Be Smart About Marketing a Smart Home

REAL ESTATE TOPICS

By Courtney Soinski

Is one of your listings a smart home?  When marketing this type of residence, it’s important that you focus less on every detail and focus more on the home’s features that will attract a larger audience.  But how do you know which features are most appealing to home buyers?  Believe it or not, the most popular features are not the newest and most technologically advanced.  Rather, they are basic necessities like security, heating, cooling, and lighting.

Here are 3 top features that buyers will pay attention to in a smart home:

1.  Smart Security.

This is absolutely one of the most popular features in smart homes among consumers. For homeowners who travel a lot or want to monitor their home while they’re away, this is a great feature that is in high demand.  It makes residents feel safe and secure. Homeowners are able to access security cameras remotely by using their smartphone, tablet, or web-enabled device.  Also, if they forgot to lock the doors or set the alarm before leaving the house, this smart technology can take care of that, too.

2. Smart Lighting and Temperature Control.

With this smart feature, homeowners can now pull the plug on high energy bills.  Whether you forgot the adjust the temperature before going out of town or if you left the lights on before leaving for work, smart homes allow its residents remote access to all these controls.  The Nest Thermostat, for example, even programs itself based on the homeowner’s specific preferences and can easily be controlled from a smartphone or tablet.

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3.  Smart Home Emergency Alerts.

This popular feature in smart homes will send warnings of emergencies like fire, burglary and carbon monoxide poisoning, giving you more time to react and keep your loved ones safe.  All in real-time, you will be notified the instant an alarm goes off, whether it be the security alarm or smoke detector.  You can even view live feed from your smartphone, showing exactly where in your home that the alarm was set off.

By marketing smart homes smartly, you will have an easier time selling your listings to the right buyer.  Always remember to market what is most important to homeowners, not every bell and whistle that come with the property.  Be a smart seller!

Interactive Map: Where Can Renters Afford to Own?

REAL ESTATE TOPICS

Interactive Map: Where Can Renters Afford to Own?

by Rocio Sanchez-Moyano
Research Assistant

Homebuyer affordability remains near an all-time high, so where are all the first-time homebuyers? According to indexes that incorporate gross measures of house prices, interest rates, and household incomes, affordability remains at unprecedented levels. The National Association of Realtors® index, for instance, shows that the median-income household can afford to buy a home in all but 7 percent of the largest metros. Given that affordability looks good on paper, the lack of first-time homebuyers in all metros has been surprising. In 2013, first-time homebuyers made up 38 percent of home purchases, below the historical average of 40 percent, dating back to 1981. The most recent American Housing Survey shows that 3.3 million households were first-time buyers in 2009-2011, a 22 percent drop from the 2001 survey, which covered 1999-2001. This decline in first-time buyers comes in spite of real mortgage payments for the median home that remain below $800 (levels unprecedented before the recession) and a 7 percentage point decline in the mortgage payment-to-income ratio since 2001.

Affordability indexes typically use median home prices and median incomes to estimate affordability, but it can be difficult to calculate the number of potential first-time buyers from these indexes, as median incomes differ for renters and owners and across age groups. To better estimate affordability for potential first-time homebuyers, the JCHS looked at how many renters in the age group most likely to be first-time homebuyers (25-34) have enough income to afford the costs of owning in different metro areas. Analysis was performed on the top 100 metros by population for which National Association of Realtors® quarterly median existing single-family home price data was available, resulting in 85 metros included in the final analysis. Affordability in this analysis is defined by the maximum debt-to-income ratio established in the Qualified Mortgage (QM) rule that went into effect in January of this year. The median home is considered affordable in this analysis if mortgage payments, with a 5 percent downpayment (more typical for first-time buyers), property taxes and insurance, and non-housing debt payments make up no more than 43 percent of a household’s income (extended metholodogy).

Historically, the majority of first-time buyers are households aged 25-34. Looking at renters in this age group, most would find the monthly costs of homeownership affordable in many metros across the country. Indeed, in 42 of the 85 metros studied, more than half of renters can afford the monthly costs of homeownership. Nearly 30 percent of the 25-34 year old renters in our sample lived in these affordable metros. Only in six metros, concentrated almost exclusively in California, are renter incomes so low compared to house prices that less than 30 percent of renters aged 25-34 can afford the costs of owning. 

