New Home Friday - January 12, 2024

NHA A REAL ESTATE NEWSLETTER JANUARY 12, 2024

WHAT IS GOING ON IN THE MARKET An update of the real estate market

HOMEKEEPR Moving Made Simple

E-CREDIT ADVISOR Get Mortgage Ready

DESIGN TRENDS Vintage Flooring Trends Making A Comeback in 2024

HOMEOWNER TIPS Designing the Perfect At-Home Coffee Station

PAINT DESIGN BOARD Virtual Color Consultation

HOUSING UPDATE

If you’re thinking about buying a home, pre-approval is a crucial part of the process you definitely don’t want to skip. So, before you start picturing yourself in your new living room or dining on your future all-season patio, be sure you’re working with a trusted lender to prioritize this essential step. Here’s why.

While home price growth is moderating and mortgage rates have been coming down in recent weeks, affordability is still tight. At the same time, there’s a limited number of homes for sale right now, and that means ongoing competition among hopeful buyers. But, if you’re strategic, there are ways to navigate these waters – and pre-approval is the game changer.

What Pre-Approval Does for You To understand why it’s such an important step, you need to know more about pre-approval. As part of the homebuying process, a lender looks at your finances to determine what they’re willing to loan you. From there, your lender will give you a pre-approval letter to help you understand how much money you can borrow.

Freddie Mac explains it like this: “A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. . . . Keep in mind that the loan amount in the pre-approval letter is the lender’s maximum offer. Ultimately, you should only borrow an amount you are comfortable repaying.”

Getting pre-approved starts to put you in the mindset of seeing the bigger financial picture, one step at a time. And the key is actually more than just getting a pre-approval letter from your lender. The combination of pre-approval and strategic budgeting is your golden ticket to understanding what you can actually afford.

Before you start mentally arranging furniture in your dream home, let’s connect to get your preapproval set. It’ll save you time, stress, and a lot of headaches that could come up along the way without it. The reality is, the more prepared you are, the more likely you are to land the home you’re longing for.

It saves you from painful heartaches down the road so you don’t fall in love with a house that might be out of reach.

Pre-Approval Helps Show Sellers You’re a Serious Buyer But that’s just the beginning. Let’s face it, there are more people looking to buy than there are homes available for sale, and that creates competition among homebuyers. That means you could see yourself in a multiple-offer scenario when you get ready to make your move. But getting pre-approved for a mortgage can help you stand out from other buyers.

In today’s fast-moving housing market, having that pre-approval in your back pocket can be your secret weapon. When sellers see you’re pre-approved, it tells them you’re a strategic and serious buyer. In a world of multiple offers, that’s a big deal. As an article from the Wall Street Journal (WSJ) says: “If you plan to use a mortgage for your home purchase, preapproval should be among the first steps in your search process. Not only can getting preapproved help you zero in on the right price range, but it can give you a leg up on other buyers, too.”

Pre-approval shows sellers you’re more than just a window shopper. You’re a buyer who’s already undergone a credit and financial check, making it more likely that the sale will move forward without unexpected delays or issues. Sellers love that because they see your offer as a reliable one. A win-win, right?

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Vintage Flooring Trends That Are Making a Comeback in 2024

When it comes to setting the tone of your home and protecting high-traffic areas, investing in the right flooring will pay off in spades. But with countless textures, patterns, and finishes on the market, choosing flooring that suits your style and caters to your functional needs can be a big undertaking. From cork to tile and everything in between, these vintage flooring trends will be all the rage once again in 2024.

Checkerboard Tiles

Modeling a classic design and geometric formula, checkerboard tiles are making a noteworthy comeback right now. "Echoing the principles of maximalism, these tiles intermix patterns, layers, and depth, resulting in a lively visual impact," Eylor says. "The inspiration behind this design may stem from a desire for a retro ambiance with a modern twist."

Although this iconic look has graced floors for decades, the trend is seeing a resurgence in popularity, especially in black-and-white color schemes with marble or porcelain construction. And thanks to its clean, grid-like appearance, it's a go-to option in bathrooms, kitchens, and entryway spaces commanding a classic, retro upgrade.

Original Wood Flooring Old-style wood floors are also starting to have a moment. "There's a huge request to restore old home flooring versus installing new floors, but it's harder to find that narrow length that was common before," Coleman says. Vintage wood flooring (which can either be repaired or pieced in) typically used planks with an average width of 1.5" and were usually constructed of red oak, which lends a cozy, nostalgic addition to any interior.

