Top 10 Kitchen Trends of 2019

Top 10 Kitchen Trends of 2019

 

1. Colorful cabinetry

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Julie Soefer Photography
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The latest trend is a colorful touch to the kitchen mixed with natural wood elements. The color of the year is a rich emerald green that contains a subtle hint of indigo blue.

 

2. Open shelving 

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Minimalism is catching on in the kitchen, homeowners are decluttering cabinets and embracing simplistic open shelving. Try to accent shelving with features like brass supports to match your faucets or hardware.

 

3. Backsplash to the ceiling 

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Backsplash tile expanding to the ceiling is becoming increasingly popular as homeowners incorporate open shelving, it’s a great way to accent the wall behind the displayed items on the shelf.

 

4. Natural drawer pulls

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Wood and leather drawer pulls play on natural elements. Leather drawer pulls add texture and warmth to the kitchen, a balance with metal and stone elements.

 

5. Gunmetal, pewter and matte black faucets

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Faucets are quite diverse this year, depending on the appliances and finishes in your kitchen, you could dip into any number of new trends such as pewter, gunmetal, or matte black.

 

6. Digital tech

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Take advantage of the advances a new year brings with technology. For a small investment, you can sample your favorite wines from the comfort of your own dream kitchen with a single pour preservation system.

 

7. Vanishing sinks

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Invisible sinks that flow just beneath the countertop are transitioning into kitchens. These sinks vanish within the plane of the countertop with the faucet being the only visible item.

 

8. Pendant light fixtures

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Pendant lights hanging over an island are the new norm in an updated kitchen. Many designers elect to use large fixtures or repurposed industrial sized fixtures to illuminate with drama.

 

9. Integrated appliances

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Stunning kitchen and dining room in new luxury home. Wood beams and elegant pendant lights accent this beautiful open-plan dining room and kitchen
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Integrate your appliances by hiding them within cabinets for a streamlined, smooth, cohesive kitchen. You can hide bulky refrigerators, vent hoods and more!

 

10. Creative storage options

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If you’re taking the time to integrate and hide your appliances, creative storage options are the next step to declutter and add a touch of minimalism.

 

 

Design inspiration courtesy of HGTV.com, elledecor.com, and Houzz.com.


PORTLAND METRO WEEKEND PLANNER JANUARY 4-6, 2019

PORTLAND METRO WEEKEND PLANNER
JANUARY 4-6, 2019

BIRD WATCHING

SAT – Join volunteers in counting and identifying birds in a 15-mile radius. Head to the Tryon Creek State Natural Area to discover these birds!

DISCOUNT MUSEUM DAY

SUN Oregon Museum of Science and Industry offers discount day the first Sunday of the Month. While you’re there, upgrade your ticket for a submarine tour or planetarium show.

COMEDY IMPROV

THROUGH SUN – Join ComedySportz for a fun, fast paced comedy show, fun for the whole family.

LAKEWOOD THEATRE

SUN-MON – Lakewood Center for the Arts presents Dial M for Murder, a play based on Alfred Hitchcock’s film adaptation.

DISCOVER KING TUT

THROUGH JAN 27 – Take on a once in a lifetime experience viewing the treasures and tomb of famous King Tut at OMSI.

$5 AFTER 5

FRI – Head to the Portland Art Museum for $5 admittance after 5pm. Pizza and beer will be available for purchase.

BRIDGE CITY BLUES BAND

FRI – Dance the night away with an energetic night of classic blues from local artists at Buffalo Gap.

PORTLAND TRAIL BLAZERS

FRI-SAT – Head to the Moda Center to watch the Portland Trail Blazers take on The Oklahoma City Thunder on Friday, and the Houston Rockets on Saturday!

OREGON SYMPHONY LIGHT CLASSICS

SAT – The Oregon Symphony performs classical music from Bernstein to Beethoven by local talents.

BREWVANA TOUR

SUN – Join in on this tasting experience in Portland with a visit to 4 breweries with quality and innovation of beer in the PNW.

FIRST CATURDAY

SAT – Put your purr-fect friend on a leash and bring them out to the Laurelhurst Park for outdoor cat napping and socializing.

