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Your Zestimate is now smarter - and more accurate

The Zestimate is now more accurate than ever, thanks to new technology that identifies and values home improvements you've made based on photos. Plus, we now incorporate even more data into Zestimates for homes on the market, and we update those Zestimates in real time. That's in addition to the millions of data points that the Zestimate's complex machine learning models examine for more than 100 million homes across the country.

Here's the rundown of what's new.

'Seeing' your home features

We can evaluate photos of a home to, in a sense, "see" and value the home features you're most proud of. Think of the bathroom you remodeled, the new quartz countertops in your kitchen or the beautifully landscaped backyard. Those features now factor directly into your home's Zestimate, making it the first time the Zestimate can understand not just a home's facts and figures, like number of bathrooms or bedrooms, but also its quality and curb appeal.

We heard from homeowners over the years that when it comes time to sell, they want to make sure all the work they've put toward upgrading it is reflected in its Zestimate. Yet before recent advances in technology, there was no way for computers to look at photos of a home and get the same information that people do. The Zestimate now incorporates advanced technologies that make this possible.

Homeowners can claim their home on Zillow to edit, add or remove photos at any time in just a few simple clicks.

Listing info added in real time

On homes listed for sale, the Zestimate now incorporates data from the home's listing itself - including listing price and how long it has been on the market - in its calculations. These factors provide important insight into a homeowner and agent's listing strategy and what the homeowner believes their home is worth, both key variables in how much a home ultimately sells for.

To top it off, Zestimates on for-sale homes update with new information in real time. That means home shoppers get an up-to-the-second snapshot of what's going on in the local housing market. When the Zestimate launched in 2006, it was updated monthly, so this is a big leap forward as both buyers and sellers navigate dynamic and ever-changing housing markets.

The results of all these upgrades? The Zestimate's error rate on homes listed for sale is now less than 2%, meaning half of all Zestimates fall within 2% of the home's eventual sale price.

Just as you look for new ways to refresh your home, we're always working to improve the Zestimate. This most recent Zestimate refresh is another milestone along that journey, all to provide a more accurate look at the value of the place you call home.

via Your Zestimate is now smarter - and more accurate

I Declare! Georgia Mansion That Inspired ‘Gone With the Wind’ Movie Is Up for Sale

5 Inexpensive DIY Backyard Shade Ideas

'Cause the sun can turn an outdoor room into a bake oven.

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There’s a Huge Gap Between What Home Buyers Want and What’s for Sale

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April Case-Shiller Results and May Forecast: Getting Back to Normal

• Home prices climbed 3.5% year-over-year in April, a slowdown from 3.7% in March.
• The 10-city composite rose 2.3% year-over-year, which was a slight gain from 2.2% growth in March. The 20-city composite climbed 2.5% year-over-year, down from 2.6% the previous month.
• Nine of the 20 cities reported higher year-over-year price increase for April versus March. The greatest gains were in Las Vegas, Phoenix and Tampa.

The housing market has continued to normalize throughout the spring, finding more balance between buyers and sellers and slowing to a pace of growth much more in line with historic norms. U.S. home price growth slowed again in April, climbing just 3.5% year-over-year, after annual growth of 3.7% in March, according to S&P CoreLogic Case-Shiller's national home price index (not seasonally adjusted).

Only nine of the 20 cities in Case-Shiller's 20-city composite posted higher year-over-year price increases for April than March. Las Vegas, Phoenix and Tampa led the group - gaining 7.1%, 6% and 5.6%, respectively - while markets at the more expensive end of the market grew more slowly. Seattle posted no year-over-year change, and San Francisco climbed just 1.8%.

Index	Zillow Forecast, Released 5/28/19	Actual Case-Shiller Indices, Released 6/25/19	Historical Median Absolute Error*
10-City Composite, Month-Over-Month (SA)	0.1%	0.2%	0.2%
10-City Composite, Year-Over-Year (NSA)	2.2%	2.3%	0.2%
20-City Composite, Month-Over-Month (SA)	0.0%	0.0%	0.2%
20-City Composite, Year-Over-Year (NSA)	2.4%	2.5%	0.2%
U.S. National Month-Over-Month (SA)	0.2%	0.3%	0.1%
U.S. National Year-Over-Year (NSA)	3.6%	3.5%	0.1%
*Calculation of Median Absolute Errors are based on Zillow’s monthly Case-Shiller forecasts. Zillow’s Case-Shiller 10- and 20-City Index forecasts date to 2011.  The national Case-Shiller forecasts began in 2014.

 

Despite persistently low mortgage interest rates, affordability is top of mind for many buyers, who are strained by prices that have grown much faster than incomes over the past several years and faced an ongoing dearth of supply that is keeping competition high.

This slowdown has been widely expected for some time, and is likely to give many would-be buyers some much-needed breathing room. Prices will continue to grow, just not at the unsustainable rates of the past several years.

