BRILLIANT MOVE REALTY

BRILLIANT MOVE REALTY
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Monday, July 11, 2022

Keeping it all in Perspective, Recession-wise.

I like perspective. Putting the incessant reports on a possible recession into context helps one, 

at the east emotionally, steer the course for what we are in and possibly heading

into. I have the Edward Jones link at the end of the article, to read in its entirety. DD 

Figure 1. Recessions are, on average, 10 months long, but have varied in length and magnitude.

Figure 1. Past Recessions: Length and Magnitude

Source: FactSet. 

These two charts show the length of recessions in months, with the longest in 2007 at 18 months and the shortest in 2020 at 2 months, while the average around 10 months, and the magnitude of recessions with the 2020 being the most severe at -10%.
Read this article in full Edward Jones Insights

Dawn Deegan is Broker Associate REALTOR with Premier Sotheby's International Realty, in Dr. Phillips, Orlando, FL. Dawn holds the designations of ABR (Accredited Buyer Representative); CRS (Certified Residential Specialist); GRI (Graduate Realtor® Institute),; SFR (Short Sale Foreclosure Resource); SRS (Seller Representative Specialist; and is also a Certified Negotiation Expert (CNE); Quality Service Certified (QSC), Transnational Referral Certification (TRC), and Gold Key Certified (GKC). Dawn is devoted to providing the best possible services and expertise to her Buyers and Sellers of residential Real Estate in the Greater Orlando area. This area includes Windermere, Winter Garden, Orlando, Winter Park, and Kissimmee. Dawn’s emphasis is on achieving the best possible sale through thorough market knowledge, communications, marketing, negotiations and transactional expertise, resulting in a quality experience for the Buyer or Seller of Real Estate. Contact Dawn Deegan at 407.488-8074 or at DawnDeegan@gmail.com Visit her at Dawn Deegan, Broker Associate | Premier Sotheby's International Realty

Monday, June 6, 2022

Orange County FL has restricted the use of nitrogen and / or phosphorus fertilizer through September 2022

https://www.orangeobserver.com/article/orange-county-has-new-rules-in-effect-for-the-use-of-fertilizer




Dawn Deegan is Broker/Owner of Brilliant Move Realty. Dawn holds the designations of ABR (Accredited Buyer Representative); CRS (Certified Residential Specialist); GRI (Graduate Realtor® Institute),; SFR (Short Sale Foreclosure Resource); SRS (Seller Representative Specialist; and is also a Certified Negotiation Expert (CNE); Quality Service Certified (QSC), Transnational Referral Certification (TRC), and Gold Key Certified (GKC). Dawn is devoted to providing the best possible services and expertise to her Buyers and Sellers of residential Real Estate in the Greater Orlando area. This area includes Windermere, Winter Garden, Orlando, Winter Park, and Kissimmee. Dawn’s emphasis is on achieving the best possible sale through thorough market knowledge, communications, marketing, negotiations and transactional expertise, resulting in a quality experience for the Buyer or Seller of Real Estate. Contact Dawn Deegan at 407.488-8074 or at DawnDeegan@gmail.com Visit her at www.BrilliantMoveRealty.com

Friday, June 3, 2022

Mid 2022 - The State of Real Estate. A comprehensive Report

Higher Rates / Short Supply:  Mid 2022 - The State of Real Estate


The last two years caught many of us off guard—and not just because of the pandemic. They also ushered in the hottest housing market on record, with home prices rising nationally by nearly 19% in 2021, driven primarily by low mortgage rates and a major supply shortage.1

But while some had hoped 2022 would bring a return to normalcy, the U.S. real estate market continues to boom, despite rising interest rates and decreasing affordability.

So what’s driving this persistent demand? And is there an end in sight?


Here are three factors impacting the real estate market right now. Find out how they could affect you if you’re a current homeowner or plan to buy or sell a home this year.

MORTGAGE RATES ARE RISING FASTER THAN EXPECTED

Over the past couple of years, homebuyers have faced intense competition for new homes—in part due to historically low mortgage rates that were a result of the Federal Reserve’s efforts to keep the economy afloat during the COVID-19 pandemic.

However, in response to a concerning level of inflation, the Fed is now reversing those efforts by raising the federal funds rate. And as a result, mortgage rates are rising, as well. Few experts predicted, though, that mortgage rates would go up as quickly as they have.

In January 2022, the Mortgage Bankers Association projected that rates would reach 4% by the end of this year.2 By mid-April, however, the average 30-year fixed mortgage rate had already hit 5%, up from around 3% just one year prior.3 On a $400,000 mortgage, that 2% difference could translate into an additional $461 per monthly payment.

