Blog | Blessings Realty | Colorado Springs and Monument Realtor

The Future of Home Price Appreciation and What It Means for You

April 29, 2022 By Claire Garlick Leave a Comment

Many consumers are wondering what will happen with home values over the next few years. Some are concerned that the recent run-up in home prices will lead to a situation similar to the housing crash 15 years ago.

However, experts say the market is totally different today. For example, Odeta Kushi, Deputy Chief Economist at First American, tweeted just last week on this issue:

. . . We do need price appreciation to slow today (it’s not sustainable over the long run) but high price growth today is supported by fundamentals- short supply, lower rates & demographic demand. And we are in a much different & safer space: better credit quality, low DTI [Debt-To-Income] & tons of equity. Hence, a crash in prices is very unlikely.

Price appreciation will slow from the double-digit levels the market has seen over the last two years. However, experts believe home values will not depreciate (where a home would lose value).

To this point, Pulsenomics just released the latest Home Price Expectation Survey – a survey of a national panel of over 100 economists, real estate experts, and investment and market strategists. It forecasts home prices will continue appreciating over the next five years. Below are the expected year-over-year rates of home price appreciation based on the average of all 100+ projections:

2022: 9%
2023: 4.74%
2024: 3.67%
2025: 3.41%
2026: 3.57%

Those responding to the survey believe home price appreciation will still be relatively high this year (though half of what it was last year), and then return to more normal levels over the next four years.

What Does This Mean for You as a Buyer?

With a limited supply of homes available for sale and both prices and mortgage rates increasing, it can be a challenging market to navigate as a buyer. But buying a home sooner rather than later does have its benefits. If you wait to buy, you’ll pay more in the future. However, if you buy now, you’ll actually be in the position to make future price increases work for you. Once you buy, those rising home prices will help you build your home’s value, and by extension, your own household wealth through home equity.

As an example, let’s assume you purchased a $360,000 home in January of this year (the median price according to the National Association of Realtors rounded up to the nearest $10K). If you factor in the forecast for appreciation from the Home Price Expectation Survey, you could accumulate over $96,000 in household wealth over the next five years (see graph below):

Bottom Line

If you’re trying to decide whether to buy now or wait, the key is knowing what’s expected to happen with home prices. Experts say prices will continue to climb in the years ahead, just at a slower pace. So, if you’re ready to buy, doing so now may be your best bet for your wallet. It’ll also give you the chance to use the future home price appreciation to build your own net worth through rising equity. If you want to get started, connect with Blessings Realty today. [via phone 719-332-8360.]

Article source: https://www.keepingcurrentmatters.com/2022/04/07/the-future-of-home-price-appreciation-and-what-it-means-for-you/.

Do You Know How Much Equity You Have in Your Home [INFOGRAPHIC]?

April 22, 2022 By Claire Garlick Leave a Comment

Some Highlights

If you’re a homeowner, your net worth has gotten a big boost. That’s because recent home price appreciation has increased your equity.
Your equity grows as you pay down your loan and as your home increases in value.
Over the past year, the average homeowner’s equity grew by $55,300.

Ready to sell? Get in touch today to talk about how you can use that equity to fuel your next move!

Article source: https://www.keepingcurrentmatters.com/2022/04/08/do-you-know-how-much-equity-you-have-in-your-home-infographic/.

20 Fresh Spring Decorating Trends in 2022

April 15, 2022 By Claire Garlick Leave a Comment

Fling your home into the freshest season of them all with stylish spring decorating trends that are bursting with color, texture and all the positive vibes for 2022.

Fill your home with the freshest spring decorating trends to enjoy energizing interiors all season long. These looks welcome the outside-in, get tactile with natural textures, and experimental with color palettes so that whether you totally overhaul your space or make a few precise edits, you’re sure to add all the good vibes into your surroundings.

From upgrading a multifunctional space with curated color infusions to reviving pre-loved furniture in bold upholstery for a sustainable update, the latest home decor trends 2022 for the spring season are all about creating a home that’s as fabulous to look at, as it is functional.

