New Home Friday - December 8th, 2023

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

An update of the real estate market

DECEMBER 8, 2023

HOMEKEEPR Moving Made Simple

E-CREDIT ADVISOR Get Mortgage Ready

DESIGN TRENDS Interior Design Trends Going Away in 2024

HOMEOWNER TIPS How to Rearrange Furniture Before Hosting a Crowd

PAINT DESIGN BOARD Virtual Color Consultation

HOUSING UPDATE

Does the rising cost of just about everything these days make your dream of owning your own home feel less within reach? According to Bankrate, many people are seeking additional income through side hustles, possibly to cope with those increasing expenses and save for a home. This trend is particularly popular with younger individuals who may be dealing with student loan debt (see graph below):

TIn the face of today’s affordability challenges, both of these strategies offer more attainable paths to homeownership, especially for younger buyers.

Yes, the home may need a little elbow grease, but investing time and effort into gradually enhancing your house not only makes it a home but also increases its future market value. So, while you enjoy the satisfaction of turning a house into a home, you’re also building equity that can be unlocked when it’s time to sell.

Renting Out a Portion of Your Home To Make It More Affordable

SOURCE: BANKRATE

Here are two strategies that can not only make homeownership more affordable in the short term, but turn it into a lucrative side hustle that can pay off down the road.

Transforming the Challenge of a Fixer-Upper into an Opportunity One thing you could do to help you break into homeownership is consider purchasing a fixer-upper. That’s a home that may be a bit less appealing and as a result has lingered on the market longer than normal. According to a recent article from U.S. News: “The current state of the housing market may have you expanding your options to try to find a home that you can afford. A fixer-upper that needs some updating and a little love can feel like a welcome alternative to move-in ready houses that go off the market before you can even take a tour.”

By opting for a home that requires some work, you may see two big benefits. For starters, you may find it’s easier to find a home because you’re not looking for that perfect option. Plus, it may also help you enter the housing market at a lower price point. This strategy provides a more affordable way to become a homeowner while also offering the potential for future profits.

SOURCE:: ZILLOW

This approach serves a strong purpose. As Manny Garcia, Senior Population Scientist at Zillow, says: “For those first-time buyers navigating the ‘side hustle culture,’ where a regular 9-to-5 might not quite cut it for homeownership dreams, rental income can step in to help . . .”

Basically, it can help you afford your monthly mortgage payments.

So if you’re open to it, renting out a portion of your home not only helps with affordability, but it also positions you as an investor and turns your home into a source of income.

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24

Interior Design Trends Going Away in 2024 Whether you’re investing money in a major renovation or doing a simple refresh, it’s crucial to go with something current so the space isn't both brand new and dated at the same time. Here are several interior design trends going away in 2024 according to interior designers.

Grey Accents

From walls to sofas and tile, grey was considered stylish for years. But now that time is up explains Dianne O’Connor, Founder and CEO of Weston Table. “Grey is out. The world is too upside down to consider any color that could be interpreted as somber and serious.” It also seems as if many people are shying away from overly neutral spaces. “Right now everywhere I look I'm seeing bold pattern, texture, and color,” says interior designer Kate Dawson.

Sliding Barn Doors

While most of us have finally bid farewell to the live, laugh, love sign—sliding barn doors are also sliding out of style in 2024, according to Isy Runesewe., of Isy Interiors. “Barn doors are impractical and fail to perform any of the necessary functions of a door. They do a poor job of blocking light, sounds, and smells. Most rooms have doors for privacy. It’s best to avoid them in bathrooms, laundry rooms, and closets.”

White Everything

From white walls to white sofas and window treatments, white was the “it” neutral for so many years. But now tastes are skewing towards warmer neutral hues. This also means those white kitchens with marble countertops and cabinets are starting to look dated “White kitchens are on their way out. While they had a strong moment, there’s a heavy pull away from this towards stain grade cabinets and warmer vs. cooler tones that make a room feel warmer.”

Dining Benches

Dining rooms tend to fall victim to the “matchy-matchy” look.

So many people opt to mix up seating by using dining benches and chairs. But Runsewe tells me this look has reached its peak. “Don’t get me wrong, I love a welldesigned built-in banquette, but long freestanding bench seating in lieu of dining chairs is impractical and uncomfortable.

