10 Things You Should Always Keep in Your Garage, According to Real Estate Pros

 
 

Your house is impeccably decorated. Not a frame or coffee table book is out of place. The bedrooms are invitingly cozy, the kitchen is pristine and primed for entertaining, and the living room beckons visitors to sit. You are ready to hit the market.

But wait! There might be one room you’re forgetting: the garage. A perfectly staged home tour can go off the rails if a buyer steps into a musty, messy storage space such as a garage, shed, or utility room, and Pittsburgh-based realtor Michelle Goetzinger offers a reality check for sellers: “Buyers see the storage area as a direct reflection of how the current owner took care of the house.”

Not only does the space need to look organized and clean, but it also needs to demonstrate that you’re on top of repairs and have kept the home in tip-top condition. Sweating a little because you can’t recall the last time you picked up a hammer? Don’t worry. Here’s a real estate agent-approved list of 10 items that you should always keep in your garage, particularly if you plan on listing your home ASAP.

Extra Paint Cans

No matter how careful you are, it’s almost impossible to keep your walls looking spotless day in and day out (yes, spilled morning coffee and pasta sauce splatters, I’m looking at you). That’s why Brady Bridges, a real estate agent in Fort Worth, Texas, advises keeping extra cans of paint on hand for touch ups on the fly. You’re even more at risk at dinging paint as you’re moving around furniture while staging. 

“Moreover, you can never totally protect the walls when you have children around,” Bridges says. “The best idea is to keep a backup and polish over the damage.”

A Tube of Caulk

Bridges goes on to add that a tube of caulk will always earn its keep. Not only does a quick caulk touch up make a world of difference in freshening up your home before listing, but it can also help you save money by lowering home repair costs. “You can seal the gap between the wall and the window frame with caulking. It aids you best in the winter by preventing drafts.”

Not only does the space need to look organized and clean, but it also needs to demonstrate that you’re on top of repairs and have kept the home in tip-top condition. Sweating a little because you can’t recall the last time you picked up a hammer? Don’t worry. Here’s a real estate agent-approved list of 10 items that you should always keep in your garage, particularly if you plan on listing your home ASAP.

Extra Paint Cans

No matter how careful you are, it’s almost impossible to keep your walls looking spotless day in and day out (yes, spilled morning coffee and pasta sauce splatters, I’m looking at you). That’s why Brady Bridges, a real estate agent in Fort Worth, Texas, advises keeping extra cans of paint on hand for touch ups on the fly. You’re even more at risk at dinging paint as you’re moving around furniture while staging. 

“Moreover, you can never totally protect the walls when you have children around,” Bridges says. “The best idea is to keep a backup and polish over the damage.”

A Tube of Caulk

Bridges goes on to add that a tube of caulk will always earn its keep. Not only does a quick caulk touch up make a world of difference in freshening up your home before listing, but it can also help you save money by lowering home repair costs. “You can seal the gap between the wall and the window frame with caulking. It aids you best in the winter by preventing drafts.”

A Staple Gun

For quick fixes before an open house or showing, or even a DIY repair, there’s one easy-to-use tool that should always have a place in your garage. “Whether you need to staple upholstery, do the wirings, or install home insulation, a heavy duty staple gun is your best friend,” says Stephen KeigheryCEO and founder of Home Buyer Louisiana.

Swatches of Tile, Countertops and Carpet

It can be tempting to toss all remnants of a renovation project as soon as the last nail is in the wall and the invoice is paid. But, Becki Danchik, a broker for Warburg Realty, reminds homeowners to always, always keep swatches. “If you have done any renovations or cosmetic work, like replacing floor tiles, countertops, or a backsplash, make sure that you have a sample of the material, with the brand name and specs, that you used in case you or a future owner needs to replace a piece of it down the road.”

Spare Hardware

Along the same lines, it’s also a great idea to keep spare hardware around. Imagine you spent hours installing new cabinet hardware, only to break one two years later. Svetlana Choi, a broker for Warburg Realty, suggests, “Have a few spare switch plates and doorknob, so if they require replacement they will also match the rest of the home.”

