Unlike the weather, the real estate market hasn't been as hot as usual this June, with the typical home selling for 0.3% below its asking price, according to new data from Redfin. While it's a welcome shift for homebuyers, those getting ready to put their home on the market now face a harder sell.

At the same time, you may have heard about homes in your area that sold for over the asking price, following a bidding war involving multiple parties, and wondered what they're doing right. As it turns out, there are several tactics sellers can use to improve their chances of having similar results. Here are a few realtor-approved methods for sparking a bidding war.

How to trigger a bidding war when selling your home

In theory, all you need for a bidding war is at least two people who fall in love with a home and have the money to offer more than the asking price. You could hope that you get lucky and it happens organically, but according to Dana Hall-Bradley, a realtor with Better Homes and Gardens Real Estate Fine Living in Celebration, Fla. and Joe Muck, a realtor at J Muck Realty, there are several ways you can make your home more appealing to buyers and increase your chances of getting multiple offers.

First, there are the tried-and-true methods: Pricing your home lower than the comps, hiring a successful realtor, making it available for private showings, hiring a professional photographer to take the listing photos, making cosmetic repairs to the interior, improving curb appeal, and making sure your home smells good during a showing or open house.

If you've done all of that and your freshly painted colonial still isn't bringing all the buyers to the yard, here are a few other tactics to try:

1. Set a deadline for offers

Instead of putting your home on the market and waiting for offers to roll in, this will help create a sense of urgency. "Offer deadlines are a good idea as long as you already have an offer your client/s like," Much says. "This can push those sitting on the fence to submit an offer and perhaps even include an escalation clause, which can move the current offer to do the same."

Once you receive more than two offers, have your realtor message the potential buyers saying something like: “We are in receipt of multiple offers. The seller has requested all buyers submit their highest and best offers no later than Tuesday at 7 p.m.” At that point, you can also add a line to the listing to that effect.

2. Respond to all offers

So, someone submitted a lowball offer for your home. Instead of getting annoyed and ignoring the message, use it as an opportunity to talk up your property and the interest it's generating. When you (politely) respond thanking them for their offer, you can also mention that you've received multiple higher offers. That way if they really are interested in your home and have the money to buy it, they'll know they have to step it up.

3. List the home around the holidays

Muck recommends this strategy for two reasons. First, there are fewer homes on the market at that time of year, so there won't be as much competition. Also, "you can display how your home 'feels' at a time of the year when that is top of mind for many buyers," he says.

4. Host an over-the-top open house

If you're having trouble getting people in the door for public and private showings, you may want to consider holding an open house that feels more like An Event.

"I would highly recommend an 'over-the-top' and themed open house or broker’s open house to spark interest to buyers," Hall-Bradley says. "[It] make[s] it a more fun and inviting space for local realtors/brokers to preview," and, in turn, make them excited to promote your home to potential buyers.

But you're going to have to get creative: Baking a few dozen cookies and putting some balloons on the mailbox isn't going to cut it. Here's what Hall-Bradley suggests:

• Hold the event immediately after listing the property.

• Create personalized invitations geared toward the theme. 

• Advertise a give-away of some sort. "In the past, I have had the local spa in our town donate spa gift certificates," she says. "The guest would leave their name or business cards, and we would have a drawing after the event."

• Have a goodie bag for each guest—perhaps containing something local to your neighborhood.

• Roll out a (literal) a red carpet for guests, specifically if it’s a higher-end home.

• Have an open bar with themed cocktails. 

• Order snacks from a local chef. 

• Offer a photo booth where the potential buyer would need to put their phone number or email in order to get their photo sent to them.

For example, Muck once hosted an ice cream social open house during the summer—complete with an ice cream truck—that resulted in a bidding war. "[It] encouraged families to come to the open house and view the home, but also gave them a sense of what living in the house would be like for their family," he says. Muck has also threw a lakefront BBQ as an open house for a lakefront property, which also helped generate multiple offers and resulted in selling the home for more than the asking price.

"By transforming your open house into an unforgettable event, you create a buzz that attracts serious buyers and highlights the uniqueness of your property," Hall-Bradley says. "This approach can make potential buyers feel special and excited about their prospective new home."

Today, about half of renters are “cost-burdened,” which is a fancy way of saying the rent is too damned high (more than a quarter of them spend more than half their income on housing). And older Americans—your Baby Boomers—aren’t selling their big, comfortable houses like they used to, which is driving up housing prices and exacerbating a housing shortage that began during the pandemic.

There’s also a “loneliness epidemic” as our increasingly isolated and online lifestyles leave many of us (of all ages) feeling depressed and alone on a regular basis. Put together, the struggle for connection and an affordable place to live can pose a formidable challenge for people on both ends of the age spectrum.

There’s an unexpected solution to both problems, however: Boommates.

What is a "boommate"?