Since then, mortgage rates have continued on an upward trend. So what impact are these rising rates having on demand? While many buyers had hoped for a cooling effect, experts warn that may not be the case.

Ali Wolf, chief economist at housing market research firm Zanda, told Fortune magazine, "Rising mortgage rates are having a counterintuitive effect on the housing market. Home shoppers are actually sprung into action in an attempt to buy a home before mortgage rates rise any higher."4

Since inventory remains low, the resulting “race” has kept the homebuying market highly competitive–at least for now.

What does it mean for you?

While current 30-year fixed mortgage rates represent an increase over previous months, they remain well below the historical average of 8%.5 As inflation across the economy continues, the Fed is likely to raise rates further this year. Buyers should act fast to secure a good mortgage rate. We’d be happy to refer you to a lender who can help.

For sellers, speed is also of the essence. The pool of potential buyers may shrink as mortgages become more expensive. And if you plan to finance your next home, you’ll want to act quickly to secure a favorable rate for yourself. Contact us today to discuss your options.

HOME PRICES KEEP CLIMBING

History shows that higher interest rates don’t necessarily translate to lower home prices. In fact, home prices rose 5% between 1980 and 1982, a period of significantly higher mortgage rates and inflation.5

Forecasters expect that home prices will continue to go up throughout 2022, though likely at a slower pace than the 18.8% increase of the last 12 months.4 Fannie Mae estimates that prices will be up approximately11.2%6 .

In addition to limited supply and a race to beat rising mortgage rates, home values are also climbing because of positive economic indicators, like low unemployment.8 Plus, rents are soaring–up 17% from a year ago–which is prompting more first-time homebuyers to enter the market.9 Add to that the continued popularity of remote work, and it’s easy to see why property prices continue to surge.

However, it’s not all bad news for prospective homebuyers. Economists expect that as mortgage rates rise, the rate of appreciation will continue to taper, though the effect may be gradual.

“Eventually mortgage rates will slow down home prices,” according to Ken Johnson, an economist at Florida Atlantic University interviewed by Marketwatch.10 “We should not see rapid upticks in prices as mortgage rates rise.” Forecasters agree—Fannie Mae expects price increases to slow to 4.2% in 2023.7

What does it mean for you?

While the pace of appreciation is likely to decrease next year, home prices show no signs of going down. However, current labor shortages are leading to higher salaries and better job opportunities for many workers. You may find that your income growth outpaces home prices, making homeownership more affordable for you in the future.

For homeowners, the outlook’s even brighter. You could find yourself sitting on a nice pile of equity. Contact us for a free home value assessment to find out.

INVENTORY REMAINS EXTREMELY LOW

As noted, one of the largest hurdles to homeownership is a lack of inventory. According to a February 2022 report by Realtor.com, there’s an expanding gap between household formation and home construction, which has resulted in a nationwide shortage of 5.8 million housing units.11

The origins of this shortage date back to the 2008 housing crisis, during which crashing home values led contractors to stop building new properties—a trend that has not been fully reversed.12

That decline in home construction also resulted in a decrease in the number of home building professionals, a trend that was exacerbated by job losses during the COVID-19 pandemic. Now, many builders are limited by their ability to find qualified labor.

Another major challenge is a staggering increase in the cost of materials. Pandemic-related supply chain shortages have been a significant driver, with home building material costs rising on average 20% on a year-over-year basis. The price of framing lumber alone has tripled since August 2021.13

These trends add tens of thousands of dollars to the cost of a typical home. Factors like a lack of buildable land in many areas, restrictive zoning, and a shortage of developers are also contributing to the issue.14

Most homebuying experts agree that the lack of inventory is the primary factor driving rising housing prices and unprecedented competition for homes. With available housing units near four-decade lows, the end of the current housing boom is not yet in sight.15

What does it mean for you?

Prospective buyers should be prepared to compete for a home, since low inventory can lead to multiple offers. You may also need to expand your search parameters. If you’re ready to look, we’re ready to help.

For sellers, the picture is rosier. In this strong market, your home may be worth more than you realize. Contact us to find out how much your home could sell for in today’s market.

WE’RE HERE TO GUIDE YOU

While national real estate trends can provide a “big picture” outlook, real estate is local.

Location Location. Location.  And price point can have a drastic difference, as well. As a local market expert, I can guide you through the ins and outs of our market per your specific situation, and give you the precise local snapshot and how it will affect you whether you’re Selling or Buying. 

