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Real estate: Half-bath? Full bath? How is all of that determined?
Q: We have a third bathroom in our finished basement that has a stall shower. My brother-in-law says it’s only considered a half-bath because it doesn’t have a bathtub. Is he correct?
A: Your brother-in-law is wrong. Bathrooms go by the number of fixtures. A bathroom with a sink and a toilet is a two-fixture bath, which is also referred to as a half-bath or a lav. A full bath has a sink, toilet, and either a bathtub or shower, or both, so it can be either a three- or four-fixture full bath.
Home maintenance tip
Are you losing up to 25% of your heat because you don’t have $40 to $80 worth of insulation in your basement? Having been in literally over a thousand homes over the years, I get to observe a lot of things. One thing I have noticed, especially in homes built before the 1980s, is the lack of insulation around the rim joist in the basement. That is where all the joists rest on top of the basement wall. If you see insulation, you’re good, but if you see bare wood, you’re losing money out of your pocket every minute during the cold weather here in Michigan.
The fix is simple: buy a roll or two of insulation and cut pieces to fit up in all of the cavities. (If you have bay windows or kitchen sinks that are in a bay with plumbing pipes, then consult with a professional on the correct way to insulate the bay.) It’s a good idea to wear gloves, long sleeves, safety glasses and a face mask when handling insulation. You can take it a step further and seal all the joints with a foam sealant first before adding the insulation. I recommend consulting your home improvement store or a contractor/handyman as to the best way to go about it for your home. As long as you do something, you will start saving money right away.
Market update
November’s market update for Macomb County and Oakland County’s housing market (house and condo sales) is as follows: In Macomb County, the average sales price was up by almost 3% and Oakland County’s was up by more than 2%. Macomb County’s on-market inventory was down by almost 2% and Oakland County’s was up by almost 4%. Macomb County’s average days on market was 35 days and Oakland County’s was 32 days. Closed sales in Macomb County were up by almost 3% and were down by almost 9% in Oakland County. (All comparisons are month to month, year to year.)
By the long-standing historical definition from the National Association of Realtors, which has been in existence since 1908, a buyer’s market is when there is a seven-month supply or more of inventory on the market. A balanced market between buyers and sellers is when there is a six-month supply of inventory. A seller’s market is when there is a five-month or less supply of inventory. Inventory has continued to stay low. In November, the state of Michigan’s inventory was at 2.6 months of supply. Macomb County’s inventory was at 2.4 months of supply and Oakland County’s inventory was at 2.3 months of supply. By definition, it’s still not close to a buyer’s market.
Steve Meyers is a real estate agent/Realtor at Realty Executives Home Towne in Shelby Township. He can be contacted with questions at 586-997-5480 or emailed at Steve@MeyersRealtor.com. You can also visit his website at AnswersToRealEstateQuestions.com.