VANCOUVER METRO EVENTS

CLARK COUNTY WEDDING EXPO

SAT – Head to the Clark County Wedding Expo for the largest wedding event in the NW! Browse the latest trends and talk with local vendors. This year the event is held at Ilani Casino Resort.

STAMP & RELAX

SAT – Enjoy a day of crafting with stamps as demonstrators display their talent, bring envelopes and adhesive to create your own works of art!

WILD THINGS: THE POWER OF NATURE IN OUR LIVES

THROUGH SEPT 2019 – The Museum of Vancouver and Nature Vancouver present the exhibition Wild Things: The Power of Nature in Our Lives. Dives into life stories of local plants and animals and how they relate to each other and how they connect people to nature in the city.

MOVIES OPENING THIS WEEKEND

  • American Hangman
  • Escape Room
  • Great Great Great
  • Mojin: The Worm Valley
  • State Like Sleep
  • Rust Creek
  • Long Day’s Journey into Night
  • Genesis 2.0
  • The Vanishing
  • Communion
Click here for movie times and theaters.

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

FOR A COMPLETE LIST OF EVENTS IN THE AREA FOR THE ENTIRE MONTH, VISIT

 

www.events12.com/portland

www.bhhsnw.com


Residential Construction Loans Grow as Equity Climbs and Housing Appreciation Slows

 

Residential Construction Loans Grow As Equity Climbs and Housing Appreciation Slows

While home equity is still climbing, led by the Western region, appreciation is slowing down according to the CoreLogic Home Equity Report released This Week in Real Estate. Below are a few highlights from the first week of December that influence our business:

Active Home Buyers are Spending Significant Amounts of Time Looking for the Right Home

In the third quarter of 2018, 13% of adults in NAHB’s Housing Trends Report poll report planning to purchase a home in the next 12 months.  Of that group, 46 percent are not merely planning it, they are already actively engaged in the search for the right home to buy.  And they are spending significant amounts of time looking. In fact, 54% of those actively engaged in the process have been trying to find the right home for three months or longer. Why is it taking this long? The number one reason active home buyers gave in the third quarter of 2018 is they can’t find a home at a price they can afford (49%), followed by not being able to find a home with the desired set of features (40%). Not far behind, 38% can’t find a home in the right neighborhood. And finally, a critical question: what are these veteran house hunters, who have already actively looked for at least three months, going to do if their dream house remains elusive in the months ahead: 61% will continue looking for the ‘right’ home in the same preferred location, 37% will expand the search area, 23% is willing to accept a smaller/older home, and 16% might buy a more expensive home. One option that is not in the cards for most of them: giving up. Only 18% will stop trying to find a home.

Home Price Appreciation is Slowing Down: Equity is Still Climbing, Just Not as Fast as Before

The average homeowner gained $12,400 in equity in one year’s time, according to CoreLogic’s Home Equity Report for the third quarter of 2018. And while that’s not exactly nothing, it’s the smallest annual increase in two years. Last quarter’s report revealed an increase of $16,000 in home equity. CoreLogic analyzed data on more than 50 million U.S. properties with a mortgage. Its report revealed that homeowners with mortgages (which account for 63% of all properties) saw their home equity increase 9.4% from last year. While the rate of growth may be slowing, almost every state experienced some growth, with the Western region posting the most notable uptick. California homeowners gained an average of $36,500 in home equity, while Nevada, Washington and Oregon homeowners saw their equity increase by approximately $32,600, $27,000 and $9,000, respectively. The number of homes with negative equity also fell in the third quarter. The data shows that, year over year, negative-equity homes – or homes that have liens that exceed their value – fell 16% to 2.6 million homes. “On average, homeowners saw their home equity increase again this quarter, but not nearly as much as in previous quarters,” said CoreLogic Chief Economist Frank Nothaft. “During the third quarter, homeowners gained an average of $12,400 compared to the second quarter when the average home equity wealth increase was more than $16,000.”

