Many Millenials believe that they will never be able to afford to buy a home. Do you agree? What advice do you have for Millenials and Gen Z homebuyers? 

Silvina Andrews - In the Bahamas, the real estate market is booming. Private sellers and developers are moving their inventory like never before. The Bahamas is beautifully positioned as a close neighbor to the east coast of the US and also has many direct flights to major cities all over the world. There are many incentives for residents choosing a permanent residence or second home in the Bahamas. I would advise prospective buyers to move quickly as inventory is barely keeping up with the demand.

Tim Fenton of Blue Zone Realty International, - The market in Costa Rica has never been hotter than it has been this year. In fact, our sales are nearly 4 times greater than the previous year. My advice to those looking to buy in Costa Rica is to get in touch with one of our award-winning agents today and provide them with your wish list. Do not wait for new listings to appear on the website, or it may be too late. With the list in hand, our agents will set alerts for new listings, and get in touch with you immediately with an overview of the property, and we can schedule a virtual visit for you from the comfort of your home. There has never been a better time to live your best life, in Costa Rica. 

Darlene Streit - It is a challenging time right now with low inventory, and with Millennials and Gen Z home buyers competing for the same smaller homes with new retirees who want to downsize. The demand is unprecedented, especially given that so many people are moving and also looking to buy. But the market is cyclical, and as we've seen with Covid, things can change unexpectedly. I would advise younger buyers to continue saving up their down payments and get pre-qualified so that they can move quickly when properties become available. With low mortgage rates, homeownership is still an excellent way to build wealth and is less expensive than renting in many cases. Also, now that so many people are able to work from home, Millennials and Gen Z home buyers have the advantage of relocating to smaller cities and towns, where there may be more affordable options. The landscape is changing, and today's smaller locales may become the next hot, upcoming place to live.

Daniel L. Maya - Yes 100%. I would say find 2 or 3 subdivisions that you want to move to and find the sub-divisions that have the highest turnover rate which may give you the biggest bargaining power. I would also say look for homes that have been in the market for a long time and try to sell if priced too high. Then use this data to sell if your realtor can use this as a good negotiating point.

Tom Day, Day Palazola Group - I have been a realtor for over 32 years and I have heard this many times. The market always seems to change to make it possible for young people to buy a home. I have experienced interest rates over 15% and we are not even close to that. Young people were still able to buy homes then and eventually refinance. Cutting out the new buyer market in the real estate and building industries would have an incredibly negative effect on our economy. We as Americans always seem to rise to new heights and I am sure that will happen again.

Amy Land-de Wilde - It was not as frequently that we saw Millennials and Gen-Zers purchasing property in US Virgin Islands who come from the states. However, lately with the increase of employers transitioning to remote working positions and closing their brick and mortar operations, we have seen a huge uptick in younger buyers setting their sights on the US Virgin Islands, specifically on St. Croix where the dollar goes further than on other Caribbean islands. What was once a dream that many believed was only available to second-home buyers or buyers heading into retirement, has become a possibility for younger generations who still need to work. Additionally, many individuals in these two generations are dabbling in investing from stocks to real estate, specifically vacation-rental properties, and what better place than St. Croix, in the US Virgin Islands!?

Combining their remote job positions with investing in vacation rentals in the US Virgin Islands, gives these Millennials and Gen-Zers the possibility to be nomadic while keeping a steady job with good income and making a profit or offsetting their expenses on a beautiful property in the Caribbean.

My advice, get started! Start looking, researching, and hiring a Realtor. It’s easier than you think to purchase a property and having a great Realtor is the key, especially if you are searching for a property out of state, or in our case, on an island! Since we are a US territory, we benefit from the low US interest rates and government programs such as VA and FHA on some properties, making the down payment little to none and making it easier and less costly to purchase.

Keep in mind that if you intend on purchasing a property as an investment you should budget for at least 25% down. Determine how you would like to finance your purchase and if you need to get a mortgage, then have your Realtor put you in contact with some local lenders. This should be one of the first steps along with hiring your Realtor so you know what steps you need to take beforehand to ensure you qualify and for how much so you can focus your search within your price bracket.

It starts with a dream, but it can be more than that! Give us a call!

