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These styles from the ’70s and ’80s prove it’s OK to say “in with the old!”

Each year, fashion leaves a strong impression on the design industry and its offerings for the season. For 2020, the vibe includes handmade organic details paired with the sparkle of the ’70s disco club and the velvety softness of the ’80s.

But beyond the nostalgic hints that those artistic impressions carry, what lies ahead for interiors? How will we change and evolve in our home environment? Read on and see what speaks to your design style as we approach another new year.

Cork and recycled elements

Many manufacturers, designers and architects have focused their products and projects on a sustainable, environmentally friendly approach to home building and design. Thanks to modern technology, sustainable products don’t mean inferior quality, comfort or design.

In fact, these products celebrate eco-chic versions of modern or traditional designs in both elevated and affordable versions. While products like linoleum or cork flooring may have been long forgotten, they will see a strong comeback in the new season, thanks to its natural characteristics.

Abloom with florals

The traditional beauty of floral patterns, either abstracted or straight-up chintz, will continue to be the pattern to use, especially when paired with deep luxurious velvets and maximalist styled spaces. But home designer, beware: Chintz can be tricky. Its bold old-fashioned prints can easily turn to frilly English bed-and-breakfast if you’re not careful. When done right, the floral theme can add color, texture and just the right touch of classic elegance to your interior.

Handmade accents

Handmade items made with sustainable materials like jute, rice paper and clay will be all the rage in 2020. These elements go far in grounding a home, allowing its inhabitants to be in touch with the earth and their roots. The incorporation of natural materials popular years ago — like caning, rope, sea grass and bamboo — has a strong influence over modern furniture silhouettes and decor details. Elaborately embossed wall coverings, including gold rivets and metallic accents, give surfaces a beautiful tactile sensation and modern ambiance.

Plastic and acrylic

Increasing social consciousness around climate change has influenced the design industry to produce products accordingly. Plastics are being used for indoor and outdoor furniture frames, while water bottles are being used to create outdoor rugs and accents.

For a more luxe look, acrylic products are having a comeback, giving a room the architectural structure it needs without taking up visual real estate. Acrylic in a small space, like an entryway or sitting area, provides a surface that can be layered with more organic items and not feel fussy.

Authentic construction

The rise of digitally printed fabrics has created a true appreciation for real embroidery, thick wool boucles, linens and other artisan-inspired elements. Rich textural expressions are the theme of the upcoming season. Think velvet upholstery, hemp drapery, cork walls, wicker and jute for furniture and finishes.

Maximal artwork

The surge of minimalism and Scandinavian design, characterized by neutral colors and simple materials, is finally declining. In its place, bright colors and graphic patterns are becoming more prevalent in the home.

Don’t be afraid to mix colors, patterns and textures. Take a gallery wall to the next level by having it cover an entire wall, or add a dramatic large-scale piece to your space. In this case, more is more.

Metallic accents

And speaking of timeless metal accents, sparkle is still on the design scene for living room decor compositions. Add a hint of disco glamour and luxury by introducing bronze, gold and chrome details through decorative accents, furniture inlays, hardware, lighting, mirrors and accessories.

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Homebuyer Demand Is Far Above Last Year’s Pace

Homebuying has been on the rise over the past few months, with record-breaking sales powering through the market in June and July. Buyers are actively purchasing homes, and the momentum is continuing into the fall. It is, however, becoming harder for buyers to find homes to purchase. If you’ve been thinking about selling your house, the coming weeks might just be the timing you’ve been waiting for.

According to the Pending Home Sales Report from the National Association of Realtors (NAR):

“Pending home sales in July achieved another month of positive contract activity, marking three consecutive months of growth.

The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 5.9% to 122.1 in July. Year-over-year, contract signings rose 15.5%. An index of 100 is equal to the level of contract activity in 2001.”

This means that for the past several months, buyers have signed an increasing number of contracts to purchase homes – well above where the market was at this time last year. Lawrence Yun, Chief Economist at NAR notes:

“We are witnessing a true V-shaped sales recovery as homebuyers continue their strong return to the housing market…Home sellers are seeing their homes go under contract in record time, with nine new contracts for every 10 new listings.”