SPRING HOME DECOR TRENDS TO RE-ENERGIZE EVERY SPACE

Christy Biberich, founder and designer of Christy B Home, comments: ‘Spring 2022 is all about color and pattern and lively interiors and decor. We are seeing a lot of bold, even clashing, color combos and pattern-on-pattern decorating trends. There is a movement away from minimalist, monochromatic design. People want to celebrate and bring joy into their homes. What better way than with fun colors and prints?’

With a defined approach to materials, color combinations, and elevating decorative details, there’s a lot to copy from the spring decorating trends our experts are calling out.

Tisha Domingo, interior expert and CMO of lighting company Brightech, says: ‘Spring home decor trends in 2022 are focused on mixing materials, high-tech decor, and curved furniture. Mixing materials speaks to the desire of wanting to have that unique piece no one else has, and it is done through mixing woods, metals, glass, etc. This can be seen as one piece, or this can be done by pairing multiple items in a room. High-tech decor is all about design evolving with technology. New technology creates a futuristic space. Curved pieces in both architecture and furniture are something our brains naturally love. This creates a signal of safety and a warm, welcoming atmosphere.’

Which of these 20 spring-fresh trend will be your favorite for a cheerful home revamp?

1. TEXTURE TALKS

2022 interiors are continuing to go big on texture, with an abundance of natural materials adding layers of organic tactility to multifunctional living spaces. Even walls and furniture are getting touchy-feely, with 3D wall paneling ideas for an added dimension.

Jen and Mar, founders, Interior Fox, say: ‘2021 paved the way for softer and more naturalistic interior trends, with an abundance of rattan and cane furniture, ceramics and linen elements dotted across the home. All sitting against a backdrop of texture wall techniques such as lime wash or micro-cement. We see this trend continuing into 2022 for a look that adds a sense of stripped-back ease whilst making a strong yet understated design trend.’

Julian Page, head of design at BHS lighting, says: ‘Bringing the outside in continues to be one of the biggest homewares trends of 2022, and with materials such as rattan and bamboo, you’re able to bring these natural materials and textures into the home.’

2. BIOPHILIA – BRINGING THE OUTDOORS IN

Interiors are focusing on creating a space that connects us to nature. Clean lines, layered textures and muted, dusky colors are combined to blend the boundaries between indoor outdoor living spaces, creating a holistic place to soothe the mind and invite quiet contemplation and relaxed conversation.

Subtle tones of chalky aqua and soft grays embrace an airy openness, while natural textures enhance the botanical greenery of indoor gardens and living walls. A deeper green grounds the palette adding depth and definition. The result is a calming space to appreciate nature and boost our wellbeing with interior hacks to improve mental health.

Kathryn Lloyd, color consultant, Crown, says: ‘An appreciation of the natural world, Liminal showcases modern minimalism, with beautifully crafted furnishings and a quiet palette of neutral tonal color. Homeowners are now wisely considering exactly what they place in a room, so much so that a space becomes carefully curated. The result is a retreat consisting of dry, chalky, comforting textures and single use, easy on the eye, color.’

Jane Rockett, Co-founder of Rockett St George, says: ‘Renowned for its natural connection and ability to create enduring calm, our key trend for 2022 and beyond, calls in the power of healing greens. Evoking memories of deep forests, moss covered trees and new leaves; green is the color of the great outdoors and when introduced to the home reveals a feeling of energy, new life and opportunity. As one of the most versatile colours to decorate with and weave throughout your interior, our love affair with green continues to grow as we look for new and exciting ways to bring nature indoors. From sumptuous sofas to glassware, ceramics and cozy accessories, green is fast becoming the new black.’

Feeling the green serene? Try a versatile green living room idea for a grass is greener scheme refresh.

3. STATEMENT CHECKS AND STRIPES

Wander ‘off-grid’ to a playful aesthetic, and introduce pattern into your home with graphic checkerboard patterns and stripes in colorful contrasts, across painted floor ideas, walls and everything in between!