Click to launch interactive map

So why, given that so many metros are affordable to potential 25-34 year old first-time buyers, has the first-time buyer share remained low? Many demographic and economic forces are constraining the transition to homeownership for renters in their 20s and 30s. The first is the fundamental mismatch between incomes and prices as shown in this analysis. Even in the metros where the majority of renters 25-34 could afford monthly homeowner costs for the median home, more than one-third of renters in this age group cannot. Real renter income for households aged 25-34 remains at some of its lowest levels in more than a decade. The unemployment rate for this age group peaked above 10 percent in 2010 and stayed above 7 percent throughout 2013. Also, as we indicated in our recent State of the Nation's Housing report, an additional 2.4 million households in their 20s and 30s were living with their parents in 2013 (than if the share living at home had remained at 2007 levels). Aside from covering monthly homeowner costs, unemployment and income stagnation mean that even in the lowest-cost metros in this analysis, many potential buyers cannot afford at least $5,000 for a 5 percent downpayment. Finally, 39 percent of 25-34 year old households have student loan debt and often allocate a larger share of their monthly income to student loan payments than older households. As the economy improves, however, there should be more willingness and ability by these households to become first-time buyers.

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MORE MULTIGENERATIONAL FAMILIES LIVING TOGETHER

REAL ESTATE TOPICS

Is your post-college 20-something still living in the basement? Why, yes. Yes, he is.

Driven by young adults, the share of Americans living in multi-generational households continues to climb, a new report released Thursday finds, a trend that accelerated during the recession but has extended beyond it.

A record 57 million Americans—or 18.1% of the population—lived in multi-generational households in 2012, according to an analysis of Census data by the Pew Research Center, a think tank. The rate, up from 17.8% in 2011, has been on a steady march upward since its post-World War 11 low in 1980, when just 12.1% of the population utilized these arrangements.

“After three decades of steady but measured growth, the arrangement of having multiple generations together under one roof spiked during the Great Recession of 2007-2009 and has kept on growing in the post-recession period, albeit at a slower pace,” Pew found.

The 2012 rate is still lower than it was in 1940, when one in four Americans lived in a multi-generational home. At that time, multigenerational households were driven by older people living with their children. But improvements in the health of elderly Americans, rising incomes and the establishment of Social Security and private pensions allowed more older people to live on their own.

In 1900, 57% of adults ages 65 and older lived in a multi-generational household. By 1980, it was just 17%.

Pew defines a multigenerational household as one with at least two adult generations, such as adult children and their parents. The definition also includes homes with a skipped generation, such as grandparents and their grandchildren.

The rising numbers are being driven by young adults, age 25 to 34. Nearly one in four young adults (23.6%) lived in these homes in 2012, more than double the 11% in 1980. That’s partly attributable to the poor economic circumstances of young people, Pew said, noting their large loss in employment during the recession.

Anecdotally, lots of people know people with adult children still at home. Pew puts it thusly: “The declining employment and wages of less-educated young adults may be undercutting their capacity to live independently of their parents.”

The report also pointed to a larger trend: the Millennial generation’s delayed entry into adulthood. This generation is marrying at older ages, staying in school longer and declining to affiliate with political parties or religious institutions. By those lights, it makes sense that these young people are still comfortable living in their childhood homes. It’s easier to live with your parents if you aren’t married or already a parent yourself.

The long-term increase in multigenerational households is also reflective of the growing portion of racial and ethnic minorities, who are generally more likely to live in these homes. Asian-Americans were the most likely of the country’s major racial groups to live in these households, at 27%. By contrast, the rate for non-Hispanic whites was just 14% in 2012.

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California TALKING POINTS....

REAL ESTATE TOPICS 

TALKING POINTS …

• Lower interest rates and stabilizing home prices combined to boost home sales in June, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). However, diminished home affordability remains a challenge for buyers, particularly in high cost areas of the state.

• Sales in June increased 1.5 percent from a revised 389,060 in May but were down 4.8 percent from a revised 414,830 in June 2013. June marked the eighth straight month that sales were below the 400,000 level and the eleventh straight decline on a year-over-year basis.

• The statewide median price of an existing, single-family detached home slipped 2 percent from May’s median price of $466,320 to $457,160 but was up 6.6 percent from the revised $428,700 recorded in June 2013.  The statewide median home price has increased year over year for the previous 28 months, marking more than two full years of consecutive year-over-year price increases.

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New Live Lecture Instructor and Class - Whittier CA

LIVE LECTURE CLASSES

Real Estate License - Ca welcomes Mike Capo, our newest Live Lecture Pre-License Certification Instructor.  

