FIVE HOME DESIGN TRENDS YOU CAN EXPECT TO SEE IN 2018

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Thinking of buying a home in 2018 and want to make sure it’s as fashionable as possible as soon as you move in? Here, Zillow offers a sneak peek at some exciting new trends that are sure to inspire.

1. Charcoal and honey

Deep, dark walls painted in rich charcoal and matte black and accented by lush honey tones and cream accents can create a dramatic look. On a smaller scale, try using furnishings and decor items with glossy black elements, along with golden hardware and textiles.

2. Flouncy florals

Heavily saturated, big-blossomed flourishes with lots of contrast are everywhere—from draperies and wallcoverings to club chairs and pillows. Want to make a bold statement? Consider a sofa with a colorful floral print on a dark background, or even a large art piece. For a more modest look, try incorporating smaller items such as a vase or throw pillow.

3. Vibrant colors

Expect to see lots of heavily textured pieces with vibrant gemstone colors. Think fuchsia velvet ottomans, multitoned boucle fabric on accent chairs and rich emerald-green tufted sofas. Deep teal also is a shade you’ll be seeing more. Consider painting a single statement credenza this hue, and make it pop with hammered brass hardware. Or paint your entire living room this rich color, and mix in shades of green and fuchsia.

4. Blushing twilight

The high-contrast, sophisticated combination of navy blue and a soft blush pink is easy to pull off and surprisingly timeless. Imagine a soft pale-pink rug paired with artwork boasting rich navy accents and mixed metals and cream accents to finish off the aesthetic.

5. Marvelous marbling

One of the most prominent trends is the use of marbling patterns in chairs, pillows and art. You might even want to take a class on how to create this striking effect.

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Don’t Scare Your Home’s Buyers

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No matter how gorgeous your home is, it still could contain an item or two that happens to scare the pants off anyone who walks through your door. That might not be a problem if you don’t like guests, but it could be a huge problem if you’re trying to sell your place. It doesn’t take much to scare off home buyers—with so much on the line, even the smallest detail can give them a shiver or icky feeling they can’t shake. To make 100 percent sure your home-selling efforts aren’t getting tripped up on some freaky feature you overlooked, Realtor.com offers this checklist of items that can make house hunters get out…quickly.
1. Too many locks
An excessive number of door locks might prompt someone to wonder what the danger is? Thieves? Stalkers? SWAT teams? Granted, maybe you’re the “better-safe-than-sorry” type, but anything beyond two locks per door doesn’t generally sit well with buyers because they might think it’s unsafe.
2. Uncomfortable art
Perhaps you have an eclectic taste in art, and display “classy” nude photography with no shame. That’s great—but be aware that others might freak out over it. Sure, this stuff can be removed when you move out, but it might be too late—the psychological damage could already be done to the buyers who tour the home.
3. Taxidermy
While a single deer head on a wall might possibly fly in a den, stuffed dead animals generally creep people out. Only a fellow hunter or taxidermist will appreciate such décor in almost every room
4. Faulty or half-done repairs
Your house might be newly renovated, but if those upgrades weren’t done to code or lacked the proper permits, your buyers will beat a hasty retreat. Even worse are repairs that are not yet complete. Bottom line: Even if you are hoping to sell your home “as is,” make sure the house at least looks like it isn’t falling apart.
5. Unfriendly pets
No matter how much you love Fido or Fluffy, not everyone is comfortable around animals. Some might harbor bad childhood experiences with cats and dogs, or suffer from allergies and worry the effects might linger, even after your pets are gone. The best option is to board your pets with a friend or family member while your house is for sale—or at least get them out of the house whenever someone visits.
6. Dust and dirt
Don’t tell yourself that those cobwebs are just part of your Halloween décor. Your house has to be spotless to attract buyers. Whether it’s an oven that’s never been cleaned, a refrigerator with 6-month-old Chinese food or a laundry room piled high with dirty clothes, remember that people want to buy a home that looks shiny and new.
7. Mystery smells
“Mystery smells” or a vague scent of your beloved pets or mold are going to cast a pall over a home showing. That’s why many real estate agents bake cookies, which serve double duty as both an air freshener and a buyer-seducing snack. You also might want to try remedies such as air fresheners or candles, and sometimes you just need to replace carpet before placing your house on the market.
8. Hair-raising decor
An epidemic of outdated wallpaper and wood paneling. Garishly purple bedrooms. Popcorn ceilings. At one point in time, these fads were in vogue. However, buyers don’t like traveling in a time warp while house hunting; they also don’t relish burning loads of cash to bring the home into the present.
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BABY BOOMERS POISED TO INFLUENCE THE HOUSING MARKET

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Baby-Boomers-Poised-to-Influence-the-Housing-Market-240x170Whether they decide to move from their current homes or age in place, the decisions baby boomers and other older homeowners make during the next few years could significantly impact the single-family housing market. Today, baby boomers and other homeowners age 55 and older control almost two-third (or about $8 trillion) of the nation’s home equity. There also are more than 67 million 55-plus homeowners.