Below is a graph that shows the impressive recovery of homes sales compared to previous years. The deep blue v marks the slowdown from this spring that turned into an exponential jump in sales that followed through the summer, skyrocketing above years past:

Homebuyer Demand Is Far Above Last Year’s Pace | Keeping Current Matters

What Does This Mean for Sellers?

If you were thinking about putting your house on the market in the spring, but decided to wait due to the health crisis, it may be time to make your move. Buyers are in the market right now. With so few homes available to purchase, homeowners today are experiencing more bidding wars, creating an optimal time to sell.

Is This Trend Going to Continue?

As CNBC notes, there are no signs of slowing buyer demand this fall:

“The usual summer slowdown in the housing market is not happening this year. Buyers continue to show strong demand, spurred by the new stay-at-home world of the coronavirus and by record low mortgage rates.”

Danielle Hale, Chief Economist at realtor.com, concurred:

“In a typical year in the housing market, buyer interest begins to wane before seller interest causing the usual seasonal slowdown as we move into the fall. Due to a delayed spring season and low mortgage rates, we could see buyer interest extend longer than usual into the typically quieter fall. Whether this means more home sales will depend on whether sellers participate or decide to stay on the sidelines.”

As Hale mentioned, homeowners who are willing to sell their houses right now will play a big role in whether the trend continues. The market needs more homes to satisfy ongoing buyer demand. Maybe it’s time to leverage your equity and move up while eager home shoppers are ready to purchase a house just like yours.

Bottom Line

If your current home doesn’t meet your family’s changing needs, contact a local real estate professional to help you sell your house and make the move you’ve been waiting for all year.

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Three Ways to Win in a Bidding War

With so few houses for sale today and low mortgage rates driving buyer activity, bidding wars are becoming more common. Multiple-offer scenarios are heating up, so it’s important to get pre-approved before you start your search. This way, you can put your best foot forward – quickly and efficiently – if you’re planning to buy a home this season.

Javier Vivas, Director of Economic Research at realtor.com, explains:

““COVID-19 has accelerated earlier trends, bringing even more buyers than the market can handle. In many markets, fierce competition, bidding wars, and multiple offer scenarios may be the common theme in the weeks to come.”

Here are three things you can do to make your offer a competitive one when you’re ready to make your move.

1. Be Ready

A recent survey shows that only 52% of active homebuyers obtained a pre-approval letter before they began their home search. That means about half of active buyers missed out on this key part of the process.

Buyers who are pre-approved are definitely a step ahead when it’s time to make an offer. Having a pre-approval letter indicating you’re a qualified buyer shows sellers you’re serious. It’s often a deciding factor that can tip the scale in your direction if there’s more than one offer on a home. It’s best to contact a mortgage professional to start your pre-approval process early, so you’re in the best position right from the start of your home search.

2. Present Your Best Offer

In a highly competitive market, it’s common for sellers to pick a date and time to review all offers on a house at one time. If this is the case, you may not have an opportunity to negotiate back and forth with the sellers. As a matter of fact, the National Association of Realtors (NAR) notes:

Not only are properties selling quickly, but they are also getting more offers. On average, REALTORS® reported nearly three offers per sold property in July 2020.”

Make sure the offer you’re presenting is the best one the sellers receive. A real estate professional can help you make sure your offer is a fair and highly competitive one.

3. Act Fast

With existing homes going like hotcakes, there’s no time to waste in the process. NAR reports how the speed of home sales is ramping up:

“Properties typically remained on the market for 22 days in July, seasonally down from 24 days in June and from 29 days in July 2019. Sixty-eight percent of homes sold in July 2020 were on the market for less than a month.”

In addition, NAR notes:

“Total existing-home sales…jumped 24.7% from June to a seasonally adjusted annual rate of 5.86 million in July. The previous record monthly increase in sales was 20.7% in June of this year. Sales as a whole rose year-over-year, up 8.7% from a year ago (5.39 million in July 2019).”

As you can see, the market is gaining steam. For two consecutive months houses have sold very quickly. Essentially, you may not have time to sleep on it or shop around when you find a home you love. Chances are, someone else loves it too. If you take your time, it may not be available when you’re ready to commit.