Index	Actual April Case-Shiller Change	Zillow’s May Case-Shiller Forecast
10-City Composite, Month-Over-Month (SA)	0.2%	0.0%
10-City Composite, Year-Over-Year (NSA)	2.3%	2.2%
20-City Composite, Month-Over-Month (SA)	0.0%	0.0%
20-City Composite, Year-Over-Year (NSA)	2.5%	2.4%
U.S. National Month-Over-Month (SA)	0.3%	0.2%
U.S. National Year-Over-Year (NSA)	3.5%	3.5%
*Calculation of Median Absolute Errors are based on Zillow’s monthly Case-Shiller forecasts. Zillow’s Case-Shiller 10- and 20-City Index forecasts date to 2011.  The national Case-Shiller forecasts began in 2014.

 

The post April Case-Shiller Results and May Forecast: Getting Back to Normal appeared first on Zillow Research.

via April Case-Shiller Results and May Forecast: Getting Back to Normal

6 Things Every Home Buyer, Seller, and Owner Need to Know About Today’s Housing Market

May New Home Sales: Continuing to Adjust

• Sales of new single‐family houses in May fell 7.8% to a seasonally adjusted annual rate (SAAR) of 626,000, according to
  the U.S. Census Bureau and the Department of Housing and Urban Development.  That’s 3.7% below May 2018.
• The median sales price of new houses sold in May was $308,000, down 8.1% from April and 2.7% from a year earlier.
• The inventory of new houses for sale at the end of May was 333,000 (SAAR), up 0.3% from April and 10.3% from a year ago.

The dip in May new home sales comes as a surprise — particularly following the drop in April. It’s an indication that the market continues to adjust to an otherwise relatively healthy spring for new construction. It comes after a stretch of unexpectedly strong months to start the year, and that strength hasn't entirely faded. The fact that sales data in some of those early months was even higher than initially reported is an indication that home many buyers stand ready to purchase what builders are putting up. Purchase mortgage applications have been underwhelming, but it could still be a matter of when – not if – buyers will take advantage of stubbornly low mortgage interest rates that don't look set to rise meaningfully for the foreseeable future. Despite a step backward in single-family housing starts, builder confidence remains strong, and a recent uptick in single-family permits indicates better days are coming.

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via May New Home Sales: Continuing to Adjust

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Creative Ways to Add Color to Your Rental

Living in a rental can dampen your design options. With unchangeable fixtures and cabinets, bland paint colors, and the threat of losing your security deposit if you make changes, a lot of renters suppress their personal style and settle for builder-grade basic.

But it doesn’t have to be this way. By getting creative with your furniture and accessories, you can have a colorful and inviting home without sacrificing your deposit or infuriating your landlord.

Wall to wall

Many homeowners paint the walls as a relatively easy way to bring color to a space. But landlords and property managers often forbid changing a rental’s interior paint color.

Think beyond paint, and you’ll discover a multitude of ways to dress up your walls without touching a paintbrush. The key is to think big.

Find large-scale art pieces that speak to your style and feature punchy colors. Collect snapshots in ombre frames of your favorite hue (instead of traditional black or white) and assemble a gallery wall.

Have an artistic streak? Paint a mural on a large piece of canvas and tack it over an entire wall.

For the less artistically inclined, removable wallpaper or decals in bright shades and eye-catching designs provide an instant pick-me-up. You can also cover entire walls or awkward spaces with a pretty patterned curtain or piece of fabric for a cozy bohemian vibe.

Punch it up

Rentals often come with outdated cabinets, fixtures, and flooring that can’t be altered. Beige, brown and off-white are the norm for these spaces, but that doesn’t mean you have to let it restrict your style.

Add visual interest and draw attention by bringing in splashy pieces of furniture and decor. Look for pieces in your favorite color or choose a theme, like sunny yellow and coral, to drown out the drab.

Vibrant painted wood chairs can give your dining space some zing. Or purchase a couch or chair in a daring tone like emerald or sapphire.

Don’t have a ton of cash to spend? Go DIY. Find furniture with good bones at your local thrift shop or garage sale, and give it a makeover. Use spray paint for smaller decor pieces and latex or chalk paint for dressers and side tables.

Add extra flair with stenciled details and paint-dipped legs. Line the backs of bookshelves with decorative paper, and temporarily replace boring kitchen and bathroom pulls and knobs with vibrant versions.

Soft goods, bold tones

Textiles in assorted colors will be your best friends for dressing up your outdated or dull apartment. Start with an inviting rug in a rich jewel tone or a trendy overdyed hue. And stay away from traditional white and beige curtains - instead, opt for a bright color or lively pattern.