Terrazzo Terra-Cotta

According to Kat Coleman, interior designer at Grip Construction, Inc., there's also been a resurgence of terracotta lately, and in Saltillo tiles especially. "You can get terracotta tiles in many places, but Sautillo is unique for its clay color and handmade finish, sustaining its extreme desirability in California and the West Coast especially," Coleman says.

"There's an uneven surface; every tile is unique, which creates a lot of texture in a space because of the deep grout lines— though some people may find that a challenge." Though the popularity of terra-cotta tiles may depend on your design goals, climate, and region, its color, material, and finish can be considered timeless.

"Terrazzo flooring offers a multitude of expressive possibilities, and its appeal lies in the opportunity to use various materials to craft a customized look resembling art," Eylor says. Because terrazzo is a composite material typically made from a mix of chips of glass, granite, quartz, or marble mixed with an epoxy resin, it instantly adds textural interest and contrast to any space. "Drawing inspiration from its mid-century roots, the timeless feel of terrazzo captivates individuals seeking creative freedom in interior design," Eylor says. As more and more homeowners use their interiors as a blank canvas for personal expression, terrazzo will continue to rise in popularity.

Designing the Perfect At-Home Coffee Station The morning coffee craving is nearly universal, and a fresh cup of joe is hard to beat. If your at-home caffeine situation consists of a dated coffee maker, or is relegated to a small corner of the kitchen counter, it may be time to upgrade.

Creating a beautiful space for this morning ritual will be well worth it in the long run.

1. THINK FUNCTION FIRST When it comes to putting together a coffee station, it's important to find a balance between functionality and beautiful design. Casey Howard, principal designer of Casey Howard Interior Design, says that both are important seeing as your morning coffee or tea routine sets the tone for your entire day. 'Ensure there’s a place for everything – from small appliances to mugs and accouterment – quick, easy, organized access is essential for when you haven’t yet had your coffee,' says Casey.

4. LOOK OUTSIDE THE KITCHEN IJean Stoffer, founder of Jean Stoffer Design, says she considers coffee stations to be 'the new must-have in custom kitchens' as more people become interested in having an espresso machine at home. And because coffee rituals have taken on a life of their own, finding a space outside of the main kitchen can be ideal. In fact, Jean says that some people find it more convenient to make and enjoy their coffee away from cooking and cleaning areas.

2. TAKE INSPIRATION FROM THE REST OF YOUR HOME Pulling color schemes and material combinations from the rest of your home, and especially from the kitchen, can help you to create a seamless transition into your new coffee-centric space. Keep kitchen classics in mind, but don't be afraid to take a bit of creative liberty and distinguish the two spaces of your home. Karen Frome, architect and founding partner of Rise Projects, says that she often takes cues from a regular bar set-up when designing coffee stations for clients.

If you like the idea of an at-home coffee station, but don't want to deal with extra clutter, Blair Moore – creative director and principal designer of Moore House Design – suggests opting for a concealed, or hidden, option. 'This is one of those spaces that we know gets messy so for us it's about function with the ability to close off the mess,' she says. There are many ways to stow a coffee station away, but Blair says she loves to use a retractable door, which makes it incredibly easy to open up and close off the area at a moment's notice.

3.GET CREATIVE WITH STORAGE SOLUTIONS

6. MAKE YOUR COFFEE STATION AN ESCAPE

Depending on the details of your coffee routine, quite a bit of equipment can get involved – and you'll need ample space to store it. Caitlin Jones Ghajar, principal designer of Caitlin Jones Design, says having a pullout drawer just underneath the coffee maker is ideal for storing extra coffee, tea, and any utensils you'll use on the regular. 'I generally like to include a single open shelf to display beautiful mugs and handled glassware.

Other than a small open area it’s best to have ample closed storage to hide the extra supplies which aren’t as beautiful to look at,' she says.

If at a loss for design inspiration when crafting your coffee station, bring in elements of other relaxing spaces. 'Drinking coffee is an experience, so we like to make the spot you refill your cup feel like a destination. we brought in wallpaper, patterned floors, and sconces to make it feel like you’re in a chic and cozy hotel while you enjoy your favorite morning treat,' says Emily Frank, Frank & Co. founder. By layering materials, patterns, and features borrowed from another upscale, luxurious space, Frank created a coffee sanctuary in a relatively small space. Set up with an espresso machine and milk frother – as well as a separate area for alcoholic beverages – the smart design would be a welcome addition to any home.

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