Hello May!
May is here, and with it comes warmer weather, longer days, and a real estate market bustling with activity! Whether you’re ready to buy, sell, or simply explore your options, this is the perfect time to make a move.
It's also a busy time for homeowners to start renovations on their homes. In addition to being co-head of the Perfect Home LA team, Scott is a general contractor, and his specialty is the restoration/renovation of historic and architectural homes (with many awards!). He's currently in the middle of work on an amazing 1952 midcentury modern in Pasadena. We'll be sure to share pictures when it's done!
Did You Know?
* While inflation and time have elevated the price of everything, the amounts sellers can exclude from the capital gains tax on their profits - $250,000 for single filers and $500,000 for married couples filing jointly - has remained the same for about 28 years. If inflation averaged 2% per year over the past 28 years, should these numbers have been revised to about $435,000 and $870,000? Average home prices are up around 47% in the past 28 years adjusted for inflation... much more in some areas than others.
* Some Renovation Design mistakes? Removing a tub for a huge shower when you can have both. Kitchen islands with not enough clearance: 36" is not enough… 42" minimum. Beware of too much storage in the garage that does not allow large cars... Open shelving for upper kitchen cabinetry does not always look great if not perfectly staged... Removing closets for bathroom space: Storage always wins ... Oversized laundry sinks that take away from folding space... Following trends ahead of functionality.
* And you thought home insurance rates were only rising in California.... The top five biggest increases in 2024 were in:
1. Utah: +59%
2. Illinois: +50%
3. Arizona: +48%
4. Pennsylvania: +44%
5. Nebraska: +35%
Florida was #13 and California #21 on the list....
* Baby boomers hold a disproportionately large stake in America’s housing market—owning 37% of U.S. homes while making up just over 20% of the population, according to the Census Bureau. Their dominance extends beyond primary residences: they control 57% of the nation’s vacation homes and 58% of rental properties that generate income. (FORBES)