The same goes for bedding. White may be a traditional go-to for duvet covers, but in the case of a blah apartment, pick a print or hue that will make your bedroom an energizing getaway or relaxing retreat. If you’re looking for a calm feel, search for a bed set in cool indigo, lavender or sage. Want to make it upbeat instead? Try poppy colors like coral, tangerine or sunflower.

Fun throw pillows and blankets will spice up your bed, couch, lounge chairs and more. Keep the color trend going into the bathroom and kitchen by choosing pretty hand towels and bathmats.

 

Make it yours

By punching up the walls with custom artwork, bringing in attention-grabbing furniture, and using pretty textiles to boost the style factor, you can have a colorfully custom home without ever touching a drop of paint.

The key is moderation and intention. Stick with a few favorite shades and mix it up by using variations of those hues instead of pulling in every color in the rainbow. Choose a few important focal points to infuse with color and let the rest blend in.

You’ll be happier for the design boost, and your landlord will be glad you haven’t made any big changes. That’s a win-win situation for everyone involved.

Related:

• What to Unpack First in Your New Home
• ‘You’re Throwing Money Away’ and Other Myths About Renting
• 10 Ways to Make Sure You Get Your Security Deposit Back

Originally published June 13, 2016.

 

via Creative Ways to Add Color to Your Rental

Do This Three-Step Summer Credit Check if You Want a Home by Christmas

Late payments = a big no-no.

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The Secrets Behind HGTV’s Smash Hit ‘House Hunters’

The Ins and Outs of Rewiring an Old House

Cloth wrapping is NOT a good sign.

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How to buy a home in Mercury Retrograde

Housing Market Continues to Cool and Normalize (May Market Report)

• The typical U.S. home was worth $226,800 in May, up 5.4% from a year earlier but down 0.1% from April.
• The median monthly U.S. rent is $1,479, up 2.7% year-over-year.
• For-sale inventory in the U.S. fell 0.5% from a year ago, but rose in 23 of the 35 largest U.S. housing markets.

The for-sale and rental housing markets continued to move in opposite directions in May, with home value growth showing gradual slowing and flattening and rent growth showing modest acceleration after a brief period of declines. Both are signs of a normalizing market after years of rapid home value gains.

The U.S. median home value rose 5.4% year-over-year in May, to a Zillow Home Value Index of $226,800, according to the May Zillow Real Estate Market Report. May's annual growth rate is still well above the historic average pace of annual ZHVI growth of 3.8 percent in a given month, but represents a notable slowdown from both the May 2018 rate of 7.5% and the recent high of 8.1% set in December 2018. After a brief acceleration during the last four months of 2018, annual ZHVI growth has slowed compared to the month prior in each of the first five months of 2019.

This national slowdown is echoed in a large majority of the nation's largest housing markets – 33 of the top 35 U.S. markets grew more slowly in May than they did a year ago, with Indianapolis and Cincinnati the only markets bucking the trend. But while most of these large markets have slowed, home values in almost all of them still grew in May – San Jose, Calif., is the lone large market in which home values fell year-over-year, declining 5.7%.

On a monthly basis, the median U.S. home value fell in May, the second straight monthly decline after a stretch of 85 straight months of month-month growth. These monthly declines are notable for their rarity over the past 6+ years, as the housing market came roaring back in the wake of the Great Recession. But their magnitude is fairly minor at this point, and monthly home value growth may be better described as "flattening" rather than meaningfully declining. In March, prior to the past two monthly declines, the median U.S. home was worth $227,200 – just $400 more than currently. As the busy home shopping season enters the summer months and buyers continue to hit the market, even modest monthly growth could easily erase that decline.

Taking a longer-term and higher-level view of the market, the current slowdown in home value appreciation – even the soft declines over the past two months – has long been expected and could be characterized as somewhat welcome in some senses. It has been widely acknowledged that the aggressive pace of home value growth over the past several years was unsustainable. Buyers simply couldn't keep up, and home prices are correcting. This steady return to "normalcy" – something U.S. housing hasn't experienced in two decades – will carry on, and we should expect some continued, but increasingly moderate, volatility. And the significant recent drop in mortgage rates, as well as renewed rent growth, may help U.S. home values get back into positive territory sooner rather than later.

Rent Growth Speeding Up

While home value growth has slowed, rent prices are accelerating. The U.S. Zillow Rent Index rose 2.7% in May, to $1,479/month. After slowing throughout much of 2018, the annual pace of rent growth has accelerated in each of the first five months of 2019 compared to the month prior. Rent was up compared to May 2018 in all 35 of the nation's largest housing markets, and annual rent growth is currently faster than a year ago in 28 of those 35.

But while rent growth has been speeding up, it is still growing at a largely sustainable pace, slightly below recent annual growth in incomes that has been at or above 3 percent for much of the past year. Sustainable rent growth, coupled with still-tight inventory, means renters may stay tenants longer, keeping rental demand high and rent growth on a manageable upward trajectory. Renters comfortable in their apartments may be more able to cover rent increases, and could choose to stay renting longer than they otherwise might have. And a lack of inventory – especially at the entry-level end of the market – means it may take longer for many potential buyers to find the right home for them, also keeping them renters longer.