Ultra Modern Minimalism

More will finally be more in 2024, with unique features and details becoming coveted design features. “Expect to see more curves, but not necessarily in your bubble sofa or swivel chair. Clients are asking for barrel-vaulted ceilings, arched doorways, and rounded windows, all of which create character and add softness to a space. To round out the livedin feel, all things vintage are a must as they add patina and depth to your space.”

Curved Sofas

Mary Alice Palmer, Global Creative Director and Founding Principal, and Olga Acosta, Global Practice Director and principal of ROAM Interior Design said curved sofas will be far less ubiquitous in 2024.

“Enough already! Once evocative of mid-century design, they have cropped up in everything to the exclusion of all else.” While curved sofas have a gorgeous aesthetic, people are finally starting to realize they are impractical pieces of furniture that can be uncomfortable to sit on.

How to Rearrange Furniture Before Hosting a Crowd

You might have avoided all of the Christmas decorating mistakes known to us, but the quick arrival of the holidays leaves little time to renovate just before guests arrive, so how should you shuffle your furniture for hosting a crowd? This is how the experts usually approach it.

1. MAXIMIZE COMFORT (AND SEATING) 'Preparing your home for holiday hosting should involve a thoughtful orchestration of furniture rearrangement,' explains designer Jennifer Davis. 'The rearrangement isn't just about aesthetics, it can also be a strategic maneuver to enhance the entire hosting experience. One primary goal is to create a captivating focal point that draws the eye and sparks the festive spirit. This might involve repositioning seating to center around a beautifully decorated fireplace or a Christmas tree.' You want to think about where people will rest, linger a little, or amble towards. 'Additionally, rearranging furniture enables the maximization of seating areas. As friends and family gather, ensuring everyone has a comfortable place to sit and enjoy the festivities becomes essential.'

2. TAKE AWAY WHAT WILL HINDER FLOW 'It often becomes necessary to rearrange furniture to accommodate hosting duties, especially during the holiday season when any extra space is taken up by temporary decorations. Focus on the flow of your guests around the furniture, and from room to room,' says Interior designer Bethany Adams. Taking away furniture that doesn't serve and that will hinder flow is key: 'Whenever I host I anticipate the need for easy circulation around a home, rearranging furniture as needed,' says interior designer Glenn Gissler. 'I often remove the dining chairs to both reduce furniture clutter and make room to circulate around a buffet on the table. 'I try to make the room look as functional as possible without destroying the beautiful balance I have worked so hard to achieve.'

When hosting a crowd, you want your space to be welcoming.

Arrange your furniture to create cozy areas where people can sit and chat,' says interior designer, Soledad Alzaga.

4. DESIGNATE DINING SPOTS As well as conversation, when guests come over for the holidays, they are (politely) expecting gorgeously crafted cocktails and a feast. 'Set up a place for a buffet and bar area where people can serve themselves and make sure there is plenty of room to make it easy to get to food and drinks,' adds Alzaga. As hosts, we want to make it clear where this magic will happen. 'Practical considerations, like establishing designated buffet or bar areas, are also a big part of the spatial planning,' highlights Davis. 'Clearing and repositioning furniture to accommodate food stations ensures that refreshments are easily accessible to guests, facilitating a smooth flow for dining and socializing.' Decide how guests will be served, or serve themselves, and pave the way to these spots so that visitors will naturally gravitate to them, and have space to linger comfortably.

5. KEEP SPACES CONNECTED USING COLOR, NATURE, AND LIGHTING

No matter how big or small your overall party size may be, guests will still naturally form groups. To keep everyone a little more connected and to evoke a sense of cohesiveness within the space too, inject color, greenery, and more light where you can. 'Transforming a flat and uninspiring space into an energetic and inviting haven requires thoughtful consideration of color, furniture placement, and overall design. By embracing dynamic colors, arranging furniture strategically, incorporating statement pieces, playing with lighting, and bringing the outdoors inside, you can create a 3. CREATE COZY AREAS FOR LAUGHTER AND CHIT-CHAT space that not only looks vibrant but also radiates positive Just as grouping serves aesthetically when arranging a coffee energy,' says Niko Rasides, Design director of Nicholas table or decorating a mantel, creating dedicated areas for Anthony. 'Consider bold accent walls, vibrant furniture, or people to circulate around together can be a welcoming and lively accessories to inject personality and excitement into visually appealing feature in your home for the holidays. ' the room.'

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