Wallace TN Website Admin, Author at Wallace Real Estate

This article is part of our ongoing Thought Leader series. Originally published in the Knoxville News Sentinel, this article was written by Claudia Stallings, Wallace Chief Operating Officer.

We refer to them as our “furry children,” and we give them names like “Buddy,” or “Lucky.” Then, we talk to them as if we are talking to a baby, and suddenly our proper English turns into babble. We mispronounce words and say things like, “Who’s da bestest boy?” If they already have a whimsical name, it usually morphs into something more.

For instance, our schnauzer is Boo, but we call her Boo Boo or Boo Boop de Do. But not everyone loves pets. I know. It’s something that’s hard for a pet lover to say out loud. But in the world of real estate, pets can become hurdles to a transaction. Those who love pets are usually on one side, and those that don’t remain steadfast on the other side. So how do you find the middle?

Let’s face it. As “pweshious” as they are, pets are messy. They can be smelly, and they can damage property. They can also be threatening to strangers, and some people are downright allergic. I’ve seen houses where the hardwood floor was completely scarred by the toenails of the friendly boxer who lived there. I’ve seen door framing chewed and scratched off. I’ve seen bare spots in yards where the dog frequents, and I’ve seen a lot of stained carpet. Doors are carved up to allow for pet doors, screens are missing, and hair can be a nuisance.

So, if you are a “pet wuver,” and you are trying to sell your house, consider what you might need to do in case a non-pet wuver is interested. Take the pets with you on showings or contain them so that the potential buyer has the freedom to move about the house without concern.

I’ve been met at the house by a rottweiler, who, I was told was friendly, yet the entire showing, he followed us from room to room, blocking our walking path, so that all we could think about was getting out of there.

Realtors are also burdened with instructions like “don’t let the cat out.” But what about that cat that came in during a showing. Does that cat belong to the owners? Who knows, but if Realtors become pet wranglers, they become pre-occupied with making sure the pets are accommodated, and may not be able to put their full attention on the house.

Then there were the people who came to see a house I once had for sale, and they were met by Miss Kitty, who met everyone. She was a black cat who preferred laps and petting over most anything, but those buyers never set foot in my house to see it. Superstition? Allergies? Fear of cats? I still don’t know.

As for the lingering odor that comes with pet ownership, it’s often that the owners become nose blind, and can no longer notice the difference between the fresh air outside and the pet air inside. But visitors pick up on that in an instant. The result is that they believe the house to be dirty. There was that one house that was covered in cat stuffed animals like Garfield, Hello Kitty and the like. And the place reeked of cat urine, to the point it made our eyes water.

So, if you wuv your pets but need to sell your house, know that you have a better chance of selling appealing to all buyers if you do what you can to make the evidence of your fur babies presence as minimal as possible.

There’s a trend that has been gaining popularity in the housing market over the past several years: multi-generational homes. While the concept of several generations of a family living together isn’t particularly new, the structures they are calling home now look and feel much different than in the past.

Research estimates that more than 50 million individuals currently reside in housing that is multi-generational. The term multi-generational refers to three or more generations being under one roof. As the baby boomer generation ages, the number of folks who live with family members will only increase.

One reason that multi-generational living arrangements are popular is because of children providing care for aging parents or grandparents. While retirement housing and medical/nursing facilities are an option, many seniors do not wish to make that choice.

Another reason younger generations are moving back in with parents and grandparents is because of the recession and economic downturn. Jobs have been scarce in many cities across America and housing prices are on the upswing.

This trend actually helped to inspire the idea for multi-gen housing. These types of homes don’t look different on the outside, but the interior has some innovative features. On-site or even attached apartments are one feature that some multi-generational homes have to offer.

These apartment-type additions aren’t fully functional as stand-alone housing because while they have bedroom, bath, and kitchenettes, they usually don’t have full cooking appliances that an average kitchen would contain.

For adult (or college-aged) children who have moved back in with their parents, this type of set-up is attractive for many reasons. Not only does it provide more privacy than typical homes, but it is significantly more affordable since resources are pooled. And for older adults who have moved in with their children, there is more independent living space that more closely matches what they are accustomed to.

Most of the homes of this type are being constructed in states such as California, Arizona, and Florida but the belief by many market forecasters is that they will spread.