Mike Capo’s 39 year track record in business and customer relations includes membership of multiple Realtor Associations including: the National Association of Realtors, the California Association of Realtors, and the Pacific West Association of Realtors. In time, he became the Board of Director for Pacific West Association of Realtors in the areas of product review and charity foundation.  Mike has earned a certificate for property management and has experience with loans, sales, and refinances including business opportunities, REO properties, residential, land, and mobile homes (Mike has mastered referrals having placed over 500 in 36 months). He has been the top producer for seven years since 2007 and is currently the President of the Capo GROUP, running a team of realtors in Orange County.  Mike holds relocation certifications from Serva, Cartus, USAA, and Affinity. On a personal note, Mike’s interests include surfing and climbing, and he has taught self-defense for women. Mike also hiked to the top of Mt. Whitney four times and has ranked in the federations of Japanese Karate, Hapkido, and Taekwondo. His self-discipline and interpersonal skills give him the right combination to become a trusted, entertaining and informative Course Instructor. 

Mike's class will be held at 16310 Whittier Suite F, Whittier CA. 90603. 

Housing Market Forecast

REAL ESTATE TOPICS

Posted in Economic Updates, Economist Commentaries, by Lawrence Yun, PhD., Chief Economist and Senior Vice President on June 30, 2014

• The housing market is beginning to roar back. Existing home sales have risen for two straight months after suffering declines since the summer months of last year. The pending contracts also show robust gains, implying home sales will further rise over the near term. Also there is sizable pent-up housing demand looking to emerge. The timing is uncertain. But the pent-up demand implies home sales have much room to rise over the next few years.
• Existing home sales rose 4.9 percent in May from the prior month after accounting for normal seasonal factors. (Sales increased 12 percent on a raw count, but the bulk of that increase was due to the normal April to May seasonal upswing that occurs every year.) Now that pending home sales have increased by 6 percent in May, the closing activity is assured to rise further over the next two months.
• One key factor that had held back home sales late last year and early this year was simply lack of inventory. If there are too few homes for sale then only too few homes will get sold. Now inventories are rising, not only on a monthly basis, but also from the same time one year ago. This bodes very well for more consumers getting into the market. One has to also remember that the increase in inventory is not only in pure supply, but many families are putting their home on the market in order to buy their next desired home. That is, the increases in inventory are also a reflection of increases in demand for home buying.
• Newly constructed home sales also have been perking up. In May, new home sales surpassed the 500,000 annualized sales pace for the first time in 6 years. With the quickening pace of new home sales, homebuilders will want to create more dust and construct more new homes. That means more new home inventory on the way.
• When home prices were rising at double-digit rates of appreciation, potential homebuyers naturally paused to wonder: is it a new bubble? Or can I afford these prices? But price appreciation has greatly moderated and is rising at only a few percentage points above wage growth. Therefore, potential homebuyers will no longer face the sticker shock and can now make rational decisions about whether or not it makes sense to buy a home.
• There clearly appears to be large pent-up demand. Comparing current supporting factors for potential home sales with actual home sales show a mismatch. Back in the year 2000, a good reference year for comparison since there was neither bubble nor bust at that time, existing home sales reached over 5 million while new home sales nearly touched 1 million. Today, home sales activity is below that. However, there are 6.5 million additional jobs and 36 million additional people living in the country. Mortgage rates are also markedly lower today. Therefore, potential home sales are measurably larger than what we are observing. Home sales have plenty of room for a further rise.
• The outlook, therefore, is for housing starts and new home sales to rise comfortably this year and the next. Existing home sales, due to a sluggish first quarter, will fall a bit short in annual tally this year, but will show growth in 2015. Home prices will rise, though at a manageable single-digit rate of appreciation over the next two years.

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US home construction drops 9.3 percent in June

REAL ESTATE NEWS

By MARTIN CRUTSINGER, AP Economics Writer | July 17, 2014 | Updated: July 17, 2014 12:42pm

Photo By Chris O'Meara/AP 

This May 15, 2014 photo shows new home under construction in the Winthrop sub-division in Riverview, Fla. The Commerce Department reports on U.S. home construction in June on Thursday, July 17, 2014.

WASHINGTON (AP) — U.S. home construction fell in June to the slowest pace in nine months, a setback to hopes that housing is regaining momentum and will boost economic growth this year.

Construction fell 9.3 percent last month to a seasonally adjusted annual rate of 893,000 homes, the Commerce Department said Thursday. That was the slowest pace since last September and followed a 7.3 percent drop in May, a decline even worse than initially reported.