Continued Residential Construction Loan Growth 

The volume of residential construction loans increased by 2.8% during the third quarter of 2018, marking 22 consecutive quarters of growth. Furthermore, recent stabilization of year-over-year growth rates is an indicator of continued, modest growth for single-family construction. Tight availability of acquisition, development and construction (AD&C) loans has been a limiting or cost factor for home building growth, but easing credit conditions and a growing loan base have helped expand residential construction activity. According to data from the FDIC and NAHB analysis, the outstanding stock of 1-4 unit residential construction loans made by FDIC-insured institutions rose by $2.2 billion during the third quarter of 2018, raising the total stock of outstanding loans to $79 billion. On a year-over-year basis, the stock of residential construction loans is up 8%, which has been a useful indicator of the additional volume builders intend to add to construction activity. Since the first quarter of 2013, the stock of outstanding home building construction loans has grown by 95%, an increase of $38 billion.

 


Portland Metro Weekend Planner: November 30 – December 2, 2018

 

PORTLAND METRO WEEKEND PLANNER
NOVEMBER 30 – DECEMBER 2, 2018
 

HOOD RIVER TRAIN RIDE
THROUGH DEC 27 – Ride along the Columbia River as you enjoy cocoa, Christmas cookies, and a visit from Santa and his elves!

BEATLES CIRCUS SPECTACULAR
THROUGH DEC 8 – The Nowhere Band plays hits from the classic Beatles album at the White Album Xmas show while aerialists and acrobats of the Portland Circus perform.

CHRISTMAS RADIO SHOW
FRI-SUN – 1943 Christmas from Home is a live radio show recreated from WWII with sketches, singers, a band, vintage ads and more at the Alpenrose Dairy Opera House.

AMERICA’S LARGEST CHRISTMAS BAZAAR
THROUGH DEC 2 – Over 400 booths of handcrafted art and more than 500 commercial booths featuring commercial products to give as holiday gifts.

PORTLAND WINTERHAWKS
ONGOING – Catch a Winterhawks game this season!

PORTLAND TRAIL BLAZERS
ONGOING – Enjoy at night at the Moda Center and watch the Portland Trail Blazers.

PAWS WITH SANTA CLAUS
THROUGH SUN – Don’t let your four-legged family members miss out on photos with Santa! Reserve your photo session today for animal time slots at the Washington Square Mall.

DINNER SHOW
THROUGH DEC 19 – Watch a Tony Starlight Las Vegas style show with music, comedy, and a dinner.

DRIVE-THROUGH LIGHT SHOW
THROUGH DEC 26 – The largest light show in the Northwest, Winter Wonderland is home to over 250 colorful displays at the Portland International Raceway.

LIGHTS AT THE GROTTO
THROUGH DEC 30 – Head to the Christmas Festival of Lights to saunter through light displays while listening to carolers, choirs, watching puppet shows and interacting with a puppet show.

CHRISTMAS AT THE PITTOCK MANSION
THROUGH DEC 31 – Stroll through the Pittock Mansion with decorated rooms from professional designers and a rich touch of history woven into the home built in 1909.

CHRISTMAS LIGHT TRAIL
THROUGH DEC 31 – Walk down a lighted path of festive trees through the Maddax Woods to the Willamette waterline in a tradition 15 years in the making.

DISCOVER KING TUT
THROUGH JAN 27 – Take on a once in a lifetime experience viewing the treasures and tomb of famous King Tut at OMSI.

VANCOUVER METRO EVENTS

THE NUTCRACKER
FRI-SUN – Watch the production of the Nutcracker by the Vancouver Dance Theatre. You’ll have the opportunity to participate in the silent auction during all performances, proceeds will go to the Vancouver Dance Theatre.

REINDEER BLOCK PARTY
SUN – Head to Uptown Village for the Reindeer Block Party of the year with local vendors, live music, photos with Santa, and a chance to see his famous reindeer!

FIRST FRIDAY
FRI-SUN – View artwork from local artists and enjoy dinner at a participating restaurant during Vancouver’s First Friday Celebration!

LANTERN TOUR
ONGOING – Take in an evening at Fort Vancouver with a guided lantern tour. Led by a Park Ranger, head through the Counting House, Fur Store, Chief Factor’s Home and the Bake House, as you learn aspects of each working area.

WILD THINGS: THE POWER OF NATURE IN OUR LIVES
THROUGH SEPT 2019 – The Museum of Vancouver and Nature Vancouver present the exhibition Wild Things: The Power of Nature in Our Lives. Dives into life stories of local plants and animals and how they relate to each other and how they connect people to nature in the city.

