NHA A REAL ESTATE NEWSLETTER JANUARY 5, 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 The Pandemic Trends That Are Here To Stay and the Ones That Are So Over
HOMEOWNER TIPS How to Keep Your Home Feeling Cozy After the Holidays
PAINT DESIGN BOARD Virtual Color Consultation
HOUSING UPDATE
If buying or selling a home is your goal for 2024, it’s important to understand today’s housing market, know your why, and work with industry experts to bring your homeownership vision for the new year into focus. Over the last year, the economy had a big impact on the housing market, and likely on your wallet too. That’s why it’s critical to have a clear picture of not just the market today, but also on what you want out of it when you buy or sell a home. Danielle Hale, Chief Economist at Realtor.com, explains: “The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, so that you can stay in your home long enough that buying is a sound financial decision.” Here are a few things to think through as you define your goals for 2024. 1. Know Your Why You’re dreaming about making a move for a reason – what is it? No matter what’s happening in the market, there are still many compelling reasons to buy a home today. Your needs may have changed in a way your current house can’t address, or you could be ready to step into homeownership for the first time. Use your why and your motivation as a guidepost in partnership with an expert advisor to make sure your move gives you a lasting sense of accomplishment. 2. Figure Out What Your Next Home Needs To Look Like You know you want to move, but how would you describe your dream home? The number of homes for sale has grown recently, and that could mean more options to choose from when you buy.
Know your why, and work with industry experts to bring your homeownership vision for the new year into focus. But overall housing supply is still lower than more normal years in the market, so you’ll have to work closely with a pro to find what you’re looking for. Just be sure to keep your budget in mind as you balance your wants and needs. The better you understand what’s essential and where you can be flexible, the easier it will be to find a home that’s right for you. 3. Determine if You’re Ready To Buy Getting clear on your budget and available savings is essential before you get too far into the process. Partnering with a local agent and a lender early is the best way to make sure you’re in a good position to buy. This could include planning how much to save for a down payment, getting pre-approved for a home loan, and assessing your current home equity if you’re selling your existing house. A Professional Will Guide You Through Every Step of the Process Buying or selling a home takes expertise to navigate. If that feels a bit overwhelming, that’s normal. Don’t let uncertainty hold you back from your goals this year. A trusted expert will help you bridge that gap and give you the facts and advice you need about today’s housing market.
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The Pandemic Trends That Are Here To Stay and the Ones That Are So Over
During the height of the COVID-19 era, there was a mad race for more space. Everyone seemed to want a larger house on more land where they could spread out, set up a home office and gym, and safely entertain friends and family on their terraces, decks, and patios. Many of those home trends that took off are still going strong. Others, meanwhile, are going the way of social distancing.
Homes are Getting Smaller
The No. 1 thing on the wish list of most folks during the most claustrophobic days of the pandemic was more space. However, in the aftermath of those years, mortgage rates shot up and home prices stayed high, making larger homes prohibitively expensive for many buyers. Builders responded this year by trying to keep prices down by creating smaller, more affordable homes that “edited out all of the functions which aren’t absolutely essential,” says Mikaela Arroyo. “People don’t want these big, soaring, open spaces like they used to. They’ve realized: You’ve got to maintain it,” says Angela Visbeen, director of sales and marketing at Visbeen Architects, an international firm based in Grand Rapids, MI. “People are looking for smaller, but smarter home designs.”
Open Floorplan vs. Private Spaces Open floor plans were all the rage in the years leading up to the pandemic. However, after families spent time isolating in their homes together, more of them are now seeking solitary spaces. This can be a den or office with a door that closes, a man cave or a she shed, or some other area where folks can go to get away from one another. We’re “seeing a growing interest on Houzz in adjustable design elements such as living room dividers, shoji screens, and partition walls that create temporary separation to add privacy, mitigate noise, or create some visual delineation of purpose in an open area,” says Parker.
