Could the Avocado-Green Kitchen Make a Comeback?

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The days of the all-white kitchen and plain stainless-steel appliances may be numbered.

Remember your grandmother’s avocado-green kitchen? It could soon be yours. Or maybe it’ll be pink, mauve, emerald green or buttercup. Anything but white, because the revolt against the white kitchen has begun.

Last November, the cover of Elle Decor featured a Steven Gambrel-designed kitchen awash in a shiny turquoise — even the ceiling gleamed like an iridescent underwater wonderland. On Pinterest between November 2018 and November 2019, searches for dark green cabinets jumped 367 percent, plum kitchens went up 107 percent and pink kitchen walls spiked 121 percent.

For decades now, cabinets have been relegated to white, brown or maybe black, and it’s been even longer since appliances were allowed to be anything but stainless steel. But the Instagram kitchen — invariably a clean backdrop of basic Shaker cabinets, simple subway backsplashes and marble countertops — finally has some competition.

Jenny Dina Kirschner, an interior designer in New York, recently painted the cabinets pink for a client in Long Island, giving the room a decidedly ’80s vibe somewhere between mauve and millennial pink. The color picked up the pinkish tones in the Calacatta Vagli marble countertop.

“We’re starting to see more daring use of color,” Ms. Kirschner said. “It’s a rebellion against the white kitchen.”

Breaking the mold is risky when 43 percent of homeowners choose white cabinets and a third choose white countertops, according to a 2019 Houzz report. Try something bolder than wood cabinets or black soapstone countertops and you might fail. Unlike an unfortunate coat of paint on the living room walls, the wrong choice of cabinetry could cost a homeowner tens of thousands of dollars. And money aside, it’s not easy to rip out that chartreuse backsplash if you later regret it.

Yet cracks in the color-free facade are emerging. Between 2018 and 2019, BHG.com consumer insights found a 115 percent spike in interest in cabinet paint trends and a 10 percent increase in interest in colorful kitchen cabinetry. And from March 2018 to March 2019, interest in blue and green for paint and home décor rose 50 percent. Navy cabinets have become increasingly popular along with two-toned ones, with choices like blue for the lower ones and blond wood for the uppers. Greens of all shades have been nudging their way onto the stage, too, appearing as emerald cabinetry, avocado backsplashes and sage pendants.

In a throwback to the 1970s, the age of wacky colored appliances is also back. Want a retro fridge? Big Chill carries them in colors like beach blue, cherry red and pink lemonade. The appliance company BlueStar offers hundreds of color options, as well as custom colors for its products, letting customers personalize down to the color of the doors, trim and dials. Have a specific shade of purple in mind for your oven? Dacor can match a swatch you provide to the color of its appliances.

“Anything goes these days,” said Gideon Mendelson, an interior designer in Manhattan. He is currently designing a yellow kitchen for a couple on the North Fork of Long Island, which he described as “a sophisticated buttercup. It’s not going to be sweet and cutesy. It’s not quite mustard. It’s happier than that.”

Who doesn’t want a happy kitchen? With the world so dreary, a little yellow can go a long way. In these uncertain times, we’re drawn to colors that don’t need to be impeccable, that can hide the messiness of life. “There’s a sense of energy and nourishment in bright colors,” said Ingrid Fetell Lee, the author of “Joyful: The Surprising Power of Ordinary Things to Create Extraordinary Happiness.”

Alessandra Wood, the vice president of style for Modsy, an online interior-design service, told me that homeowners are looking for comfort and coziness in design choices, so why not our kitchens, too? “In this really unstable world, we are looking for anything that makes us feel comfortable, and we are definitely turning to our homes to do that,” she said.

Just look at the color Pantone chose for its color of the year: classic blue, because it “highlights our desire for a dependable and stable foundation.” Paint companies Sherwin-Williams and PPG also ushered in the new decade with blue as their picks of the year in a collective nod to what might soon be our new neutral — call it bluetral.

We’re also living in our homes differently. After decades of relentless moving, Americans are moving at the lowest rates since the U.S. census began tracking our mobility, with fewer than 10 percent of Americans moving between 2018 and 2019. Baby boomers are aging in place and millennials, facing rising housing costs and stagnating wages, are less likely to house hop. With no plans to stake a “for sale” sign in the front yard, why commit to the safe and listless colors of a staged house?

Greige, that dreary hue that is neither gray nor beige, but took over our homes for over a decade, is decidedly out. The relentlessly white kitchen may be next. It made a lot of sense in the era of house flipping. White looks clean and is unlikely to offend a potential buyer. Who hates white? And if your home is perpetually one renovation away from its next open house, white is a natural go-to color. It’s a kitchen designed for future buyers, not the specific tastes of the current inhabitants.

But let’s face it: White looks clean only when it is clean. The rest of the time, it is not the most practical color for a room that regularly gets splashed with marinara sauce. There is something to be said for a little color to hide the imperfections.

“We’re living in our spaces longer, so there’s an extra level of consideration that people are giving to them,” Dr. Wood said. “We’re thinking, ‘How do I make this space into a space that I really feel comfortable in?’”

So if there is no buyer on the horizon, if the kitchen remodel is just for you, the view widens. Why not wash the whole room in turquoise? It doesn’t really matter what some fictional buyer might think. You can be you and paint the cabinets pink.

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Article courtesy of By  @NYTimes

 

 

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

 

Are Homes Under $250,000 Nearing Extinction?

