4 Poor Decor Choices New Home Owners Make

When your client finally closes on their home, they're going to be excited to start making the place their own. But going overboard with decorating concepts or placing furniture in the wrong configurations can make a home look cramped and uninviting. Help guide your client's eye for interior design by steering them away from these furnishing mistakes recently highlighted by realtor.com®:

Oversized furnishings. "Measuring a space is imperative before you purchase anything," Will Saks, a designer with Homepolish, told realtor.com®. "You need to understand the dimensions of a space so the scale will feel balanced. … While a large, overstuffed Chesterfield might look great in the store, in a tiny apartment it might end up looking like a fat guy in a little coat."

Cramming too much in one room. Empty spaces and walls in a room can be a good thing. How much furniture should you put in? It depends on the aesthetic you are trying to achieve. "If you're going for a more sleek look, stick to a few key pieces in a room to create the feeling of openness," Saks says. "The same goes for artwork — one large frame can create an art gallery feeling."

Decorating a room around a legacy piece. Your client's armoire or overstuffed chair may hold sentimental value to them, but decorating an entire room around it may be a mistake. Home owners who feel attached to a piece of furniture may feel compelled to do a certain layout or color scheme that could be completely wrong for the space, realtor.com® notes. Suggest that your client place the furniture nonfocal part of the house — if it's a chair, put it in a corner of the bedroom, for example — or have them place it in storage until they can figure out how it fits into their overall design concept.

Looking like a catalog or interior design magazine. Don't try to copy a catalog. While it can be beautiful, it doesn't always have a "home" vibe. "The most interesting designs are ones that are aesthetically mixed," Saks says. He suggests adding a vintage or one-of-a-kind piece that makes the space feel more personal and curated — a new sofa paired with a vintage credenza, for example. Artwork and accessories from Etsy and flea markets can also help make a home feel unique, he says.

Source: “5 Huge Mistakes People Make Furnishing Their New Home,” realtor.com® (Jan. 19, 2016)

 

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Why Buyers, Sellers Shouldn't Panic

Stocks globally have been off to a bumpy start in the new year, which has spawned news articles showing concern over whether a shaky housing market could be poised for a slowdown and even a similar doom to the 2007 housing crisis. But analysts say you have no reason to be concerned

Market Watch recently ran an article that assures Americans why they shouldn’t panic if they are looking to buy or sell a home in 2016, touching on these key points.

1. Mortgage rates will stay low. The Federal Reserve raised its short-term rates for the first time in nearly 10 years, but mortgage rates are likely to remain low, analysts say. “It would take a lot more than the volatility we’re seeing now for them to get knocked off the current course of raising rates, but will they slow down [coming rate hikes]? Probably,” says Kevin Finkel, senior vice president of Resource America Inc., a real-estate investment trust in Philadelphia.

Rising rates have prompted the number of home owners who are refinancing to cool, but many already have so “rate shock” from short-term adjustable rate mortgages would be minor compared to what happened between 2007 and 2012.

2. Less risk exists of a mortgage bubble. Liar loans and higher setting ARMs helped lead to the 2005 to 2012 mortgage meltdown, analysts say, but lenders have pulled back on credit and are now, by most accounts, are overly stringent on who they give a loan too. Markets like San Francisco and New York have seen skyrocketing values recently but it’s not being fueled by loose credit standards, analysts note.

“The changes that have taken place over the past five to seven years have built a more stable foundation” in the mortgage industry, Michael McPartland, a managing director and head of investment finance for North America at Citigroup’s C, told MarketWatch. “There just aren’t a lot of the exotic products like interest-only [loans] and super-high loan-to-value [mortgages]. If things slow down, there will be a contraction, but not a pop.”

3. More aid for first-time home buyers. The Federal Housing Administration last year reduced mortgage insurance premiums on loans by $900 a year, on average. That has helped some first-time home buyers afford a down payment and enter the market. FHA loans have surged 23 percent of all financed purchases in the second quarter of 2015, up from 19 percent a year prior, according to RealtyTrac. FHA’s efforts, as well as others like Freddie Mac and Fannie Mae’s 3 percent down payment loans, may help boost the new-mortgage market this year by up to 10 percent over last year, despite the rise in mortgage rates, says Mike Fratantoni, the chief economist for the Mortgage Bankers Association.

4. Job growth. Over the past five years, the U.S. has seen a slow, steady rate of job creation. Job growth in 2015 is expected to top 2.5 million when the final tally comes in – that would make it the second best year for U.S. job growth in this millennium (following last year’s 3.1 million).

“The economy continues to create jobs, and the quality of jobs being created has improved as the economic recovery has progressed, with professional and business services leading the way,” says Greg McBride, chief financial analyst for Bankrate.com. “This is indicative of an economic recovery that is sustainable. … If wage growth materializes in a broader way, this will be the catalyst for many existing home owners to put their homes on the market and finally look for the move-up buy, boosting housing and alleviating the inventory shortage.”
Source: “5 Reasons a 2007-Style Real Estate Meltdown Is Unlikely Now,” MarketWatch (Jan. 10, 2016)

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More Americans Say It’s a Good Time to Sell

An improving financial picture prompted more consumers to say that they believe now is a good time to sell a home, according to Fannie Mae’s latest Home Purchase Sentiment Index, which capped off its strongest year so far. The share of consumers who reported their income was significantly higher than it was 12 months ago rose 9 percentage points on net in December

“Consumers ended the year on an improved note with regard to their income, job security, and overall economic outlook,” says Doug Duncan, Fannie Mae’s chief economist. “Brightening economic prospects, if sustained, should stimulate demand for home ownership. However, continuing upward pressure on rental prices and constrained housing supply, particularly for starter homes, may mean prospective first-time home buyers could face affordability constraints.”

