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The Most Instagrammed Interior Design Styles by State

June 22, 2020 By Claire Garlick Leave a Comment

House pride has a new platform in the 21st century: Instagram! #Interiordesign is big (87 million posts and counting), and no redecorating project is complete without a before-and-after shot on the number one photo-sharing platform.

And it’s not just about showing off your new kitchen. Instagram has also become the go-to place for home design inspiration. But with so many pictures to browse, it helps to have a map to find your way to the most relevant ideas – so that’s just what we’ve done!

Instagram’s photographers like to tag their interiors with the design style that they’ve chosen for their project, be it #bohodecor, #midcenturymodern, or #cottagestyle. We decided to find out which styles are most popular across different regions.

Our researchers extracted location data for Instagram posts tagged with hashtags relating to popular interior design styles. We then cleaned up the data and organized it by state, to create two maps: one that shows the most popular design style tag in each state, and one that shows which states share their #instahomes the most.

The most popular interior design style in every state

State-by-state, the most popular design style in the US is #coastalliving. Eighteen states use this hashtag more than any other to describe the interior of their home. It’s no surprise that these are all sea-facing states. However, the east coast favors the style more than the west.

Instead, the west coast states of Washington and California prefer #midcenturymodern. In fact, this is the second most popular style in the States. The ‘new retro’ look of mid-century modern feels both classic and contemporary, allowing amateur interior designers to cherry pick their favorite details from a century of interior design.

The states sharing more photos of their #instahome map

For a state populated by outdoors-types, California sure is house-proud. We counted 10,082 uses of our chosen hashtags by Californian Instagram users, way out ahead of Florida with 4,606. It might be because California is home to San Francisco, the design capital of the US, and LA, which is home to the third highest concentration of professional designers in the country.

At the other end of the scale, Dakotans either don’t care for interior design or they don’t care for Instagram. North and South Dakota have the fewest design hashtags, with just 38 and 42 respectively. Check out the color-coded map below to see how ‘hot or not’ your home state believes its décor to be!

(SEE DESIGN SLIDESHOW AT https://www.angieslist.com/articles/most-instagrammed-interior-design-styles-state.htm)

The #coastalliving style

You don’t have to live by the coast to embrace the coastal living style. After all, everyone loves to bask in the sand or up on deck. But it’s best to avoid anchor motifs and ornamental life-preservers if you can’t actually reach the sea without crossing the state line.

Instead, think about the colors and textures you associate with being at the coast. The Instagram images that really sparkle match frothy whites and steely grays with a broad spectrum of blues and greens. Unpainted or weathered wood immediately adds a nautical look (think decking and driftwood).

Most important is to listen to your own imagination. What are the sensations you connect with being at the beach or sailing? You might dream up a coffee table upcycled from an old fishing basket. Or plump for lots of blankets and throws to cuddle up under when in the cool of the evening.

The #midcenturymodern style

Mid-century modern refers to a sophisticated look that developed between the 1930s and 1960s. Bauhaus design principles had made their way to the mainstream and were now more hip than avant-garde. Today, a mid-century modern interior tells your followers that you appreciate classic design (rather than traditional) and have a sharp sense of style (but never, ever without substance). If in doubt, think Mad Men.

Historically, the mid-century modern style has utilized materials such as plastic, acrylic, and formica – but the best of today’s designers work with sustainable materials. Furniture in this style is stream-lined, often with surprising shapes that are underpinned by practical ideas. Surfaces have a matte finish. Designers may use striking primary colors or moody ‘in-between’ shades like teal, burnt sage, and rust.

Of course, the most sustainable furniture pieces you can buy are vintage. And part of the fun of designing a mid-century modern interior is curating unusual details that fit together in a way that no other Instahome quite manages. A sideboard with hairpin legs topped with an atomic-themed lamp; plastic shell chairs with a trestle-style table. Think about designing your room around one signature piece, and avoid clashing patterns and colors.

The #rusticdecor style

The rustic décor style is most popular in the mountain states and parts of the north east. The look harks back to simpler times, but there is inspiration all around us today – from the farmhouse to the hilltop cabin and the land outside.