Forget the safe plain-plaid, this season checks and stripes are bigger, brighter and bolder than ever before. Cheerfully hot-trotted from the catwalk into happy homes, this rustic-ruffled pattern comes freshly delivered with a breezy, mischievous attitude – giving upholstery and everyday homeware a cheerful dollop of whimsical wholesomeness. Generational in appeal, and charming the socks off city and country dwellers alike, chirpy-checks tick all the new-nostalgia ‘boxes’.

Jon Flannigan, product manager at Kersaint Cobb, says: ‘Stripes! ‘Stripes are a key trend in interiors with many working with a variety of materials to create inviting room schemes. Light colors and stripes are particularly effective in narrow hallways. Soft, pale-colored flooring brightens up a small area, creating the illusion of space and giving a light, airy look. Stripes add visual interest to the floor and for those tight on space, it is worth remembering that linear stripes can help to enlarge the appearance of a room, this is especially effective in hallways as the stripe draws the eye along the design and thus appears to elongate the area. Striped flooring is also ideal in high traffic areas as it will withstand the effects of dirt and wear better than plain and flat single color flooring.’

Anna Cross, Buying Manager, Habitat, says: ‘Filtering across from the fashion sphere, gingham is the print of the moment. What started as a must-have for picnic blankets and tablecloths, is now popular across tableware and home accessories. We’ve included new designs on both grand and small scales: try as a statement bedlinen if you’re feeling bold or opt for a simple printed ceramic vase for a more subtle approach.’

CONTINUE READING 20 SPRING DECORATING TRENDS FOR 2022 HERE.

Article source: https://www.realhomes.com/us/news/spring-decorating-trends.

11 Reasons Why Your Home Isn’t Selling

April 8, 2022 By Claire Garlick Leave a Comment

When you first put your house on the market, you might be hopeful for a quick sale—especially if you’ve put a lot of money into improving the house over the years and if the neighborhood is one that has historically attracted a lot of buyers. While you shouldn’t panic if the house doesn’t sell the moment you list it, you should begin to worry if the weeks start flying by without any real offers. If this is the case, here are 11 reasons why your house may not be selling:

You overvalued your property. If your house is overpriced, it’s simply not going to sell. Compare your property to similar properties that recently sold within your area to get a better idea of its true value. An experienced real estate agent can give you an accurate value of your home. Additionally, don’t make the mistake of tacking on the cost of any renovations you made. You can’t just assume that the cost of a renovation translates to added value.

Your listing is poor. If the listing of your home includes a poorly written description without any images, a lot of buyers are going to skip over it. Make sure you and your REALTOR® put an effort into creating a listing that attracts the attention of buyers. Make sure to add high quality photographs of both the interior and exterior of your home. Don’t forget to highlight unique features as well.

You’re always present at showings. Let your agent handle your showings. Buyers don’t want to have the seller lurking over their shoulder during showings, especially during an open house. This puts unwanted pressure on the buyer, which will make them uncomfortable and likely chase them away.

You’re too attached. If you refuse to negotiate even a penny off your price, then there’s a good chance that you’ve become too attached to your home. If a part of you doesn’t want to sell it, or you think your house is the best house in the world, odds are you’re going to have a lot of difficulties coming to an agreement with a potential buyer.

You haven’t had your home professionally cleaned. A dirty house is going to leave a bad impression on buyers. Make sure you have a professional clean your carpeting and windows before you begin showing your house.

You haven’t staged your home. If you’ve already moved out, then don’t show an empty house. This makes it difficult for buyers to imagine living in it. Stage your house with furniture and decor to give buyers a better idea of how big every room is and how it can be used. You want the buyer to feel at home when they are taking the tour.

You kept up all of your personal décor. Buyers are going to feel uncomfortable touring your house if you keep all of your family portraits up. Take down your personal décor so that buyers can have an easier time imagining themselves living there.

