-
- My Homes
- My Tours
- My Favorites
- My Searches
- Sign In
- Register
Discover the Mountains & Lakes of East TN
Find the place you'll love to live and invest
Jo Schultheiss Real Estate
Whether looking to invest in the Smokies, find that perfect second home on the Lake or relocating your family to East TN, you can count on Jo’s dedication. I service all of East TN. Are you looking to relocate to Douglas or Cherokee Lake? I help buyers and sellers in the quaint towns of covering Dandridge, Morristown and Jefferson City. Or are you looking for investment properties such as short term rentals in the popular cities of Gatlinburg, Sevierville or Pigeon Forge? I can assist with land, residential property and investment property. From first time home buyers to experienced investors looking to expand your portfolio.
REVIEWS
GALLERY OF SOLD PROPERTIES
MY BLOGS
4 Home Remodeling Projects with the Highest ROI
Ask any homeowner about what they would like to change about their home, and most will say, “How much time do you have? Home improvements (cue Tim Allen) or home remodeling projects can stem from a variety of motivations, like preparing your home to put on the market, adding space for a growing family, addressing outdated features or aesthetics, or fixing structural/functional issues with the home. However, when it comes to home remodeling projects, too many people assume their project will proportionally increase the value of their home. Few actually consider the complete scope of return on investment (ROI), taking into account not only potential impact on resale value but also the total costs of time, labor, and materials. Some renovations may provide more “quality of life” ROI by improving comfort and aesthetics without significantly impacting resale value, while others can deliver notable financial returns. Whether you’re looking to upgrade your living space, increase the equity of your home, or trying to make some quick changes to improve your resale price, here are four remodeling projects with the highest ROI and some tips on how to get them done. Top 4 Home Remodeling Projects with the Highest ROI Before diving into specific projects, it’s important to understand how the data supporting these ROI estimates was gathered. This article references findings from the 2024 Cost vs. Value Report conducted by Zonda Media, a reputable research firm in the real estate and construction industries. The report’s ROI figures are based on national averages for both the cost of materials and labor, which means that regional differences may lead to variations in actual returns. 1. Garage Door Replacement Job Cost: $4,513 Resale Value: $8,751 ROI:9% Replacing an old garage door is one of the simplest ways to dramatically boost your home’s curb appeal—and it happens to deliver the highest ROI of any remodeling project. The impact is largely due to the prominent visual space a garage door occupies on a home’s exterior. A sleek, modern garage door can make your entire facade look fresher and more attractive to buyers. Garage doors with the highest ROI include insulated steel doors with modern paneling, custom carriage-style doors, and those featuring windows or decorative hardware. These options not only enhance the home’s exterior aesthetics but also improve functionality and energy efficiency. 2. Steel Entry Door Replacement Job Cost: $2,355 Resale Value: $4,430 ROI:1% Upgrading to a steel entry door is a simple yet impactful change that can drastically improve both the look and energy efficiency of your home. Steel doors cost less than wood ones, giving you a cost effective way to make a big impact on the curb appeal of a home, without sacrificing performance, life span, or durability. Why It Works: Cost-Effective Curb Appeal: Steel doors are less expensive than wood but provide a similar aesthetic boost. This makes them a budget-friendly way to enhance a home’s exterior. Energy Efficiency: Many steel doors come with insulating cores, which can help keep your home comfortable year-round and lower energy bills. Increased Security: Steel doors are harder to break into, providing an added layer of safety that appeals to security-conscious buyers. 3. Manufactured Stone Veneer Job Cost: $11,287 Resale Value: $17,291 ROI:2% Manufactured stone veneer (MSV) is a high-ROI project because it delivers a striking visual upgrade at a relatively moderate cost. MSV is an artificial cladding material designed to mimic the look of natural stone, making it a cost-effective way to add texture and sophistication to your home’s exterior. Why It Works: Strong Visual Impact: Stone veneers add depth and elegance, creating an upscale appearance that can significantly boost curb appeal. Durability and Low Maintenance: Unlike natural stone, MSV is lightweight, easier to install, and resistant to wear and tear. Perceived Value: Even though it’s a faux material, MSV adds an air of luxury and craftsmanship that can make your home more appealing to buyers. Pro Tip: Use manufactured stone veneer to accentuate specific areas, such as around the entryway or along the lower portion of the facade, for maximum visual impact without overspending. 