Inventory Stabilizing

There were 1,584,512 U.S. homes listed for sale in May, down a scant 0.5% from a year ago, though inventory was up year-over-year in roughly two thirds (23/35) of the nation's largest metro markets. For-sale inventory grew the most in Las Vegas (up 41.8% year-over-year), San Jose (40.6%), Denver (25%), Seattle (23.9%) and San Francisco (21.4%).

After an almost 4-year stretch in which U.S. inventory fell continuously year-over-year in every month, the number of homes available for sale appears to have hit bottom but not yet begun to rebound. Instead of moving decisively in one direction or another, over the past 8-12 months inventory has been bouncing up and down by small amounts. Some of this stabilization in inventory is coming from homes staying on the market longer, rather than growth in new listings. In April (the latest month for which data is available), the typical home spent 70 days on the market before selling, up modestly from 67 days in April 2018.

Critically, despite this relative recent stability in inventory, the number of homes available for sale remains far more constrained at the bottom/entry-level market segment than at the top, creating additional pressure and competition among first-time and/or lower-income buyers. There were more than twice as many high-end homes available for sale in May than there were entry-level homes. Almost half (46.7%) of all homes available for sale nationwide were in the top tier; a little more than a fifth (22.3%) of available inventory was priced in the bottom third of all homes.

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via Housing Market Continues to Cool and Normalize (May Market Report)

Top Places for LGBTQ Folks to Live—and It’s Not Just New York and San Francisco

Boho and Minimalism Top Our List of 2019 Outdoor Living Trends

It's easier than ever to create an outdoor oasis that's an extension of your home, and this summer's biggest trend is creating a backyard space that is as comfortable as your indoor one. Design styles like bright and bold boho and Scandinavian minimalism are heading outside, according to our 2019 Outdoor Living Trends Report.

“The lines have been blurred between what's indoor-only and what you can use outside, which means it's never been easier to create an outdoor space that's cohesive with your indoor design," says Kerrie Kelly, design expert and founder of Kerrie Kelly Design Lab.

Here’s her rundown of this year’s five hottest outdoor trends:

1. Mixed materials

This summer, design elements that were once considered indoor use only - brass, rope, textured upholstery and webbing - are combining in new, unexpected ways for outdoor spaces. Chandeliers, soft rugs and cozy floor cushions are now popular for outside, and new fabric options now include outdoor-safe velvets, leathers and nubby chenilles.

2. Minimalism to the max

Scandinavian minimalist design is now showing up in outdoor furnishings. Lounge chairs, love seats and bistro tables are trending this summer in lightweight, powder-coated aluminum. Finish the look with neutrals like black, white and gray, or mix-and-match with a natural material like teak.

3. Some like it hot

This summer it's all about elevated outdoor spaces that feel as stylish, comfortable and functional as interiors - with all the amenities. Fire features and outdoor kitchens continue to be extremely popular, providing a sense of "indoor cozy." Beyond adding ambiance, Zillow research found home listings mentioning outdoor kitchens and outdoor fireplaces sold for significantly more than expected.

4. Pops of color

Splashes of bold color are brightening up neutral upholstered furnishings. This summer's top color trend of citrus-bright oranges, reds, yellows and pinks are lively and vibrant outside. Think about adding a touch of Living Coral, Pantone’s Color of the Year, or play with newly trending emerald green in your accessories.

5. Go green outside

Eco-conscious landscaping, outdoor furnishings and fixtures have gained traction this year. Living walls make a design statement and reduce your carbon footprint, and solar-powered LED accent lights provide upgraded illumination without complex wiring or tricky installation. When it comes time to sell, listings mentioning outdoor lighting were associated with homes selling for 19% more than expected.

Outdoor trends to leave behind in 2019

Matching patio sets

With more options than ever, there's no need to rely on matching patio sets for a pulled-together look. Instead, curated, eclectic outdoor spaces continue to rise in popularity. Own a patio set? Add mix-and-match, multi-patterned outdoor pillows, a textured ottoman and a vintage rattan side table for a unique look.

Rustic farmhouse

Weathered barnwood dining tables and industrial metal chairs are getting a 2019 makeover with a sleeker combination of teak and aluminum. Take your existing farm table and give it an upgrade with a set of bright, cheery mesh aluminum dining chairs.

Related:

• Spectacular Solariums and Sun Rooms Let in the Light
• Quiz: Which Perfect Pool Is Cool for the Summer?
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via Boho and Minimalism Top Our List of 2019 Outdoor Living Trends

Spectacular Solariums and Sun Rooms Let in the Light

How Much Life Insurance Do I Need?