Bottom Line

The housing market is very strong right now, and buyers are scooping up available homes faster than they’re coming to market. If you’re planning to purchase a home this year, talk to a local real estate professional to learn more about your current area, so you’re ready to compete – and win.

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These Are the Most Shared Real Estate Videos This Year

As technology evolves, more and more platforms are becoming video-based. Even Mark Zuckerberg, the founder of Facebook, believes that video is the future of social media.

The fact is, if you’re looking to reach your audience, really reach them, video is the best medium to make sure your message sticks.

According to Hubspot, 81% of businesses now use video as a marketing tool — up from 63% last year. And that number is anticipated to continue to rise.

But even more than that, there’s a lot going on in real estate right now and people have questions. Video can be a powerful ally in helping you get the right message across to your clients.

Here are the top KCM videos real estate agents have shared this year.

What the Experts Are Saying About the Market
The economic slump caused by COVID-19 has left many wondering how the housing market will be affected. However, economists and real estate experts are forecasting little to no impact on home values. While low mortgage rates and inventory continue to drive a competitive market, home value appreciation will continue, just at a slower pace than what was first anticipated.

This is a great video to clear the air and build confidence in buyers and sellers who may be apprehensive moving forward with their moving plans.

5 Simple Graphs that Prove This is Not Like the Last Time
The housing crisis of 2008 left many people believing that recession and real estate are directly related. Today’s market conditions, however, are nothing like what brought down the housing market back then. This video shows just how different real estate today is compared to before and after the bubble years with 5 simple graphs. If you have hesitant buyers and sellers who think we may be headed for another crash, this is a must-share.
A Recession Does Not Equal a Housing Crisis
The economic slowdown and record unemployment rates due to COVID-19 have many fearing that another recession and housing crisis are inevitable. In this video, we go through the unique factors that led to the 2008 recession and real estate crash, and why today’s market is set up to help in our economic recovery.

This is a great video to help educate your clients on why today’s market is set up to lead America out of this economic slowdown and not into it like last time. Share a personalized version and get this important information out there today!

Housing by the Numbers

With everything that’s happened this year, there is still a lot of confusion about where the real estate market is headed. Therefore, there’s no better time to get ahead of your client’s worries and provide them with facts and insights from industry experts. This video does it all, all while helping to position you as a trusted advisor with their best interest in mind.

Home Has a Whole New Meaning Today

The Coronavirus pandemic has stretched many homes to their maximum capacity. Having to wear many different hats-school, work, gym, retreat-many Americans may be bursting at the seams and considering a move to something that fits their needs better. With affordability at an all-time high, this a great time to let your clients know their buying power could help them get the house that fits all their needs.

Bottom Line
autumn house

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Why Selling this Fall May Be Your Best Move

If you’re thinking about moving, selling your house this fall might be the way to go. Here are four highlights in the housing market that may make your decision to sell this fall an easy one.

1. Buyers Are Actively in the Market
ShowingTime, a leading real estate showing software and market stat service provider, just reported that buyer traffic jumped 60.7% compared to this time last year. That’s a huge increase.

It’s clear that buyers are ready, willing, and able to purchase – and they’re in the market right now. In many regions of the country, multiple buyers are entering bidding wars to compete for the home they want. Take advantage of the buyer activity currently in the market so you can sell your house in the most favorable terms.

2. There Are Not Enough Homes for Sale
In the latest Existing Home Sales Report, the National Association of Realtors (NAR) announced that there were only 1.49 million units available for sale. That number was down 18.6% from one year ago. This means in the majority of the country, there aren’t enough homes for sale to satisfy the number of buyers.

Due to the health crisis, many homeowners were reluctant to list their homes earlier this year. That will change as the economy continues to recover. The choices buyers have will increase going into the new year. Don’t wait until additional sellers come to market before you decide to make a move.

3. The Process Is Going Quickly
Today’s ultra-competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home. According to the latest Origination Insights Report from Ellie Mae, the time needed to close a loan is just 49 days.

4. There May Never Be a More Important Time to Move
You’ve likely spent much of the last six months in your current home. Perhaps you now realize how small it is, and you need more space. If you’re working from home, your children are doing virtual school, or you just need more space, your current floor plan may not work for your family’s changing needs.

