New Home Friday - September 15, 2023

Toward the end of last year, there were a number of headlines saying home prices were going to fall substantially in 2023. That led to a lot of fear and questions about whether there was going to be a repeat of the housing crash that happened back in 2008. But the headlines got it wrong.

While there was a slight home price correction after the sky-high price appreciation during the ‘unicorn’ years, nationally, home prices didn’t come crashing down. If anything, prices were a lot more resilient than many people expected.

Let’s take a look at some of the expert forecasts from late last year stacked against their most recent forecasts to show that even the experts recognize they were overly pessimistic

ExpertHomePriceForecasts:ThenandNow

This visual shows the 2023 home price forecasts from seven organizations. It provides the original 2023 forecasts (released in late 2022) for what would happen to home prices by the end of this year and

2023Year-EndHomePriceForecasts

2023 Forecasts as of 12/2022 Versus Current Forecasts

The headlines have an impact, even if they’re not true While the media said home prices would fall significantly in their coverage at the end of last year, that didn’t happen!

As the red in the middle column shows, in all instances, their original forecast called for home prices to fall. But, if you look at the right column, you’ll see all experts have updated their projections for the year-end to show they expect prices to either be flat or have positive growth That’s a significant change from the original negative numbers

There are a number of reasons why home prices are so resilient to falling As Odeta Kushi, Deputy Chief Economist at First American, says:

“One thing is for sure, having long-term, fixed-rate debt in the U.S. protects homeowners from payment shock, acts as an inflation hedge – your primary household expense doesn’t change when inflation rises – and is a reason why home prices in the U S are downside sticky ”

ALookForwardToGetAheadoftheNextHeadlines

For home prices, you’re going to continue to see misleading media coverage in the months ahead. That’s because there’s seasonality to home price appreciation and they’re going to misunderstand that Here’s what you need to know to get ahead of the next round of negative headlines

As activity in the housing market slows at the end of this year (as it typically does each year), home price growth will slow too. But, this doesn’t mean prices are falling – it’s just that they’re not increasing as quickly as they were when the market was in the peak homebuying season Basically, deceleration of appreciation is not the same thing as home prices depreciating.

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5

Things the Most Organized People have in their Living Rooms

Given that we spend so much time in our living rooms, they can quickly begin to feel cluttered – a problem that can be sorted with just a few pointers on how to organize a living room with too much stuff. For some households, the only purpose of a living room is for relaxing after a long day, but for many others, it might be a playroom, workout space, office space, dining room and so on.

Thankfully, there are a few items living room organizers professionals swear by, which will help you maintain a tidier living room

Bins & Baskets

Nick Valentino at Bellhop, has a simple solution for a living room with one too many throw pillows and blankets: 'One of my favorite pieces to include in any living room setup is a blanket bin. 'A large basket, trunk, or bin where you can put these items out of sight when you aren't using them is a great way to simplify your tidying routine and keep those blankets handy for when you need them,' he explains.

Multi-Purpose Furniture

In such a multi-use space, it seems only fitting to have multifunctional storage Bearing that in mind, a stool or coffee table that doubles up as living room storage is a great way to keep things tidied away, while also adding a lovely new piece of furniture to the room, like a storage coffee table. Ottomans are also a great feature in any room, not just the living room. Coming in so many styles and sizes, an ottoman can resolve most storage problems.

Vertical & Corner Storage

A common mistake most people make is misusing or underusing shelving. Most have shelves around their home, but in the living room shelving is often overlooked. There’s no reason that shelves shouldn’t be able to look good carrying ornaments and plants. But they should also be practical and hold things that you actually need. Vertical storage increases your usable floor space which not only makes the room look and feel a lot more organized but also gives you more ground to maneuver in.

Hanging Storage

In the same way that floor-to-ceiling storage assists with creating more space, so does hanging Rather than placing photos on your flat surfaces or even on shelves, remember to use your walls Photos can be hung up on the wall using strong adhesives and frames. The great thing about frames is that there are a range of options so you can get the exact ones that suit your aesthetic.

Storage Cubes

Once you have all the furniture, shelving and cabinets you like, there can still be the problem of being able to find what you're looking for in the darkness of the designated space. Homes & Gardens' Solved section editor, Millie Hurst offers a solution: 'I use storage cubes in my living room. They corral items inside cabinets, but they’re easy to get hold of and slide out, so I'm not hunting around in a dark recess.'

Getting Your Home Ready for the Fall Season

Getting your home ready for fall can create a cozy and inviting atmosphere as the weather turns cooler Here are some tips to help you prepare your home for the autumn season:

Clean and Declutter

Start by giving your home a thorough cleaning Declutter your living spaces and get rid of items you no longer need A clean, organized home provides a great foundation for fall decorating.

Check Heating Systems

Ensure your heating system is in good working order Replace air filters if needed and consider scheduling a professional HVAC inspection and maintenance.

Seal Drafts

Check for drafts around doors and windows Use weatherstripping or caulk to seal any gaps This will help keep your home warm and energy-efficient

Inspect and Clean the Fireplace

If you have a fireplace, have it inspected and cleaned by a professional chimney sweep Stock up on firewood, if you plan to use it during the colder months

Swap Out Bedding

Replace lightweight summer bedding with warmer options, such as flannel or fleece sheets, heavier blankets, and a duvet or quilt. This can make your bedroom feel cozier.

Decorate with Warm Colors

Add touches of fall to your decor with warm, autumnal colors like deep reds, oranges, and earthy browns. You can do this through throw pillows, area rugs, curtains, and table linens.

Fall Centerpieces

Create seasonal centerpieces for your dining and coffee tables using items like pumpkins, gourds, pinecones, and candles. These natural elements can add a rustic touch to your home.

Hang a fall wreath on your front door to give your home a warm and inviting look from the outside.

Fall Wreaths Swap Out Outdoor Decor

Update your outdoor decor with fall-themed items. Consider adding potted mums, pumpkins, and seasonal flags to your porch or entryway.

Candles and Scents

Use scented candles or essential oil diffusers with fall fragrances like cinnamon, apple, or pumpkin spice to make your home smell inviting

Cozy Throws and Pillows

Place cozy throws and pillows in your living spaces. They not only add warmth but also create a comfortable and inviting atmosphere

Prepare the Garden

If you have a garden, trim back plants, and remove any dead or dying foliage. Plant fall flowers like chrysanthemums for a burst of color

Fall Cleaning for the Yard

Rake leaves, clean out gutters, and store or cover outdoor furniture to protect it from the elements.

Safety Checks

Check your smoke detectors, carbon monoxide detectors, and fire extinguishers to ensure they are in good working order.

Stock Up on Cold-Weather Essentials

Make sure you have all the cold-weather essentials, such as shovels, ice melt, and snow brushes, ready for the winter ahead.

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