“The Merging of Indoors & Outdoors is huge
Home Offices are Here to Stay
“We’re seeing the blurring of lines between outdoors and indoors,” says Visbeen. “The whole inside-outside thing is really big right now, regardless of climate. … We’re seeing it in Michigan the same as we’re seeing it in Florida.” Homes are receiving more glass sliding doors, larger windows, and phantom screens to let in more light and outside views. The outdoors is coming indoors as wood and stone applications are being used as indoor design elements and homeowners are adding plants and living walls throughout their homes.
Many people are still working remotely, either partor full-time. That means home offices aren’t going anywhere, but they might be adapting to smaller home footprints. Some builders and contractors are creating “pocket offices.” These are generally smaller rooms placed wherever they can fit, often on the main floor. “People are more flexible in their idea of where to work,” says Visbeen. “That doesn’t always mean a separate, door-closed, dedicated square footage for a home office.”
How to Keep Your Home Feeling Cozy After the Holidays After the frenzy of Christmas which many of us spend hosting lunches, parties, and house guests, January can be a welcome time of rest, reflection, and recuperation. It is also a time to look forward with optimism and make plans for the year ahead. Restyling your home to create cozy rooms and nurturing yet uplifting spaces where you can hunker down and relax while planning exciting adventures is a great way to start the year on a positive note. 1. LAYER COZY FABRICS AND TEXTURES 4. LIGHT UP DARK CORNERS If there’s one thing that can instantly transform the feel Layering plenty of textures along with tactile fabrics in of a room more than anything else it’s lighting. 'To create neutral tones is a wonderful way to create a cozy living a warm and inviting winter interior consider your lighting room that feels warm and inviting all year round. Think carefully, add table lamps that provide a golden glow to bouclé, velvet, chunky weaves, and faux furs. dark corners, and perhaps add a floor lamp, armchair ‘Experimenting with textures, sheens, and patterns adds and rich textured throw where your tree once stood to a touch of variety. Natural wood furniture pieces offer create a cozy moment to relax,’ suggests Hollie an excellent opportunity to introduce neutral and cozy Moreland, creative director at David Hunt Lighting. textural elements,’ says interior designer Allison Babcock. 5. ADD IN LARGE HOUSE PLANTS 2. INTRODUCE POP OF RICH COLOR Houseplants and small indoor trees are a fabulous way to instantly bring a space to life, plus they're the perfect To keep your home feeling cozy after Christmas you replacement for the Christmas tree. Not only are they can’t go wrong by adding in accessories in rich colors sculptural, colorful, and decorative, some varieties can says New York-based interior designer Phillip Thomas. also help purify the air resulting in an all-round happy ‘During this season, we love using color where possible. space. Swap out traditional holiday hues for a lively palette of rich colors like deep blues, warm oranges, and lush 6. SWITCH UP ACCESSORIES greens,’ suggests New York-based interior designer 'To create a cozy and stylish winter atmosphere after Phillip Thomas. taking down holiday decorations, consider incorporating 3. DECORATE WITH GREENERY warm textiles like blankets and pillows, adding soft lighting with candles or fairy lights, introducing rich, Restyling the home with plenty of greenery along with seasonal colors, and using natural elements like botanical fragrances through foliage or room scents is pinecones or seasonal greenery. Additionally, rearrange an easy way to bring instant freshness and vitality. furniture for a snug layout, use textured rugs to enhance There's no reason why you can't leave your Christmas the inviting ambiance and keep the fireplace burning.' foliage ideas in place - simply take out the baubles and pinecones for a fresher look and replenish any browning 7. RESTYLE CONSOLES AND COFFEE TABLES stems. Flowers bring nature indoors, infusing rooms with vibrant ‘You can also enhance the cozy atmosphere of the colors, delicate fragrances, and a sense of freshness. space by introducing more seasonal foliage and Their versatility allows for a variety of design possibilities, draping additional throws over the backs of armchairs from creating focal points to providing subtle accents or sofas. We also like to introduce battery-operated that breathe life into any setting,' says interior designer side lamps during the darker seasons which offer the Phillip Thomas. 'Candlelight creates a cozy and intimate flexibility to move them around the home.’ atmosphere, creating relaxation and comfort on cold winter days.'
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