If you’re considering buying or selling a home, please contact me now to schedule a free consultation. I can help you assess your options so that you make the most of this unique real estate landscape, and Win.  ~Dawn

Sources:

1.     Marketwatch - https://www.marketwatch.com/picks/home-price-appreciation-will-normalize-what-5-economists-and-real-estate-pros-predict-will-happen-to-home-prices-in-2022-01646940841

2.     Bankrate - https://www.bankrate.com/mortgages/mortgage-rate-forecast

3.     CNBC - https://www.cnbc.com/2022/04/16/heres-how-much-the-same-mortgage-costs-now-compared-to-last-year.html

4.     Fortune - https://fortune.com/2022/03/23/housing-market-interest-rate-economic-shock/

5.     National Association of Realtors - https://www.nar.realtor/blogs/economists-outlook/instant-reaction-mortgage-rates-april-07-2022

6.     Fortune - https://fortune.com/2022/03/16/home-prices-2022-2023-bank-of-america-forecast-mortgage-rates/

7.     Fortune - https://fortune.com/2022/03/07/what-home-prices-will-look-like-2023-fannie-mae/

8.     Fortune - https://fortune.com/2022/03/17/home-prices-drop-housing-markets-california-michigan-massachusetts-corelogic/

9.     CNN - https://www.cnn.com/2022/03/23/success/us-national-rent-february/index.html

10.   MarketWatch - https://www.marketwatch.com/story/home-prices-increase-at-one-of-the-fastest-rates-on-record-but-higher-mortgage-rates-should-slow-future-growth-11648559497

11.   Realtor.com - https://www.realtor.com/research/us-housing-supply-gap-expands/

12.   NPR - https://www.npr.org/2022/03/29/1089174630/housing-shortage-new-home-construction-supply-chain

13.   Investopedia - https://www.investopedia.com/housing-market-dips-in-early-march-2022-5222449

14.   NPR - https://www.npr.org/2022/03/29/1089174630/housing-shortage-new-home-construction-supply-chain



Dawn Deegan, REALTOR® Broker/Owner, Brilliant Move Realty. Dawn holds the designations of ABR (Accredited Buyer Representative); CRS (Certified Residential Specialist); GRI (Graduate Realtor® Institute); SFR (Short Sale Foreclosure Resource); SRS (Seller Representative Specialist; and is also a Certified Negotiation Expert (CNE); Quality Service Certified (QSC), Transnational Referral Certification (TRC), and Gold Key Certified (GKC). Dawn is devoted to providing the best possible services and expertise to her Buyers and Sellers of residential Real Estate in the Greater Orlando area. This area includes Windermere, Winter Garden, Orlando, Winter Park, and Kissimmee. Dawn’s emphasis is on achieving the best possible sale through thorough market knowledge, communications, marketing, negotiations and transactional expertise, resulting in a quality experience for the Buyer or Seller of Real Estate. Contact Dawn Deegan at 407.488-8074 or at DawnDeegan@gmail.com Visit her at www.BrilliantMoveRealty.com

Tuesday, May 31, 2022

Good News? Bad News? What's Your Take on It?

More Sellers Dropping Asking Prices

May 31, 2022

Some homeowners may need to reset their price expectations. Signs of a slowing real estate market are growing across the country—existing-home sales and new-home sales are falling as well as pending home sales. Pending home sales fell for the sixth consecutive month in April and are now at the slowest pace in nearly 10 years, the National Association of REALTORS® reported last week.

Homes are still selling fast but a slowdown is evident in many markets. Amid rising mortgage rates that are pricing more buyers out, some home sellers are having to revisit their asking price.

Price drops are particularly more common in migration hotspots, places that have been relatively affordable but saw home values surge as more people have migrated in from coastal areas since the pandemic began, a new report from Redfin says. For example, in Boise, Idaho, home prices are up 62% over the past two years. In April, 41% of home sellers dropped their prices, the largest of 108 metro areas tracked by Redfin.

More than 20% of home sellers dropped their price in April in seven of the 10 most popular migration destinations, the report says. Other areas that are seeing a rise in price drops include Cape Coral, Fla. (at 33% in April); New Orleans (32%); Baton Rouge, La (31%); and Sacramento, Calif. (30%).

“Many places like Boise or Sacramento that saw a surge in migration and a sharp increase in home prices over the past two years have now seen an abrupt drop-off in demand, leading sellers to drop their prices with increasing frequency,” says Daryl Fairweather, Redfin’s chief economist. “When mortgage rates were at or below 3%, both local and out-of-town home buyers were more willing and able to tolerate high prices, but at 5%, many are priced out. A home’s price is driven by the balance of supply and demand, and when demand drops off and supply increases like it is now, rapid price increases evaporate quickly.”

