New Home Friday - October 13, 2023

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

An update of the real estate market

OCTOBER 13, 2023

HOMEKEEPR Moving Made Simple

E-CREDIT ADVISOR Get Mortgage Ready

DESIGN TRENDS The Shift Away from Open Concept Homes

HOMEOWNER TIPS Fall Vegetable Gardening

PAINT DESIGN BOARD Virtual Color Consultation

HOUSING UPDATE

If you’re worried about home prices falling this year, let the experts reassure you. Based on the average of Are you thinking about making a move? If so, all the speculation that home prices would crash this year may have you feeling a bit on edge about your decision. Let the data and the experts reassure you. Prices aren’t in a downward spiral and will actually finish the year strong.

Even though you may have heard talk that prices would drop 5, 10, or even 20% this year, that hasn’t happened. The big reason why is the supply of homes for sale is too low. There are just more buyers looking to buy than homes available, and that’s kept prices from falling.

To prove this year wasn’t a bust for home prices, let’s look at the latest 2023 forecast from a number of experts.

Most Experts Project Home Prices Will Net Positive this Year The general consensus from industry experts is that home price appreciation will actually be positive for 2023. The graph below shows the latest 2023 year-end forecasts from six different organizations: 2023 Year-End Home Price Forecasts

Average of all 6

AEI

Zillow

Fannie Mae

HPES

MBA

NAR

the latest forecasts, home prices will actually show positive growth this year As you can see, all but one project nationally prices will net positive this year. That’s significant because it shows the majority are optimistic about home price growth.

If you’re still worried about the one red bar that shows an overall price drop for the year, think about this. The projection from the National Association of Realtors (NAR) is for only a slight decline. It’s not the big crash all the headlines called for. Plus, if you average all six forecasts together, the expectation is that prices will net somewhere around 3.3% positive growth for the year.

If these 6 organizations aren’t enough to convince you that prices won’t come tumbling down, here’s something else to consider. One of the six forecasts represented in the graph is the Home Price Expectation Survey (HPES) from Pulsenomics. It combines survey results from over 100 economists, investment strategists, and housing market analysts. The HPES found that the average from all 100 of those experts is 3.3% price growth for the year.

If you look back at the graph above, you’ll notice the blue average for the forecasts in this graph is also 3.3%. While individual forecasts may vary, both the HPES survey and the average of these forecasts provide the same projection. And 3.3% appreciation is a completely different story than prices falling.

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How to Fix Your Open Floorplan Now that the Trend is Over, According to Interior Designers Open-concept floor plans have become a staple of modern home design, appearing on homeimprovement shows and home influencers' social media pages constantly. But consumers have actually been less interested in the trend in recent months and are instead craving more distinct spaces in the home. Professionals in the design world point to the pandemic as the reason behind the shift away from open-concept homes.

Focus on Function When breaking up an open-concept home, you want to visually display that different parts of the space can have different functions, Dan Mazzarini, creative director at BHDM Design said."People need to understand how they can use the space," he said.

The designers said one easy way to create separate areas within an open-concept home was to use the furniture to literally break it up.

For instance, instead of placing your couch against a wall, you can put it in the center of a room to separate it from the dining area, or you can use a console table to act as a barrier that breaks up the living area and the kitchen.

Heather Goerzen, Havenly, said you could also show different functions in a room by using rugs to delineate space.

If you want more separation, Goerzen recommended using furniture with more height, such as a bookshelf or even a folding screen, to create privacy within spaces.

Focus on what you want the different parts of the room to do, and you'll end up with a morethought-out space.

Fall Vegetable Gardening: A Bounty of Flavor and Color As the warm hues of summer begin to give way to the crisp chill of autumn, many gardeners relish the opportunity to extend their growing season through fall vegetable gardening. The fall season presents a unique set of challenges and advantages for cultivating a diverse array of vegetables, offering a rich harvest of flavors and colors that can grace your table well into the colder months.

Selecting the Right Vegetables: Choosing the right vegetables for your fall garden is crucial.

Many cold-hardy vegetables thrive in the cooler temperatures of fall, and some even benefit from a touch of frost, enhancing their sweetness and flavor. Some excellent choices for fall planting include: Leafy Greens: Lettuce, kale, spinach, and Swiss chard are resilient to cooler temperatures, making them ideal candidates for fall planting.

Root Vegetables: Carrots, radishes, turnips, and beets are well-suited for fall gardening, and their flavors often improve as they endure the chill.

Cruciferous Vegetables: Broccoli, cauliflower, and Brussels sprouts perform exceptionally well in cooler weather and can be the stars of a fall garden.

Herbs: Parsley, cilantro, and chives are hardy herbs that can thrive well into the fall season, providing fresh flavors for your dishes.

Timing is Key: Understanding the average first frost date in your region is crucial for planning your fall vegetable garden. Counting backward from this date will help you determine when to plant each crop. Most fall vegetables should be sown in mid to late summer to allow them enough time to mature before the frost sets in.

Soil Preparation: 'Preparing the soil is equally important for a successful fall vegetable garden. Ensure the soil is well-drained and rich in organic matter.

Adding compost or well-rotted manure can improve soil fertility and structure. Mulching the garden beds helps to conserve moisture and regulate soil temperature.

Protection from Frost: As the temperatures drop, be prepared to protect your plants from frost. Floating row covers, cloches, or even old bed sheets can be used to cover tender plants overnight.

This extra layer helps trap some heat and shields the plants from the damaging effects of frost.

Extend the Harvest with Succession Planting: Succession planting involves planting crops at intervals, ensuring a continuous harvest. For instance, if you plant lettuce seeds every two weeks, you'll have a continuous supply rather than a one-time harvest.

Pest Management: While fall gardening may see a decline in some pests, others thrive in cooler weather. Keep an eye out for aphids, cabbage worms, and other common fall pests. Natural remedies like neem oil or introducing beneficial insects can help manage pest problems without resorting to chemical pesticides.

Conclusion: Fall vegetable gardening is a rewarding endeavor that allows you to savor the flavors of the season well beyond the summer months. With thoughtful planning, proper care, and a bit of luck with the weather, your fall garden can be a vibrant and productive extension of your gardening efforts, providing a rich tapestry of colors and tastes during the autumn harvest.

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