Homebuilders are beginning to build houses again, so you can choose the exact floor plan to match what your family needs, and you can make sure the outdoor space is what you want too.

Bottom Line
The housing market is prime for sellers right now, so reach out to a local real estate professional to get the process started this fall. If the timing is right for you and your family, the market is calling your name.

Information courtesy of: KCM Real Estate Blog

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5 Easy Improvements to Get Your Home Guest-Ready for the Holidays

This is no time for major updates, so stick with simple tasks to make for a festive celebration. Hosting a holiday gathering can be a lot of fun, but perhaps a bit intimidating, too. You want your house to look its best, but now isn’t the time to undertake any major updates. Chances are, you’re busy enough get ready for the event. So, focus on just the areas of your house where your guests will spend time. 

Whether you’re a first-time party host with a few jitters or an old pro looking for some new ideas, these tips will help you ensure that your home is ready for any gathering.

Light the way

  • The sun sets early this time of year, so it’s important to make sure the entrance to your home is clean and well-lit.
  • If you have a large front yard, focus on the entryway and the path leading up to it. Install porch lights or replace the bulbs if needed. Cut back any shrubbery that is obstructing the walkway.
  • On the day of your party, open the blinds on the front windows so your guests can see into your warm, festive-looking home as they approach. It’s a great way to create a sense of welcoming anticipation.

Pro tip: The easiest way to create instant lighting for walkways and paths is with the solar lights that you just stick into the ground. The sun does the rest of the work!

Take care of the bottom line

Our mothers used to say this, and it’s true: If your floors are spotless, they make your whole house look cleaner.

Even if you’re unable to do an in-depth house cleaning before your gathering, make sure your floors have been cleaned before that first guest steps over the threshold.

Pro tip:  If you have carpeting, clean the carpets a minimum of three days ahead of your affair so they have time to dry fully.

Brighten up your bathroom

If you’re bothered by grimy-looking grout in your bathroom, try this easy, inexpensive, and non-toxic method to get rid of it nearly instantly: Just spray on some full-strength hydrogen peroxide, let it sit for 10 minutes, and then wipe clean. That’s it!

Next, add some flowers, holiday decorations or pictures on the wall to further spiff up your powder room, and it will be ready for your guests.

Pro tip: Get the buildup out of a slow-moving sink drain with a Zip-It. This inexpensive tool looks like a giant zip-tie. You just work it down into the drain to pull up hair clogs — all the other gunky stuff will come up with it.

Tune up kitchen appliances

Your kitchen appliances will be the workhorses of your holiday party, whether you’re hosting a big family dinner or a cocktail party. You want them to be fully functioning and ready for action.

Make sure all stove burners are working. Now’s the time to clean the oven if you haven’t done that for a while.

  • Clean out the refrigerator, and check to see that the fridge and freezer are running at their optimal temperatures.
  • Make sure your dishwasher is in good working order. You can clean it easily with a dishwasher cleaner that you run through a cycle.

Pro tip: Sharp knives will make easy work of preparing the big meal. Make sure all your kitchen knives are newly sharpened, and also check the batteries in your electric carving knife, if you have one.

Make your space kid-friendly

If you make your home welcoming for children, you’ll ensure their parents have a great time as well.

If you happen to have kids that are the same ages as your young guests, you’re in luck. But if not, think about adding some considerate touches that will make parents more comfortable and alleviate kid boredom.

Here are some ideas to get you started:

  • Turn a spare room or an upstairs bedroom into a private nursing/changing area for a new mom.
  • Toddlers and younger children will want to be near their parents, so a good idea for them is to set up a corner of your living or dining room with toys, books, a tablet for watching cartoons and some comfy pillows or throws.
  • One of our favorite strategies for older kids is to turn the dessert course into an activity. For instance, you could bake a huge batch of sugar cookies in holiday shapes, and then put out different colors of icing to let kids (and adults) go to town with decorating their own cookies.

Pro tip: If you don’t have children, or if yours are older, don’t forget to kid-proof your space. Put away anything expensive, breakable or unstable. Do some baby-proofing, if necessary. This way you and the parents can relax and not have to worry about safety hazards.