Fannie Mae’s survey found that 40 percent of 1,000 respondents surveyed said they are confident home prices will rise this year.
Also, their financial picture is improving too. Eighty-five percent of respondents said they are not concerned about losing their job, which ties an all-time survey high. What’s more, the number of respondents who say their household income is significantly higher than it was 12 months ago increased 9 percentage points to 15 percent in the survey.
Source: Fannie Mae

 

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Tips to Get Organized in the New Year

With the arrival of the new year, many home owners will resolve to clean, declutter, and reorganize their homes in the coming months. This is an especially helpful resolution if they plan to put their house on the market sometime in the near future

As with many New Year’s resolutions, though, it's easier to compile a checklist than it is to buckle down and actually get tasks done.

Here are a few tips from Julie Morgenstern, an organization and time-management expert:

Start Small: “Pick one or two of the smallest areas you spend the most time in and tackle those first,” Morgenstern advises. For instance, choose your sock drawer, medicine cabinet, refrigerator, or front closet. You can finish those projects quickly and they may inspire you to tackle something bigger next.


Be Realistic: She says reorganizing several rooms in one day is not going to happen. You will likely feel overwhelmed as you work, won’t accomplish it all, and then feel defeated when you don’t finish. Pick one or two things you know you can complete in one day, and don’t expect to do more than that.

Work Logically: “Store things where they’re used, not where they fit…In the kitchen for example, group all food-prep items together,” says Morgenstern. If you group things by purpose, it will be easy to find everything you need when working on any one project. Primarily, though, organize based on your habits, goals, and the way you think. This will maximize your satisfaction at the end of the day.

Inspire Yourself: Envision the way your life will be different when your work is done. Perhaps you will be on time to events once you can find things easily in your closet, perhaps you will cook more at home when your kitchen is in working order, or perhaps you will find joy in locating the CD or DVD you are looking for in just moments. Morgenstern adds, “Don’t think of it as making room for more stuff. It’s about making room for new relationships or peace of mind or new experiences.”

Source: “Five Tips From an Organizing Expert,” The New York Times, Dec. 24, 2015.

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3 Buyer Types to Watch for in 2016

Three key trends are expected to drive many real estate markets in 2016: The growth in communities geared for those 55-plus, new-home construction, and a return of first-time home buyers, according to a recent ERA Real Estate broker survey report

“Looking at industry forecasts, I believe the economy will continue steady progress forward and housing will play an important role,” says Charlie Young, CEO of ERA Real Estate. “Our ERA brokers across the country are telling us that first-time home buyers are making a comeback, the move-up market is being fueled by recent price appreciation and, while still challenged, new construction is beginning to increase to meet demand.”

ERA’s survey points to these three growing buying segments in 2016:

1. 55-plus communities: By 2019, nearly 45 percent of U.S. households will be headed by someone who is at least 55 years old or older.

“When thinking about baby boomers, it’s important to understand that they may be willing to relocate, but they are not willing to sacrifice their active lifestyles or proximity to family and friends,” says Young. “Also, don’t assume they are downsizing. Many choose homes of similar size and price but that offer more of lifestyle offerings.”

2. New-home buyers: Markets like Florida, California, Utah, Georgia, and New York are seeing an uptick in new construction and growing interest in land purchases. “New home starts are on the rise thanks to loosening of lending or developers,” says Young. “However, new home starts are not keeping up with demand, so increased land purchases may be related to private custom home builds.”

3. First-time home buyers: Also expected to fuel the 2016 market, first-time home buyers are forecasted to make a comeback. As home values rise, move-up buyers will cash out and make their next move, which will add more entry-level inventory to the market. Also, an increase in new-home construction this year is expected to add to the inventory for entry-level buyers too.

Source: “2016 Industry Trends: More First Timers and Boomers Buying,” RISMedia (Jan. 6, 2016)


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The Most Sought-After Neighbor in America

Singer-songwriter Taylor Swift is America’s favorite neighbor. Swift was voted as the top neighbor Americans say they’d want to live next door to in 2016.

Swift nabbed 12 percent of the surveyed adults’ votes in Zillow’s survey, which asked 1,000 Americans which celebrities they would most like to have as their neighbor as well as those they wouldn’t dare share a fence with. Swift moved up to the top spot after a third-place finish last year. Actress Jennifer Lawrence and comedian Amy Schumer rounded out the top three, with 11 percent and 9 percent of the votes, respectively.

Meanwhile, Republican presidential candidate and real estate mogul Donald Trump landed at the bottom of this year’s list for worst neighbor. Trump received 24 percent of the votes for worst neighbor, followed by Kim Kardashian and Kanye West with 22 percent.

Here’s a look at how the celebrities stacked up on this year’s survey.
Most Desirable Neighbors:

• Taylor Swift: 12%
• Jennifer Lawrence: 11%
• Amy Schumer: 9%
• Donald Trump: 7%
• Mark Zuckerberg & Priscilla Chan: 6%
• Jennifer Anniston & Justin Theroux: 6%
• Hillary Clinton: 5%
• None of the Above: 34%

Worst Neighbors of 2015

• Donald Trump: 24%
• Kim Kardashian & Kanye West: 22%
• Justin Bieber: 18%
• Hillary Clinton: 11%
• Miley Cyrus: 10%
• Taylor Swift: 2%
• Tom Brady: 2%
• None of the above: 11%

Source: “Donald Trump Voted Worst Celebrity Neighbor in 2015,” RISMedia (Dec. 30, 2015)

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