Steve Nassar - No, I definitely don’t believe this to be true for Millennials or Gen Z, or for any other generations for that matter. I do understand the concern as they’ve seen home prices continue to rise throughout their lifetime – even more so with how rapidly they’ve increased in the last couple of years – but like with anything else, this is a constant ebb and flow. What goes up must come down again – and where that doesn’t take effect, there’s an all-too-often forgotten balance that comes from a comparable increase in salaries and income as they advance in their careers. For this reason and others, I see it as more of a fear of the unknown. My team and I sell hundreds of homes each year and help homebuyers (and sellers!) of all ages – there is truly no obstacle too great if one has the right level of determination.

My advice for our younger generations would be this: homebuying is no more out of reach for you than it has been for any generation that preceded you. Michael Jordan once said, “Some people want it to happen, some wish it would happen, others make it happen.” Work hard, save your money, set goals, and constantly work toward them. You’ll be living the dream of homeownership in due time.

Adam Betta, DiMaggio & Betta Group - The idea that the Millennial and GenZ demographic are being priced out of the housing market is a fallacy. It's the same idea that this demographic spends all their money at Starbucks. While housing prices have surged in the past few years that appreciation can be attributed to low inventory. One aspect to consider is the boomer demographic and the multiple residential properties they own. These homes will be a flood of inventory in the near future as they sell their primary residence, second and third homes, and investment properties. Millennial and GenZ potential homeowners need to consider how they can start to build wealth by buying real estate. There are low down-payment loans available, gift money from parents, and combining resources with other potential buyers. Like all buyers, they will need to consider size, price, and location. Maybe a smaller starter home or multi-unit building or a different location than where they currently reside. Find a qualified real estate agent who knows the market, be willing to make some improvements, and work your way up. Whether that means purchasing a small condominium or a small home, the goal is to just get into the market. 

Abigail Davis, Corcoran Reverie - 'Live who you are' is not restricted to any specific age group, and Millennials need to know! Being within this age group myself, it is beyond rewarding to assist these individuals in their home buying process. My best advice is to begin by speaking with Realtor® in your area. They will connect you with local lenders that can give you an idea of available loan options for you, what your budget/savings will need to look like, and prepare you for the process. Then, get pre-approved! Learn what homes you can fall in love with and get an idea of what you may want to put down on the home. Then re-evaluate your budget/savings, maybe this means less eating out so you can invest in your future but it is beyond worth it!

Elise Larrabure Girasole - Taking into consideration the cost of monthly rent and with interest rates still low the math makes sense to purchase a home.

We're definitely seeing this happening in NYC with the average monthly rental being around $5,000.00 and a shortage of rentals, Millenials have figured it out and are purchasing before inflation, and interest rates will most likely increase. So much nicer to establish roots and make your home your own "home sweet home".

Nick Salter, Salter Group - I think many people look at the price tags and make the assumption it's unattainable without exploring all of their options. In reality, housing is still very affordable for most Americans. This directly correlates with the drive in the increase of home prices. The National Association of Realtors affordability index takes three key metrics- home prices, mortgage rates, and wages- and boils them down into a single number. This number tells us if the "average joe" can afford a home. When this affordability number drops too low, it means the average American cannot afford to buy. That often forewarns a housing bust. Affordability has dipped from generational highs in the past few years. Forbes recently reported this number is still well above the 30-year average. Writing this as a millennial, I don't think it is going to be impossible for our age groups to afford to buy a home. If it is a goal of yours, get in touch with a professional who can assist with making a plan of action. Start saving and keep watch for changes in interest rates.

The post Haute Residence Experts Give Advice To The Next Generation Of Homeowners appeared first on Haute Residence by Haute Living.

Cineflix, which produces Property Brothers on HGTV, is still facing a lawsuit from a couple who appeared on the TV show and felt “bamboozled and tricked” after discovering multiple issues with their costly home renovation.

Despite Drew and Jonathan Scott’s aim to help couples unearth their dream homes using “state-of-the-art” programs for construction and remodeling, the production company behind Property Brothers is now facing a lawsuit from a Las Vegas couple who allegedly found several problems with their home renovation, which was featured on an episode of the hit reality HGTV series.