4. Minor Kitchen Remodel (Midrange) Job Cost: $27,492 Resale Value: $26,406 ROI:1% According to Homelight’s “Top Agent Insights End of Year 2024 Report”, “88% of agents say that upgraded kitchens and appliances are one of the best selling points for homes”--a significant increase from the previous year. https://homelightblog.wpengine.com/wp-content/uploads/2024/12/homelight-top-agent-insights-end-of-year-2024-report.pdf The trick to ROI with a kitchen remodel is the budget, and how you decide to balance what to upgrade, the quality of materials, and how much to work within the existing layout. For example, you can make a big impact with less expense if you keep your current cabinet boxes but upgrade the doors and hardware. However, if you strike that balance, you can recoup much of your investment. If you’re looking to sell, an updated kitchen will appeal to buyers, which can also help your home stand out and sell faster. Why It Works: High Buyer Interest: Kitchens are a focal point for most buyers, so even modest improvements can make a significant impact. Affordable Upgrades: By focusing on midrange materials—such as quartz countertops, midrange appliances, and refaced cabinets—you can keep costs manageable while still delivering a fresh look. By keeping the existing layout and avoiding costly structural changes, you can modernize your kitchen while keeping costs down. Key Takeaways for Homeowners 7 out of the 10 best ROI projects all have to do with improvements to the exterior of your home, which makes one thing very clear: Boosting the curb appeal of your home in a cost-effective manner will give you the best ROI if you’re thinking about selling this year. If you look at the current housing market, you can start to see why that is. In the post-pandemic frenzy, buyers had to accept whatever they could find. However, housing inventory has increased over the last couple of years, giving buyers more options. Additionally, due to high-interest rates and affordability issues, the current market favors older, move-up home buyers who are sitting on equity, and these buyers can afford to be pickier about the home they buy. You can see these trends play out in the “Top Agent Insights End of Year 2024 Report” conducted by HomeLight: Given these trends, it’s no wonder that the remodeling projects with the best ROI are those that make the home stand out from other homes in the area and leave a strong impression with potential buyers. Conversely, the projects with the lowest ROI involve major remodels or upscale materials. Anytime you alter the footprint of a home—such as by moving walls or adding square footage—you’ll incur higher costs and lower returns. Unless you’re a general contractor or a skilled DIYer, these high-end renovations typically aren’t worth it from a purely financial perspective. The one caveat is if you’re in a market where high-end appliances and materials are the rule not the exception. How to Get Started on a Remodeling Project Starting a remodeling project can feel overwhelming. Here’s how to set yourself up for success: Outline Your Project GoalsBefore you dive into the nitty-gritty of remodeling, take a step back and clarify what you hope to achieve. Are you remodeling to improve aesthetics? To improve functionality or comfort for your family? To prepare your home for the market or boost your resale value? Is it an essential repair? After you decide on why you’re doing it, you can take a step back and decide what is worth the cost to you. Get inspired: Take time to gather ideas and give shape to your vision. Whether you're updating a single room or tackling a whole-house remodel, these resources can inspire you: Houzz – A go-to platform for home remodeling ideas, complete with photos, product links, and even local contractor recommendations. Pinterest – Create mood boards for different rooms by pinning your favorite designs and layouts. You can also add '-pinterest' to Google searches to find more targeted boards and collections of remodeling ideas on Pinterest. This Old House – Packed with articles, videos, and guides on home renovation projects, from DIY fixes to large-scale remodels. YouTube Channels: Follow popular home renovation YouTubers who share real-life projects, product reviews, and practical tips. Visit Local Showrooms: You can visit the showrooms or warehouses from local manufactures for ideas on fixtures, cabinetry, and counter tops. Open Houses - Stop by open houses in your area to get a feel for what’s popular and what other homeowners have done. Local Remodeling / Contractor Websites: Many will post galleries and before/after images of their renovations, and these galleries can be a goldmine for practical remodeling ideas! Prioritize your wants vs. needs: Once you’ve gathered ideas, it’s time to separate the essentials from the extras. Must-Haves: These are the non-negotiable items—structural fixes, code-compliance upgrades, or critical repairs. Nice-to-Haves: These are aesthetic choices or features that you’d like to include if your budget allows.A prioritized list will help you make tough decisions if costs start to climb or timelines get tight. Create a scope and timeline: Clearly defining what’s included (and excluded) in your remodel is critical for staying on schedule and within budget. What’s Included: Are you only updating finishes and fixtures, or are you changing the layout and moving walls? Project Phases: If you’re remodeling multiple areas, consider breaking the project into phases to manage timelines more effectively. Expected Timelines: Be realistic about how long the project will take, especially if you’re working around major life events or seasonal weather. Set a realistic budget: Start by researching the typical costs for your specific type of remodeling project in your area. Resources like Remodeling Magazine’s Cost vs. Value Report, HomeAdvisor, and NAHB provide national and regional averages for popular renovations like kitchens, bathrooms, and additions. Include a Contingency Fund: Even with thorough planning, unexpected costs seem to always arise. Many experts recommend setting aside 15% - 30% of your total budget for contingencies. Research contractors & Get Multiple Quotes: If you're hiring contractors, request at least three detailed quotes to compare prices and scope of work. Make sure to clarify what’s included in each quote to avoid misunderstandings. And use your checklist below for some tips on hiring a contractor! Checklist for Hiring a Contractor Finding the right contractor is crucial for a successful remodeling project. Here’s a quick checklist to help you hire the right professional: Get recommendations from friends, family, neighbors, and your real estate agent. Word of mouth is one of the most reliable ways to find