Three strategies to help you answer the question

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May Existing Home Sales: Chipping Away

• Existing home sales rose 2.5% from April to a seasonally adjusted annual rate (SAAR) of 5.34 million in May. They’re down 1.1% from a year ago.
• The median home price in May was $277,700, up 4.8% from a year ago. May was the 87th straight month of year-over-year gains.
• Inventory at the end of May increased to 1.92 million homes, up 4.9% from April and a 2.7% increase from a year ago.

Existing home sales continue to chip away at the year-over-year deficit caused by last year's declines, with sales growth in both single- and multi-family homes. The market no longer faces the climbing mortgage rates or poor stock market performance that helped set the stage for last year's declines – and existing home sales are bouncing back slowly. We should start to see positive year-over-year growth in the second half of the year.

Even in the face of 4% home-price growth, consumer confidence is strong and mortgage applications for home purchases continue to climb, although not at a pace you'd expect to accompany falling mortgage rates. Low rates can only do so much to offset still-rising home prices and a shortage of homes at the lower end of the market.

The post May Existing Home Sales: Chipping Away appeared first on Zillow Research.

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Purple Reign? Violet-Hued Home in Ohio Is the Week’s Most Popular Property

Forecasts for Existing and New Home Sales (May 2019)

• Zillow expects May existing homes sales to rise 2.5% from April to 5.32 million units at a seasonally adjusted annual rate (SAAR). That would represent a drop of 1.5% from May 2018.
• We estimate new home sales will slip 0.9% from March to 667,181 units (SAAR) – which would be up 2.6% from May 2018.

Existing home sales

We expect May existing home sales, which will be released on Friday, June 20, by the National Association of Realtors (NAR), to grow from April unrevised figure – chipping away at the year-over-year deficit that has persisted since March 2018 caused by declines due to climbing mortgage rates, poor stock market performance and fears of a slowing economy. We should start to see positive year-over-year trends in the second half of the year.

Consumer confidence is strong, and mortgage applications for home purchases continue to climb steadily, although they have not yet risen at the pace that would be suggested by falling mortgage rates.

Affordability concerns form a headwind against those strong fundamentals. Home prices continue to rise, albeit at a slower pace, and inventory remains tight at the lower end of the market. Lower mortgage rates can only do so much to overcome those factors.

New home sales

New home sales experienced a setback in April, but remain higher in the first third of 2019 than they were in 2018. Still, there's plenty of runway for growth: New home sales remain low historically. That means moderate increase are likely going forward.

Single-family permits also have been climbing, a sign that better days may be coming – although it's not clear precisely when. Builders will be watching, because new home sales suggest there's room for more homes to be built.

The U.S. Census Bureau is scheduled to report May 2019 new home sales on Tuesday, June 25.

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via Forecasts for Existing and New Home Sales (May 2019)

$29.5M Modern Estate in Beverly Hills With ‘Spectacular Views’ Is Most Expensive New Listing

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J. Lo and A-Rod Buy and Sell Their Manhattan Condo in a New York Minute, but How?

‘Nobody Cares!’ Rich Unknowns Try Celebrity Tricks to Hide House Hunting

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5 Essential Personal Finance Podcasts

There's something for everyone here!

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Could You Live Like the Folks in ‘Friends,’ ‘Full House,’ and Other Famous Homes? Find Out Here

Most popular homes and their neighborhoods of June 2019

May Housing Starts: Mixed Signals

• May housing starts fell 0.9% from April and 4.7% from May 2018, to 1.27 million units (SAAR). April’s initially reported numbers were revised. Starts were 4.7% below May 2018, according to the Census Bureau.
• Building permits rose 0.3% in May from April, to 1.29 million. It’s 0.5% below May 2018.
• Housing completions in May fell 9.5% from April, and 2.8% below a year ago.

A slew of mixed market signals is both buoying and biting builder confidence as the year progresses, resulting in a small monthly slide in new housing starts in May after a slight upward revision to April numbers. For buyers who can secure an adequate down payment and find a home in their price range, low mortgage rates mean a monthly payment remains quite affordable – and mortgage applications are up accordingly. While buyer demand should continue to be strong, builders are having a tougher time replicating their buyers' affordability advantages. Lumber prices have fallen somewhat, but labor costs are rising quickly – itself a sign of strength in the economy, as those that may traditionally have found work in construction are able to find good-paying jobs in other industries. Buildable land is at a premium, making it hard for builders to find areas where they can turn an acceptable profit in the still-strong housing market. We're left with a new construction market taking two steps forward and one step back, and May was a one-step-back month.

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No Flops Here: 5 Homes Renovated by HGTV’s Tarek El Moussa You Can Buy Right Now

Buying a House With a Swimming Pool: The Pros and Cons

The decision isn't as easy as you think.

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Property Brothers vs. Chip and Jo: Who’s the More Popular Home Design Duo?