Information courtesy of Zillow

Businesswoman using laptop in office

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Real Estate Continues to Show Unprecedented Strength This Year

The 2020 housing market has surpassed all expectations and continues to drive the nation’s economic recovery. The question is, will this positive trend continue throughout the rest of the year, especially given the uncertainty around the current health crisis, the upcoming election, and more?

Here’s a look at what several industry-leading experts have to say.

Lawrence Yun, Chief Economist, National Association of Realtors

  • “Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market…Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery.”

Frank Martell, President and CEO, CoreLogic

  • “Homeowners’ balance sheets continue to be bolstered by home price appreciation, which in turn mitigated foreclosure pressures…Although the exact contours of the economic recovery remain uncertain, we expect current equity gains, fueled by strong demand for available homes, will continue to support homeowners in the near term.”

Zillow

  • “Zillow’s predictions for seasonally adjusted home prices and pending sales are more optimistic than previous forecasts because sales and prices have stayed strong through the summer months amid increasingly short inventory and high demand.
  • The pandemic also pushed the buying season further back in the year, adding to recent sales. Future sources of uncertainty including lapsed fiscal relief, the long-term fate of policies supporting the rental and mortgage market, and virus-specific factors, were incorporated into this outlook.”

Bottom Line
Many economists are in unison, indicating the housing market will continue to fuel the economy through the end of the year, maintaining this unprecedented strength.

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Home Values Projected to Keep Rising

As we enter the final months of 2020 and continue to work through the challenges this year has brought, some of us wonder what impact continued economic uncertainty could have on home prices. Looking at the big picture, the rules of supply and demand will give us the clearest idea of what is to come.

Due to the undersupply of homes on the market today, there’s upward pressure on prices. Consider simple economics: when there is high demand for an item and a low supply of it, consumers are willing to pay more for that item. That’s what’s happening in today’s real estate market. The housing supply shortage is also resulting in bidding wars, which will also drive price points higher in the home sale process.

There’s no evidence that buyer demand will wane. As a result, experts project price appreciation will continue over the next twelve months. Here’s a graph of the major forecasts released in the last 60 days:

I hear many foreclosures might be coming to the market soon. Won’t that drive prices down?

Some are concerned that homeowners who entered a mortgage forbearance plan might face foreclosure once their plan ends. However, when you analyze the data on those in forbearance, it’s clear the actual level of risk is quite low.

Ivy Zelman, CEO of Zelman & Associates and a highly-regarded expert in housing and housing-related industries, was very firm in a podcast last week:

The likelihood of us having a foreclosure crisis again is about zero percent.

With demand high, supply low, and little risk of a foreclosure crisis, home prices will continue to appreciate.”

Bottom Line
Originally, many thought home prices would depreciate in 2020 due to the economic slowdown from the coronavirus. Instead, prices appreciated substantially. Over the next year, we will likely see home values rise even higher given the continued lack of inventory of homes for sale.

July 4th on the North Carolina Coast

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4 Reasons Why the Election Won’t Dampen the Housing Market

Tomorrow, Americans will decide our President for the next four years. That decision will have a major impact on many aspects of life in this country, but the residential real estate market will not be one of them.

Analysts will try to measure the impact feasible changes in regulations might have on housing, the effect of a possible first-time buyer program, and any number of other situations based on who wins. The housing market, however, will remain strong for four reasons:

1. Demand Is Strong among Millennials

The nation’s largest generation began entering the housing market last year as they reached the age to marry and have children – two key drivers of homeownership. As the Wall Street Journal recently reported:

“Millennials, long viewed as perennial home renters who were reluctant or unable to buy, are now emerging as a driving force in the U.S. housing market’s recent recovery.”

2. Mortgage Rates Are Historically Low

All-time low interest rates are also driving demand across all generations. Strong demand created by this rate drop has countered other economic disruptions (e.g., pandemic, recession, record unemployment).