a trusted contractor. Ask people you trust about their experiences and if they would hire the contractor again. After you have a recommendation, you can also search for reviews online. Check credentials, licensing, and insurance. Verify that the contractor is licensed to work in your state. Most states have an online database for checking contractor licenses. You can also look for contractors certified by reputable organizations, such as the National Association of the Remodeling Industry (NARI). Review past projects and ask for client references. Ask to see a portfolio of previous projects similar to yours. Pay attention to the quality of work and whether their style aligns with your vision. Request detailed bids from multiple contractors. Ask for written estimates that break down costs into categories such as labor, materials, permits, and any additional fees. Compare bids carefully to ensure all contractors are quoting on the same scope of work. Ensure the contract includes a clear scope of work, timeline, and payment terms. Check references - A reputable contractor should have no issue providing references. Contact past clients and ask about their experience. Avoid red flags Unusually Low Bids: If a bid is significantly lower than others, it could indicate corner-cutting or hidden costs. Pressure to Pay Upfront: A small deposit is normal, but never pay the full amount before work begins. Lack of Written Contract: Never agree to verbal agreements only. Poor Communication: If a contractor is difficult to reach or dismissive during the bidding process, this may continue during the project. Conclusion Whether you’re updating your home to sell or simply want to enjoy a more modern space, focusing on high-ROI projects is a smart strategy. From replacing your garage door to enhancing your home’s exterior with stone veneer, these upgrades can boost both your home’s value and appeal. Curious about what features are popular in your neighborhood? Thinking of moving and wondering what remodeling projects, if any, you should do before listing? Want recommendations on contractors? I’m happy to help!
Read More
The 2025 Real Estate Report
Experts Predict Home Values to Increase 1.5% to 3.6% in 2025. Top housing experts and economists give a glimpse of what mortgage rates, home values and the national real estate market will do in 2025. Key Takeaways Mortgages are forecasted to remain higher for longer; but there are things you can do to lower your rate. Home values are predicted to increase incrementally on a national level; and there are projects you can do to increase your home’s value. The national market will slightly favor sellers in negotiations; however, real estate is driven by local dynamics and may favor either buyers or sellers. Note: real estate is a dynamic market and forecasts made in this article will change as the year unfolds. Mortgage Rates Will Average 6.4% in 2025 In 2023, the average 30-year mortgage peaked at 7.79% following the pandemic. Rates came down from that peak in 2024. What will mortgage rates do in the next year? The Federal Reserve is predicted to lower the federal funds rate 6 to 8 times in 2025; but mortgage rates are not set by the Federal Reserve and may not drop significantly (National Association of REALTORS®). Fannie Mae predicts mortgage rates to average 6.4% in 2025. Mortgage Bankers Association also predicts mortgage rates to average 6.4%, but with slightly higher rates compared to Fannie’s forecast. Sources: Fannie Mae Housing Forecast: November 2024 andMortgage Bankers Association Mortgage Finance Forecast: November 2024 When Will Mortgage Rates Drop Back to 3%? Historically, rates have never been as low as the pandemic era interest rates. 30-Year mortgage rates averaged between 4% and 6% during & after the housing crisis and Great Recession. A return to a 3% range is very unlikely. Source: Federal Reserve of St. Louis Tips to get a better mortgage rate… While we can’t affect the average 30 year mortgage rate, you can improve your credit and get the best possible rate. Here’s an example of recent mortgage rates by credit score: Source: myFICO.com If you’re thinking of making a move, the earlier you talk to a mortgage finance professional, the more time you have to work on improving your credit to get a better rate. Need a recommendation to a trusted lender? Send me a message. Home Values Will Increase by 1.5% to 3.6% Since 2020, the average sales price of a home has gone up by $97,000 or 29.7% (Federal Reserve of St. Louis). Which indicates homeownership to be a great investment. But, what will home values do in the next year? On a national level, home price growth is predicted to slow down from 2024. However, home prices are predicted to increase in 2025. Fannie Mae predicts home prices to increase on average by 3.6%. MBA is predicting an average increase of 1.5%. Sources: Fannie Mae Housing Forecast: November 2024 and Mortgage Bankers Association Mortgage Finance Forecast: November 2024 Home values are influenced by local market dynamics. If you want to understand what home values are forecasted to do locally, consider talking to a real estate professional. Want to increase your home’s value? Consider these remodeling projects for the highest return on investment. Will Home Values Crash in 2025? For home values to drop significantly, a major influx of homes for sale would have to hit the market. Freddie Mac estimates the U.S. housing stock is 3.7 million units below what’s needed to meet demand. It will take time to build up inventory to meet demand. Which is why a major drop in home values and prices is unlikely. Will 2025 Be a Home Buyers or Sellers Market? Who will have the advantage in the 2025 housing market, buyers or sellers? One measure of the market is Months Supply and it shows who has the advantage. Months Supply is calculated by dividing the total number of homes for sale by the average number of homes sold each month. For example if there are 