Your home improvements are too personalized. You might think that the comic book mural you painted for your child’s room is absolutely incredible, but that doesn’t mean potential buyers will agree. If your home improvements are too personalized, it can scare off buyers who don’t want to pay for features they don’t want.

Your home is too cluttered. Even if your home is clean, clutter can still be an issue. For example, maybe you simply have too much furniture in one of your rooms. This can make the house feel smaller than it is.

Your home is in need of too many repairs. The more repairs that are needed, the less likely a buyer will want your house. Many buyers simply don’t want to deal with the cost or effort of doing repair work, even if it’s just a bunch of small repairs, such as tightening a handrail or replacing a broken tile.

You chose the wrong real estate agent. Choosing the right real estate agent is simply the most important decision you make in selling your home. A good REALTOR® makes all the difference in selling your home within a reasonable time.

All these things can be fixed once you realize your mistake; however, the longer your property stays on the market, the less likely it will sell at listing price. One of the best ways to avoid making these common mistakes is by working with a professional real estate agent.

Article source http://blog.rismedia.com/2017/11-reasons-home-not-selling/.

Spring Cleaning Checklist for Sellers [Infographic]

April 1, 2022 By Claire Garlick Leave a Comment

Some Highlights

If you’re thinking about selling your house this spring, here are some things you’ll want to tackle before you list.
Spend your time on tasks that make it feel inviting, show it’s cared for, and boost your curb appeal.
To determine the full list of things you’ll want to tackle for your home, you need the opinion of a trusted expert. We’d love to partner with you to help make sure your house shows well this season!

Article and infographic source https://www.keepingcurrentmatters.com/2022/03/18/spring-cleaning-checklist-for-sellers-infographic/.

How to Navigate a Market Where Multiple Offers is the New Normal

March 25, 2022 By Claire Garlick Leave a Comment

If you’re thinking of buying a home today, you already know that the number of homes available for sale is low. But what does that really mean for you? As a buyer, low housing supply coupled with high buyer demand means you should be prepared to navigate a highly competitive market where homes sell fast and get multiple offers. Realtor.com has this to say:

Homes also flew off the market at record pace as buyers put offers in the moment properties came up for sale….

In a bidding war situation like this, doing everything you can to get ahead of the competition is a wise move. That’s because when you find a house and submit an offer, it’ll likely be up against strong offers from other buyers. According to the latest Realtors Confidence Index from the National Association of Realtors(NAR), homes today are receiving an average of 3.9 offers. That’s the most offers we’ve seen in January for the last 5 years (see graph below):

To help you navigate bidding wars with multiple offers, an expert real estate advisor is key. We know what’s worked for other buyers, what sellers are looking for, and how to help you prepare when it comes time to make an offer. Here are three tips to keep in mind that will help you make the best offer possible:

1. Know Your Numbers

Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. Pre-approval shows sellers you’re serious, which can give you a competitive edge. You should also know making an offer at the home’s asking price may not be enough. Homes today often sell for more than their listing price. We can help you understand the market value of the home and what other homes are selling for in your area.

2. Be Ready To Move Fast

Speed and the pace of sales are contributing factors to today’s competitive housing market. When homes are selling fast, it’s important to stay on top of the market and be ready to move quickly. We will help you stay up to date on the latest listings and help you put together your best offer as soon as you find the home you want to buy.

3. Make a Strong but Fair Offer

When you’re up against other offers, putting your best offer forward from the start is key. Lean on us to write a strong offer and use our expertise on which levers you can pull to make your offer as enticing as possible. One option is to wave some of your contract contingencies (conditions you set that the seller must meet for the purchase to be finalized). Just remember there are certain contingencies you don’t want to give up, like the home inspection.

Bottom Line

No matter what, your agent is your best resource for making an offer that stands out in a competitive market. If you’re ready to get started, reach out to us to talk through what you can expect as a buyer and how to kick off a successful home search.

Article source https://www.keepingcurrentmatters.com/2022/03/10/how-to-navigate-a-market-where-multiple-offers-is-the-new-normal/.