Would you consider living in a multi-generational home? Whether you are seeking a home for the entire family or a smaller dwelling for one or two, East Tennessee has plenty of real estate options available! When you work with a trusted real estate professional who knows the market and area such as a member of our team here at Wallace, your next dream home can become a reality.

If you visited a dozen websites and read hundreds of reviews just to decide on which air fryer to purchase, then how about when it comes time to select a home remodeler? That remodeler will be doing a significant amount of work to your biggest investment: your home. So choosing the right one is an important decision.

If you are like most home owners, you will likely do a significant amount of online research to find the remodeler who is best suited for you and your home. But with all of that collective “wisdom” available online, it can be hard to tell which reviews are the most accurate, or at the very least, which ones are legitimate.

Proceed with Caution

The Internet makes it easy to find a wealth of information with just a few quick clicks of the mouse. Much of what you find will provide some useful background, but you can’t believe everything you see or read. When looking through customer rating sites, use good judgment to weigh the value of certain online reviews (positive or negative).

Keep in mind:

An abundance of positive, brief, non-descript reviews that use excessively promotional language can often indicate phony reviewers.

Customers who had a positive experience are far less likely to post a review than customers who had any sort of negative experience.

Reading at least a dozen reviews is important to recognize any possible trends – good and bad – among the reviews.

The Better Business Bureau, www.bbb.org, is a good resource to ensure the business doesn’t have any unresolved complaints. Other sites worth noting include Angie’s List, HomeAdvisor, Houzz, etc.

Remember, the most reliable customer reviews will always come directly from the mouths of previous clients. If you don’t happen to know any former clients of the remodelers whom you are considering, simply ask those remodelers for references of recent projects. Those who are talented and trustworthy remodelers will readily provide you with several former clients who can speak to their quality of work.

To learn more about finding a reliable contractor with an established business in our community, contact members of HBAGK atwww.hbaknoxville.com/members. You should also check the license status of your remodeler via www.verify.tn.gov.

**Coldwell Banker Wallace is proud to be a member of the HBAGK. This content was re-printed with permission from the Home Builders Association of Greater Knoxville.**

August is here and for students in East Tennessee, it’s time to head back to school. This is an exciting time, but it can also be intimidating for students and parents alike.

However, there are plenty of ways to reduce stress as your kids head back into the classroom.

Here are some tips for making the transition go smoother.

Get Familiar-

One of the most stressful parts of going back to school for a child is the unknown.

Will they like their new teacher?
Will they be able to navigate their new environment?
Can they handle the new curriculum?

Try getting to know your child’s new teacher by meeting them face to face at open house events. Be positive about your child’s teacher so they know they have nothing to worry about. Tour the new school or classroom with your child to relieve some of their fear of the unknown.

School Supplies-

Make shopping for school supplies a special event for your child. Take them along and get them interested in learning new things with stuff they’ve never used before like colored markers or calculators. Maybe take them out for an ice cream or a special lunch. And give them some choices by letting them pick out a cool themed notebook or the backpack of their choice.

Begin The Routine Early-

Most families have their own morning routine when it comes to the school year. Don’t wait until the first day of classes to start yours. Start enforcing bedtime rules a few days early to get your child into the pattern. Maybe practice the morning routine with your child. Drill getting to the bus stop on time. Find out what works best for your family by trial and error and just making a routine that works for you.

Try a few of these ideas and see if they make transitioning into the new school year easier for your family.

When it comes time to put your house on the market, effective staging is vital for closing the deal. Presentation is everything when it’s time to show your home. Potential buyers want to imagine their life fitting into your home, and that’s impossible if all the extra stuff of your life gets in their way.

Here are some tips for effective staging.

Get Rid Of Clutter-

Perhaps the most important part of the staging process is the de-cluttering. Go through your house and get rid of anything extra that is taking up space. This especially applies to furniture. Try to look at your home with objective eyes. Of course you love your grandmother’s handcrafted doilies, and all your kids’ homemade craft projects. But these things don’t help sell your house.

If you need to make a trip to a local thrift shop to donate some items or rent a storage pod, do it. Just get as much stuff out of sight and off the premises as possible. The less stuff in your home, the bigger it will look and the easier it will be for your visitors to imagine their lives and stuff in your house.

