhoods and type of homes you’re interested in. Because homebuying triggers many emotions, consider whether an agent’s style meshes with your personality. Also ask if the agent specializes in buyer representation. Unlike listing agents, whose first duty is to the seller, buyers’ reps work only for you even though they’re typically paid by the seller. Finally, check whether agents are REALTORS®, which means they’re members of the NATIONAL ASSOCIATION OF REALTORS®. NAR has been a champion of homeownership rights for more than a century.
7. Be realistic
It’s OK to be picky about the home and neighborhood you want, but don’t be close-minded, unrealistic, or blinded by minor imperfections. If you insist on living in a cul-de-sac, you may miss out on great homes on streets that are just as quiet and secluded. On the flip side, don’t be so swayed by a “wow” feature that you forget about other issues—like noise levels—that can have a big impact on your quality of life. Use your priority list to evaluate each property, remembering there’s no such thing as the perfect home.
8. Limit the opinions you solicit
It’s natural to seek reassurance when making a big financial decision. But you know that saying about too many cooks in the kitchen. If you need a second opinion, select one or two people. But remain true to your list of wants and needs so the final decision is based on criteria you’ve identified as important.
By: G. M. Filisko
G.M. Filisko is an attorney and award-winning writer who has found happiness in a brownstone in a historic Chicago neighborhood. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics
<><><><><>Visit houselogic.com for more articles like this.
Visit my website www.gary-barker.com
1. Know thyself
Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you’re leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors?
2. Research before you look
List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you’d like to live in based on commute time, schools, recreation, crime, and price. Then hop onto REALTOR.com to get a feel for the homes available in your price range in your favorite neighborhoods. Use the results to prioritize your wants and needs so you can add in and weed out properties from the inventory you’d like to view.
3. Get your finances in order
Generally, lenders say you can afford a home priced two to three times your gross income. Create a budget so you know how much you’re comfortable spending each month on housing. Don’t wait until you’ve found a home and made an offer to investigate financing. Gather your financial records and meet with a lender to get a prequalification letter spelling out how much you’re eligible to borrow. The lender won’t necessarily consider the extra fees you’ll pay when you purchase or your plans to begin a family or purchase a new car, so shop in a price range you’re comfortable with. Also, presenting an offer contingent on financing will make your bid less attractive to sellers.
4. Set a moving timeline
Do you have blemishes on your credit that will take time to clear up? If you already own, have you sold your current home? If not, you’ll need to factor in the time needed to sell. If you rent, when is your lease up? Do you expect interest rates to jump anytime soon? All these factors will affect your buying, closing, and moving timelines.
5. Think long term
Your future plans may dictate the type of home you’ll buy. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in the home for five to 10 years? With a starter, you may need to adjust your expectations. If you plan to nest, be sure your priority list helps you identify a home you’ll still love years from now.
6. Work with a REALTOR®
Ask people you trust for referrals to a real estate professional they trust. Interview agents to determine which have expertise in the neighborhoods and type of homes you’re interested in. Because homebuying triggers many emotions, consider whether an agent’s style meshes with your personality. Also ask if the agent specializes in buyer representation. Unlike listing agents, whose first duty is to the seller, buyers’ reps work only for you even though they’re typically paid by the seller. Finally, check whether agents are REALTORS®, which means they’re members of the NATIONAL ASSOCIATION OF REALTORS®. NAR has been a champion of homeownership rights for more than a century.
7. Be realistic
It’s OK to be picky about the home and neighborhood you want, but don’t be close-minded, unrealistic, or blinded by minor imperfections. If you insist on living in a cul-de-sac, you may miss out on great homes on streets that are just as quiet and secluded. On the flip side, don’t be so swayed by a “wow” feature that you forget about other issues—like noise levels—that can have a big impact on your quality of life. Use your priority list to evaluate each property, remembering there’s no such thing as the perfect home.
8. Limit the opinions you solicit
It’s natural to seek reassurance when making a big financial decision. But you know that saying about too many cooks in the kitchen. If you need a second opinion, select one or two people. But remain true to your list of wants and needs so the final decision is based on criteria you’ve identified as important.
By: G. M. Filisko
G.M. Filisko is an attorney and award-winning writer who has found happiness in a brownstone in a historic Chicago neighborhood. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics
Sunday, September 20, 2009
My First Post.
Welcome to my blog. It is my hope that this blog will help my clients and friends to understand the real estate market in New Bern. Our market is a great deal different than it was just a few short years ago. Retirees used to be a much larger portion of our market. Because of the national economic downturn, it seems they are not yet willing to accept the current prices in their market areas. Of course many still have very significant gains in the value of their homes. Still having missed the peak of their value many are not ready to accept the present values. They also continue to hear the news that it is a Buyer's market. I expect that they will soon tire of waiting for a major recovery and begin to sell. They will be ready to begin a new phase of their lives and many will join us in enjoying the New Bern area. I believe we will begin to see a return of the reirees in the spring. In my next blog I will discuss how these trends have effected the styles of homes demanded by buyers. For my information about the New Bern area visit my website http://www.gary-barker.com/ .
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