500 homes for sale in a particular area and an average of 100 homes are selling each month, the Months Supply is 5 months. Here’s a chart of month’s supply going back to November of 2023: Source: Federal Reserve of St. Louis 6 Months Supply is considered a balanced market. Over 6 months supply is considered a buyers’ market. Below 6 months supply is a sellers’ market. At 4 months supply on a national level, the market slightly favors sellers. Inventory is rising nationally, however, which could shift the market to favor buyers in the next year. With that said, all real estate is local and local markets will differ in favoring buyers versus sellers. If you want to know if your area favors buyers or sellers, send me a message. What This Means for Homeowners If you own a home, you will likely see a slight increase in your home's value. If you want to increase your home’s value and enjoy the upgrades, consider making some home improvements. If you want advice on which features or projects are best suited for increasing your home’s value, consult with a professional. Tips for Potential Home Buyers If you’re thinking of purchasing a home, the sooner you start planning the better. Knowing your price range, optimizing your credit, and working towards your downpayment are steps you can take now. Even if you’re in the market to buy in the next 12 to 24 months, talking with a real estate professional early in the process will set you up for success. Tips for Potential Home Sellers Sellers need to prioritize their objectives. Is getting top dollar for your home the highest priority, is it moving within a specific timeframe? Do you have to sell a home prior to purchasing your next one? These objectives must be prioritized so that an effective plan and marketing strategy can be put into place. Thinking of making a move? Talk to a real estate professional!
Read More
Tech the Halls: Smart Home Gadgets for a Stress-Free Holiday Season
The holidays are a time for joy, family, and celebration, but they also bring added responsibilities. Between decorating, hosting, and just keeping up with your daily routines, your home can quickly start to feel more like a neverending to-do list rather than your haven. That’s where smart home technology comes in. It can help you streamline holiday tasks to focus on what matters most—spending time with loved ones and enjoying the season's magic. And there are more upsides to upgrading your home tech: doing so can also enhance the overall value and appeal of your property. Current research indicates that 77% of today’s home buyers are interested in smart homes, which results in an up to 5% increase in a property’s resale value! In general, estimates indicate that sellers who invest in smart home technologies realize a 50% return.1 So whether you're thinking about selling in the near future or just want to enjoy your home to the fullest this season, adding smart gadgets is an investment that pays off. Read on for some of the best smart home solutions to simplify your holidays (and just maybe make your home more marketable down the road, too). ENTERTAINING MADE EASY Spending time with friends and family is the highlight of the holiday season—but entertaining can be a lot of work. These tools can help turn any gathering into a celebration to remember without all of the fuss. 1. Make Cooking Easier with Digital Recipe Access Holiday cooking often means late nights and multiple trips to the store. Instead of juggling old recipe cards, let smart-home displays keep you organized with easy menu planning and grocery lists. High-end: Google Nest Hub MaxThis smart display offers an easy-to-use recipe mode with step-by-step guidance from the Google Assistant. It’s like having a sous chef right on your countertop. Mid-range: LG - 27" Smart webOS TV with Countertop DesignThis smart TV can be perched on your kitchen counter or mounted on the wall to watch cooking shows, pull up your favorite recipes, or cast content from your mobile device. Budget pick: Amazon Echo Show 8With a Food Network integration and recipe assistance, this countertop model offers plenty of features in a less-expensive package. 2. Set the Mood with Smart Lighting The right ambiance can elevate any gathering. Control colors, brightness, and temperatures remotely with these smart lighting options. High-end: Philips Hue Play HDMI Sync BoxWatching a holiday movie? Sync your smart lightbulbs to adapt their colors to what’s on the screen for the ultimate festive movie experience. Mid-range: Lutron Caseta Wireless BridgeUse this small internet-controlled device to set up automations for your smart bulbs, so you can dim all your lights at once with a swipe on your smartphone. Budget-friendly: Govee LightbulbsJust getting started with smart bulbs? This affordable option allows you to control color and brightness using your Alexa or Google Home device. 3. Amplify Your Holiday Spirit with Smart Speakers From carols to party playlists, music sets the tone for the holidays. These smart speakers will get everyone in the mood to sing along. High-end: Bose Smart Speaker 500 This powerful speaker delivers room-filling sound—and Google Assistant and Alexa are both built-in. Mid-range: Amazon Echo StudioThe best device for Amazon loyalists who care about sound, music comes through loud and clear on this speaker. Budget-friendly: Google Nest MiniThis diminutive speaker gives you voice-controlled playback at an entry-level price. TRADITIONS WITH A TWIST Decorating your home and popping on a holiday film gets everyone in the holiday spirit. These tech solutions make things easier and give you more time to enjoy the fun. 1. Watch Holiday Favorites in Style Level up your holiday movie traditions with smart projectors that turn any room in your home—or even your backyard—into a movie theater. High-end: Epson Home Cinema LS1100This 4K projector is a serious investment, but it delivers cinema-quality performance and a laser light source that won't