New Home Friday - November 17, 2023

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

An update of the real estate market

NOVEMBER 17, 2023

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DESIGN TRENDS 2024 Color of the Year

HOMEOWNER TIPS Thanksgiving Table Decor

PAINT DESIGN BOARD Virtual Color Consultation

HOUSING UPDATE

Are you dreaming of buying your own home and wondering about how you’ll save for a down payment? You’re not alone. Some people think about tapping into their 401(k) savings to make it happen. But before you decide to dip into your retirement to buy a home, be sure to consider all possible alternatives and talk with a financial expert.

Here’s why.

The Numbers May Make It Tempting The data shows many Americans have saved a considerable amount for retirement (see chart below):

AVERAGE 401(K) BALANCE BY AGE As of Q1 2023

“. . . 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.”

“It’s possible to use funds from your 401(k) to buy a house, but whether you should depends on several factors, including taxes and penalties, how much you’ve already saved and your unique financial circumstances.”

Alternative Ways To Buy a Home Using your 401(k) is one way to finance a home, but it’s not the only option. Before you decide, consider a couple of other methods, courtesy of Experian: FHA Loan: FHA loans allow qualified buyers to put down as little as 3.5% of the home’s price, depending on their credit scores.

Down Payment Assistance Programs: There are many national and local programs that can help first-time and repeat homebuyers come up with the necessary down payment.

Above All Else, Have a Plan

The Big Reason Homeowner Net Worth Is So High

No matter what route you take to purchase a home, be sure to talk with a financial expert before you do anything.

Working with a team of experts to develop a concrete plan prior to starting your journey to homeownership is the key to success. Kelly Palmer, Founder of The Wealthy Parent, says:

It can be really tempting when you have a lot of money saved up in your 401(k) and you see your dream home on the horizon. But remember, dipping into your retirement savings for a home could cost you a penalty and affect your finances later on. That’s why it’s important to explore all your options when it comes to saving for a down payment and buying a home. As Experian says:

“I have seen parents pausing contributions to their retirement plans in favor of affording a larger home often with the hope they can refinance in the future… As long as there is a tangible plan in place to get back to saving for their retirement goals, I encourage families to consider all their options.”

SOURCE: FED/CNBS

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24

Blue has dominated Colors of the Year for 2024 Various leading paint companies have unveiled varying shades of blue as their expected colors to dominate interiors in 2024, including Benjamin Moore's 'Blue Nova'; Sherwin-Williams 'Upward SW 6239'; Valspar's 'Renew Blue'; and Minwax's 'Bay Blue'. Blue is undoubtedly a color to watch for the year ahead, and so we're deep diving into this uplifting hue, finding out why this color is becoming so popular, marking a shift away from previously popular neutral hues, as well as how you can decorate with blue for a cohesive and stylish look.

Why is Blue set to be so popular for 2024?

'We’ve seen nature-inspired colors taking over since the beginning of this decade,' says Sue Wadden, Director of Color Marketing at Sherwin-Williams. 'Greens and earthy tones have been the most prominent in the first half of the decade and now we’re seeing a shift into blues and ethereal tones in the second half.' For Sue Kim, color specialist at Minwax, the rise of blue as a color trend is due to its links to tranquility and wellness: 'Blue is being embraced in homes in 2024 for its ability to create mindful living that highlights the wellness in both mind and body. Helen Shaw, Director of Color Marketing at Benjamin Moore adds: ‘Opting for these more alluring mid-tones will evoke a sense of comfort, while also allowing us to express personality and a willingness to explore color within our homes.'

What are the benefits of a Blue color scheme?

'Blue is one of the most universally loved shades globally. It’s associated with attributes such as trust and responsibility,' explains Helen Shaw. 'When used in the home it instantly creates a soothing and harmonious atmosphere due to its connection to the natural world.' Sue Wadden also agrees that the color blue promotes a calming feel, and adds that it's also known for creating a mood of positivity: 'Blue usually evokes positivity and tranquility. ue Kim explains: 'Blue signals trust and stability with the deeper shades and calmness and mindfulness with the lighter shades.