Paul and Mindy King told KTNY that they’re suing Cineflix (the company that produces Property Brothers) and the local contractor, Villa Construction, that worked on their home after discovering wires left exposed, uneven baseboards, improperly attached doors, and a number of renovations not executed according to code. The brothers themselves were not named in the lawsuit. 

To clarify, in order for the Scott brothers to work with local contractors on the properties featured on the show, the homeowners in each episode must take care of the expenses first.

The Kings paid over $193,000 to Cineflix for their home remodel in 2019 after hearing about a Property Brothers casting call in 2018. With promises of a perfect HGTV quality remodel, the couple said they passed on a honeymoon to set aside money and signed the contract that guaranteed all the work would be done to code. 

However, the couple’s confidence plummeted after discovering the shoddy renovations, which Paul told KTNY that “for somebody just walking in, it’s really good from far, but it’s far from good.”

Prior to taking legal action, the couple claimed they gave Cineflix and Villa Construction enough time to fix the issues that they had identified in their home. Nevertheless, the production and construction companies have thus far disputed this. 

Mindy filed a complaint with the Nevada State Contractors Board (NSCB) listing over 90 deficiencies, but the board only addressed 10 of those listed to be warranted and issued a Notice to Correct such deficiencies to Villa Construction.

The couple’s claims regarding the access they gave the contractor to repair the damages in the house — that is, the property remained vacated for two months before the couple moved in, and they permitted the contractors to enter the house more than 10 times over a four-month period after moving in — were by contradicted the NSCB after it closed out the complaint citing the Kings for declining to let the contractor inside. Villa Construction and Cineflix both agreed.

Cineflix released the following statement from its lawyers: 

“We recognize the responsibility we are granted by the homeowners who choose to take part in our television shows. Cineflix (Property Brothers 7) Inc. works with dedicated professionals who take pride in their work. We are aware of Paul and Mindy King's claims and have worked to resolve the short punch list of items that were identified by the Nevada State Contractors Board (NSCB). When the Kings rejected our attempts to complete the work, the NSCB closed the case and the punch list of items remain unresolved. As this matter is now before the courts, we are unable to comment any further at this time.”

Meanwhile, Villa Construction President Todd Christensen released his own statement: 

“We always strive for customer satisfaction in all projects we undertake. Regarding the project at 7400 .... Ave, we were contacted by and contracted with a production company to participate in several home remodel projects. After completion of this project, the initial, detailed Construction Punch List created by the homeowner was completed. We have been made aware of additional items, several of which were only brought to our attention over a year after the work was completed, by way of the homeowner seeking a third-party inspection by the Nevada State Contractor's Board (NSCB). We cooperated with the inspection and tried to work with the homeowner to resolve the short list of items that were identified by the NSCB. Access to the home was denied by the homeowner. The NSCB made the decision to close the matter on October 21, 2020 via letter which stated, ‘Since you have not provided the contractor access to make the necessary corrections, we will take no further action’. We understand that the homeowner is now pursuing a legal claim, and therefore we have no further comment at this time.”

Additionally, the Scott brothers’ lawyers issued their own statement to Channel 9: 

“The Property Brothers (“Brothers”) are not named defendants in Paul and Mindy King's (the “Kings”) lawsuit initiated against Cineflix (Property Brothers 7) Inc. and Villa Construction, nor are they responsible for the Kings’ alleged claims. The Kings have rejected Cineflix (Property Brothers 7) Inc.’s and Villa’s reasonable attempts to remedy the remaining punch list items in the Kings’ home. Instead, in what appears to be an attempt to secure a substantial monetary settlement, the Kings have engaged in a negative publicity campaign against the Brothers. It is unfortunate that the Kings have resorted to such conduct.”

As of now, attorneys for Cineflix filed to have the Kings’ case dismissed, which is set for a hearing scheduled at the end of this month. 

The post “Property Brothers” Production Firm Sued Over Shoddy Home Renovation appeared first on Haute Residence by Haute Living.