Lighting-

Lighting is crucial in the presentation of your home. No one wants to buy a home that’s dim and dreary throughout. Up the wattage in all your lamps to 100. Get the curtains open in every room to take advantage of natural sunlight. Combine overhead lighting with lamps and even desk lamps.

Sterilize-

Use a critical eye to pare down on anything that identifies your home as an extension of yourself. It’s much less harsh than it sounds. Fridge covered in magnets and wedding invitations? Stash those somewhere else. Gallery wall of family photos? Maybe consider simplifying this to just a couple. Huge metal fan and have a room dedicated to your favorite bands? Maybe consider turning it back into a guest room. The little distractions can add up and plant a negative vibe in a potential buyer’s head.

Fresh Paint-

A fresh coat of neutral color on the interior is a big plus. Freshly painted walls, doors, and trim make your home look newer and cleaner. Freshness sells.

Plus, a freshly painted home (in neutral colors) appears more move-in ready. Often, if you are competing with other homes on the market, offering a property that is move-in ready can be a tie-breaker between two otherwise similar homes.

Clean It Up (Interior And Exterior)-

Get the flooring & carpets professionally cleaned (or replaced), and thoroughly scrub your home from top to bottom. You can invest the elbow grease yourself or hire professionals to come in and do a deep cleaning. If you decide to do it yourself, don’t neglect ceiling fans, wall vents, the garage, or sliding glass doors.

Outside, pressure wash the house and driveway. Consider if your home needs a fresh coat of paint. Your home may be less appealing if it comes with immediate chores to complete. Landscaping can really add to your home’s curb appeal, so do it yourself or hire a service. Some mulch, a few flowers, and a fresh cut lawn go a long way.

Staging is vital for making the sale, so be sure you do it right. It could make the difference between selling your home quickly or failing to attract the attention of potential buyers.

Virtual Staging-

If your home is completely empty because you’ve already moved, Wallace’s in-house Media Department offers a great virtual staging option to create beautiful spaces with appropriately sized/placed virtual furnishings. Ask your agent about this today!

For some time, the family room has been the favorite room in the house of many homeowners. Whether referred to as the den, the rec room, or the playroom, this is the space where homeowners get to spend quality time with other members of the household, as well as guests who may stop by.

However, as the significant increase in time spent at home during the pandemic has changed preferences, homeowners now favor quieter and more private areas in the home.

In a survey of more than 2,000 Americans, there’s a new favorite room: the primary bedroom. In the survey, conducted by Ally Home, some respondents said it’s their new favorite spot because it’s where “they can hide from family members.”

Here are the five favorite rooms in the house, according to the Ally Home survey:

Primary (Owner’s) bedroom: 27%
Family room: 14%
Kitchen: 10%
Main bath: 9%
Man or woman cave: 7%

Spending so much time at home over the last few months has also sparked a wave of house projects among many homeowners. Another new development is that 88% of the 2,000 homeowners surveyed say they’re considering improvements to their homes to make it more “staycation-ready.”

The most popular projects center on the outdoors:

38% are considering installing an in-ground or above-ground pool or spa.
35% are considering building an outdoor athletic court.
29% are considering improvements to their porch, deck or patio.

If your bedroom is no longer serving as a great escape for you, maybe you’re ready for a move? Let a Wallace agent help you get where you’d like to go!

WASHINGTON (March 23, 2022) – The share of millennial home buyers increased significantly over the past year. They are also the most likely generation to use the internet to find the home they ultimately purchase and most likely to use a real estate agent.

This is according to the latest study from the National Association of Realtors®, the 2022 Home Buyer and Seller Generational Trends report, which examines the similarities and differences of recent home buyers and sellers across generations.1 The NAR report found that the combined share of younger millennial (23 to 31 years old) and older millennial buyers (32 to 41 years old) rose to 43% in 2021, up from 37% the year prior. Almost two out of three younger millennials – 65% – found the home they ultimately purchased on the internet, a number that gradually decreases with older generations. Eighty-seven percent of all buyers purchased their home through an agent. This number was highest with younger millennials (92%) and older millennials (88%).