Depending on the undertones and the blue shade, it can set a different mood at home.

How can Blue be used in home decor?

There are so many ways to decorate with blue, and it can be a very complementary hue to incorporate into the home.

'Decorating with blue is one of the all-time interior classics – its familiarity means many of us are more than confident to use it in all its glory,' explains Helen Shaw. When choosing which other colors to incorporate in your decor schemes to complement blue, Helen explains there is a wide range of options: 'There are endless shades which pair beautifully with blue but punchy colors, such as orange, pop against rich blues. Choose shades with warm undertones to create impact and harmony.'

For Sue Kim, it's also a good idea to consider the more unconventional ways of styling blue paint ideas: 'We anticipate seeing blue embraced in a variety of ways: cabinetry, trim, heirloom furniture. It provides a dose of vibrancy while ensuring living room spaces still feel calm. Blue can turn a room into a conversation starter and deliver a space that feels personal and comfortable.'

Sue Wadden explains that the popularity of blue may be linked to upcoming prominent trends, which lend themselves to decorating with blue: 'We believe the new 'It' trend in the coming years is going to be coastal chic, replacing the farmhouse trend and blue is a perfect paint color to incorporate in the home to achieve this look.'

Impress Your Friends and Family with Charming Thanksgiving Table Decor From spectacular Thanksgiving centerpiece ideas and autumnal arcadias to quirky crockery and luxurious tableware, we've spoken with a collection of design experts, who have shared their favorite Thanksgiving table decor ideas to help you create a dreamy seasonal scheme.

1. LAY A BEAUTIFUL TABLECLOTH

4. CHOOSE A ONE-COLOR THEME FOR IMPACT

For many, the foundation of any successful Thanksgiving tablescape is a beautiful tablecloth. A chance to enrich your dining table with beautiful color, pattern and texture, it is an easy Thanksgiving decor idea to embrace to give your dining room a quick spruce up for the season.

Looking for smart Thanksgiving party ideas for your table? Cut down the noise and choose a one-color scheme. Fall color schemes look warm and inviting but you might want to switch things up for evening events, and choose an elegant nature-inspired all-green scheme. A few pieces of green china or glassware can create the overall effect if matched with everyday white china, then you can boost the look with wonderful fall flowers and foliage.

2. STYLE YOUR TABLE WITH PRETTY PUMPKINS 'Pumpkins aren’t just for Halloween – swap the spooky vibes for homey, harvest ones and incorporate them into autumnal-themed Thanksgiving table decor to give them a new lease of life. While a larger, real pumpkin might be better suited for a pumpkin planter centerpiece, miniature gourds and unique faux pumpkins make great partners to individual table settings, and can be piled up in small displays, or peppered down the length of a long table as an informal runner.

3. CREATE A MORE MODERN, MINIMALIST SEASONAL LOOK How do you move seamlessly from fall table decor ideas to Halloween table decor to Thanksgiving and on to Christmas table decor without spending huge amounts of time reworking your decor?' asks Lucy Searle, editor in chief, Homes & Gardens. 'I think the answer is to start with a very simple base that you can keep from the beginning of fall right through to New Year, and that you simply dress, undress, and redress, on repeat.

5. DECORATE YOUR THANKSGIVING TABLE WITH A GARLAND Why not adapt Christmas table garlands for Thanksgiving? 'The easiest Thanksgiving table garland is a simple length of garland that can be left in place if you have secondary serving surfaces, or that can be lifted when you are ready to put sharing plates in the middle of the table,' says Jen Ebert, digital editor of Homes & Gardens. 'However, I also love to see a line of small vases filled with fall foliage and blooms, and they're really easy to move off the table if you need the space.'

6. PARE IT BACK FOR A MORE CONTEMPORARY SCHEME If you’re looking for table decor that will fit in with modern dining room ideas, consider keeping it simple.

Try a simple white tablecloth and greenery from the garden to bring a touch of Scandinavian crispness to their dining room, and embrace more neutral, earthy color palettes.

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