New Home Friday - December 22, 2023

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

An update of the real estate market

DECEMBER 22, 2023

HOMEKEEPR Moving Made Simple

E-CREDIT ADVISOR Get Mortgage Ready

DESIGN TRENDS The #1 Design Trend on Tik-Tok. What is Traditional Eclectic Design?

HOMEOWNER TIPS How to Make Your Bedroom Smell Good for Sleep

PAINT DESIGN BOARD Virtual Color Consultation

HOUSING UPDATE

If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market in 2024. In 2023, higher mortgage rates, confusion over home price headlines, and a lack of homes for sale created some challenges for buyers and sellers looking to make a move. But what’s on the horizon for the new year?

The good news is, many experts are optimistic we’ve turned a corner and are headed in a positive direction.

Mortgage Rates Expected To Ease Recently, mortgage rates have started to come back down. This has offered hope to buyers dealing with affordability challenges.

Mark Fleming, Chief Economist at First American, explains how they may continue to drop: “Mortgage rates have already retreated from recent peaks near 8 percent and may fall further . . .”

Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), says: “For home buyers who are taking on a mortgage to purchase a home and have been wary of the autumn rise in mortgage rates, the market is turning more favorable, and there should be optimism entering 2024 for a better market.”

The Supply of Homes for Sale May Grow As rates ease, activity in the housing market should pick up because more buyers and sellers who had been holding off will jump back into action. If more sellers list, the supply of homes for sale will grow – a trend we’ve already started to see this year.

Lisa Sturtevant, Chief Economist at Bright MLS, says:

Experts are optimistic about what 2024 holds for the housing market if you’re looking to buy or sell a home in the new year.

“Supply will loosen up in 2024. Even homeowners who have been characterized as being ‘locked in’ to low rates will increasingly find that changing family and financial circumstances will lead to more moves and more new listings over the course of the year, particularly as rates move closer to 6.5%.”

Home Price Growth Should Moderate And mortgage rates pulling back isn’t the only positive sign for affordability. Home price growth is expected to moderate too, as inventory improves but is still low overall. As the Home Price Expectation Survey (HPES) from Fannie Mae, a survey of over 100 economists, investment strategists, and housing market analysts, says: “On average, the panel anticipates home price growth to clock in at 5.9% in 2023, to be followed by slower growth in 2024 and 2025 of 2.4 percent and 2.7 percent, respectively.”

To wrap it up, experts project 2024 will be a better year for the housing market. So, if you’re thinking about making a move next year, know that early signs show we’re turning a corner. As Mike Simonsen, President and Founder of Altos Research, puts it: “We’re going into 2024 with slight home-price gains, somewhat easing inventory constraints, slightly increasing transaction volume . . . All in all, things are looking up for the U.S. housing market in 2024.”

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What is Traditional Eclectic Design?

This look is a little traditional, a little whimsical, and very Nancy Meyers-esque. It falls in line with the traditional, slightly maximalist return we’ve been seeing over the last few years, and definitely aligns with the Gen Z approach to decor (more is more). In a traditional eclectic space, you’ll find layers of books and collected objects, vintage furniture and decor, pleating and fringe, soft lighting, and plenty of pattern and color. What sets this look apart from the stuffy, traditional spaces of the 1950s is that pop of whimsy. Think: bright colors, a little animal print, plenty of taper candles, and quirky artwork that’s just a touch offbeat.

Embrace Vintage Pieces The traditional eclectic look loves a vintage find, whether it’s duo accent chairs, a console table, artwork, or a cool decorative knick-knack (or ten). These found, collected objects feel like family heirlooms and make a space feel lived in and unique.

Mix and Match Patterns

The traditional eclecticist is definitely not afraid of a little pattern. From stripes and animal print to bold florals, embracing all of the pattern — even in the same room — is the move here. Just stick to a cohesive color palette, and you’re gold.

More is More with Decor

Every little nook and cranny is decorated in a traditional eclectic space. Layer up the artwork, books, vases, florals, and decorative bowls here, whether you’re decorating a coffee table, a fireplace mantel, or a bookshelf. Collected is the name of the game!

Embrace Bold Colors For that touch of “eclectic,” this look favors a pop of bold color. From bright kelly green to hot pink and electric blue, strategically add in bright touches of color for that little something extra. This design detail will add personality and make your space feel perfectly unexpected.

How to make your bedroom smell good for sleep

How your bedroom smells may not be the first thing you think of when trying to get a good night’s rest, but experts suggest it could be the key to sleeping soundly and feeling well-rested in the morning. Of course, when making a bedroom smell nice, we often reach for lavender – but that isn't the only scent that helps you sleep better, experts reveal.

1. GERANIUM ESSENTIAL OILS If you want a fresh, light scent to improve your sleep, but don’t fancy lavender, then geranium oil, available at Amazon, might be the next best thing, shares Betsy Miller, MS, clinical herbalist and aromatherapist for Frontier Co-op & Aura Cacia: ‘Inhalation is the fastest way to experience the benefits of essential oils,’ she says. ‘As we inhale diffused essential oils, the molecules of those oils come into contact with our sensory nerves, which stimulate the sending of a signal via the olfactory nerve to the olfactory bulb located near the brain; this olfactory bulb then sends signals to the brain, resulting in a cascade of therapeutic effects via our central nervous system,’ she explains 2. CHAMOMILE AND SANDALWOOD SPRAYS A chamomile tea before bed is common to help promote sleep, so why not use its scent to help you drift off and nail your bedroom routine for the best night’s sleep, recommends November Nichols, fragrance expert. ‘Chamomile and the soothing warmth of sandalwood are perfect, especially as a spritz of a scented pillow mist,’ she suggests. ‘This is a simple yet effective way to imbue your bedding with a relaxing aroma.’ wreath.

3. YLANG-YLANG Ylang-ylang is one of the scents you may have heard of, but not be your first pick when it comes to home fragrances, especially if you are not too sure what it actually is. This floral scent is perfect for helping to promote relaxation, however, and is a great fragrance to consider when you are tired of lavender, says Christina Heiser, sleep expert and senior content director at Saatva, the smarter luxury sleep company:

‘Ylang-Ylang is a commonly used fragrance in perfumes, and it has been scientifically proven to have a calming effect on the mind,’ she says. ‘In a Korean study, participants who inhaled a mixture of ylangylang, lavender, and bergamot once a day for four weeks experienced reduced stress, anxiety, and blood pressure levels by the end of the study.’

4. JASMINE AND VANILLA If you want to try fragrance layering to promote better sleep, there is no better place to start than with the classic pairing of jasmine and vanilla, states November Nichols, fragrance expert. ‘Jasmine, known for its soothing effect, and vanilla, with its sweet, comforting notes, is ideal for setting a cozy atmosphere, which is perfect for sleep,’ she shares.

5. HERBAL SACHETS Adding a personalized scent to upholstery doesn't have to be done with short-lived sprays. November Nichols, fragrance expert, also recommends trying herbal sachets for a lingering fragrance that is sure to improve your sleep: ‘Herbal sachets filled with dried hops or lemon balm, tucked under pillows or around the room, provide a gentle, natural fragrance. Hops have long been valued for their sleep-inducing qualities, while lemon balm calms the mind and eases you into sleep.’

6. CEDARWOOD When trying to make a house smell nice without burning candles, cedarwood essential oil is a common replacement for a relaxing scent, especially in winter, explains Christina Heiser, senior content director. By using cedarwood essential oil for sleep, you can reduce your adrenaline levels and fall asleep more easily.’

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