Interior decor styles that sell

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Of all the factors that influence a buyer’s decision to put in an offer on a home, there’s only one that sellers can fully control: how the home looks at first viewing. While clients may be used to hearing that they need to declutter and repaint rooms, they may not be fully aware of the impression their décor makes on a potential buyer — especially if they’ve already invested money in a specific look.

“In our area, everyone went crazy for the heavy ‘Tuscan-inspired’ style with lots of browns, golds, blacks, and speckled granites for about a decade in the early 2000s,” says Haley Rodriguez, REALTORⓇ and Luxury Home Specialist with Kuper Sotheby’s International Realty in San Antonio, Texas. “When these houses hit the market now, buyers comment on how dated they are.”

Though you can’t go back in time, you can encourage sellers to make strategic changes that will create a more current feel that resonates with buyers. And the sooner they know, the better.

“Whenever you have a gut feeling that the décor is outdated or overwhelming, or if something strikes you as very personal, custom, or is crowding or compromising a space, replace it,” advises Corey Crawford, Real Estate Professional with Summit Sotheby’s International Realty in Park City, Utah. “Your seller is going to need to mobilize everything anyway, so why not get ahead of the curve?”

Whether working with a seller to make improvements or recommending staging, get acquainted with the décor styles that will stop buyers in their tracks.

Calm and classic

Summit Sotheby’s International Realty

When it comes to selling homes, it’s hard to go wrong by sticking to the trends that resurface over seasons. “I’m seeing buyers getting excited about classics,” says Rodriguez. “Shapes that have stood the test of time: Barcelona chairs, Eames Lounge Chairs.”

Even the recently beloved gray walls are already out of style. Instead, buyers are responding to wall colors and décor that cultivate a light and bright feeling in a home. “White walls, simple countertops, neutral drapes and furnishings, neutral art — these traits always sell a house,” notes Rodriguez.

The only risk? Simplicity can read as uninviting when overdone. Rodriguez advises her clients to avoid cold rooms by adding soft lighting throughout and bringing in blacks and aged brass as complements. Simple lines, flat-front style sliding doors, accent pillows, and tall, modern baseboards can support more classic design. “Less is always more,” she says. And when in doubt, add greenery. “Interesting houseplants are so on trend, and they make the home feel alive.”

Mountain contemporary and industrial chic

“The best aesthetics I’ve seen have been the blend of mountain rustic with proper modern,” says Crawford of homes in Park City. “A style that is more timeless, with vintage and organic elements that present warmth. Handcrafted tiles that feel fully custom. Bespoke lighting that lends a low volt wash to a wall.”

He taps into the expertise of designers in his market to get a sense of what’s happening from a style perspective. “I’ve learned a lot from the designers I work with on a regular basis. They’re adept at creating a sense of authentic spaciousness — that juxtaposition of clean architectural lines, the use of metals and stone with a simple edge detail, organic textiles and finishes, and items that have a patina.”

Crawford is also seeing his clients gravitate towards industrial trends. The hallmarks of industrial chic include concrete floors, wood cladding, and solid timbers. Stacked stone, ultra-luxury kitchens and cabinetry by Poliform, and solid slabs in bathrooms and kitchen backsplashes ensure that homes in this style strike a balance of natural elements and contemporary finishes.

Article courtesy of Inman

 

4 Reasons to Buy A Home This Summer

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Here are four reasons to consider buying today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest U.S. Home Price Insights reports that home prices have appreciated by 3.7% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.8% over the next year.

Home values will continue to appreciate. Waiting may no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year fixed rate mortgage have started to level off around 4.3%. Most experts predict that rates will rise over the next 12 months. TheMortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are in unison, projecting rates will increase by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You Are Paying a Mortgage

Some renters have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Examine the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, greater safety for your family, or you just want to have control over renovations, now could be the time to buy.

Bottom Line

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

The ‘REAL’ News about Housing Affordability

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Some industry experts are claiming that the housing market may be headed for a slowdown as we proceed through 2017, based on rising home prices and a potential jump in mortgage interest rates. One of the data points they use is the Housing Affordability Index, as reported by the National Association of Realtors (NAR).

Here is how NAR defines the index:

“The Housing Affordability Index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national level based on the most recent price and income data.”

Basically, a value of 100 means a family earning the median income earns enough to qualify for a mortgage on a median-priced home, based on the price and mortgage interest rates at the time. Anything above 100 means the family has more than enough to qualify.

The higher the index, the easier it is to afford a home.

Why the concern?

The index has been declining over the last several years as home values increased. Some are concerned that too many buyers could be priced out of the market.

But, wait a minute…

Though the index skyrocketed from 2009 through 2013, we must realize that during that time, the housing crisis left the market with an overabundance of distressed properties (foreclosures and short sales). All prices dropped dramatically and distressed properties sold at major discounts. Then, mortgage rates fell like a rock.

The market is recovering, and values are coming back nicely. That has caused the index to fall.

However, let’s remove the crisis years (shaded in gray) and look at the current index as compared to the index from 1990 – 2008:

The 'REAL' News about Housing Affordability | MyKCM

Though prices and rates appear to be increasing, we must realize that affordability is composed of three ingredients: home prices, interest rates, and income. And, incomes are finally rising.

ATTOM Data Solutions recently released their Q1 2017 U.S. Home Affordability Index. The report explained:

“Stronger wage growth is the silver lining in this report, outpacing home price growth in more than half of the markets for the first time since Q1 2012, when median home prices were still falling nationwide. If that pattern continues, it will help turn the tide in the eroding home affordability trend.”

Bottom Line

Compared to historic norms, it is still a great time to buy from an affordability standpoint.

5 Stats that Prove the Real Estate Market is Getting Stronger

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Whenever there is talk about an improving housing market, some begin to show concern that we may be headed toward another housing bubble that will be followed by a crash similar to the one we saw last decade.

Here are five data points that show the housing market will continue to recover, and that a new housing crisis is not about to take shape.

1) Mortgage availability is increasing, but is nowhere near the levels we saw in 2004-2006.

A buyer’s chances of being approved for a mortgage have increased over the last three years; That’s good news for the market. This is not a precursor to another challenge, as many experts maintain that it is still too difficult for many buyers to attain house financing.

As Jonathan Smoke, the Chief Economist of realtor.com, recently explained:

“The havoc during the last cycle was the result…of speculation fueled by loose credit. That’s the exact opposite of what we have today.”

2) The Housing Affordability Index, which measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home, based on the most recent price and income data. The current index shows that it is more affordable to buy a home today than at any other time between 1990 and 2008. With median incomes finally beginning to rise, houses should continue to remain affordable and housing demand should remain strong.

3) Home prices are well within historic norms. Prices have increased substantially over the last several years; However, those increases followed the housing crash of 2008 and national prices are still not back to 2006 levels. If there were no bubble (and subsequent bust), today’s prices would actually be lower than if they were measured by historic appreciation levels from 1987-1999.

4) Demand for housing, as measured by new household formations, is growing. The Urban Land Institute projects that 5.95 million new households will be formed over the next three years. Even if the homeownership rate drops to 60%, that would be over 3.5 million new homeowners entering the market.

5) New home starts are finally beginning to increase. This helps eliminate the number one challenge in the industry – lack of inventory. And it does so in two ways:

  1. Some first time buyers will, in fact, purchase a newly constructed home.
  2. Many current homeowners will move-up (or move-down) to a new construction and then put their current home on the market.

This means that there will be an increase in both new construction and existing home inventories.