New Home Friday - December 15, 2023

NHA WHAT IS GOING ON IN THE MARKET A REAL ESTATE NEWSLETTER

An update of the real estate market

DECEMBER 15, 2023

HOMEKEEPR Moving Made Simple

E-CREDIT ADVISOR Get Mortgage Ready

DESIGN TRENDS Outdoor Design Trends Shaping Backyards for 2024

HOMEOWNER TIPS Last Minute Christmas Decor Ideas

PAINT DESIGN BOARD Virtual Color Consultation

HOUSING UPDATE

If you’re thinking about moving, it’s important to know what’s happening in the housing market. Here’s an update on the supply of homes currently for sale. Whether you’re buying or selling, the number of homes in your area is something you should pay attention to.

In the housing market, there are regular patterns that happen every year, called seasonality. Spring is the peak homebuying season and also when the most homes are typically listed for sale (homes coming onto the market are known in the industry as new listings). In the second half of each year, the number of new listings typically decreases as the pace of sales slows down.

The graph below uses data from Realtor.com to provide a visual of this seasonality. It shows how this year (the black line) is breaking from the norm (see graph below):

SOURCE: REALTOR.COM

Looking at this graph, three things become clear: 2017-2019 (the blue and gray lines) follow the same general pattern. These years were very typical in the housing market and their lines on the graph show normal, seasonal trends.

Whether you're on the hunt for your next home or thinking of selling, now might just be the perfect time to make your move.

Starting in 2020, the data broke from the normal trend.

The big drop down in 2020 (the orange line) signals when the pandemic hit and many sellers paused their plans to move. 2021 (the green line) and 2022 (the red line) follow the normal trend a bit more, but still are abnormal in their own ways.

This year (the black line) is truly unique. The steep dropoff in new listings that usually occurs this time of year hasn’t happened. If 2023 followed the norm, the line representing this year would look more like the dotted black line. Instead, what’s happening is the number of new listings is stabilizing. And, there are even more new listings coming to the market this year compared to the same time last year.

What Does This Mean for You? For buyers, new listings stabilizing is a positive sign. It means you have a more steady stream of options coming onto the market and more choices for your next home than you would have at the same time last year. This opens up possibilities and allows you to explore a variety of homes that suit your needs.

For sellers, while new listings are breaking seasonal norms, inventory is still well below where it was before the pandemic. If you look again at the graph, you’ll see the black line for this year is still lower than normal, meaning inventory isn’t going up dramatically and prices aren’t heading for a crash. And with less competition from other sellers than you’d see in a more typical year, your house has a better chance to be in the spotlight and attract eager buyers.

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Outdoor Design Trends Shaping Backyards for 2024 No longer deemed as just an area behind a house, today’s backyards are getting dedicated room treatment, as more people choose to spend more time outside. The TurfMutt Foundation is even coining a new term, backyarding, or the act of taking activities typically associated with the indoors outside into green space. Now more than ever, homeowners are recognizing the power of their yards and parks doing environmental good, as well as benefiting their health and well-being," says Kris Kiser, president and CEO of the TurfMutt Foundation and its parent organization, the Outdoor Power Equipment Institute. "Homeowners are making improvements in their yards with many goals in mind, thinking about what's good for their families, pets, and our planet."

Fun in the Sun

From parents looking for ways to lure their kids away from screens to neighbors wanting to connect with friends, homeowners are turning their backyards into a place for fun and games. Some go all out to install a pool or a pickleball court, while others take a simpler approach like designating a strip of grass for cornhole or soccer.

Living Landscapes

Since homeowners have come to value their lawns, trees, and plants more than ever, they are investing in their care like never before. This might mean planting for pollinators, adding drought-tolerant plants, investing in lawn care equipment, or calling in landscape professionals, as needed, for pruning, rescuing diseased trees, and revitalizing turf grass.

Paver Plantings

Garden paths and patios made of pavers separated by ground cover have gained popularity on Houzz due to their natural look, permeability, and design versatility. This approach softens pathways, breaks up large expanses of hardscape, and generally makes a walkway or patio feel more like a lush, living part of a garden.