Applications for building permits, considered a good indicator of future activity, were also down in June, dropping 4.2 percent to a rate of 963,000 after a 5.1 percent decline in May.

The worse-than-expected June performance reflected a big drop in activity in the South, where construction plunged by 29.6 percent last month.

Analysts, however, said that the June decline in construction may have been influenced by temporary factors such as heavy rain in parts of the South which could have held back housing starts in that region.

Jennifer Lee, senior economist at BMO, said it was too soon to conclude that the housing recovery has stalled. "After all, job growth continues, mortgage rates are near their lows for 2014 and homebuilder confidence has been increasing," she said in a research note.

The overall weakness reflected a 9 percent fall in construction of single-family homes, the biggest part of the market, and a 9.9 percent drop in construction of apartments and other multi-family units.

All of the June weakness was confined to the South, where about 40 percent of home construction occurs. Construction was up 14.1 percent in the Northeast, 28.1 percent in the Midwest and 2.6 percent in the West.

Home construction has struggled to gain traction this year, limiting its ability to contribute to economic growth. Part of the weakness reflected an unusually severe winter which hampered construction. But rising home prices, a rise in mortgage rates from historically low levels and tighter lending standards imposed since the financial crisis have also been a barrier, especially for potential first-time buyers.

There still is hope that housing will perform better in the second half of the year although Federal Reserve Chair Janet Yellen told Congress this week that the slowdown in housing is one of the concerns at the Fed and that its forecast for an economic rebound may prove to be too optimistic.

The National Association of Home Builders, however, reported Wednesday that homebuilder confidence surged in July, reflecting heightened expectations that the second half of the year will see rising sales. The builders' sentiment index rose to 53, up four points from a revised reading of 49 in June. Readings above 50 indicate more builders view sales conditions as good rather than poor. The July reading was the first month above 50 since January when the index stood at 56.

New home sales surged 18.6 percent in May to a seasonally adjusted annual rate of 504,000, the highest level in six years, while sales of previously owned homes rose 4.9 percent, the biggest one-month gain in nearly three years, to a rate of 4.89 million homes.

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Even with the big May increases, sales of new homes are still running at just about half the pace of a healthy real estate market.

Economists expect there is a lot of pent-up demand for homes after many potential buyers put off purchases during the 2007-2009 recession and the weak recovery since that time. Job growth has accelerated in recent months, with an increase of 288,000 jobs in June. That has helped to push down the unemployment rate to a nearly six-year low of 6.1 percent in June.

There is optimism that employers will step up their hiring further in the second half of this year as they respond to a rebound in overall economic growth following a weak winter.

The economy shrank at an annual rate of 2.9 percent in the January-March quarter but analysts believe growth rebounded to around 3 percent in the April-June quarter and will remain around that level for the remainder of this year.

NEW REALTYTRAC ANALYSIS PROFILES SINGLE FAMILY HOMES THAT SELL AT THE DEEPEST DISCOUNTS AND HIGHEST PREMIUMS

REAL ESTATE TOPICS

July 8, 2014
By RealtyTrac Staff

24 Discrete Profiles Analyzed for Sales Price Relative to Estimated Market Value;
  Profiles Ranked Nationwide and By State Based on 12-Month Analysis of Home Sales

IRVINE, Calif. – July 10, 2014 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released an analysis profiling what single family homes sell at the deepest discounts and what single family homes sell at the highest premiums based on four variables: foreclosure status, equity, occupancy and year built.

“In a competitive real estate market with still-low inventory and multiple offers the norm, it’s more important than ever for buyers and sellers to identify properties that offer the best possibility for a discount and those that are the most likely to sell at a premium,” said Daren Blomquist, vice president at RealtyTrac. “A data-centric evaluation of potential purchases is important for both buyers and sellers to help counterbalance the emotions that often emerge during a typical real estate transaction. Those emotions can range from frenzy to fatigue — both of which can result in poor decisions.”

The RealtyTrac analysis looked at 24 discrete property profiles based on the four variables and what average discount — or premium — each of those profiles sold for in the 12 months ending in March 2014. The discount or premium was calculated based on the average percentage that properties in each profile sold below or above their estimated full market value, and then comparing that percentage to a control group: all single family homes not in foreclosure that sold during the same time period. The 24 different profiles were analyzed for discount or premium for all U.S. properties and also for each state separately, with the profiles with the biggest discounts varying from state to state.