The new “Freddie Mac 55+ Survey”—which polled 4,900 homeowners born before 1961 regarding their current housing situations, plans and willingness to help their grown children become homeowners —found that this generation has the potential to generate significant new demand for mortgage credit and to tighten home-buying competition, especially for millennials and other first-time home buyers.

Here are some of the survey’s key findings:

• Consistent majorities said they are “very satisfied” with their current homes (64 percent), their communities (59 percent) and quality of life (54 percent). Nearly 90 percent of the respondents said people their age should own a home.

• Seventy-six percent of homeowners were confident they would have a comfortable retirement. These feelings were echoed across racial lines and shared by 55-plus homeowners who are still working, as well as retirees, and the 44 percent of homeowners surveyed had a mortgage.

• Consistent majorities said homeownership makes financial sense for married people with children (96 percent) and without children (85 percent), as well as single people with children (79 percent) and without children (53 percent). Almost 25 percent of the respondents also said they have offered down payment assistance to someone.

• This works out to an estimated 42 million homeowners who don’t plan to move. About a quarter (23 percent) indicated they would need major renovations to keep their homes accessible and a third (34 percent) would pay for improvements by refinancing their mortgage or taking out a second loan or home equity line of credit.

• Although movers were in the minority, it was a big minority. According to the survey, almost 40 percent of all 55-plus homeowners said they would like to move at least once more if they had complete control over it. This isn’t just about downsizing to a rental or nursing home; 19 million planned to buy a home and nearly 8 million expected to move within the next four years. Half of the 19 million likely movers also expected to buy less expensive homes.

SPRING USHERS IN ROBUST HOME MARKET

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Spring-Ushers-in-Robust-Home-Market-240x170This spring’s real estate market is coming in strong. New data released by realtor.com shows that homes in May are moving off the market at the fastest pace seen since the housing recovery began, despite record-high asking prices.

Based on realtor.com’s preliminary findings, homes spent a median of 65 days on the market in May—the same length of time as a year ago and three days quicker than April. The median home was listed at $250,000—9 percent higher than a year ago and 2 percent higher than the past month. For-sale housing inventory also has continued to increase on a monthly basis, but remains lower than a year ago.

Meanwhile, more than 550,000 listings have been added to the market to date in May (a 4 percent increase), but the level of inventory remains 4 percent lower than a year ago. Site traffic data on realtor.com shows a 30 percent growth in searches for homes for sale, compared with May 2015.

“Pent-up demand and low mortgage rates are driving consumers into the market with urgency,” says realtor.com Chief Economist Jonathan Smoke in a statement. “However, the recurring issue of limited supply is leading to higher prices.”

Thankfully, Smoke adds, gains in new single-family construction and new home sales are providing a pressure release. “Potential buyers are finding they can avoid a competitive bid situation if they elect to sign a contract on a home to be built,” he says. “As the share of new homes sold goes up, we should eventually see signs of more balance in the existing home market, like lower price appreciation. However, we clearly aren’t there yet.”

Here is a snapshot of the realtor.com’s May data:

• Median age of inventory is estimated to end at 65 days, the same as May 2015 and down 4 percent from April.

• Median listing price for May should reach a record high of $250,000—a 9 percent increase year over year and a 2 percent increase month over month.

• Listing inventory in May is showing a 4 percent increase over April. However, inventory decreased 4 percent year over year.

HOW SINGLE WOMEN ARE CHANGING THE HOME BUYING MARKET

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How-Single-Women-Are-Changing-the-Home-Buying-Market-240x170Single women are quickly becoming major players in the home buying market. According to the National Association of Realtors’ recent report on Home Buyer and Seller Generational Trends, single women made 60 percent more of recent home purchases than single men across all age groups. Single women also have emerged as largest home buying demographic after married couples.

And this trend of single female home ownership is only expected to continue in the coming years, thanks to various factors including a decreasing gender-pay gap that is giving women increased financial independence. In some areas, their incomes are even increasing faster than their male counterparts.

So, as the housing market continues to change, marketing to single women of all age groups is going to become highly important. From baby boomers to millennials, this means offering them a variety of choices and designs, along with features such as easy parking, safety and overall affordability—all with an obvious appeal for all single females. Here is a look at what each of these age groups is likely to desire when entering the housing market.

Baby boomers
NAR found that single female baby boomers buy twice as many homes as single men do and account for one out of every five houses sold in their own age group, making it wise to consider their preferences. Boomers tend to live in the suburbs and have more space than other generations who live in smaller city apartments. Custom hardwood cabinetry, granite or marble countertops, as well as the ability to customize all of a home’s features, are attractive options for single female baby boomers. This consumer will not turn away from affordable luxury, like a glass-gated walk-in shower or custom bathtub.

Millennials
This age group tends to live in smaller spaces within major cities, close to their workplaces and social centers. Millennial women also tend to get married later and are well educated. Their demand for housing likely will increase, along with their salaries. McMansion-style designs will not sell well within this demographic, which seeks to differentiate themselves from their parents. They tend to favor unique, stylish, but practical, designs. This could mean an in-kitchen cocktail/bar space for entertaining or a shower with a top-mounted rainfall shower head that adds comfort and class to a small space. Location will be particularly important for this group. On the upper end of this market, a preference for condos in dense communities with vibrant street life is expected.