NAR: Contract Signings Hit Slowest Pace in Nearly a Decade

Lawrence Yun, NAR’s chief economist, said in a recent release on the latest housing data that higher mortgage rates have increased the cost of purchasing a home by more than 25% compared to last year. In many cases, that could mean the higher mortgage payments are leading up to $500 more per month for borrowers. Further, higher home prices add another 15% to that figure, Yun says. Also, households are facing rapid inflation that is increasing everyday costs, like fuel and food.

Source: 

Home Sellers in Migration Hotspots Increasingly Turn to Price Drops,” Redfin (May 27, 2022)


Dawn Deegan is Broker/Owner of Brilliant Move Realty. Dawn holds the designations of ABR (Accredited Buyer Representative); CRS (Certified Residential Specialist); GRI (Graduate Realtor® Institute); SFR (Short Sale Foreclosure Resource); SRS (Seller Representative Specialist; and is also a Certified Negotiation Expert (CNE); Quality Service Certified (QSC), Transnational Referral Certification (TRC), and Gold Key Certified (GKC). Dawn is devoted to providing the best possible services and expertise to her Buyers and Sellers of residential Real Estate in the Greater Orlando area. This area includes Windermere, Winter Garden, Orlando, Winter Park, and Kissimmee. Dawn’s emphasis is on achieving the best possible sale through thorough market knowledge, communications, marketing, negotiations and transactional expertise, resulting in a quality experience for the Buyer or Seller of Real Estate. Contact Dawn Deegan at 407.488-8074 or at DawnDeegan@gmail.com Visit her at www.BrilliantMoveRealty.com

Sunday, May 29, 2022

Memorial Day weekend, 2022


As we gather this Memorial Day weekend, with family and friends -- old and new, to enjoy our abundant food and beverage, our (hopefully) blue skies, and our green trees, our parks and other community locales, let us pause and pause, and pause again, to remember.


Dawn Deegan, Broker/Owner, Brilliant Move Realty 

Monday, May 2, 2022

5 Ways to Write the Winningest Offer in today’s Real Estate Market:

  Our nation remains in the midst of a major housing crunch

Last year, lack of inventory and the resultant soaring prices left many would-be homebuyers feeling pinched. But now, interest rates are climbing, and many are feeling desperate to lock in a rate — which has fueled the fire.1 

Fortunately, if you’re a Buyer struggling to find a home, there is some good news. While it’s true that higher mortgage rates decreases purchasing power, there are additional ways to compete in a hot market such as this. 

A higher Offer price will always get deserved attention. But most Sellers consider more than just the price when evaluating an Offer. With that in mind, I present to you five tactics that will help sweeten your Offers and outshine your competition!  

You do want that house, don’t you?  Read on!

The risks and benefits of each tactic must be weighed carefully in order to craft your compelling Offer to get that house, without giving away the farm. Take Heed:

1.  Demonstrate Solid Financing

The reality is, no one gets paid if a home sale falls through. That’s why sellers (and their listing agents) favor offers with a high probability of closing.

Sellers particularly love all-cash offers because there’s no chance of financing issues cropping up at the last moment. But don’t despair if you can’t pay cash for your home. According to the National Association of Realtors, only about 1 in 4 home purchases are all-cash deals, which means the vast majority are financed with a mortgage.2   And admittedly, here in the Greater Orlando areas, that number is closer to 40% all-cash to financing.

Yet if Sellers are assured that the financing will go through, buying with a mortgage doesn’t have to be that big a

disadvantage. The most important step you can take as a buyer is to get preapproved before you start looking for homes. A current (within 30 days) preapproval letter shows a Seller that you are serious about buying and that you will be able to make good on your Offer.

It is also important to consider the reputation of your lender. While sellers may not know or care about a lender’s reputation, their agents often will. Some lenders are much easier to work with than others, especially if you are pursuing certain types of mortgages like FHA or VA loans.3 If so, you’ll want a lender who specializes in these types of mortgages. If you’re unsure who to choose, I am happy to refer you to some key reputable lenders, who are known for their ease of doing business, and success rate in timely closing their loans. Just ask! 

2.  Put Down a Sizeable Escrow Deposit

Buyers can show sellers that they’re serious and committed to their purchase, by putting down a large earnest money deposit.

Earnest money is a deposit held in escrow here in Central Florida, preferably by a Title Company or Closing Attorney.  Once the purchase goes through, that escrow deposit is applied toward the down payment and closing costs. If the sale does not happen to close, the buyer could lose some or all of that deposit. Once again, here is where a skilled and experienced REALTOR® can be your lifeline.