“Some young adults have used the pandemic to their financial advantage by paying down debt and cutting the cost of rent by moving in with family. They are now jumping headfirst into homeownership,” said Jessica Lautz, NAR’s vice president of demographics and behavioral insights. “While young buyers use new tech tools, they also use real estate agents at higher rates than other buyers to help find the right home and negotiate the terms of the transaction.”

Buyers from all generations agreed about the top reasons for using an agent: they wanted help finding the right home to purchase, negotiating the terms of sale and negotiating the price. The silent generation – those between the ages of 76 and 96 – as well as younger millennials were also more likely to want their agent to help with paperwork.

Those between the ages of 42 and 56 – Generation X – had the highest median household income at $125,000. They bought the most expensive and second-largest homes at a median price of $320,000 and size of 2,300 square feet, respectively. Older millennials purchased the largest homes at 2,400 square feet, and the silent generation bought the smallest at 1,800 square feet. Across all generations, the largest share of buyers purchased in suburban areas (51%) and small towns (20%).

“Not surprisingly, younger generations typically upgraded in size and price while older generations purchased more affordable properties,” Lautz said. “The majority of all generations bought single-family homes at higher shares than other housing types, and younger buyers dispelled the myth that they are flocking to city centers. When it comes to location, the suburbs and small towns are the places to buy.”

Three out of five of recent buyers – 60% – were married couples, 19% were single females, 9% were single males and 9% were unmarried couples. The highest share of unmarried couples were younger millennials at 21%. Single-female buyers significantly outnumbered single-male buyers across all generations. The highest percentage of single-female buyers was in the silent generation at 27%.

The study also found that first-time home buying among younger generations is on the rise, with over 4 out of 5 younger millennial home buyers – 81% – purchasing for the first time. Just under half – 48% – of older millennial buyers were first-time buyers.

“While the pandemic allowed many potential buyers to save for a down payment, demographics played a key role,” Lautz said. “There is a wave of millennial buyers who are aging into the traditional first-time buyer age range.” Boomers made up the largest share of home sellers at 42%, although the percentage of millennial sellers is on the rise, increasing from 22% to 26% over the past year. Lautz noted that for the first time it is now more likely for an older millennial to be a first-time seller than a first-time buyer.

“Many factors can contribute to the decision to buy or sell a home,” Lautz continued. “For all home buyers under the age of 57, the main driver was the desire to own a home of their own. Among those 57 and older, the desire to be closer to friends and family was the top reason, followed by the desire for a smaller home.”

Younger generations tended to move shorter distances when relocating. Among all ages, there was a median of 15 miles from the homes where recent buyers previously resided and the homes that they purchased. That distance was lowest among younger millennials (10 miles) and highest among older boomers (35 miles).

Overall, buyers expected to live in their homes for 12 years, down from 15 years last year. For younger millennials and the silent generation, the expected duration was only 10 years, compared to 20 years for younger boomers.

Debt continues to be a significant barrier for many when attempting to buy a home. Both Generation X and younger boomers delayed purchasing a home for five years due to debt, the longest of all age groups. Younger millennials had the highest share of student debt at 45%, with a median amount of $28,000. Twenty-seven percent of younger millennials cited that saving for a down payment was the most challenging step in the home buying process, compared to just 1% for older boomers. Nearly one in three – 29% – of younger millennials received down payment help in the form of a gift or loan from a friend or relative and 24% lived with friends or family, directly saving on rental costs.

Despite this hurdle, a vast majority of buyers have a positive outlook on homeownership. Eighty-six percent of all buyers reported they viewed a home purchase as a good investment, and roughly nine out of 10 people – 89% – said that they would recommend their agent for future services.

“A truth across all generations is that homeownership is seen as a cornerstone of the American dream,” said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. “From building personal wealth and fostering communities, to strengthening social stability and driving the national economy, the value of homeownership is indisputable. Home buyers continue to turn to Realtors® as a trusted resource for helping find the right home and successfully navigating this increasingly complex process.”

The National Association of Realtors® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.

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1 Survey generational breakdowns: Generation Z: (ages 18-22); younger Generation Y/millennials (ages 23-31); older Generation Y/millennials (ages 32-41); Generation X (ages 42-56); younger boomers (ages 57-66); older boomers (ages 67-75); and the silent generation (ages 76-96).