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An Expert Explains How to Sidestep Mortgage Insurance With Less Than 20 Down

You've got options!

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Gwyneth Paltrow and Her Husband Live in Separate Homes: Bad Idea or Brilliant?

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Are Coming Soon Listings the Best Bet for First-Time Buyers?

While you wait, get your finances in order.

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Parents Buying Homes: Long on Wish Lists and Breaking the Budget

• Almost half of home buyers and a third of renters who moved in the past year have children who are under 18 and live at home. And 56.6% of buyers who had or adopted a child in the past year said it influenced their move.
• Buyers with children at home are more likely to go over budget than those without, and of those who stick with their budgets, two-thirds make compromises to do so – a greater share than the roughly half of buyers without kids at home who make compromises.

Having children changes people, and for home buyers that translates into vastly different wish lists and budgetary constraints.

Once fans of happy hour and eating out, new parents find they're lucky to make it to the grocery store and back. The desire to be trendy or able to walk to favorite shops gives way to the need to provide their child with safety, enrichment and healthy habits.

Ideas about commutes change as well. While a long commute can be a trade-off for a bigger or more affordable home, that time on the road for a parent with small children can mean a post-work crunch: Picking a child up from day care, making and eating dinner and getting the little one to bed at a decent hour.

Add to that the fact that peak child-raising years often coincide with peak career demands, and location becomes doubly important – and doubly tricky.

As a result, the home-shopping process for buyers with children who are under 18 and living at home is more arduous: They are more likely to see an offer or mortgage financing fall through, and they're more likely to go over budget. That's despite attending more open houses and making more compromises to stick to their budgets.

After they've hurdled the challenges, buyers with kids at home overwhelmingly love the homes they purchased.

Reconciling budgets, mortgages and needs

Almost half of buyer households (45.9%) and a third of renters (33.1%) who moved in the past year have children who are under 18 and live at home. And 56.6% of buyers who had or adopted a child in the past year said it influenced their move.

 Buyers with children at home are more likely to go over budget (25.7%) than those without (21.2%), perhaps to attain the location and amenities on their long wish lists.

Still, the majority of buyers with kids at home stay within their budgets (74.3%), often because they make compromises. Two-thirds (66.5%) made some type of compromise to stick with their budgets, considerably more than the 51.6% of buyers without kids.

Among parents who made such a compromise, the top ones were increasing their commute (34.1%), purchasing a home without their desired finishes (32.7%) and purchasing a smaller home than planned (31.2%).

The financial stretch for parents is visible in their down payments. In order to afford their homes, 54.7% of buyers with children at home had down payments of less than 20%, compared with 49.2% of buyers without kids at home.

Parents also are more likely to worry about qualifying for a mortgage (64%) compared with non-parents (44%), and it turns out their concerns are warranted. Almost a third (31.5%) of buyers with children who eventually obtained a mortgage experienced a denial versus only 11.5% of buyers without kids at home.

All that, plus the kitchen sink

Most buyers with children under 18 hoped to buy single-family detached houses (83.7%), which tend to be more expensive than townhomes and condos. They also had long home and neighborhood wish lists.

Parents place greater importance on nearly all home characteristics than buyers without kids living under their roofs, being more attached to everything from storage space to a particular number of bedrooms. Having a child's needs in mind can add urgency – and parents of young children might be anticipating future needs without being sure which features will be most important as their children grow.

Buyers with children are more likely to rate a private outdoor space as very or extremely important (75.3%) compared to buyers without children at home (65.1%). Similarly, a home's potential to increase in value was highly important to 73% of parents compared to 61.5% of non-parents.

To attain their long wish lists, buyers with kids are willing to expand their searches to include foreclosed homes, short-sales and homes for sale by owner.

Location, location….

Parents are less likely to give up on location. Every single neighborhood characteristic included in the study was more important to buyers with kids at home compared to those without.

They're often balancing the desire for a decent commute with wanting a particular school district and other child-focused needs. So, it makes sense that they are more likely to end up purchasing in the area they initially considered (71.8%) than buyers without kids at home (66.2%).

Not surprisingly, purchasing in the preferred school district was very or extremely important to 66% of buyers with kids at home, compared to only 22.9% without. Commute was also highly important to parents (66.4%) compared to non-parents (43.3%).

Grueling search

To find the home with the right features in the right location, parents face a daunting task.

Buyers with kids at home attend more open houses and are more likely to have an offer fall through. Only 52% of buyers with children successfully purchase with their first offer compared with 62.7% of buyers without children at home.