The traditional progression for people used to involve starting a family and buying a house large enough to accommodate those kids, then selling the big, empty house when the kids were grown up. But Baby Boomers, who are hitting “peak 65” as the youngest members of that generation hit retirement age, have a lot of reasons not to sell those big houses. Many are paid off, and those that still carry mortgages have interest rates so low they seem almost mythical in the modern age. And about three-fourths of people over 50 want to “age in place” in the houses they’ve built their lives in.

What that means is that a lot of older Americans are rattling around large houses with several bedrooms and bathrooms, all by themselves. And these older homeowners have figured out that they can rent those bedrooms: Close to a million people over the age of 65 now have intergenerational housemates. There are even platforms that help people find housemates with a focus on intergenerational living, like HomeShare Online and Nesterly, which specifically offers discounted rent to people willing to take on some of the household chores for aging homeowners.

Why you should consider a "boommate"

There are a lot of potential benefits of intergenerational living with a boommate:

• Economically, all those empty bedrooms represent income for the homeowner. The vast majority of people over the age of 65 don’t have enough money saved for retirement, and renting their empty bedrooms could net them as much as $14,000 annually to supplement their retirements.

  For younger folks, there’s an opportunity for a lower rent. Renting a single room is cheaper than renting an entire home or apartment (and can save renters as much as $24,000 on rent annually). And many older homeowners are willing to negotiate a lower rent in exchange for helping out with chores and maintenance. Additionally, the overall cost of living can be reduced for both the homeowner and the tenant due to expenses being shared between the two.

• Psychologically, bringing in roommates can help alleviate the loneliness and isolation experienced by many older people who have become “empty nesters,” with adult children living far away, while simultaneously experiencing the challenge of keeping and making friends after age 50; having younger adults around can fill that void. And loneliness isn’t just for the Olds: Nearly 80% of Generation Z and more than 70% of Millennials describe themselves as lonely, so they can benefit psychologically from a boommate situation as well.

A lower rent and less loneliness—if you’re struggling to find an affordable rent, a boommate might be the ideal solution, especially if you’re handling everything alone, without a support network.

Demonstrators from popular destinations such as Granada and Seville to join protest amid anger at lack of housing

Thousands of people from across southern Spain are expected to take to the streets of Málaga on Saturday in the latest in a series of protests against mass tourism.

Demonstrators from the popular Andalusian destinations of Granada, Seville and Cádiz will join others in the Mediterranean city following recent protests in the Canary and Balearic islands, with another scheduled for a week later in Barcelona.

Almost 12,000 rough sleepers were seen by outreach workers in 2023-24, a 19% increase on the previous year

Rough sleeping in the capital has hit the highest level in a decade, with more than 1,100 people living on London’s streets for the first time because of evictions.

The number of new rough sleepers seen for the first time by outreach workers between April 2023 and March 2024, surged 25% to 7,974 people – the highest in at least four years. Almost one in 10 people living on the streets was aged 25 or under – including 13 children.

Wendy Shillam and Prof Roger Brown reflect on the party’s proposals to tackle the housing crisis

I enjoy the Guardian’s Today in Focus podcast series as it gives a bit more air to issues of immediate importance. The episode on Labour’s housing plan (24 June) got me thinking. I used to work on Gordon Brown’s eco-towns project and found that the biggest objection was that new towns had failed in the past. We need to convince people that this programme signals change. This time, we need to do better.

Surely the best way is to use the new new towns to repair some of the less successful old new towns. Take Livingston, near Glasgow – not a disaster, but a “could do better”.

Source: www.databreachtoday.com – Author: 1 3rd Party Risk Management , Governance & Risk Management , Incident & Breach Response Auto Dealership Tech Firm Confirms System Shutdowns After Multiple Cyber Incidents Chris Riotta (@chrisriotta) • June 21, 2024     CDK Global provides software and services to an estimated 15,000 dealerships in the U.S. and Canada. […]

La entrada Auto Dealerships Using CDK Global Hit With Cyber Disruptions – Source: www.databreachtoday.com se publicó primero en CISO2CISO.COM & CYBER SECURITY GROUP.

Renovating or remodeling your house can be a disorienting experience. Between the mess, the strangers crawling all over the place, and the constant discovery of disasters hidden inside your walls, stress levels can skyrocket. And when the bills come in, it gets worse.

One reason the average home renovation can cost more than $40,000 is our tendency to assume you have to do it all in one marathon instead of in phases—and to spend top dollar on everything along the way. All that flooring, hardware, and construction materials (not to mention appliances and new furniture) really add up fast, especially if you assume that higher prices equal better quality. While some renovation materials cost what they cost (you won’t be comparison shopping drywall any time soon) the fact is that not all your renovation or remodeling choices matter the same amount. There are aspects of any renovation where paying extra money makes a difference—and aspects where you can get away with cheaper, less flashy materials and no one will ever notice. If you’ve got limited funds for your project, here are the renovations that are worth extra money—or not.

Home renovations that are worth it

There are certain aspects of a home renovation where you should spend extra money:

• Kitchen floors. You have a lot of flooring choices, and in other rooms you can likely get away with a cheaper carpet or an engineered wood of some sort. But your kitchen floor is going to see a lot of traffic—not to mention a lot of spills, temperature extremes, and scrubbing. The kitchen floor also pulls together the whole design, and you can’t easily cover it with an area rug as you can in other rooms. Spend that extra money here.