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NEW YORK – According to a recent report by economic research consultancy Capital Economics, the number of vacant single-family homes on the market priced under $250,000 has halved since 2012.

There were only 550,000 vacant homes on the market nationwide priced under $250,000 at the start of the third quarter of 2019.

Capital Economics attributes this to two things: a lower overall housing inventory and a shortage of cheaper homes in particular. It also notes that the number of vacant single-family homes for sale dropped 25% since 2012, and while the homeowner vacancy rate rose slightly in the third quarter, it was up from a 40-year low in the second quarter.

A lack of affordable homes could hamper the home buying prospects of the younger generations. Capital Economics expects that rental vacancy rates will stay fairly low, preventing a sharp fall in rental growth as the economy slows. However, the report also notes that household formation rates are strong, as 2.9 million new households were formed in the last two years, up from 1.9 million households formed in the two years to the third quarter of 2017.

Household formation could lead to more people being ready to buy a home, but the report warns that new households will find it increasingly difficult to find an affordable home. The report also notes that tight credit conditions will make it more difficult for potential home buyers to stretch their budgets until home builders ramp up production of cheaper properties.

Source: HousingWire (11/06/19) Smith, Maleesa

Home prices continue to rise, albeit at a slower pace: FHFA

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Prices were up 0.2% month-over-month in August and 4.6% year-over-year, according to data released Wednesday

Single-family home prices climbed 0.2 percent month-over-month in August and were up 4.6 percent year-over-year, according to the latest data from the Federal Housing Finance Agency (FHFA). Despite the increases, price appreciation is actually slowing across the country.

Prices increased annually in all nine census divisions that FHFA tracks, with the Pacific division reporting the highest increase at 6.5 percent and the Middle Atlantic reporting the smallest increase at 3.9 percent.

Information courtesy of Inman.com

 

 

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.

Homeownership is a Cornerstone of the American Dream

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“The rumors of my death are greatly exaggerated.”

The famous quote attributed to Mark Twain can apply to homeownership in the United States today. During the housing bubble of the last decade, the homeownership rate soared to over sixty-nine percent. After the crash, that percentage continued to fall for the next ten years.

That led to speculation that homeownership was no longer seen as a major component of the American Dream. That belief became so widespread that the term “renters’ society” began to be used by some to define American consumers.

However, the latest report by the Census Bureau on homeownership shows that over the last two years, the percentage of homeowners has increased in each of the last eight quarters.

Homeownership is a Cornerstone of the American Dream |MyKCM

Going forward…

It appears the homeownership rate will continue to increase.

The 2019 Aspiring Home Buyers Profile recently released by the National Association of Realtors revealed that 84% of non-owners want to own a home in the future. That percentage increased from 73% earlier last year.

Bottom Line

In the United States, the concept of homeownership as part of the American Dream is very much alive and well.

Why an Economic Slowdown Will NOT Crush Real Estate this Time

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Last week, the National Association for Business Economics released their February 2019Economic Policy Survey. The survey revealed that a majority of the panel believe an economic slowdown is in the near future:

“While only 10% of panelists expect a recession in 2019, 42% say a recession will happen in 2020, and 25% expect one in 2021.”

Their findings coincide with three previous surveys calling for a slowdown sometime in the next two years:

  1. The Pulsenomics Survey of Market Analysts
  2. The Wall Street Journal Survey of Economists
  3. The Duke University Survey of American CFOs

That raises the question: Will the real estate market be impacted like it was during the last recession?

A recession does not equal a housing crisis. According to the dictionary definition, a recession is:

“A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.”

During the last recession, prices fell dramatically because the housing collapse caused the recession. However, if we look at the previous four recessions, we can see that home values weren’t negatively impacted:

  • January 1980 to July 1980: Home values rose 4.5%
  • July 1981 to November 1982: Home values rose 1.9%
  • July 1990 to March 1991: Home values fell less than 1%
  • March 2001 to November 2001: Home values rose 4.8%

Most experts agree with Ralph McLaughlin, CoreLogic’s Deputy Chief Economist, who recently explained:

“There’s no reason to panic right now, even if we may be headed for a recession. We’re seeing a cooling of the housing market, but nothing that indicates a crash.”

The housing market is just “normalizing”. Inventory is starting to increase and home prices are finally stabilizing. This is a good thing for both buyers and sellers as we move forward.

Bottom Line

If there is an economic slowdown in our near future, there is no need for fear to set in. As renowned financial analyst, Morgan Housel, recently tweeted:

“An interesting thing is the widespread assumption that the next recession will be as bad as 2008. Natural to think that way, but, statistically, highly unlikely. Could be over before you realized it began.”

The Housing Market Will “Spring Forward” This Year!

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Just like our clocks this weekend, in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale has been holding back the market.

Many potential sellers believe that waiting until Spring is in their best interest. Traditionally, they would have been right.

Buyer demand has seasonality to it. Usually, this falls off in the winter months, especially in areas of the country impacted by arctic conditions.

That hasn’t happened this year.

Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with an increase in rates forecasted for 2019, buyers are still able to lock in an affordable monthly payment. Buyers are increasingly jumping off the fence and into the market to secure a lower rate.

The National Association of Realtors (NAR) recently reported that in 2018 the top 10 dates sellers listed their homes all fell in April, May, or June.

Those who act quickly and list now, before a flood of increased competition, will benefit from additional exposure to buyers.

Bottom Line

If you are planning on selling your home in 2019, call me to evaluate the opportunities in your market. Cell or Text 407-925-7721.