Renters who are parents have it especially tough. Renters with children in the home fill out 1.9 times as many applications (4.8 on average versus 2.5) compared with renters without kids in the household. They also search longer to find their home (3.4 versus 2.3 months on average) than renters without children in the household. Finding a home may be harder for parents who rent, because many rentals do not have the number of bedrooms, storage and other features they seek – and they aren't able to renovate and make other changes.  On top of that, many renters with children are financially vulnerable: More than half (54.1%) saying they couldn't afford a $1,000 unexpected expense, compared with 45.5% of renters without children at home.

Worth the journey

At the end of their long journeys, the vast majority of parents who recently moved into a home recently say they love it. This is especially true of buyers with children at home: 94.6% say they love their home compared with 91.8% of buyers without kids at home.

Most renters with kids at home love their home too, but not to the same degree as buyers. Some parents view their rental home as temporary, which may lead them to not form the same level of attachments. Seventy percent of renters with children in the household love their home, about the same as renters without kids at home (72.3%).

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5 Things to Do Before and After Closing

You’ve been house shopping for months or even years. You’ve endured a series of offers, property disclosures, inspections and reports. Finally, after so much excitement, stress and anxiety, the house hunt has come to an end.

But the story isn’t over yet. Here are some next steps to consider before you actually move in.

1. Plan renovations well in advance

Rarely does a buyer get a place that’s move-in ready. By the time you’ve signed a contract, you have lots of ideas about how you'll live in the home, how you'll customize it and what work needs to be done.

If the place needs work, don’t wait until you’ve closed to engage a professional. Either at your final walkthrough or during a private appointment, get the proper contractors in the house and start collecting bids for necessary work. If possible, have floor sanding, painting or small fix-it work done before you move in. Real estate agents work with all kinds of tradespeople, so they're often a great resource for referrals. 

2. Set up the utilities

Some people assume the utilities will work once they walk in. While many utility companies have grace periods (the days between when the seller cancels service and the new owner calls), you can’t always assume this will be the case. If you have an out-of-town seller, they may have canceled services the day they knew all contingencies were removed. In this instance, the grace period likely lapsed, and you may be stuck dealing with the electric company, waiting for an appointment or just being without power when you really want to start painting, fixing or cleaning.

The best plan is to call the utility companies and get service set up well before closing. If they haven’t received cancellation notice from the seller, let the seller know to take care of that.

3. Change the locks

Assume that everyone has a set of keys to your new home. The seller's real estate agent likely gave copies to their assistant, a painter, a stager or even another agent at some point during the listing period. That's why the first person you should call after getting the keys is a locksmith.

4. Hire a cleaning crew

There's nothing worse than showing up with the movers, dozens of boxes and your personal belongings only to discover the seller hasn’t had the place cleaned.

Assume the worst and get a professional cleaning crew in there the minute after closing. Even if the seller did clean, they may have done a poor job. You want to start life in your new home with a clean slate. The bones of the place will be sparkling clean, and you won't be scrambling to get cleaners in while the home is in a state of unpacking disarray.

5. Have a handyperson, contractor or designer on call

Moving involves the kind of stuff you wouldn’t wish on your worst enemy. Things like aligning your framed artwork, centering the couch in the living room or getting the large rug set up in the master bedroom can drive you crazy.

While it may seem like a luxury, investing a few hundred dollars in hiring someone to help with these tasks will save time and potentially relieve you of a giant headache.

Thinking ahead is the way to go

As your closing date draws near, you're probably exhausted. But taking a little extra time to plan ahead will save you time, money and stress - and make the move into your new home so much more satisfying.

Related:

• 3 Reasons to Live in a New Home Before Renovating
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• How to Move Cross-Country: See How These Renters Made It Work

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow. Originally published February 2013.

via 5 Things to Do Before and After Closing

What to Unpack First in Your New Home

So you’re finally in your new home, surrounded by piles of boxes, tired and glad that your relocation is about to end.

To fully complete your moving adventure, however, you need to unpack your belongings and make your new place feel like home. But where do you even begin?

First things first

No matter how much you want to get it over with, there are three important things to do before you can actually start unpacking.

1. Clean and prepare your new home. It's easier to wipe down shelves, clean windows and mop floors before your belongings are in place. Make sure your home-to-be is spotless when your items arrive. If you can't get to your new place early enough to do a thorough cleaning, consider hiring professional cleaners to do the job for you.
2. Inspect and organize your belongings. Check all the delivered boxes and household items against your inventory sheet to make sure nothing is damaged or missing. Then have each of your possessions taken to the room where it belongs. If everything was properly marked and labeled, sorting your items will be a piece of cake.
3. Set major furniture and appliances. Position your large furniture pieces and bulky household appliances first. Then you can put any smaller items you unpack later directly in their rightful places. Plan your interior design well in advance so you don't end up moving heavy pieces around several times.

Tackle the necessities

What matters most when unpacking your items after a move is ensuring that your essentials are immediately accessible. So prioritize your belongings, and unpack only the necessities first.