• Furniture. In general, it’s worth spending money on furniture like sofas, chairs, and beds. If you’re remodeling or renovating your living room, buy a really good sofa. After all, you will spend a lot of time using these pieces, and the minor problems that come with cheap stuff will quickly become major irritants.

• Appliances. Higher-end appliances are generally going to be worth any extra margin you have in your budget. They look nicer, actually do last longer, and tend to perform better.

• Windows. If you’re replacing your windows, spend the extra money for high-quality ones. They will look better, last longer, and offer energy efficiency benefits that will actually reduce their overall cost over time.

Home renovations that might not be worth it

If you have all the money in the world, sure, go to town and spend on every little thing. If you’re trying to fit your renovation project into a modest budget, there are some areas you can get away with basic, no-frills stuff:

• Kitchen cabinets. In the end, your kitchen cabinets are just boxes of wood. You want quality construction, but beyond that you can buy basic cabinets and easily make them look more expensive with new hardware, paint, or adding a soft-close feature.

• Moving plumbing and wiring. Your ideal kitchen or bathroom renovation might include shifting the sink or toilet and changing the location of every single power outlet—but you can almost certainly get away without doing that. Moving plumbing can add close to $1,000 to your job, and rewiring a kitchen can run you nearly $2,300. Unless you need to do this to get the place up to code, it’s an easy place to not spend your money.

• Lighting fixtures. Recessed lighting costs an average of $300 per fixture. Just by going with wall- and ceiling-mounted lights you can save a fortune and still have style to spare. And there are plenty of inexpensive light fixtures that look pricey and provide the same light that more expensive stuff does.

• Cabinet/drawer hardware. Trust us: No one will know if your drawer and cabinet pulls cost $300 each or $10.

• Backsplash. While you don’t need to spend a fortune on tile to get a luxe look, generally speaking, cheap tile will look cheap. But a backsplash is typically a very small area, and is usually obscured by appliances, cabinets, and all the stuff on your countertops. You might not want to put the cheapest tile or other materials on your backsplash, but you can definitely get away with cheaper.

If you own a home or are considering buying, you know that your monthly mortgage payment is only a fraction of what you'll spend each year on homeownership. There are plenty of hidden costs associated with the purchase process as well as ongoing expenses ranging from property taxes to maintenance and repairs, which you don't have to factor in if you rent (as well as utilities and insurance, which you likely do).

But it's hard to conceptualize how much this will actually set you back and easy to be caught off guard if you don't budget for expenses beyond your mortgage.

A new analysis from Bankrate looked at the average annual expenses—on top of a mortgage—that come with owning a single-family home in each state, including property tax, homeowners insurance, utilities (energy, internet, and cable), and home maintenance (calculated at 2% of median sale prices). The report then compared the hidden costs of homeownership in 2024 to those in 2020.

Across the United States, the hidden costs of homeownership and maintenance average $18,118 per year in 2024, an increase of 26% (or $3,689) from 2020. Hawaii has the most expensive homeownership costs averaging $29,015 annually, followed by California, Massachusetts, New Jersey, and Connecticut. Utah had the biggest percentage increase in hidden homeownership costs from 2020 to 2024 at a whopping 44%.

States with the least expensive homeownership costs include Kentucky ($11.559 per year on average), Arkansas, Mississippi, Alabama, and Indiana. Expenses in Alaska and Texas increased the least in the last four years at just 14%.

Here's how your state stacks up.

Hidden costs of homeownership by state

• Alabama: $12,258

• Alaska: $18,291

• Arizona: $16,373

• Arkansas: $11,692

• California: $28,790

• Colorado: $21,038

• Connecticut: $23,515

• Delaware: $14,785

• Florida: $19,182

• Georgia: $16,035

• Hawaii: $29,015

• Idaho: $16,197

• Illinois: $16,205

• Indiana: $12,259

• Iowa: $12,448

• Kansas: $14,012

• Kentucky: $11,559

• Louisiana: $12,593

• Maine: $17,110

• Maryland: $19,712

• Massachusetts: $26,313

• Michigan: $13,235

• Minnesota: $16,217

• Mississippi: $11,881

• Missouri: $12,639

• Montana: $18,081

• Nebraska: $14,946

• Nevada: $16,636

• New Hampshire: $23,256

• New Jersey: $25,573

• New Mexico: $13,533

• New York: $22,807

• North Carolina: $14,647

• North Dakota: $13,375

• Ohio: $12,975

• Oklahoma: $12,642

• Oregon: $19,221

• Pennsylvania: $14,983

• Rhode Island: $21,994

• South Carolina: $15,065

• South Dakota: $14,581

• Tennessee: $14,662

• Texas: $18,036

• Utah: $19,137

• Vermont: $19,836

• Virginia: $17,647

• Washington: $23,365

• West Virginia: $12,656

• Wisconsin: $14,508

• Wyoming: $15,420