Adjacent Add-Ons Screened-in or glassed-in porches are growing in popularity as they allow homeowners who live in regions that experience inclement weather, pollen, or insects to enjoy the benefits of being outside while still having the comforts of home. As these spaces often sit directly off the main house, Houzz is seeing more design continuity between the home and porch.

Backyard Birding

The birdwatching craze took flight during the pandemic, but it's not a fleeting fad, says TurfMutt.

Birdwatching is not only relaxing; it is a great way to connect with nature right outside the back door.

Petite Patios

Earlier this year, Houzz search data revealed significant increases in searches for terms like "small screened-in porch ideas," "small backyard patio," and "small front porch." For homeowners with modest-sized yards, adding a small patio or deck can turn an unused side yard or entry into an inviting outdoor living space.

Great Gathering

Professionals on Houzz are increasingly adding outdoor gathering areas that can help maximize living space and create a more dynamic home entertaining experience. Anchoring the area with a feature like a fireplace or a fire pit, a bar, or an outdoor TV creates a focal point and draws guests out into the yard.

Last Minute Christmas Decor Ideas If you're yet to decorate your home and are feeling a tad time-stressed this holiday season, our last-minute Christmas decor ideas have got you covered – and they're still wonderfully chic.

1. DECORATE WITH FORAGED FOLIAGE & FLOWERS From Christmas wreaths and Christmas garlands, to more simple arrangements in vases and on Christmas mantels, make the most of the plants, trees and flowers in your yard and garden (or further afield) and forage for cuttings of Christmas foliage to create beautiful natural displays. Interior designer, Nicole Cullum says, 'My favorite way to decorate for Christmas is to gather bundles of different colored dried grasses, flowers, and interesting things I find on my morning walks and arrange them around the house and for outdoor Christmas decor, too.

2. GET CREATIVE WITH HANDMADE ORNAMENTS The holiday season is a time where many of us get creative with Christmas crafts, and often, these handmade decorations take no time at all, using more simple, everyday objects that can be found dotted around the house and in your outside space. From using leftover ribbons to creating paper chains and paper snowflakes, these crafty decorations can enrich your space with a more unique and homey character. Luxury floral designer, Margaux St. Ledger says, 'Never underestimate the power of a pine cone. Pine cone decorations look great natural, but the decorating opportunities are endless with spray paint, glue, glitter, and craft materials like mini pompoms. Use a pinecone to accent a wreath, or even make an entire pine cone wreath.

3. OPT FOR MORE SIMPLE LIGHTING DISPLAYS The right lighting can completely transform the look and feel of a room, and there are plenty of last-minute indoor Christmas lighting ideas, and outdoor Christmas lighting, that can make both the inside and outside of your home look more cozy and special for the holidays.

'Running an extra strand of string light through a DIY garland can create an amazing, welcoming glow. If you don't have power, a battery-operated strand is a great solution. Just be sure to wrap the battery pack in a plastic baggy if it's exposed to weather. The fairy lights also add a fabulous touch to a homemade table garland.' From fairy lights, to collections of the best candles and lanterns, ambient lighting can make any space in your home feel more cozy and Christmassy – we love the string lights used for this bedroom Christmas decor, a more unexpected place to decorate for Christmas.

4. EMBRACE A MINIMALIST APPROACH TO DECORATION To keep things super simple and subtle, embrace the 'less is more' principles of minimalist decor when it comes to last-minute Christmas decorating. Interior designer Artem Kropovinsky, founder of Arsight says, 'Keep things simple with an uncomplicated, minimalist approach to festive decoration. Create cozy, soft lighting through candles and lanterns, or use small bunches of green twigs or a small wreath to bring in that feeling of nature. Paper crafts such as origami and paper snowflakes are perfect for a more subtle look, too.'

5. MAKE THE MOST OF YOUR HOLIDAY CARDS An easy way to add Christmassy character to your home is by simply displaying your holiday cards. From simple arrangements of cards on shelves, mantels and window ledges, to more decorative card holders, such as this Light Up Rustic Leaf Cardholder Garland from Pottery Barn, the simplest of items can still create a magnificent impact.

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