An Escrow Deposit is often approximately 1% to 2% of the Offer price, but offering a higher deposit can demonstrate to the Seller that you are serious about the property.4  This strategy can also be risky, and should be very considered very carefully. There are so many different factors that determine this, that I can’t even begin to count, but know that I can help you determine an appropriate deposit to offer based on your specific circumstances, as well as the property’s. After all, the big modus here from my vantage, is keeping your money safe.

3.  Ask for Few, if any, Contingencies

Most real estate Offers include contingencies, which are clauses that allow one or both parties to back out of the agreement if certain conditions are not met. These contingencies appear in the purchase agreement and must be accepted by both the Buyer and Seller to be legally binding.5

Common contingencies include:

     Financing: A financing contingency gives the buyer a window of time in which to secure a mortgage. If they are unable to do so, they can withdraw from the purchase and the seller can move on to other buyers.

     Inspection: An inspection contingency gives the buyer the opportunity to have the home professionally inspected for issues with the structure, wiring, plumbing, etc. Typically, the seller may choose whether or not to remediate those issues; if they do not, the buyer may withdraw from the contract.

     Appraisal: Most lenders will not offer a mortgage on a home that costs more than it's worth. An appraisal contingency gives the buyer an opportunity to get the home professionally assessed to ensure that its value is at or above the sales price. If an appraisal comes in low, the seller may be asked to renegotiate the contract.

     Sale of a prior home: Some buyers cannot afford to purchase a new home until they sell their previous one. If the buyer is unable to sell their current home within a specified window of time, this contingency enables them to withdraw from the contract without penalty. 

Since contingencies reduce the likelihood that a sale will go through, they generally make an Offer less desirable to the seller. The more contingencies that are included, the weaker the Offer becomes. Therefore, buyers in a competitive market have been volunteering to waive certain contingencies. This trend began slowly, and now it is very common to see purchases conducted with EVERY contingency waived.

I’m not necessarily recommending that. Most Buyers, understandably, are not so comfortable waiving all of their Buyer rights. However, in a tight market such as this, Buyers may have to carefully waive one or some. They must also recognize the risks of doing so. For example, a buyer who chooses to waive a Home Inspection contingency, may discover too late that extensive repairs and renovations are needed, despite no disclosure by the Seller and no visual observance of such. Likewise, a Buyer who waives the Appraisal can risk their mortgage failing. And if you find yourself in the unwanted position of having to back out of a home purchase without the protection of contingency, you may be saying goodbye to your earnest money deposit.6 I help you assess the risks and benefits of all contingencies. Each Buyer will be different as will each Property. Again, the integrity, skill and experience of the REALTOR® representing you is crucial.

4. Offer a Flexible Closing Date and/or Leaseback Option

When it comes to selling a house, money isn’t everything. People sell their homes for a wide variety of reasons, and flexible terms Offered by the Buyer, that work with their personal situations, can sometimes make all the difference. Faster isn’t always more desirable.For example, if a Seller is in process of planning a significant move, they may prefer a longer closing timeline that gives them time to find housing in their new location.

Similarly, a short-term leaseback, where the sale is Closed, but the seller retains the right to stay in the property, under a separate agreement from the new Owner, for a specified period of time, are becoming more popular.7 These arrangements enable the seller to use the money from the sale of their home to purchase their next house. A leaseback agreement also makes it possible for them to avoid moving twice when their next home is not yet ready to occupy.

Flexible closing dates and leaseback options can provide a powerful advantage for first-time homebuyers. If you have a month-to-month or easily transferable lease, for example, you may be able to offer a more flexible timeline than a buyer who is simultaneously selling their existing home.

Of course, the value of these terms will depend on the Seller’s situation. My practice always reaches out to the Listing agent to discover any or all of the Seller’s preferred terms, and then work with you to create an Offer that works for you and the Seller. Win-Win.

5. Work With a Skilled Buyer’s Agent

In this ultra-competitive real estate market, one of the greatest advantages you can give yourself is to work with a skilled and trustworthy REALTOR®. One of the first designations that I attained in my career was that of ABR® (Accredited Buyer's Representative). And my work as both a Seller (Listing) and a Buyers Agent, I know first-hand the best way to represent you in the purchase of your new home. I make certain you fully understand the process and assist you in submitting your most appealing Offer, with full knowledge of any or all risk. After all, we should all sleep well at night!

Through experience and skill and education, I know how to write Offers that are designed to win over both the Seller and the Listing Agent! The truth is, a good Listing Agent will play a huge role in helping sellers to evaluate the offers, and a Listing Agent too will want to work with a skilled buyer’s agent who is professional, communicative, and courteous.