Bedding

You may not be able to unpack the entire bedroom right away, but you’ll definitely need at least the bed the day you move in. Reassemble the bed frame (if necessary), lay down the sheets, unpack the pillows and spread the blankets so you can get a good night's rest - you’re going to need it!

Provided that you have a change of clothes and some comfortable indoor shoes (as well as curtains on the windows to ensure your privacy), the rest of your bedroom items can wait until you find the time and the energy to deal with them.

Bathroom items

Without a doubt, your personal care items, toiletries and medicines should top the list of the most important items to unpack after your move. Put out toilet paper and soap, find your toothbrush and toothpaste, hang the towels and the shower curtains, and unpack any other bathroom essentials you’ll need to wash away the weariness and stress of moving.

Kitchen necessities

Kitchens tend to take a very long time to unpack and organize properly due to the large number of items that need to be sorted and carefully arranged.

As soon as you’ve hooked up the large appliances, such as the fridge and the stove, move on to your smaller kitchenware. Plates, silverware and glasses should be the first to find their places in cupboards and kitchen cabinets, closely followed by cooking utensils, pots and pans, and pantry items.

Kids’ and pets’ items

If you have young children, unpack some of their favorite toys, books, games and blankets during the first few hours in your new home. Keeping your young ones happy and occupied will let you concentrate on your work and finish it faster.

Of course, you should also take care of your pets' needs immediately upon arrival. It’s a good idea to pack adequate pet food and some of your animal friends' favorite toys in your open-first box.

Finishing up

When you’ve unpacked the three most essential rooms in your home (bedroom, bathroom and kitchen), everything else can wait a bit. There are no deadlines to meet, so you can set your own pace when unpacking and decorating your new place - just unpack in order of priority without procrastinating.

If you stay organized, set reasonable goals, clean after every unpacking phase, and dispose of the packing materials in a safe and eco-friendly manner, your new surroundings will soon stop looking like a warehouse full of boxes and start feeling like home.

Related:

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• The Hidden Costs of Moving: 11 Extra Fees to Watch For
• 3 Common Moving Nightmares (and How to Prevent Them)

Originally published February 5, 2016.

via What to Unpack First in Your New Home

3 Reasons to Live in a New Home Before Renovating

In today's market, many buyers forego fixer-uppers for move-in ready homes. As a result, significant opportunities abound in prime locations as homes that need work linger on the market.

In competitive markets, savvy consumers gravitate toward these homes that nobody else wants. Why? They can customize the home to their requirements and build equity along the way.

That said, I often recommend that buyers live in a new home for a while before undertaking any major remodeling or pricey home improvements. I'm not talking about lighting or plumbing repairs necessary to make the house habitable. Rather, I'm referring to discretionary remodeling, expansions and other improvement projects.

Here are three good reasons to at least consider holding off on the big home improvement projects until you’ve had some time to settle in.

1. Living in the home can change your mind

You may have grand visions for what you'd like to do to a home, based on its condition and your priorities at the time you buy it. But until you're actually living there, it's difficult to know exactly how you'll use the house, what will work for you and what won't.

Ultimately, it's this day-to-day experience that will inform your home improvement decisions, instead of early notions of how you want your everyday experience to be.

2. After buying a home, you deserve a break

Buying a home is a massive project, an enormous change in your life and a shock to the system - if not your finances. I've seen buyers jump through hoops, spending months on end looking for a home. In some situations, it becomes a part-time job.

A home renovation can be yet another big and stressful project, what with all the decisions to make and contractors to deal with.

My recommendation: Take a break from the stress of buying your new home.

3. You need time to plan

Any renovation, no matter how small, should be designed with care. That means speaking to multiple architects, contractors or designers to get their take on your ideas and options - a time-consuming process.

An hour with a well-qualified contractor can uncover opportunities where you least expected them. For instance, even though it may be an added cost now, moving the laundry machines from the garage to the top floor during a larger renovation may save you time and money down the road.

Conversely, hiring architects and contractors while under the constraints of an escrow period is likely to cause problems for you later.

Some buyers want to jump into renovations because they don’t want to live in a construction zone or pay rent and a mortgage at the same time. While this may make some economic sense upfront, it can still cause costly problems later.

Often, buyers who said they don't want a home that requires any work end up buying a home that needs at least some. It's the natural evolution of the buying process. Rarely does someone end up buying the home they started off thinking they wanted.

While you should be open to doing work on a home, don't feel stressed about getting it all done at once. Live as-is for six months to a year. Take the home for a test drive and see how it runs. You may be surprised at how your perspective and priorities change once you settle in.

Find out which home renovations DIYers most regretted tackling themselves.

Related:

• Are You Overimproving for Your Neighborhood?
• Quiz: Should You Renovate Your Home or Sell?
• How to Build a Home Renovation Team You Can Trust

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.
Originally published August 2016.

via 3 Reasons to Live in a New Home Before Renovating

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