Basic Tools

Jody Stein Davis, a realtor with The Mountain Girls Team of Keller Williams in Chattanooga, Tennessee has a good reminder for all homeowners to have a basic tool kit at the ready, particularly as you’re taking on last-minute punch list items to get your house ready to sell. “Must-haves would be a tool kit or tool organizer with standard power tools, as well as hammers, screwdrivers and a power drill,” she notes.

Phillip Ash, the founder of Pro Paint Corner, adds two more items to that list. He recommends locking pliers and claw hammers as garage essentials. “Locking pliers are useful for clamping jigs in woodworks and fixing leaking pipes or broken knobs.” Additionally, claw hammers can be used for pounding or extracting nails from wood. “There’s always something to repair at home, so if you can handle minor repairs, a claw hammer is a handy tool to have around,” Ash says.

Scotch Electrical Tape

Veronica Rose, the first female master electrician in New York City and the president and CEO of Aurora Electric, has the all-in-one item that will save the day on more than one occasion. “For the average homeowner, Scotch Electrical Tape can help tackle everything from keeping your holiday lights safe and tangle-free to replacing a light receptacle or wrapping the handles of your metal tools for electrical insulation and a better grip,” Rose says.

A First Aid Kit

Lastly, just in case repairs go awry, Mitchell David of Beach Life Ocean City believes a garage should never go without a first-aid kit. While let’s hope you never need it, David says, “There is a possibility that you might be in need of some first kit while you are working inside the garage and having one by your hand could prove to be valuable.”

Get more tips like this on Apartment Therapy.

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When will we see the next housing recession?

 
 

Here's what you need to look for to predict a downturn

Economic cycles are like serial killers on a Netflix show: they leave clues to get caught. Interpreting these clues gives you the ability to see when the economy is in recovery and when things are about to go into recession. My job as a data analyst is to provide the map you need to follow these clues, specifically as they relate to housing.

Each economic sector behaves differently in a recession; typically, the industry with the most leverage on growth gets hit the hardest. This was the case for housing during the lead-up to the bubble years as housing data went criminally insane in the years 2002-2005.

As we close in on Thanksgiving, we can be grateful for the recent excellent jobs report, which shows that the housing crash fanatics have failed once again in 2021. But during any economic expansion we can expect to see the occasional red flags warning us of the next economic recession. Some of these flags will just be noise in the system that can be ignored, while others may indicate actual cracks in our foundation that need to be heeded. The trick is being able to distinguish between the two.

Regarding the U.S. housing market, no single metric can herald an oncoming slowdown; it will require several factors signaling in concert for the warning to be meaningful. I’ve outlined these factors below.

First, take COVID-19 data out of the equation

The COVID-caused recession was an anomaly both in its onset and duration. After a decade of slow and steady growth, housing broke out in February of 2020.

Not only did housing data look expansionary, but so did many data lines. Jobs data looked solid, retail sales grew year over year, and manufacturing data was positive again. Economic data, in general, was on an upturn toward the second half of 2019 and the first two months of 2020, only to be slapped down by the COVID-19 brief, but deep, recession.

Traditionally, housing starts and new home sales get weaker before a recession, but we didn’t have time for this to happen before the artificial shutdown of the economy.

Before the COVID-19 shutdowns, from 2008 to 2019, we had the weakest housing recovery ever after the housing bubble burst. Our demographics in the U.S. were both too young and too old to support a vigorous recovery. Sales growth was slow, with many years when new home sales missed expectations. Starting in the year 2020, however, the U.S. began a period (that will run until 2024) when we have the best demographics for home buying ever, which just happened to begin at the same time the economy took a hit due to COVID-19. 

Now that we are recovered from a worldwide pandemic — and thanks to our demographics — the housing market has more robust demand than what we saw from 2008 to 2019. During 2020-2024, total home sales (new and existing homes) should be 6.2 million or higher. We are seeing unhealthy price inflation for shelter, not only in home buying but also in rents. Demographics equal demand, and we have a lot of people ages 27-33. I mean, this age group is the biggest ever recorded in U.S. history.