require replacement bulbs. It's also easy to set up and adjust. Mid-range: Samsung Freestyle 2nd Gen Smart Portable ProjectorUse this feature-packed, battery-powered projector nearly anywhere—it's designed to level and focus your video automatically and to scale to the size of your space. Budget-friendly: Vankyo Performance V700WThis 1080p projector offers a bright picture, high-quality audio, and the portability to move it from room to room (plus outside). You can cast from your mobile device or plug in a computer or USB. 2. Shine Bright with Smart Plugs Tired of clambering behind furniture to get to a hard-to-reach plug for your decorations? Invest in smart plugs, and you can control all of your electrified holiday decor (plus anything else you might plug in!) easily from your phone. High-end: Meross Smart Power StripThis smart power strip includes four AC outlets plus two USB C and one USB A port. It’s compatible with Apple HomeKit, Amazon Alexa, and Google Home, and each outlet can be operated individually. Mid-range: Enbrighten Wifi Smart 2-Outlet PlugThis smart plug turns one wall outlet into two smart outlets. Control the plug using an app or with Google or Alexa voice assistants. Budget-friendly: Kasa Smart Plug Ultra MiniThese inexpensive plugs are designed to take up minimal wall space yet offer plenty of features. Plus, they’re compatible with Google and Amazon home ecosystems. 3. Create a Winter Wonderland with Smart Outdoor Lighting Whether you want to wow the neighborhood with an eye-catching display or simply add a touch of outdoor holiday charm, setting up lights doesn’t have to be a daunting task. Smart outdoor lighting makes it simple to illuminate your home’s exterior with minimal effort or planning. High-end: Govee Permanent Outdoor LightsInstall these permanent outdoor lights on your home and celebrate year-round with app-controlled color and effects options for every holiday you can think of. Mid-range: Twinkly Icicle LightsDrape your home in any color you can think of with these easy-to-use, app-controlled icicle-style lights. True to the name, there are plenty of twinkling options to choose from! Budget-friendly: Brizled Smart Christmas LightsString up these indoor-outdoor lights wherever you’d like to enjoy customizable colors and effects, or sync the bulbs with music for a truly eye-catching outdoor display. SIMPLIFIED HOME MANAGEMENT There’s plenty to manage at the holidays as it is—make things easier for yourself by automating some basic home tasks and functions. Less time spent on tedious chores means more time making memories with your family. 1. Keep Your Home Spotless with Robot Vacuums The holidays can create a lot of mess — stay on top of it with smart vacuums that clean up all of those cookie crumbs and bits of wrapping paper for you. High-end: Roomba Combo J9 PlusSay goodbye to vacuuming and mopping with this high-tech robot, which comes complete with AI obstacle avoidance to keep it from banging into your furniture. Mid-range: Roborock Q5 Max+This powerful robot vacuum is highly customizable—use the app to set up cleaning preferences like a second pass through high-traffic rooms or to block off areas you’d like left alone. Plus, it empties its own bin! Budget-friendly: Shark IonThis robot vacuum may not come with all the bells and whistles, but it does a great job keeping dirt and pet hair off the floor. You can control it with Amazon Alexa or the Google Assistant in addition to a dedicated app. 2. Manage Deliveries and Greet Guests with Smart Doorbells The holidays tend to bring a lot more people than usual to your door. Keep track of who’s coming and going, and keep your home safe with smart video doorbells. High-end: Eufy Dual+ Security Video DoorbellThis large video doorbell offers a much wider field of view than most competitors, plus high resolution and night vision. It’s compatible with both Amazon Alexa and Google Home devices and can be set up wired or wireless. Mid-range: Google Nest Doorbell CameraThis sleek doorbell camera is easy to set up and control from a distance and offers fast notifications and the ability to respond by voice or with preset messages. Advanced features include package detection and facial recognition. Budget-friendly: Arlo Video DoorbellThis doorbell offers a wide field of view, high-resolution images, and the ability to zoom in, and is compatible with multiple smart-device ecosystems. However, some of its features, like recordings, require a monthly subscription. 3. Protect Your Home While You Travel Unfortunately, the holidays tend to bring higher rates of home break-ins. Whether you’re traveling or staying local, these tech solutions can help keep your home and family safe. High-end: Ring Alarm ProRing is well-known for video doorbells, but they also offer full home security systems, complete with professional monitoring (for a monthly fee). With high-performing devices and a built-in router to ensure working wifi, this system lets you keep an eye on things no matter where you are. Mid-range: Abode Smart Security KitThis kit is designed to work with all of the major smart home ecosystems, allowing you to connect as many devices as you’d like for a seamless experience. It includes a hub device, a door/window sensor, and a motion sensor, and you can easily add on from there to customize a system to your needs. Budget-friendly: August WiFi Smart LockLots of visitors coming and going this holiday season? This smart lock upgrades your existing deadbolt, allowing you to give access to trusted family and friends. Best of all, it attaches to the lock on the inside of your door, so it won’t impact your curb appeal or draw unwanted attention. ENJOY A BETTER HOLIDAY SEASON WITH SMART HOME TECH Incorporating smart home technology can help make this holiday season more relaxing—and it can also be a great investment that adds value to your property in the long run. From energy-efficient lighting to reassuring security systems, these gadgets do more than just make life easier; they enhance your home’s appeal to future buyers. If you're curious about how upgrading your home’s tech might impact its value, we’d love to help. Reach out for a free consultation to learn more about the latest trends in smart home technology and how it can align with your real estate goals. Whether you’re looking to sell soon or simply upgrade your lifestyle, we're here to guide you every step of the way. Sources National Association of Realtors -https://www.nar.realtor/blogs/emerging-technology/smart-homes-can-help-you-grow-your-business-heres-how
