New Home Friday

NHA A REAL ESTATE NEWSLETTER JANUARY 26, 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 Major Exterior Design Drivers for 2024

HOMEOWNER TIPS How to Make a White Bathroom More Interesting

PAINT DESIGN BOARD Virtual Color Consultation

HOUSING UPDATE

If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability.

But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale.

As mortgage rates come down, more sellers may re-enter the market – that gives you an opportunity to find the home you’re looking for.

The Mortgage Rate Lock-In Effect Over the past year, one factor that’s really limited the options for your move is how few homes were on the market. That’s because many homeowners chose to delay their plans to sell once mortgage rates went up. An article from Freddie Mac explains:

Here’s why this is so significant. Typically, activity in the housing market cools down in the later months of the year as some sellers choose to delay their moves until January rolls around.

“The lack of housing supply was partly driven by the rate lock-in effect. . . . With higher rates, the incentive for existing homeowners to list their property and move to a new house has greatly diminished, leaving them rate locked.”

This is the first time since 2020 that we’re seen an uptick in new listings this time of year. This could be a signal that the rate lock-in effect is easing a bit in response to lower rates.

These homeowners decided to stay put and keep their current lower mortgage rate, rather than move and take on a higher one on their next home.

What This Means for You

Early Signs Show Those Homeowners Are Ready To Move Again According to the latest data from Realtor.com, there were more homeowners putting their houses up for sale, known in the industry as new listings, in December 2023 compared to December 2022 (see graph below): Sellers Are Re-Entering the Market

While there isn’t going to suddenly be an influx of options for your home search, it does mean more sellers may be deciding to list. According to a recent article from the Joint Center for Housing Studies (JCHS): “A reduction in interest rates could alleviate the lock-in effect and help lift homeowner mobility. Indeed, interest rates have recently declined, falling by a full percentage point from October to November 2023 . . . Further decreases would reduce the barrier to moving and give homeowners looking to sell a newfound sense of urgency.”

And that means you may see more homes come onto the market to give you more fresh options to choose from.

SOURCE: REALTOR.COM

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NOT SURE WHERE TO BEGIN WITH THE CREDIT REPAIR PROCESS? START BY CHOOSING WHICH OF THESE 4 OPTIONS FIT BEST WITH YOUR SITUATION 1. SELF CREDIT REPAIR First, take the time to understand the 3 laws that govern what the bureaus and creditors can do and your rights throughout the process. These are the Federal Credit Reporting Act (FCRA), Credit Repair Organizations Act (CROA), and the Fair Debt Collection Practices Act (FDCPA). Use standard dispute procedures to remove inaccurate trade lines from your credit report.

Your best chance of success with this method is by mailing dispute letters to the credit bureau in which the inaccuracy on your report was found. Follow these recommendations to increase your chance of success.

2. PAY OFF ALL OF YOUR BILLS Settle ALL of your outstanding negative accounts with creditors and collectors for a complete deletion of negative information.

After that, get in the habit of paying off your credit card balances each month and never falling into delinquency with creditors.

PLEASE NOTE! In many cases, paying collection accounts will lower your credit score. For this reason, we can’t stress the importance of becoming educated on the law before beginning your credit repair journey. What makes common sense doesn’t always make credit sense!

3. GO TO COURT If the credit bureaus violated the Fair Credit Reporting Act by not removing inaccurate information from your credit report, you can consult with an attorney regarding a possible lawsuit.

4. BECOME OUR CLIENT A personal advisor will review your credit profile to determine how our program will effectively increase your credit scores. We work together throughout each step you need to take in order to maximize your score. A credit report is like a finger print – it’s unique to everyone! That’s why we recommend all clients to at the very least sign up for our free credit consultation. In that consultation we speak to you specifically about the items on your credit report and how to best navigate the process

MAJOR EXTERIOR DESIGN DRIVERS FOR 2024 HOMES The allure and benefits of the great outdoors continue to captivate homeowners, inspiring many to reimagine their own exterior spaces.

To stay on top of the latest trends shaping these areas, two decking manufacturers—Deckorators and Trex—have released their findings and insight for outdoor living in 2024. “Our experts are seeing homeowners prioritize a balance of form and function,” says Michelle Hendricks, Deckorators category marketing manager. “It's all about creating a flexible-use space full of elements that enhance the enjoyment of the outdoor experience. ”The following trend highlights were compiled from expert advice provided by both companies and are predicted to shape outdoor living in the year ahead.

Functional Designs

Homeowners are looking to utilize their outdoor spaces for multiple purposes, in all kinds of weather, and in every season. Flexible-use zones throughout the deck are becoming a design standard, revealing a trend toward maximizing utility and prioritizing spatial flow.