Rustic décor takes its cue from the ruggedness of nature. A rustic-themed room is characterized by unrefined textures and earthy colors: browns, greens, and sandy yellows. Furniture is simple and sturdy. Reveal the structural detail of your interior to add that ‘just got home from the frontier’ feel: ceiling beams, exposed brick, and stripped floorboards set the tone.

The beautiful thing about rustic décor is that the charm is in the imperfections. Try upcycling old tiles as plant stands or coasters, and mend torn fabrics with brightly colored thread instead of reupholstering. If you can build your own furniture, now’s the chance for your carpentry skills to shine!

If you’re looking for a new interior design style for your home, Instagram is one of the best sources of inspiration out there. And once your renovation is complete, you can share proud pictures of your Instahome right back on the platform to inspire others!

Article and style inspiration slideshow originally published at https://www.angieslist.com/articles/most-instagrammed-interior-design-styles-state.htm.

Home Prices: It’s All About Supply and Demand

June 8, 2020 By Claire Garlick Leave a Comment

As we enter the summer months and work through the challenges associated with the current health crisis, many are wondering what impact the economic slowdown will have on home prices. Looking at the big picture, supply and demand will give us the clearest idea of what’s to come.

Making our way through the month of June and entering the second half of the year, we face an undersupply of homes on the market. Keep in mind, this undersupply is going to vary by location and by price point. According to the National Association of Realtors (NAR), across the country, we currently have a 4.1 months supply of homes on the market. Historically, 6 months of supply is considered a balanced market. Anything over 6 months is a buyer’s market, meaning prices will depreciate. Anything below 6 months is a seller’s market, where prices appreciate. The graph below shows inventory across the country since 2010 in months supply of homes for sale.

Robert Dietz, Chief Economist for the National Home Builders Association (NAHB) says:

“As the economy begins a recovery later in 2020, we expect housing to play a leading role. Housing enters this recession underbuilt, not overbuilt. Estimates vary, but based on demographics and current vacancy rates, the U.S. may have a housing deficit of up to one million units.”

Given the undersupply of homes on the market today, there is upward pressure on prices. Looking at simple economics, when there is less of an item for sale and the demand is high, consumers are willing to pay more for that item. The undersupply is also prompting bidding wars, which can drive price points higher in the home sale process. According to a recent MarketWatch article:

“As buyers return to the market as the country rebounds from the pandemic, a limited inventory of homes for sale could fuel bidding wars and push prices higher.”

In addition, experts forecasting home prices have updated their projections given the impact of the pandemic. The major institutions expect home prices to appreciate through 2022. The chart below, updated as of earlier this week, notes these forecasts. As the year progresses, we may see these projections revised in a continued upward trend, given the lack of homes on the market. This could drive home prices even higher.

Bottom Line

Many may think home prices will depreciate due to the economic slowdown from the coronavirus, but experts disagree. As we approach the second half of this year, we may actually see home prices rise even higher given the lack of homes for sale.

Article originally published at https://www.keepingcurrentmatters.com/2020/06/02/home-prices-its-all-about-supply-and-demand/

6 Things Your Mortgage Lender Wants You To Know About Getting a Home Loan During COVID-19

June 4, 2020 By Claire Garlick Leave a Comment

Getting a mortgage, paying your mortgage, refinancing your mortgage: These are all major undertakings, but during a pandemic, all of it becomes more complicated. Sometimes a lot more complicated.

But make no mistake, home buyers are still taking out and paying down mortgages during the current global health crisis. There have, in fact, been some silver linings amid the economic uncertainty—hello, record-low interest rates—but also plenty of changes to keep up with. Mortgage lending looks much different now than at the start of the year.

Whether you’re applying for a new mortgage, struggling to pay your current mortgage, or curious about refinancing, here’s what mortgage lenders from around the country want you to know.

1. Rates have dropped, but getting a mortgage has gotten more complicated

First, the good news about mortgage interest rates: “Rates have been very low in recent weeks, and have come back down to their absolute lowest levels in a long time,” says Yuri Umanski, senior mortgage consultant at Premia Relocation Mortgage in Troy, MI.

That means this could be a great time to take out a mortgage and lock in a low rate. But getting a mortgage is more difficult during a pandemic.

“Across the industry, underwriting a mortgage has become an even more complex process,” says Steve Kaminski, head of U.S. residential lending at TD Bank. “Many of the third-party partners that lenders rely on—county offices, appraisal firms, and title companies—have closed or taken steps to mitigate their exposure to COVID-19.”