Read More
Multigenerational Home Buying: How to Find a Home That Fits Your Whole Family
For many homebuyers, multigenerational living used to be considered an option of last resort: it was a route families took only when they needed to ride out a financial storm or care for ailing family members. But that mindset is on the decline: A growing number of families now say that they are embracing multigenerational living and moving in together by choice. In fact, research by the National Association of Realtors (NAR) found that the share of multigenerational home buyers rose to 14% in 2022––close to an all-time high.1 Buyers cite a multitude of reasons for choosing a multigenerational home, including saving money on living expenses, pooling resources, taking care of very young or aging relatives, and spending more time with family. "Multi-generational home buying is a way for families to care for one another, support one another, and often buy a home that may have been previously out of reach," writes Deputy Chief Economist Jessica Lautz in a blog post about the trend.1 Living with extended family has become especially popular in recent years as younger generations face higher home costs and seniors embrace aging in place. According to Pew Research, the number of Americans living in a home with at least two generations of adults has more than quadrupled since the 1970s.2 For many families, the benefits are substantial. Research shows that people who live in multigenerational homes are healthier and tend to live longer. They also enjoy more financial security. Plus, research by Pew found that people who live with relatives are more likely than not to say that it has been a positive experience.2,3 That's not to say that multigenerational living is easy: It can also be stressful––especially if you choose a home that isn't suited for a larger family. The key to making it work is to pick a home that can accommodate young and old alike without requiring you to sacrifice comfort or privacy.2,4 Here's a closer look at multigenerational living, along with tips for finding a home that's suitable for a diverse group. WHAT TO CONSIDER BEFORE SHOPPING FOR A MULTIGENERATIONAL HOME Before starting your house hunt, take the time to discuss your house plans as a family so that you're all on the same page. Have you hashed out what you're looking for in a new home? Can you agree on potential compromises? Are there any unaddressed concerns about the move? You may also find it helpful to articulate your "why" for buying a multigenerational home and how each of you might benefit. For some families, multigenerational living is all about caring for relatives and sharing responsibilities. But for others, the goal is to pool resources so that you can purchase a more desirable property or cut down on expenses, like childcare or senior living. For homeowner Jian Huang, she initially bought a multigenerational home to help her aging mother. But she says the purchase also helped her family save a lot of money on expenses––as much as $25,000 to $40,000 a year. “It makes so much sense financially and emotionally that we would not have it any other way,” commented Huang to Apartment Therapy.5 In addition to talking over your short-term wants and needs, you'll also want to weigh long-term issues that could crop up in the future, like accessibility or money concerns. For example, if some family members are nearing retirement, accessibility issues (such as extra-steep stairs or a narrow hallway) could become a problem over time. Similarly, a more luxurious home with extra amenities like a pool may appeal to buyers who have gathered a lot of cash upfront, but it may also require a bigger long-term budget for maintenance and supplies. If you haven't had these discussions yet, set a date in your calendar so that you can talk it over as a group. We can help by interviewing family members individually and advising you on what you can realistically find in today's housing market. WHAT TO LOOK FOR IN A MULTIGENERATIONAL HOME Once you've settled on what you want and need from a new home, your next step should be to jointly draft a budget so that you'll know what you can afford. To ensure that no one in your family gets accidentally overextended, think holistically when planning your new housing budget and determine what you would need to buy the home––and maintain it. In addition to budget, you'll also want to consider a home's size and what kind of layout you might need. In general, homes that offer ample space for solitude and privacy are thought to be more practical for multigenerational living––especially if there will also be young children.4 However, the ideal layout for your family and the amount of square footage you'll need to be happy long-term will also depend, in part, on family members' personalities. Some people don't mind sharing a bathroom or having bedrooms situated close to one another. But others may find that they need something more separate to relax. Different housing options to consider include: A large home with plenty of rooms and at least one or more ensuite bathrooms. A home with an accessory dwelling unit (ADU), such as a basement apartment. A multifamily unit, such as a duplex. For home buyers looking to age in place, a home that offers a separate ground-floor unit, such as a backyard ADU, could be the most comfortable (and the most practical) option, says author Sheri Koones. “It’s a way for many older people to avoid having to go into an expensive assisted living or other facility as they age,” said Koones in an interview with Realtor Magazine.6 Another possibility to consider would be a home you could add onto or retrofit into multiple units. However, building a brand-new accessory unit or renovating an existing space can be pricey. When visiting a property, we'll help you weigh potential costs and estimate whether it's a good investment. We can also connect you with a trusted contractor who specializes in renovations. HOW TO BUY A MULTIGENERATIONAL HOME Buying a home with family can be complicated––especially if you plan to jointly apply for a mortgage. However, depending on your financial resources, you may be surprised to find that it's sometimes easier to qualify for certain mortgages as a group than if you tried to go it alone.7 Talk it over with a mortgage lender or broker and ask for advice on what's best for your situation. We'd be happy to connect you with a professional who understands the nuances of co-buying. Technically, there's no limit to the number of co-borrowers you can have, but some lenders may be more lenient with their lending requirements than others. For example, most conventional lenders will only work with a maximum of four borrowers for a single loan. If you want to buy a home with a larger number of co-borrowers, you may have to look to an alternative lender.7 Your credit will also be an important factor in determining your mortgage qualifications and what you can buy, so have everyone check it as soon as possible. Pulling your credit reports and scores will not only tell you where you stand. It will also alert you to correctable issues with your credit, such as mistakes on your credit reports or too much debt on your cards.8 As you discuss your homebuying budget and strategy, jointly consider the following: Who will be on the mortgage? What about the title? Would including everyone on the mortgage be beneficial for your mortgage rate? For those who don't qualify for the mortgage or have a lower credit score, can you make other arrangements so that they can still financially contribute? Next, consider potential tax and estate planning implications of your home purchase and what might happen if some family members later decide to drop out of the arrangement.9 To ensure you make an informed decision, it's best to speak with a licensed professional. Ask us for a referral to a legal professional or an accountant who can advise you. BOTTOM LINE Multigenerational home buying has grown more popular for a reason: it's a great way to combine resources and buy a supportive home for more than just your immediate family. It can also be a smart lifestyle choice, helping reduce loneliness and promote health and well-being.10 If you're wondering whether multigenerational living is right for you, call us for a consultation. We'd be happy to walk you through potential options and help you envision your own full house. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: National Association of Realtors - https://www.nar.realtor/blogs/economists-outlook/all-in-the-family-multi-generational-home-buying Pew Research Center - https://www.pewresearch.org/social-trends/2022/03/24/financial-issues-top-the-list-of-reasons-u-s-adults-live-in-multigenerational-homes/ SSM - Population Health -https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5769098/ Better Homes and Gardens - https://www.bhg.com/what-to-look-for-in-a-multigenerational-home-8409277 Apartment Therapy - https://www.apartmenttherapy.com/multigenerational-homes-37412085 Realtor Magazine - https://www.nar.realtor/magazine/real-estate-news/home-and-design/all-under-one-roof-trends-in-multigenerational-living Bankrate - https://www.bankrate.com/mortgages/how-many-names-can-be-on-a-mortgage/ Experian -https://www.experian.com/blogs/ask-experian/what-credit-score-do-i-need-to-buy-a-house/ Kiplinger - https://www.kiplinger.com/retirement/estate-planning-for-multigenerational-living-arrangements Institute for Family Studies - https://ifstudies.org/blog/multigenerational-living-is-it-a-solution-for-our-aging-population
Read More
Stage to Sell: 7 Proven Steps to Attract Buyers and Boost Offers
Want your home to fly off the market? 🚀 Home staging is your secret weapon! Check out our latest article for a checklist of staging steps to help win over potential buyers. 81% of buyers’ agents report staging helps buyers envision themselves living in a home.[1] Selling your home quickly and at the right price takes more than just listing it online. To attract buyers and secure top offers, your property needs to stand out. That’s where home staging — the process of strategically preparing a home for sale — comes in. Research shows that it can both increase a home's sale price and shorten the time it spends on the market. As a seller, you can choose to stage your home yourself or to work with a professional stager. Whichever option you choose, the goal is to show off your home’s best qualities and make a lasting impression. Getting ready to list your home? Here are seven essential strategies to turn it into a buyer’s dream. Declutter and DepersonalizeCreate a clean, neutral space by removing personal items, family photos, and excess furniture. Consider renting a storage unit if needed to keep things tidy while your home is on the market. Deep Clean and RepairA sparkling clean home leaves a lasting impression. Deep clean every room, paying special attention to areas like baseboards, windows, and appliances. Fix minor imperfections like chipped paint, loose tiles, and worn hardware. Pick Up a PaintbrushRepaint walls in neutral tones like beiges and off-whites to appeal to the widest range of buyers. Consider repainting outdated cabinets in white or soft gray for a modern and updated look.