Once your Offer is accepted, my job takes a new turn. For now I begin to handle the Time Line and any further negotiations with you; I coordinate any and all contractual details and paperwork that needs to be done, and I keep you fully informed of every step along the way. I am your knowledgeable advocate and I am working for you!   

       I Help You to Achieve the Right Offer for the Right House.

To recap, a competitive Offer need not be all-cash, contingency-free, nor sky-high over asking price. However, if you are serious about buying a home in today’s market, it is important to consider what you can and sometimes must do, in order to get your best chance of winning the deal.

If you’re a Buyer, I can help you compete in today’s market without getting blindsided. 

And if you’re a Seller, I can help you evaluate Offers by taking all the relevant factors into account, to keep you from entering into a losing proposition in your Sale.

Please Contact me today to schedule a free consultation: DawnDeegan@gmail.com / 407.488-8074

Further Reading and Sources:

1. National Association of Realtors -https://www.nar.realtor/newsroom/pending-home-sales-dwindle-4-1-in-february
2. National Association of Realtors -https://www.nar.realtor/newsroom/existing-home-sales-fade-7-2-in-february
3. Forbes -https://www.forbes.com/advisor/mortgages/housing-crisis-tips/
4. Realtor.com -https://www.realtor.com/advice/finance/earnest-money-deposit-mistakes-buyers-make/
5. Bankrate -https://www.bankrate.com/real-estate/contingency-clause/
6. Home Buying Institute -http://www.homebuyinginstitute.com/mortgage/risks-of-waiving-a-contingency/
7. Realtor.com -https://www.realtor.com/advice/sell/what-is-a-rent-back-agreement

Dawn Deegan is Broker/Owner of Brilliant Move Realty. Dawn holds the designations of ABR (Accredited Buyer Representative); CRS (Certified Residential Specialist); GRI (Graduate Realtor® Institute),; SFR (Short Sale Foreclosure Resource); SRS (Seller Representative Specialist; and is also a Certified Negotiation Expert (CNE); Quality Service Certified (QSC), Transnational Referral Certification (TRC), and Gold Key Certified (GKC). Dawn is devoted to providing the best possible services and expertise to her Buyers and Sellers of residential Real Estate in the Greater Orlando area. This area includes Windermere, Winter Garden, Orlando, Winter Park, and Kissimmee. Dawn’s emphasis is on achieving the best possible sale through thorough market knowledge, communications, marketing, negotiations and transactional expertise, resulting in a quality experience for the Buyer or Seller of Real Estate. Contact Dawn Deegan at 407.488-8074 or at DawnDeegan@gmail.com  Visit her at www.BrilliantMoveRealty.com

Tuesday, April 19, 2022

8 Popular Home Design Features for NOW

8 Popular Home Design Features for NOW



There’s a lot to consider when selling your home, from the market and appraisals to where you’ll go next. Don’t forget, however, that design is also a key factor. It’s often one of the first things buyers notice when they walk into a home, and it’s also a detail that you, as a seller, can easily control.

According to Realtor.com’s 2022 housing market forecast, home for-sale inventory will increase from last year, as will the projected number of overall sales.1 This means, if you’re looking to sell in the near future, now is the time to consider how you can stand out.

Updating your home design is one way to do that. Changes like new security features or upgraded siding can add value to your home now and be highlighted when you market it for sale later. To get the most out of your updates, focus on these popular home design features that will wow buyers.

Keep in mind, not all of these will work well in every house. If you plan to buy, list, or renovate a property, give me a call. I can help you realize your vision and maximize the impact of your investment.

Eco-Friendly Fixtures

Notably, millennials account for the largest share of current homebuyers, according to the National Association of Realtors.2 Sustainable living tops the list of priorities for this generation. A recent Deloitte survey found that nearly one-third of millennials initiate or deepen their consumer investment in products or services that help the environment—this also includes the houses they choose to live in.3

Here are a few eco-friendly design features that will be attractive to these millennial buyers in 2022. Bonus, they can net a significant return on investment (ROI) for you, as a seller, too.

 

        Energy-Efficient Windows: Heat gain or loss from low-performance windows drives 25–30 percent of home heating and cooling costs, according to Energy.gov.4 Therefore, energy-efficient windows can help homeowners save money.

        Low-Flow Water Fixtures: According to the EPA, replacing your shower head with one that’s labeled with WaterSense can save four gallons of water with each shower.5 Doing the same with your faucet can save 700 gallons per year. This leads to cost savings and environmental support.