Restorative Retreats A backyard can play a major role in promoting both mental and physical well-being. Creating a restorative retreat can be as simple as turning a corner into a reading nook or adding a tranquil space for yoga outfitted with comfortable seating, string lights, speakers, and lots of greenery.

Monochrome Moments

Homeowners' preferences for deck colors are becoming more minimalistic, reports both decking companies. It keeps the design natural and neutral and opens up more opportunities for pops of color and texture elsewhere that can be easily updated with changing trends.

Destination Spaces Inspired by their own travels as well as the luxurious lifestyles featured on television, today’s homeowners have become increasingly fluent in creating destination-style outdoor spaces that are calibrated and customized to their own homes, budgets, and lifestyles.

Perfecting Privacy Privacy walls and shade structures make the outdoor experience more comfortable, offering seclusion from neighbors and protection from the elements. Privacy components also commonly serve dual purpose, incorporating entertainment centers and greenery.

Sustainable Selections

Sustainability remains a major focus. The experts expect to see further expansion of environmentally friendly backyard projects like native planting, pollinator gardens, stormwater captures, and zeroscaping, along with more eco-friendly design choices.

Fire Features

Homeowners are challenging the seasonality of their outdoor spaces with heated elements, whether it be the sleek, discreet warmth of outdoor heaters or the eye-catching ambiance of a central fireplace.

Outdoor Kitchens

Homeowners are treating the outdoor kitchen as a place for both cooking and camaraderie, showing increased interest in upgrades such as extended counter space and built-in appliances.

How to Make a White Bathroom More Interesting Space-boosting, soul-soothing and so very sophisticated, there are a lot of reasons to major on white in your next bathroom remodel. There are also a lot of reasons a white scheme can go wrong, and appear boring, cold and unwelcoming. Recognizing how to make a white bathroom more interesting is vital. The effortless style of a white bathroom is utterly timeless, just make sure it’s not boring by following our experts’ advice.

1. ADD VINTAGE TOUCHES

5. GO FOR STATEMENT LIGHTING

A calm, neutral bathroom is the perfect canvas for adding small touches of meaningful, unique treasures. Interior designer Kara Childress is an avid antiques hunter and can be regularly found seeking out vintage treasures.

‘First impressions count, especially when it comes to designing a bathroom that feels personal and reflective,’ she says. ‘Decorating with antiques can be functional as they visually appealing.’

When working on any design, having key elements that capture your eye is very important. However, when working in a monochromatic mainly white color scheme this is integral! ‘Without eye-catching elements, specifically texture, pattern or shape, the design can often lean a bit cold and utilitarian,’ explains interior designer, Lisa Gilmore. ‘I love to incorporate a special chandelier into a bathroom design, if it appropriately fits the scale of the space. Think of it as a three-dimensional element that will stand out from the flat surfaces throughout the space,’ she adds.

2. FOCUS ON THE HARDWARE All white bathroom color schemes, whether traditional or contemporary in style, can be instantly transformed with the addition of luxury solid brass hardware and accessories. ‘Elevating vanity units with brass knobs, t-bars or cabinet handles is an effective way to add interest to a predominantly white space,’ agrees Richard McGrail, CEO, Armac Martin.

3. CREATE ARTFUL DISPLAYS One piece of eye-catching art can be all that’s required to lift the design appeal of a primarily white bathroom.

Sarah Ellison, founder of Frank and Faber says ‘We love to use art in bathrooms, either a single statement piece or small collection, it really elevates the space from being purely functional, adds personality, draws the eye and introduces a color accent which can lift a neutral scheme.”

4. BLACK ACCENTS Just a few punches of black can be all it takes to banish blandness in a white bathroom. Black accents with an industrial edge, like Crittall-style windows or shower screens, work well in both modern bathrooms and classical schemes, providing enough punch to push the design beyond neutral.

6. INTRODUCE TEXTURE Bring a white bathroom to life by choosing neutral surfaces with a strong textural presence. ‘We love using natural stone to add movement in an all-white tile. The veining can bring a white stone to life. This marble convex tile not only added movement but also texture with its sculptural form,’ says Sara Cukerbaum, principal designer, SLIC Design.

7. PANEL THE WALLS Using applied moldings is an easy yet transformative way to inject a fresh layer of interest in an all-white bathroom.

Decorating with painted v-groove paneling, including the ceiling, can boost a small bathroom’s sense of space without the visual disruption of a fussy color palette.

8. FIT EYE-CATCHING FLOORING

Look down for inspiring ways to bring your white bathroom to life. ‘Adding a large pattern on the bathroom floor is a great way to infuse charm to an otherwise simple white space,’ says interior designer, Liz Marchant Ourston. ‘It effortlessly brings a touch of interest without overwhelming the area or detracting from its calm and clean atmosphere. Decorating with checks is a popular way to approach monochrome bathroom ideas.

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