[2] Enhance Curb AppealMake a strong first impression with a well-maintained exterior. Power wash siding and walkways, touch up any chipped paint, and tidy up your landscaping by removing dead plants and adding seasonal color.[3] Stage Key RoomsFocus on the living room, primary bedroom, and kitchen, as these spaces are most important to buyers.[1] Arrange furniture to create an open and inviting flow, and use rugs to define spaces and add warmth. Find Your Best LightMaximize natural light by removing heavy window treatments — use sheer curtains or light-filtering shades for a softer touch. Incorporate a mix of ambient, task, and accent lighting with warm bulbs to create a warm and inviting atmosphere throughout your home.[4] PhotographyHigh-quality photos are essential in today's digital world. Hire a professional photographer to capture your staged home at its best, showcasing its features and potential. Consider using videos or virtual tours to provide an immersive experience for potential buyers. Get Started TodayReady to stage your home for a successful sale? Contact us today for a free, no-obligation consultation! We'll assess your home's unique needs, provide expert advice on maximizing its appeal, and connect you with trusted professionals who can help you achieve your selling goals. Let's work together to make your home stand out and attract the best offers! Sources: National Association of Realtors - https://www.nar.realtor/sites/default/files/documents/2023-profile-of-home-staging-03-30-2023.pdf Zillow - https://www.zillow.com/learn/how-to-stage-house-to-sell/ National Association of Realtors - https://cdn.nar.realtor//sites/default/files/documents/2023-03-remodeling-impact-outdoor-features-03-17-2023.pdf Martha Stewart - https://www.marthastewart.com/2126982/how-to-layer-your-lighting
Read More
7 Mistakes to Avoid When Hiring a Contractor
Embarking on home improvements can be both exciting and daunting. One of the most critical decisions you'll make is choosing the right contractor to bring your vision to life. However, many homeowners fall into common pitfalls during this process, leading to stress, financial strain, and subpar results. In this guide, we'll explore seven mistakes to avoid when hiring a contractor to ensure your project runs smoothly from start to finish. SKIPPING THE RESEARCH PHASE If you rush into hiring a contractor without the proper research, you risk overpaying or hiring someone whose skills and vision do not align with your needs. What To Do Instead: Conduct research to gain an understanding of best practices surrounding your project. Interview at least three contractors and ask about the processes and materials they will use. Get referrals from trusted sources. We’d be happy to share a list of recommendations! 2. CHOOSING BASED SOLELY ON PRICE While it's natural to want to save money, extremely low bids may indicate cut corners, subpar materials, or hidden costs that will surface later. What To Do Instead: Consider experience, reputation, and quality of work. Understand what's included and what's not in each bid. Remember that investing in a reputable contractor can save you money in the long run. 3. NEGLECTING TO CONFIRM CREDENTIALS & INSURANCE Neglecting to check a contractor’s references or licensing could put you at risk, and without proper insurance, you may be left footing the bill if something goes wrong.[1] What To Do Instead: Request references from past jobs and call to discuss their experiences. Confirm that the contractor is licensed according to local requirements. Verify insurance, including general liability and workers' compensation coverage. PROCEEDING WITHOUT A WRITTEN AGREEMENT A handshake deal might seem friendly and straightforward, but it’s difficult to enforce and leaves room for misunderstandings about project scope, timelines, and costs.[2] What To Do instead: Have a signed contract in place before any work begins. Outline scope, materials, timeline, payment schedule, and warranty information. Don't sign anything until you fully understand and agree to all terms. 5. PAYING TOO MUCH UPFRONT Paying a large sum upfront or the full cost of the project before the work is completed can leave you vulnerable if the contractor fails to deliver.[3] What To Do Instead: Avoid contractors who demand large upfront payments or cash-only deals. Tie payments to project milestones and stick to them. Never pay in full until the project is completed to your satisfaction. 6. FAILING TO GET NECESSARY PERMITS Skipping the permit process might seem like a way to save time and money, but it can lead to serious consequences, including fines, forced removal of work, or even legal action.[4] What To Do Instead: Talk about permits with your contractor before work begins. Ensure that obtaining necessary permits is part of your contract. Make sure all required inspections are completed during the project. IGNORING RED FLAGS AFTER THE PROJECT HAS STARTED If problems arise during your project and the contractor is unwilling to address them, ignoring the issue can make the situation worse. What To Do Instead: Keep detailed records of problems and any communication with the contractor. Arrange a meeting to discuss your concerns and ask for a resolution plan in writing. Consider seeking advice from a legal professional if the contractor is uncooperative. BOTTOMLINE Hiring the right contractor is crucial to the success of your home improvement project. By avoiding these common mistakes, you can significantly increase your chances of a smooth and successful renovation experience. If you’d like help finding a contractor or want to know how planned improvements could impact your home’s resale potential, reach out for a free consultation! The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: MarketWatch LegalZoom The Washington Post Bob Vila
Read More
VIDEOS
Check out our of some recent showings of local properties and educational videos
Ali Pierce
Showed one of our properties! Very professional! - Your Home Sold Guaranteed Realty