Even if you can file your mortgage application online, Kaminski says many steps in the process traditionally happen in person, like getting notarization, conducting a home appraisal, and signing closing documents.

As social distancing makes these steps more difficult, you might have to settle for a “drive-by appraisal” instead of a thorough, more traditional appraisal inside the home.

“And curbside closings with masks and gloves started to pop up all over the country,” Umanski adds.

2. Be ready to prove (many times) that you can pay a mortgage

If you’ve lost your job or been furloughed, you might not be able to buy your dream house (or any house) right now.

“Whether you are buying a home or refinancing your current mortgage, you must be employed and on the job,” says Tim Ross, CEO of Ross Mortgage Corp. in Troy, MI. “If someone has a loan in process and becomes unemployed, their mortgage closing would have to wait until they have returned to work and received their first paycheck.”

Lenders are also taking extra steps to verify each borrower’s employment status, which means more red tape before you can get a loan.

Normally, lenders run two or three employment verifications before approving a new loan or refinancing, but “I am now seeing employment verification needed seven to 10 times—sometimes even every three days,” says Tiffany Wolf, regional director and senior loan officer at Cabrillo Mortgage in Palm Springs, CA. “Today’s borrowers need to be patient and readily available with additional documents during this difficult and uncharted time in history.”

3. Your credit score might not make the cut anymore

Economic uncertainty means lenders are just as nervous as borrowers, and some lenders are raising their requirements for borrowers’ credit scores.

“Many lenders who were previously able to approve FHA loans with credit scores as low as 580 are now requiring at least a 620 score to qualify,” says Randall Yates, founder and CEO of The Lenders Network.

Even if you aren’t in the market for a new home today, now is a good time to work on improving your credit score if you plan to buy in the future.

“These changes are temporary, but I would expect them to stay in place until the entire country is opened back up and the unemployment numbers drop considerably,” Yates says.

4. Forbearance isn’t forgiveness—you’ll eventually need to pay up

The CARES (Coronavirus Aid, Relief, and Economic Security) Act requires loan servicers to provide forbearance (aka deferment) to homeowners with federally backed mortgages. That means if you’ve lost your job and are struggling to make your mortgage payments, you could go months without owing a payment. But forbearance isn’t a given, and it isn’t always all it’s cracked up to be.

“The CARES Act is not designed to create a freedom from the obligation, and the forbearance is not forgiveness,” Ross says. “Missed payments will have to be made up.”

You’ll still be on the hook for the payments you missed after your forbearance period ends, so if you can afford to keep paying your mortgage now, you should.

To determine if you’re eligible for forbearance, call your loan servicer—don’t just stop making payments.

If your deferment period is ending and you’re still unable to make payments, you can request delaying payments for additional months, says Mark O’ Donovan, CEO of Chase Home Lending at JPMorgan Chase.

After you resume making your payments, you may be able to defer your missed payments to the end of your mortgage, O’Donovan says. Check with your loan servicer to be sure.

5. Don’t be too fast to refinance

Current homeowners might be eager to refinance and score a lower interest rate. It’s not a bad idea, but it’s not the best move for everyone.

“Homeowners should consider how long they expect to reside in their home,” Kaminski says. “They should also account for closing costs such as appraisal and title insurance policy fees, which vary by lender and market.”

If you plan to stay in your house for only the next two years, for example, refinancing might not be worth it—hefty closing costs could offset the savings you would gain from a lower interest rate.

“It’s also important to remember that refinancing is essentially underwriting a brand-new mortgage, so lenders will conduct income verification and may require the similar documentation as the first time around,” Kaminski adds.

6. Now could be a good time to take out a home equity loan

Right now, homeowners can also score low rates on a home equity line of credit, or HELOC, to finance major home improvements like a new roof or addition.

“This may be a great time to take out a home equity line to consolidate debt,” Umanski says. “This process will help reduce the total obligations on a monthly basis and allow for the balance to be refinanced into a much lower rate.”

Just be careful not to overimprove your home at a time when the economy and the housing market are both in flux.

For more smart financial news and advice, head over to MarketWatch.

Article originally published at https://www.realtor.com/advice/finance/what-mortgage-lenders-wish-you-knew-about-home-loan-during-covid/