        Native Landscaping:  According to the American Society of Landscape Architects, 58 percent of members report increased client demand for native trees and plants as a means to combat biodiversity loss from climate change..6 Enhance the eco-friendly appeal of your home with some native plants in the front yard.

Wellness Retreat Nooks

The pandemic has had a significant impact on mental health. For example, in an effort to prioritize mental health, many people are relocating to quieter, more peaceful homes, with 22 percent of city dwellers planning a move to less congested residential areas, according to the Home Improvement Research Institute’s (HIRI) 2021 Insights Summit.7

However, no matter where you live, you can still intrigue buyers by jumping on this trend. At-home wellness amenities, which were once viewed as luxuries, are now on many homeowners’ must-have lists. Indoor spaces that function as a retreat for wellness and self-care have become extremely popular, according to HIRI.

Improve your quality of life in your home with reading nooks, spa-inspired bathrooms, and exercise or meditation spaces. Even if your house doesn’t have the square footage to section off an entire room for relaxation, making simple tweaks to natural light, air purifiers, and indoor plants can help you feel better in your home now while enabling future buyers to see the opportunity for their own space.

Calming Paint Colors

Paint colors that produce a calming atmosphere will also be a key selling point in 2022. Soft earth tones and natural hues will prevail this year, including various shades of blue, green,  brown, and beige. Recent research suggests steering clear of trendy paint colors in favor of a more classic palette to bring the feel of nature indoors in a subtle and soothing way.8

In fact, the same research found that buyers are often willing to pay an extra $4,698 for a house with a light blue bathroom or an extra $1,491 for a house with a dark blue bedroom. Another crowd-pleasing hue to refresh the walls with is BEHR’s 2022 paint color of the year, known as Breezeway.9

This shade of green with silver undertones was created to mimic sea glass. As the BEHR website describes it, Breezeway “evokes feelings of coolness and peace, while representing a desire to move forward and discover newfound passions.” 

Home Safety Features

Buyers want peace of mind more now than ever before. According to a 2021 survey from the American Institute of Architects, members report seeing an increase in the popularity of these home safety features10:

     Emergency backup power generation

     Accommodations for multiple generations

     Wider accessible doorways and hallways

     Home security monitoring equipment

     Interior ramps and home elevator features

Consider how you can build home safety features like these into the design of your home to enhance your quality of life now and attract more buyers later. For example, you could install a backup generator in the garage and sell it with the house or update your major doorways to be wider.

Before making an investment in expensive home safety upgrades, contact me. I can help you determine what will deliver the greatest ROI for your location and goals.

Designated Work Spaces

It may come as no surprise that after the pandemic, 63 percent of homebuyers want their next house to feature room for a designated office, according to the National Association of Home Builders.11 In addition, 70 percent of these buyers want the office to be at least 100 square feet (or a 10x10 room).   

If you can, consider turning a bedroom or a den into a work-from-home office. When designing the space, make it both functional and aesthetically pleasing. Position a desk near the window for natural light, install a bookshelf unit, arrange a few succulents on the work surface, and hang a few framed posters or a cork bulletin board on the wall. You want the space to foster productivity as well as be a place in your home you enjoy spending time.

When you get ready to sell, I can help you highlight your designated work space. Given the high demand for this design feature, it can help you interest more buyers and attract more competitive offers—if marketed creatively.

Luxury Kitchen Retouches

The kitchen has always been a main focal point of interior design, and that’s no different in 2022. Families will always need this space to come together in their own homes.

This year’s buyers want a kitchen with new upgrades and retouches, but you don’t have to renovate the entire kitchen to make an impact. If you’re not sure where to start, here are a few tips on how to create a kitchen that buyers will love without spending too much money on renovations: 

        Repaint the kitchen, keeping the calm and nature-inspired colors in mind that are most popular right now. Taking a kitchen from dark to light by painting cabinets and walls can make all the difference.

        Update the hardware. These kitchen “accessories” stand out and add personality to an otherwise standard kitchen.

        Update light fixtures to bring in more light while also adding a fresh look and feel to the space.

Unique Accent Walls

In a recent interview with the National Association of Realtors, Brian Santos, the director of education for Fresh Coat Painters, explains that bold, unique accent walls are trendy right now.12 An accent wall gives a home character while maintaining the calming feel of natural- and neutral-colored walls.

Santos also explains that this is part of a design aesthetic that draws inspiration from the Roaring Twenties, and it’s likely to remain a sought-after home feature in 2022. Here are some bold colors to consider for your home’s accent walls: 

        Solid black

        Jewel or metallic tones

        Textured wallpaper

        Painted ceilings

        Built-in shelves

If you’re planning to sell in the next year, talk to me before adding an accent wall. Depending on your target buyer, it may be a design feature that actually hurts your home’s value. I can run a free Comparative Market Analysis on your home to help you understand what would resell best in your neighborhood.