However, I wouldn’t categorize this period as a housing boom. We do not see an explosion expansion in credit or a significant uptick in the number of mortgage buyers as we saw from 2002-2005. With that in mind, you can ignore both the super housing bulls that believe we should be having a construction boom and mega housing bears who think we’re on the verge of a housing bubble collapse back to 2012 levels. Neither of these things will happen.

Look at monthly supply of new homes

With that context in mind, the first sign to look for to indicate that the housing market is slowing is the monthly supply of new homes going over 6.5 months on a three-month average. We saw this happen in late 2018, but at that time, housing starts were low, and housing, in general, was sluggish, so a longer monthly supply just sort of fit into the background.

If that were to happen today in this market, it would be a different story. 2022 will be the first year that housing starts go over 1.5 million. We no longer have a sleepy background of housing activity to hide our signals that the market might be slowing.

The new home sales market is already at 5.7 months of supply, while the existing market is at 2.4 months. Inventory in the new home sales market is more likely to grow as mortgage rates rise than the existing home sales market because this market depends more on mortgage buyers. New homes are also a more expensive product than an existing home, even with the builders’ attempts to balance the difference out in recent years.

This year, we had a spike in monthly supply from a shallow level and got one month of supply at 6.5 months. However, the recent new home sales report showed that the market has stabilized from the recent increase and the three-month average is currently at 6.1 months

Pay attention to how mortgage rates affect demand

In the summer of 2020, I wrote that mortgage rates over 3.75% could cool housing demand and that we would see weakening demand in the new home sales market first. Once the monthly supply gets over 6.5 months, homebuilders will pull back on single-family housing construction, then multifamily construction, if demand continues to weaken.

Today, mortgage rates are lower than they were in 1990, 2000, and 2008, so don’t think that housing demand will collapse, even if we do get a slowdown. We don’t have a credit boom or a construction boom, so we won’t have a waterfall collapse like what we saw from the peak of 2005.

The biggest concern we have in the current housing market is unhealthy price growth, a problem that is front and center in the new home sales market. I believe the builders did a great job with their margins as they passed on the higher costs of housing for their customers, but they’re mindful of pushing this too much. Remember, we haven’t had rates really rise yet and they’re mindful of what happened back in 2013 and 2018 when rates moved higher.

Keep reading.

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How Old Buildings Can Be Repurposed Into Affordable Housing

 
 

Alternative housing complexes are becoming a lot more common due to their practicality, affordability and sustainability.

It’s possible you’ve seen these repurposed buildings around your city without even realizing it, and for good reason...housing alone has become high-demand and expensive in many areas around the world. At the same time, buildings of all shapes and sizes, many of them once lively businesses, are now old and rundown.

You may not realize that many of these properties, including hotels, office buildings, factories, schools and other commercial properties, can be converted into a newly-usable space. Investors have begun to buy these old and abandoned venues, breathing new life into them and converting them into affordable housing for those in need. Here's an overview of how it's done:

Pre-Conversion

Among the challenges in repurposing an old commercial building to be a residential property, the first is finding the right place to start. A few factors should be taken into consideration, including local amenities and resources, such as public transportation. This is especially important for low-income housing situations. A building’s existing shell should also be evaluated.

Once a building is chosen, legal approval is required to convert it to a livable space. The building's "class of use" will likely need to be changed and the location will need to be zoned for residential renovation. The requirements and conditions for this vary, so it’s worth looking into local laws and regulations if one is interested in funding one of these conversions.

Conversion

After all the city's and region's mandatory paperwork is completed, and technicalities and legal matters are settled for the project, the exciting part begins. Depending on the age and prior use of the old building, some demolition may be required. Creating homes from cubicles and classrooms will often require at least some reconstruction within the facility. Walls will have to be torn down and new walls will take their place. Manufactured wall frames can make this process much easier and faster to complete. Plumbing, wiring, insulation, sheetrock, flooring and trim along with other construction will follow suit after the walls are in place. Then paint, appliances, lighting and other finishing touches are added.

