*I recently had a discussion with a client who is remodeling their master bedroom and bath.  They don’t have room for both walk-in closet and luxurious bath. They will have room for a large wall to wall closet, but if they keep the existing walk in closet, the bathroom will be cramped and not have enough space for a separate shower, tub and second sink.    Personally, I feel that the luxurious bath will be better for future resale.  I think the era of excess is out and most people want a home which is a refuge, a place to relax.   What do you think sumptuous bathroom or walk in closet? 

The average new home of 2015 is likely to feature a great room comprised of the kitchen, foyer and living room; a walk-in closet in the master bedroom; a laundry room; ceiling fans; a master bedroom on the first floor in homes with two stories; and a two-car garage.

*The third decline in U.S. home prices in three years is driving a pickup in sales as bargain hunters rush to buy before mortgage rates rise, even as values may slump further. 

*Nearly one quarter of borrowers underwater  A new report by CoreLogic shows 11.1 million, or 23.1 percent, of all residential properties with a mortgage were in negative equity at the end of the fourth quarter of 2010.

*At $9.4 billion, Los Angeles County, C.A. leads the country for counties spending the most money on remodeling, according to the National Association of Home Builders . 

*Fewer than three of five short sales close in California, illustrating the complexity and difficulty of navigating lenders’ and servicers’ short sale procedures, according to a Short Sale Lender Satisfaction Survey conducted by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).  The most frequent problems REALTORS® cited in working with lenders and servicers during the short sale process include unresponsiveness, onerous procedures, and long processing delays. 

Nearly three-fourths (70 percent) of REALTORS® said that closing their most recent short sale transaction with a lender or servicer was “difficult” or “extremely difficult…“The lack of standardization, long approval process, and lack of lender approvals are hampering what should be a 45-day short sale process,” said Peerce.  “Instead we’re hearing the typical response time for lenders is at least 60 days, and in many instances, their response time exceeds 6 months.”

*I typically advise my home buyer clients to buy as much home as they can afford.  Gone are the days of purchasing a home and reselling in a few years.  Read: New Rules for first time buyers

*Visit my March real estate newsletter for pertinent real estate information.

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