Photo Credit: Shutterstock

Texas has long been a state of resilience. Although Real Estate has always been essential, the industry recently set the tone of economic strength and sustainment during an unprecedented financial time. Despite a drop in the total number of homes sold during the month of May 2020 compared to May 2019, the total number of homes sold in the first six months of this year is still 3% higher than the total number at this point last year, according to the San Antonio Board of Realtors’ Multiple Listing Service (MLS). The COVID-19 Pandemic certainly brought about an abundance of uncertainty. However, agents saw many homeowners gain clarity on how they live in their homes. For many homeowners, this was the first time they were forced to stay home for long periods of time. Due to this, many analyzed where they were living and how that affected their quality of life. Homeowners began to think about what kind of home they actually desire and as a result, began house hunting. These changes have manifested in different ways, but there are also many commonalities among them. Here are some of the most common things we have seen buyers searching for lately:

Lockdowns and quarantine have caused many younger adults to move back in with their parents. Many have found this to be a difficult adjustment over the last few months. As a result, many people are placing a high value on guest houses for their adult children to utilize for extended stays.

Community recreation facilities are becoming a thing of the past. This is not only due to the closure of many community amenities during COVID-19, but also to the fact that people are much more health-conscious now than before. Therefore, amenities like swimming pools and workout areas are especially highly desired features of private houses right now.

Home offices have also been rather popular in recent years as working from home became more commonplace, but this popularity has morphed into a near necessity for home buyers. In fact, many buyers are now seeking out dual home offices so that they and their spouse can both effectively work from home.

These are personal stories we have heard from our clients at Phyllis Browning Company, and those sentiments are the driving force behind our current area market statistics. In the San Antonio Area, the total number of homes sold in June is up 28% from May 2020 and up 5% from June 2019. The selling price is also up 6% in June from June 2019 according to MLS data. At Phyllis Browning Company, we are advocates of safe selling and are equipped to assist buyers and sellers in their homeownership goals. We take steps every day to make sure we provide The Very Best service to our clients. We are optimistic about the market for the coming months, and we are excited to continue helping clients achieve their real estate dreams!

The post Jennifer Shemwell On Current Real Estate Market Trends At Phyllis Browning Company appeared first on Haute Residence by Haute Living.

Bringing together a homeowner with a first-class design professional is similar to online dating. It's all about genuine connection and personality. Albeit, the process of finding the perfect interior designer takes more than swiping right.

The method of forming the perfect personal relationship with your interior designer is heavily dependent on trust and compatibility, and involves a three-step process: (1) the primary focus should be on matching you, as homeowner, with your ideal designer, (2) then introducing that designer to your contractor to develop a business rapport, and (3) most importantly, involving your designer in your house project prior to any building plans being drawn.

Find the Right Online Designer Database

Sotheby's International Realty

There are actually a number of databases to find design professionals online. Use databases that have a number of filters to help you as a homeowner find the right person for you, efficiently and expeditiously. First, check out databases that seek out the best designers, with renowned reputations, who solely assist homeowners with domestic projects. Second, compare those designers and read reviews.

Sotheby's International Realty

A superb interior designer will save you months of chasing down product samples, and prevent some potentially costly blunders. The designer will listen to you, incorporate your ideas into the project, and undertake other work as well, e.g., purchasing paints, selecting fabrics.

---

Introduce Your Designer and Contractor Early On

Your contractor and interior designer must work closely together. As such, begin by choosing a designer that is compatible with your contractor, who should also be a pro who primarily specializes in domestic projects.

Once you’ve gathered a few names, spend lots of time walking prospective designers through your home so they know your taste.

Clearly communicate your likes and dislikes, and you'll immediately determine which designers and contractors are good listeners and communicators, both of which are essential for you getting what you want.

---

Hire Your Designer Before Plans Are Drawn

Be sure you hire your interior designer before building plans are drawn. Things go seamlessly when the designer is brought in at the inception of the project.

The designer’s input, e.g., how much wall space a window treatment needs or the window height required for a certain table, is critical in creating your desired work product.

Hiring your interior designer early on helps your contractor straight away to know which design elements will affect your home's structure. Interior designers can work to prevent cost overruns and any costly alterations. Great designers assist in keeping the project timelines timely. And as you know, time is money, and money is time.

Except as noted, all images courtesy of  Christie's International Real Estate

The post How to Pair Homeowners With Perfect Interior Designers appeared first on Haute Residence by Haute Living.