“Nationwide and in most states we found the types of homes selling at the biggest discount were those that were in the earlier stages of foreclosure, were vacant and had negative equity,” Blomquist said. “One notable exception to the negative equity marker was homes in default with positive equity, which sold at the second biggest discount nationwide. The top five property profiles with the biggest discounts nationwide all sold at average discounts of 25 percent or more.

“On the other end of the spectrum, it may surprise many to see that nationwide and in several states some profiles of bank-owned homes actually sold at a premium,” Blomquist continued.  “Overall bank-owned properties nationwide sold at a 2.5 percent premium, and bank-owned properties built before 1950 sold at a 6.7 percent premium. There were in exceptions to this: for example, bank-owned homes in Ohio sold at a 17 percent discount, and in Michigan they sold at a nearly 13 percent discount.”

Top five property profiles with biggest discounts
The property profile providing the biggest average discount was that of a home scheduled for foreclosure auction with negative equity (outstanding amount of loans secured by the property was more than the estimated market value of the property), vacant, and built between 1950 and 1990. Properties matching this profile sold at an average discount of 28.2 percent below market value when compared with the control group of all properties not in foreclosure that sold during the 12 months ending in March 2014.

The property profile with the second biggest average discount was that of a home in default (where the bank had initiated the foreclosure process but not yet scheduled a foreclosure auction) with positive equity. For this profile, the occupancy status included both vacant and occupied properties and all years built. Properties matching this profile sold at an average discount of 26.0 percent below market value, and this profile by far had the most available properties matching it nationwide: 87,882, representing 11 percent of all properties in some stage of foreclosure.

Other property profiles among the top five with the biggest discounts were homes in default with negative equity, vacant and built before 1950 (25.8 percent average discount below market value); homes scheduled for foreclosure auction with negative equity, vacant and no filter for year built (24.7 percent average discount below market value); and homes scheduled for foreclosure auction that were vacant with no filter for equity status or year built (24.6 percent average discount below market value).

Four property profiles selling at a premium
Four of the 24 property profiles analyzed sold at an average premium above market value when compared to the control group. The profile with the biggest premium was that of a home not in foreclosure but with negative equity, with no filters for equity, occupancy or year built. Properties matching this profile sold at a premium of 19.2 percent above market value when compared to the control group of all properties not in foreclosure that sold in the 12 months ending March 2014.

Other property profiles selling at a premium were bank-owned homes built before 1950 with no filter for equity or occupancy status (6.7 percent premium); bank-owned properties with no filter for equity, occupancy or year built (2.5 percent premium); and homes in default with negative equity, vacant and built after 1990 (1.7 percent premium).

States with the biggest available discounts
The top property profiles with the biggest discounts available differed from state to state, as did the biggest percentage discount available for each state. States with the biggest available discounts:

• Illinois: 56.0 percent discount on homes scheduled for foreclosure auction with negative equity, vacant and built between 1950 and 1990. 

• Missouri: 49.6 percent discount on homes scheduled for foreclosure auction with negative equity, vacant and built in 1950 or earlier.

• Oklahoma: 40.2 percent discount on homes scheduled for foreclosure auction with negative equity and vacant and no filter for year built. 

• New York: 38.5 percent discount on homes scheduled for foreclosure auction with negative equity and vacant and no filter for year built.

• Wisconsin: 37.3 percent discount on homes scheduled for foreclosure auction with negative equity and vacant and built in 1950 or earlier. 

Markets with the most properties matching top five profiles with biggest discounts
Metropolitan statistical areas with the most single family homes matching the top five profiles with the biggest discounts in their respective states were led by Los Angeles-Long Beach-Santa Ana, where 5,864 single family homes matched one of the top five profiles — representing nearly 27 percent of all homes in some stage of foreclosure in the metro area.

“The best homes for re-sale are the houses in good neighborhoods within great school districts,” said Chris Pollinger, senior vice president of sales at First Team Real Estate, covering the Southern California market.  “It’s always a better deal to buy the least expensive house in a better neighborhood and fix it up versus buying the best turnkey home in the area.” 

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About 9 percent of homes in some stage of foreclosure matched one of the top five discount profiles in the Chicago-Naperville-Joliet metro area, but the 4,365 properties represented by that 9 percent was the second highest total nationwide.

The Philadelphia-Camden-Wilmington metro area had 3,438 single family homes matching one of the top five discount profiles, the third highest total of any metro area nationwide and representing nearly 17 percent of all homes in some stage of foreclosure.