Post-Conversion

After a conversion, the property will need to be inspected and legally approved for residential lease. This is essential to ensure the building is safe and functional prior to tenants moving in. If privately owned, the property will likely be rented out as usual. However, if owned by the government or charity, the property may also be used for formerly unhoused individuals, giving them a safe and comfortable place to get back on their feet.

Overall, adaptive reuse of commercial buildings is often a great solution to the demand for more housing. In packed cities, it’s a good way to ensure the existing space is being used efficiently and that low-income individuals have access to public transportation and other amenities. It is also useful to reduce the materials needed for a new build, making it a sustainable choice. Hopefully, this trend will continue to rise in future years to make the very best of these thriving city communities.

To learn more, visit RISMedia.

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Pending home sales down again in September

 
 

After rising 8% in August, pending home sales dropped 2.3% in September, according to the National Association of Realtor’s pending home sales index report released on Thursday. The index dropped to 116.7 in September, which is 8% lower than a year ago.

An index level of 100 is equal to the level of contract activity in 2001.

“Contract transactions slowed a bit in September and are showing signs of a calmer home price trend, as the market is running comfortably ahead of pre-pandemic activity,” Lawrence Yun, NAR’s chief economist, said in a statement. “It’s worth noting that there will be less inventory until the end of the year compared to the summer months, which happens nearly every year.”

Yun expects inventory levels to pick up again in 2022 and that buyers who have temporarily paused their search will return to the market in the new year. In addition, Yun believes that increasing rents and lack of rental inventory will drive even more potential buyers into the market.

“Rents have been mounting solidly of late, with falling rental vacancy rates,” Yun said in a statement. “This could lead to more renters seeking homeownership in order to avoid the rising inflation, so an increase in inventory will be welcomed.”

While market activity is lower than a year ago, the pending home sales index is still up 7% than September 2019.

“September 2020 was in the midst of the surge in pent-up demand following initial pandemic impacts, so not as helpful a comparison,” Odeta Kushi, the deputy chief economist at First American, said in a statement. “Pending contracts are good early indicators of upcoming sales closings.”

By the end of 2021, the NAR expects home sales to have risen by 6.4%, but due to higher anticipated mortgage rates, the NAR predicts that sales will decline by 1.7% in 2022. As a result, Yun predicts that home prices will grow only 2.8% in 2022. This is a much lower increase than the 16% home sale price increase predicted by Goldman Sachs.

All four major U.S. regions saw declines on the pending home sales index. In the Northeast, pending home sales dropped 3.2% in September from August and 18.5% year-over-year. The Midwest dropped 3.5% month-over-month and 5.8% from a year ago. The South and the West saw 1.8% and 1.4% declines from August to September, respectively, and 5.8% and 7.2% yearly decreases, respectively.

Read more on Housing Wire.

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Just Listed: Private Home with Park Like Yard in Westminster

 
 
 

The outlook’s always good from this home’s inspiring hilltop vantage point, which enjoys sweeping mountain views from a beautifully landscaped quarter-acre lot enclosed by mature trees for privacy.

Tucked away on a quiet cul de sac, you can relax on your gorgeous back deck or tend to 5 large, raised garden beds during the warmer months. Or spread out inside among the 5 bedrooms and spacious, entertaining-ready common areas within a bright, open floorplan. Brand-new flooring throughout freshens up every space, and the basement’s extra living and bedroom spaces add flexibility for play areas, a home office or guests. A massive, 3-car garage with shelving and an overhead loft give you tons of storage so you can keep this lovely home uncluttered. A recently replaced roof offers peace of mind, while leased solar panels help limit energy costs. This perfect spot in Westminster is close to plenty of parks, dining, coffee shops and grocery stores, with easy access to Denver and Boulder, too.

Listed by Rebecca Holley for West + Main Homes. Please contact Rebecca for current pricing + availability.

 
 
 

Have questions?
West + Main Homes
(720) 903-2912
hello@westandmainhomes.com

Presented by:
Rebecca Holley
(303) 919-7017
rebecca@westandmainhomes.com


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