New Home Friday - November 10, 2023

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

An update of the real estate market

NOVEMBER 10, 2023

HOMEKEEPR Moving Made Simple

E-CREDIT ADVISOR Get Mortgage Ready

DESIGN TRENDS Houzz Design Predictions for 2024

HOMEOWNER TIPS Decorate Your Front Porch for Thanksgiving

PAINT DESIGN BOARD Virtual Color Consultation

HOUSING UPDATE

If you’re weighing your options to decide whether it makes more sense to rent or buy a home today, here’s one key data point that could help you feel more confident in making your decision. Every three years, the Federal Reserve Board releases the Survey of Consumer Finances (SCF). That report covers the difference in net worth for both homeowners and renters. Spoiler alert: the gap between the two is significant.

The average homeowner’s net worth is almost 40X greater than a renter’s. And here’s the data to prove it (see graph below): Homeowner Net Worth Almost 40X Greater The Net Worth of Homeowner Households vs. Renter Households

SOURCE: THE FED

The Big Reason Homeowner Net Worth Is So High In the previous version of that report, the net worth of the average homeowner was roughly $255,000 and that of the average renter was $6,300. But in the release that just came out this year, the gap widened as homeowner net worth climbed dramatically. As the Survey of Consumer Finances (SCF) report says: “. . . the 2019-2022 growth in median net worth was the largest threeyear increase over the history of the modern SCF, more than double the next-largest one on record.”

“. . . when deciding to rent vs buy, one must calculate the total cost of homeownership (maintenance, utilities, commuting, etc.) and the total financial benefit. Based on new Fed data . . . the median net worth of homeowners was $396,200 vs renters at $10,400. There is no question about the wealth gains that homeownership provides.”

One of the biggest reasons homeowner net worth skyrocketed is home equity.

Over the last few years, known as the ‘unicorn’ years for housing, home prices went through the roof. That’s because there weren’t enough homes for sale, and there was a big influx of buyers rushing to buy them and take advantage of the then record-low mortgage rates. That imbalance of supply and demand pushed prices higher and higher. As a result, most homeowners who had a home during that time saw their equity grow a lot.

If you’re still in the middle of making your decision on whether to rent or buy, you may wonder if you missed the boat on the big net worth boost. But here’s what you need to realize. As a recent article in The Ascent explains: “Whether your net worth increased in recent years or not, there are steps you can take to boost that number in the coming years. . . buying a home can be a great way to grow your net worth, since home values have a tendency to rise over time.”

Historically, home prices climb over time. Even now that mortgage rates are closer to 7-8%, prices are still rising in many areas of the country because supply is still low compared to demand. That’s why expert forecasts for the next few years call for ongoing appreciation – just at a pace that’s more typical for the housing market.

While it likely won’t be the record ramp-up that happened over the last few years, people who buy now should continue to grow equity in the years ahead. That means, if you’re ready and able to buy a home today, you’ll be making an investment that’ll help build your net worth in the long run.

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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

Houzz Highlights Home Design Predictions for 2024 With 2024 around the corner, home renovation and design platform Houzz has shared a list of 10 residential design trends that it predicts will consume idea boards and social media feeds next year. The picks are based on the activity of over 65 million homeowners and home design enthusiasts and more than 3 million residential construction and design professionals. Learn more about each of the trends and insights below.

Blended Backsplashes

Some designers on Houzz are installing a slab of stone or quartz behind the range or cooktop while keeping the surrounding backsplash areas tiled. The slab is often the same material as the countertops, giving the kitchen a striking focal point that’s easy to clean.

Timeless Style Fluted Cabinets & Details

Many homeowners on Houzz are requesting more traditional details and materials that create a timeless style. Even modern homes are incorporating “old” elements such as brick, handmade clay tiles, rustic wood elements, and arches.

Fluted details have been on display at design shows throughout the year. The aesthetic creates a statementmaking element beneath island countertops, bathroom vanities, and dining room tables, adding visual texture and interest.

Handmade Features

Accompanying the trend toward timeless style is an embrace of handmade features and details. Pros on Houzz say this includes handmade tiles, custom bathroom vanities, and other bespoke elements, which create a feeling that the homeowner has something truly unique.

Warm Neutrals

One of the most popular trends is the move away from cool grays and stark whites to warmer neutrals like beiges, creamy off-whites, and rich browns. Designers on Houzz recommend incorporating different tones, textures, and patterns to create a more layered look that gives a room seasonal versatility.

Herringbone Everything

Herringbone is another classic design element that is experiencing a renaissance. "The typical horizontal zigs are beginning to zag in new directions— diagonally or vertically—to create an updated look with visual interest, movement, and texture," reports Houzz.

How to Decorate Your Front Porch for Thanksgiving Thanksgiving decor can look just as good outside the home as it can inside. From beautiful wreaths and garlands, to pumpkins and cozy lights, these festive decorations are all about making your home look and feel more cozy, special, and seasonal.

1. PUMPKINS Whether you style your outside space with pumpkins freshly picked from a day out at the pumpkin farm, or opt for a more contemporary look with stylish faux pumpkins that can be used year after year, it doesn't get easier than placing a pretty pumpkin by your front door. Created a beautiful blend of traditional Thanksgiving decorations with more modern color palettes. Scatter the pumpkins in a palette of pastel shades

2. WREATHS AND GARLAND 'A traditional festive decoration that beautifully celebrates the colors of fall and seasonal plants and flowers, a wreath or garland can add wonderful texture, color, and shape to your outside space.

Wreaths are perfect for sitting pretty on a front door, and garlands can be used to decorate door frames and porch railings. Whether you fancy embracing a Thanksgiving craft and having a go at making your own Thanksgiving wreath from flowers, branches, and foliage gathered from your yard and garden, or opt for an artificial design) you can never go wrong with styling your outside space with stylish natural accents.

3. FLOWERS AND FOLIAGE I love styling a front porch space with colorful fall planters filled with fall flowers and plants for fall color' says designer, Chantelle Malarkey. 'It's great to get bunches in reds, oranges, and purples.

'Or, for a more modern Thanksgiving decor idea, why not try styling your outside space with some pretty pampas grass? It's one of my all-time favorites to style with, both indoors and outdoors, and can add a unique, neutral texture to your Thanksgiving decor.'

Pampas is perfect for using in a minimalist Thanksgiving scheme.

4. LIGHTS AND LANTERNS Decorating your outside space with cozy lights and lanterns is a nice way to make your home's entrance feel more warm and inviting during dark and cold winter nights – and there are so many unique lighting options to choose from. Designer and landscaping expert Ward Dilmore also suggests, 'as the sun sets, create a cozy and warm atmosphere with string lights.

Hang them across your outdoor area or wrap them around porch railings. These lights not only provide illumination, but will add a magical touch to your Thanksgiving gathering.'

5. CUSHIONS AND BLANKETS If you have chairs and benches on your front porch, then an easy way to style them for Thanksgiving is with some new seasonal cushions and throws – you can also extend this decorating idea to the seating in your entryway and living room too. Or maybe you're planning on doing some entertaining outside – ensure your guests feel cozy and warm by having plenty of blankets and cushions to hand. As, Ward Dilmore says, 'Late fall evenings can get chilly, so provide cozy blankets and cushions on your outdoor furniture.

Plaid or warm-toned blankets and fall-themed throw pillows can add both comfort and style.'

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