Exterior Siding Updates

A new exterior siding refresh is one of the most affordable renovation projects you can do to help increase a home’s resale value. The average cost is just $12 per square foot, but higher-end material options can push costs closer to  $50 per square foot.13 What’s more, there are many siding materials available, from fiber-cement, brick, and wood to vinyl, metal, and stone.

While all these options can infuse the exterior with character and add curb appeal, fiber-cement and vinyl deliver the highest ROI. In fact, according to a 2021 Cost vs. Value Report, a vinyl siding replacement can boost resale value by $11,315 (68.3 percent cost recoup), and a fiber-cement siding replacement can boost resale value by $13,618 (69.4 percent cost recoup).14

Give your home this simple, affordable, and attractive facelift before putting it on the market. If you’re not sure how to get started yourself, our team can connect you with a trusted vendor to guide you through the process.

Keep These Home Design Features on Your Radar in 2022

These design features can infuse personality into your home while helping to close the deal if you plan to sell in 2022. The average buyer knows just what they’re looking for in a space they plan to call home, so with some investment and foresight, you can give your house an edge over the competition—and boost resale value in the process.

However, you don’t need to make all these changes to attract more buyers. I can help you determine which design features you should add to your home by sharing insights and tips on how to maximize the return on your investment. I can also run a Comparative Market Analysis on your home to find out how it compares to others in the area, which will help me decide what changes need to be made. Contact me to schedule a free consultation!

 Sources:

1.     Realtor -
https://www.realtor.com/research/2022-national-housing-forecast/

2.     National Association of Realtors -
https://www.nar.realtor/research-and-statistics/research-reports/home-buyer-and-seller-generational-trends

3.     Deloitte -
https://www2.deloitte.com/content/dam/Deloitte/global/Documents/2021-deloitte-global-millennial-survey-report.pdf

4.     Energy.gov -        
https://www.energy.gov/energysaver/update-or-replace-windows

5.     EPA.gov -
https://www.epa.gov/watersense/about-watersense

6.     American Society of Landscape Architects -
https://www.asla.org/NewsReleaseDetails.aspx?id=60427

7.     Home Improvement Research Institute -
https://www.hiri.org/blog/4-major-home-wellness-trends-from-hiri-summit-speaker-dr-jie-zhao

8.     Zillow -
http://zillow.mediaroom.com/2021-07-15-Homes-With-Light-Blue-Bathrooms,-Dark-Blue-Bedrooms-Could-Sell-for-Up-to-4,698-More-Than-Expected

9.     Behr -
https://www.behr.com/colorfullybehr/behr-announces-2022-color-of-the-year-and-trends-palette/

10.   American Institute of Architects -
http://info.aia.org/AIArchitect/2021/0910/aia-interactive/index.html#

11.   National Association of Home Builders -
​​https://www.nahb.org/-/media/NAHB/news-and-economics/docs/housing-economics-plus/special-studies/2021/special-study-what-home-buyers-really-want-march-2021.pdf?_ga=2.188050984.1824982414.1639512139-1247360189.1639512139

12.   National Association of Realtors -
https://www.nar.realtor/blogs/styled-staged-sold/hot-home-trend-the-accent-wall-is-back

13.   Forbes -
https://www.forbes.com/advisor/home-improvement/how-much-does-siding-cost-to-install/

14.   Remodeling Magazine -
https://www.remodeling.hw.net/cost-vs-value/2021/



Dawn Deegan, Broker/Owner of Brilliant Move Realty. Dawn holds the designations of ABR (Accredited Buyer Representative), CRS (Certified Residential Specialist), GRI (Graduate Realtor® Institute), Short Sale Foreclosure Resource (SFR), Seller Representative Specialist (SRS) and is a Certified Negotiation Expert (CNE). She is Quality Service Certified (QSC), holds the Transnational Referral Certification (TRC), and is Gold Key Certified (GKC). Dawn is devoted to providing only the best possible services and expertise to her Buyers and Sellers of residential Real Estate in the Greater Orlando area. This area includes Windermere, Orlando, Winter Park, Winter Garden, Kissimmee and Davenport. Dawn’s emphasis is on achieving the best possible sale through thorough market knowledge, communications, negotiations and transactional expertise, resulting in a quality experience for the Buyer or Seller of Real Estate. Contact Dawn Deegan at 407.488-8074 or at DawnDeegan@gmail.com Visit her at www.BrilliantMoveRealty.com