In addition, Freddie Mac just forecasted mortgage rates to remain low through next year:

“One of the main drivers of the strong housing recovery is historically low mortgage interest rates…Given weakness in the broader economy, the Federal Reserve’s signal that its policy rate will remain low until inflation picks up, and no signs of inflation, we forecast mortgage rates to remain flat over the next year. From the third quarter of 2020 through the end of 2021, we forecast mortgage rates to remain unchanged at 3%.”

3. Prices Continue to Appreciate

The continued lack of supply of existing homes for sale coupled with the surge in buyer demand has experts forecasting strong price appreciation over the next twelve months.

4. History Says So

Though it’s true that the market slows slightly in November when it’s a Presidential election year, the pace returns quickly. Here’s an explanation as to why from the Homebuilding Industry Report by BTIG:

“This may indicate that potential homebuyers may become more cautious in the face of national election uncertainty. This caution is temporary, and ultimately results in deferred sales, as the economy, jobs, interest rates and consumer confidence all have far more meaningful roles in the home purchase decision than a Presidential election result in the months that follow.”

Ali Wolf, Chief Economist for Meyers Research, also notes:

“History suggests that the slowdown is largely concentrated in the month of November. In fact, the year after a presidential election is the best of the four-year cycle. This suggests that demand for new housing is not lost because of election uncertainty, rather it gets pushed out to the following year as long as the economy stays on track.”

Bottom Line

There’s no doubt this is one of the most contentious presidential elections in our nation’s history. The outcome will have a major impact on many sectors of the economy. However, as Matthew Speakman, an economist at Zillow, explained last week:

“While the path of the overall economy is likely to be most directly dictated by coronavirus-related and political developments in the coming months, recent trends suggest that the housing market – which has basically withstood every pandemic-related challenge to this point – will continue its strong momentum in the months to come.”

Information courtesy of keepingcurrentmatters.com

Discussing financial future

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Rent vs. Buy: How to Decide What’s Best for You

According to the U.S. Census Bureau, median rent continues to rise. With today’s low mortgage rates, there’s great opportunity for current renters to make a move into homeownership that stretches each dollar a little bit further.

While the best timeline to buy a home is different for everyone, the question remains: Should I continue renting or is it time for me to buy? The answer depends on your current situation and your future plans, so here are some thoughts to help you decide if you’re ready to own a home of your own.

1. Rent Will Continue to Increase

This is one of the top reasons why renters decide to move because in most cases, rent will continue increasing each year. As noted above, the U.S. Census Bureau recently released its quarterly homeownership report, and as the graph below shows, median rent is climbing year after year. When you own a home, you’ll lock in your monthly payment for the life of your loan, creating consistency and predictability in your payments.

2. Freedom to Customize

This is a big decision-making point for many people who want to be able to paint, renovate, and make home upgrades. In many cases, landlords determine all of these selections and prefer you do not alter them as a renter. As a homeowner, you have the freedom to decorate and personalize your home to truly make it your own.

3. Privacy

When renting, your landlord has access to your space in case of an emergency. If you own your home, however, you’re the one to decide who can come inside. Given today’s health concerns around the pandemic, this may be a growing priority for you.

4. Flexibility for Relocation

If you’re renting, it may be easier to move quickly should you have a job transfer or simply decide it’s time for a change. When you’re a homeowner and need to sell your house, this might take a little more time. Today, however, with the housing market’s low inventory, this may no longer be the case. Homes are selling at a record-breaking pace, so you may have more flexibility than you think.

5. Building Equity

When you pay your rent, your landlord earns the equity the property gains. If you own your home, the benefits of your investment go directly toward your net worth. This is savings you’ll be able to use in the future for things like sending children to college, starting a new business, buying a bigger home, or simply downsizing to save for retirement.

6. Tax Advantages

When you own your home, there are additional advantages that work in your favor as well. You can deduct things like your property taxes and mortgage interest (Always make sure you check with your accountant to see which tax-deductible benefits apply to your situation). When you rent, however, the tax benefits are directed to your landlord.

Bottom Line

It’s up to you to decide if you’d prefer to rent or buy, and it’s different for every person. If you’d like to learn more about the pros and cons of each, as well as resources to help you along the way, contact a local real estate professional to discuss your options. This way, you can make a confident and informed decision with a trusted expert on your side.

Information courtesy of keepingcurrentmatters.com

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