So wouldn’t you want to know the one particular wall feature that in a certain market nearly ALWAYS knocks a little over a month off the time on market? I’ll tell you all about it, but first, I want to mention something that might leave you feeling a little let down. It has to do with the Better Business Bureau and, well, a certain guilty pleasure a LOT of real estate professionals enjoy. Get your mind out of the gutter! We’re talking about reality real estate television! According to the Better Business Bureau of St. Louis, reality television personalities are abusing their positions of authority, and the triple B wants to make sure you’re prepared. Find out exactly WHICH STAR got an F rating from that agency and how to make sure YOUR educational investment dollars are being respected by checking out this story right now in the News & Networking Section at www.rei.today. It’s not NEARLY as simple as you might think, and I’ll go ahead and tell you there’s a “surprise ending” of sorts…
Now, back to knocking a month off time on market. So where were we? Oh, that’s right, we’re somewhere that a WALL FEATURE is worth 36 days (that’s a whole mortgage payment saved, folks) on market. Here’s the deal:
According to Zillow Digs, the online real estate listing and data giant’s design and home improvement division, when you put about 2.8 million residential real estate listings from January 2014 to March 2016 into the Zillow Digs analyzer and shake them all up, some trends emerge. And those trends can clearly, in some cases, be distinctly tied to higher home sales and shorter times on market. Sometimes, the trends are national, (you may remember when we talked about how a barn door installation in your home could snag you more than $13,000 extra at closing, and if you don’t, check out episode XX) but sometimes they’re local, and one particularly distinct trend has to do with something in NEW YORK CITY that makes a property in a hot city even hotter, raising the sales price, on average, 4.9 percent and saving owners with this snazzy little feature a full 36 days on market. Are you ready for it?
EXPOSED BRICK. If you have an exposed brick wall in your New York City condo or co-op, then you have a distinct edge when it comes to getting at or above asking price and to selling fast.
Now, you may be thinking, “Why on earth would 36 days matter in the Big Apple? Isn’t it basically a GIVEN that you’ll make money when you buy and sell in NYC? Well, not so much these days. Of course, New York City real estate is still in high demand, but sellers who bought in the last few years at peak values are starting to get a little worried as more and more buyers are opting to hurry up and WAIT to make a purchase in hopes that the market will soften and they’ll get a better deal. At present, New York City’s home values are still rising – median value is at present nearly $600,000 and analysts predict another 3 percent appreciation in the next 12 months, but that’s a dramatic slow-down from last year’s 9.1 percent appreciation.
Even if you don’t invest in New York, which is a pretty intimidating market, the exposed brick look is likely to spread if it’s popular in the trend-setting big apple. One high-end real estate agent noted that regardless of market, buyers with money are looking for quote “authenticity” in their homes, and that a feeling of “brand-new old,” which exposed brick can certainly provide, is in high demand across the board.
Want to know what other home features are particularly hot and in what markets? Don’t worry! I’ve got all that information – including one feature that can knock nearly TWO months off time on market and add more than 13 percent to your sales price – laid out for you in the REI Today Vault. Not yet a member? you can join right now by texting REITODAY no spaces no periods to 33444. When you do, I’ll provide you with fast, immediate access to the report as well as a lot of other timely, insightful, PRACTICAL information that will help make your investing safer, faster, and more profitable.
And folks, remember, when you join the Vault you join our community, which means you have the opportunity to network with me, my guests, and your fellow listeners across the country. So go ahead right now and text REITODAY no spaces no periods to 33444 or visit us online at www.rei.today/vault.
REI Nation, thanks for listening in and please always remember this:
Your best investment is your own education.
Carole Ellis is the host of Real Estate Investing Today, a popular 9-minute daily podcast focused on educating real estate investors about the important topics that will make their investing SAFER, FASTER, and MORE PROFITABLE. She's also the editor of the Bryan Ellis Investing Letter. She has more than a decade's worth of experience in and reporting on the real estate industry and, additionally, has written dozens of courses on the topic. Carole lives in Kennesaw with her husband, Bryan, and four children. She believes wholeheartedly that your best investment is always your OWN education.