Other markets in the top 10 for most homes matching the top five discount profiles were Riverside-San Bernardino-Ontario in Southern California (3,018), Miami-Fort Lauderdale-Pompano Beach (2,714), Atlanta-Sandy Springs-Marietta (2,544), New York-Northern New Jersey-Long Island (2,344), Columbus, Ohio (1,838), Cleveland-Elyria-Mentor (1,774), and Denver-Aurora (1,548).

“When consumers are considering what home makes the best deal there are many amenities to consider such as location, curb appeal and age of home,” said Michael Mahon, executive vice president/broker at HER Realtors, covering the Cincinnati, Columbus and Dayton, Ohio markets.  “To determine the best deal when making a home purchase consumers must be true to themselves and their own personal goals in regards to the timing of a purchase, anticipated length of stay in the home, values of homes in the vicinity, proximity to work and reputation of local schools.”

“The properties that seem to be the best deals are those with easy access to transportation – bus stops, park-n-rides, light rail stations and highways,” said Kelly Moye of RE/MAX Alliance, covering the Denver, Colo. market.  “More affordable properties in good condition that would make good rentals are also high in demand as the rental market is seeing record rental rates and very low vacancy.”

Report methodology
For this analysis, RealtyTrac evaluated historical sales data for single family homes from Q2 2013 to Q1 2014. RealtyTrac broke down the sales into 24 property profiles based on four variables: equity, foreclosure type (pre-foreclosure, auction, bank owned), year built, and occupancy status (vacant or occupied). The 24 property profiles were evaluated nationwide and by state. To calculate the discount or premium, RealtyTrac first determined the average percentage of estimated value represented by the actual sales price (sales price divided by each property’s estimated market value) and then subtracted that percentage from the same calculation for the control group: single family homes that were not in any stage of foreclosure or bank-owned. For any possible combination  tested, where the count number for the state was less than 40, the national discount percentage was used instead. The results were than ranked on a state level and on a national level. 

CALIFORNIA FAST FACTS....

REAL ESTATE TOPICS

FAST FACTS

Calif. median home price: June 2014:

• California: $451,160
• Calif. highest median home price by region/county June 2014: San Mateo, $1.12 million
• Calif. lowest median home price by region/county June 2014:
  Merced, $158,820

Calif. Pending Home Sales Index:
May 2014: Decreased 3.4 percent from 114.1 in April to 110.1 in May.
 
Calif. Traditional Housing Affordability Index: First Quarter 2014: 33 percent (Source: C.A.R.)

Mortgage rates: Week ending 6/26/2014 (Source: Freddie Mac)

• 30-yr. fixed: 4.15% fees/points: 0.7%
• 15-yr. fixed: 3.24% fees/points: 0.6%
• 1-yr. adjustable: 2.40% Fees/points: 0.4%

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Trendy Bathroom Upgrades for a Quick Sell

REAL ESTATE TIPS

 A recent poll on Houzz, a popular home design website, asked consumers what bathroom improvements they desire most. Many of the answers were both luxurious and affordable, and others were downright simple changes to make. Here are five hot bathroom upgrades and some ideas for incorporating them into your home to ensure a quick sell.

1. Skylights

In rooms where privacy is a concern, skylights can provide both natural light and ventilation. They’re beautiful, endowing bathrooms with a major “wow” factor, and practical.  Energy Star-qualified no-leak, solar-powered fresh-air skylights can help trim electricity costs by providing natural light and passively venting moist, warm air from the room.

2. Lighted vanity mirror

Home improvement stores, design studios and online retailers carry a variety of lighted vanities in shapes, sizes, styles and light sources (LED, CFL or incandescent) to suit virtually every taste. Installing one is a simple do-it-yourself job that has a big impact on a bathroom’s appearance and usability.

3. Double-flush toilet

Dual-flush toilets use only the water you need to get the job done, so they contribute positively to a home’s overall footprint and can help save on water bills. They’re a lower-cost upgrade, and even more cost-effective when installed by a savvy DIYer.

4. Towel warmers

Wall-mounted or free-standing, plug-in or hard-wired, all towel warmers work the same way; heated bars warm towels hung on the rack, providing a cozy, warm towel every time you bathe. Plug-in versions install easily, while hard-wired ones may require professional installation.

5. Shower foot rest

Foot rests are an economical improvement – some suction-cup styles cost under $20. For a more refined look or enhanced sturdiness, it’s possible to find one that anchors into the wall through screws, or a style built into shower surrounds. If you’re redoing your shower stall, it’s the perfect time to add a stylish, sturdy foot rest.

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