DISPELLING THE MYTH ABOUT MILLENNIALS AND HOMEOWNERSHIP

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mythaboutmillenialsandhomeownership-240x170“The American Dream of homeownership is as strong today as ever.” That’s the belief of HUD Secretary Julián Castro, who in a May 10 address at the National Association of Realtors’ Regulatory Issues Forum said millennials are just as committed to homeownership as their parents and grandparents.

Despite a widespread impression that members of the younger generation are not interested in owning a home, Castro noted a recent survey by TD Bank that found 40 percent of millennials are planning on buying their first homes during the next year.

Student loan debt has been the main obstacle to millennials buying a home, Castro said. About 40 million Americans have some amount of student loan debt and about 70 percent of students graduate with student loan debt, with the average amount of debt at graduation spiking by 56 percent from 2004-2014. The increase has been so great that it has caused many parents and grandparents of millennials to shoulder that debt, with 20 percent of millennials now providing some type of financial assistance to their parents and grandparents.

But things are beginning to improve, Castro said. The number of student-loan delinquencies is declining, and economic improvements have resulted in the creation of 14.5 million jobs during the past 74 months. The average hourly wage also has risen 14 cents in March and April, and the current unemployment rate of 5 percent is the lowest it has been post-recession.

The housing market is a part of the nation’s overall economic strength, he added. “Real residential investment has grown by more than 8 percent for six straight quarters, highlighting the housing sector’s solid, steady recovery,” Castro said. “In fact, growth in residential investment has substantially outpaced growth in overall GDP.”

Castro noted that 1.3 million families have taken advantage of the FHA’s lower mortgage insurance premiums since the association sliced its premium by 50 basis points in January 2015. The immediate result of the mortgage insurance premium cut was a 27-percent increase in the number of home loans endorsed by the FHA from 2014-2015 (up to 753,000), with many of these loans being secured by first-time homebuyers.

5 WAYS TO ATTRACT MORE LUXURY HOME BUYERS

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luxuryhomebuyers-240x170From posh outdoor living spaces to decked-out wine cellars, these luxurious features can transform ordinary homes into dream homes. According to real estate brokerage company Redfin, luxury home sales increased in fourth quarter 2015 and ended a nine-month slump, with an average luxury home sale price of $1.62 million. Sales in 2016 also are predicted to climb and attract a new wave of luxury homeowners. So, with that in mind, you might be thinking about how to attract homebuyers who are hunting for a property with a little something extra-special. If that’s the case, consider some of these popular trends emerging of late for some inspiration. While there are some simple fixes you can make — like landscaping and lighting —these amenities are the ultimate in luxury and creature comfort.

1. Think Smart

Wired high-tech spaces are in high demand, and according to a Smart Home Survey by Coldwell Banker and CNET Smart Home, 81 percent of current smart-home device owners said they would be more open to buying a home with connected technology already in place. Many high-end offerings let consumers control items in their homes remotely using a smartphone or tablet — including comforts like heating and ventilation —but consumers also can lock and unlock gates, windows and doors, and monitor encrypted security cameras from anywhere they’re online. In the future, expect sci-fi-level technology — like sensors embedded in your bed that record health-related data such as heart rate and body temperature and analyze it to make dining and recipe recommendations on a screen in the kitchen.

2. Wine Cellars

Remember the typical wine rack? It had individual square openings that you inserted the bottles into and then you had to pull each bottle out one by one just to read them? They have come a long way, baby. Today’s spacious wine cellars have custom drawers that can be pulled out to reveal multiple wine bottles for easy viewing and access, as well as rotating lazy Susans specifically designed to hold wine bottles and wooden wine cases — all installed behind climate-controlled glass doors. Homebuyers also are looking for complete tasting rooms that combine the cozy comfort of a den with restaurant lounge ambience to host friends and family. Add soft lighting, a fireplace and your best wine collection to complete the look.

3. Home Theaters

While home theaters have been around for a while, they now are being updated with actual theater seating — like a recliner, but with a bit more “theater” quality and feel — as well as theater-specific furnishings like popcorn and concession stands, theater “now showing” marquees, and even IMAX screens. There’s even tell of many a themed theater space — including a $300,000 pirate-ship-shaped home theater with leather seats on the ship’s deck and a movie screen for a billowing front sail, along with a keg disguised as a microwave and a door that appears to lead to the ship’s lower deck but actually masks a refrigerator.

4. Outdoor Living Spaces

Outdoor spaces can be as comfy and inviting as indoor areas. More homebuyers are seeking fully loaded, stand-alone outside entertainment areas for cooking, dining, playing and entertaining. Some examples include high-end tree houses; garden rooms; and spacious metal or wooden gazebos complete with climbing flowers pergolas, built-in fireplaces, kitchens, elegant seating areas and fire pits.

5. Underground Garages

The garage is not just a place to keep cars anymore. More and more people are looking for massive subterranean garages (most climate-controlled and with car elevators) that include everything from wet bars to TV lounges to maintenance bays … not to mention plenty of room to show off their prized car and motorcycle collection, and maybe even a golf cart or two.

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