MOVIES OPENING THIS WEEKEND

  • The Possession of Hannah Grace
  • Anna and the Apocalypse
  • Head Full of Honey
  • Sicilian Ghost Story
  • Unstoppable
  • Never Look Away
  • People’s Republic of Desire
  • Ghostbox Cowboy
  • Bathtubs Over Broadway
  • Pendular
  • No Shade

FOR A COMPLETE LIST OF EVENTS IN THE AREA FOR THE ENTIRE MONTH, VISIT

www.events12.com/portland

www.bhhsnw.com


The Increase of Existing Home Sales

 

The National Association of Realtors reported This Week in Real Estate that the run of 6 consecutive months of decline in existing-home sales ended in October. In addition, housing starts in October increased 1.5 percent over September. Below are a few highlights from the third week of November that influence our business:

Single-Family Starts Stable in October as Caution Grows
Total housing starts posted a 1.5 percent increase in October (1.23 million units) compared to a revised September estimate of 1.21 million units. However, total starts are 2.9 percent lower than October 2017. Despite the recent market softness, 2018 is still shaping up to be the best year since the recession. Total housing starts are 5.6 percent higher for 2018 on a year-to-date basis, according to the joint data release from the Census Bureau and HUD. The pace of single-family starts posted a slight monthly decline in October, decreasing 1.8 percent to a seasonally adjusted annual rate of 865,000. September and August single-family starts were revised up totaling to an additional 21,000 units. The weaker conditions for single-family construction are likely to continue, as noted by the November decline of the NAHB/Wells Fargo Housing Market Index, by eight points, now registering a score of 60. On a year-to-date basis, single-family starts are 5.5 percent higher as of October relative to the first ten months of 2017. Single-family permits, a useful indicator of future construction activity, were slightly lower at 0.6 percent in October and have registered a 0.6 percent loss thus far in 2018 compared to last year. Regional data show – on a year-to-date basis positive conditions across the West (+15.2 percent), South (+3.9 percent), and the Northeast (+3.2 percent). However, single-family construction is down 2.5 percent for the year in the Midwest.

Existing-Home Sales Increase for the First Time in Six Months
Existing-home sales increased in October after six straight months of decreases, according to the National Association of Realtors®. Three of four major U.S. regions saw gains in sales activity last month. Total existing-home sales increased 1.4 percent from September to a seasonally adjusted rate of 5.22 million in October. Sales are now down 5.1 percent from a year ago (5.5 million in October 2017). Lawrence Yun, NAR’s chief economist, says increasing housing inventory has brought more buyers to the market. “After six consecutive months of decline, buyers are finally stepping back into the housing market,” he said. “Gains in the Northeast, South and West – a reversal from last month’s steep decline or plateau in all regions – helped overall sales activity rise for the first time since March 2018.” The median existing-home price2 for all housing types in October was $255,400, up 3.8 percent from October 2017 ($246,000). October’s price increase marks the 80th straight month of year-over-year gains. Unsold inventory is at a 4.3-month supply at the current sales pace, down from 4.4 last month and up from 3.9 months a year ago.

The 10 Best Days of the Year to Buy a Home
On Tuesday ATTOM Data Solutions released an analysis of the best days of the year to buy a home, which shows that only 10 days of the year offer discounts below estimated market value — seven in December, and one each in October, November and February. According to the analysis, buyers willing to close on a home purchase the day after Christmas realize the biggest discounts below full market of any day in the year. This analysis of more than 18 million single family home and condo sales over the past five years is evidence of the hot sellers’ market of the past five years. “People closing on a home purchase December 26 were submitting offers around Thanksgiving and starting their home search around Halloween — likely not a common path to home purchase for most buyers and exactly why it’s the best time to buy,” said Daren Blomquist, senior vice president with ATTOM Data Solutions. “Buyers and investors willing to start their home search right about when stores are setting up Christmas decorations will face less competition and likely be dealing with more motivated sellers, giving them the upper hand in price negotiations.”

 


Portland Metro Weekend Planner November 23-25, 2018

 

 

PORTLAND METRO WEEKEND PLANNER
NOVEMBER 23-25, 2018

CHRISTMAS AT THE PITTOCK MANSION
THROUGH DEC 31 – Stroll through the Pittock Mansion with decorated rooms from professional designers and a rich touch of history woven into the home built in 1909. 

DINNER SHOW
THROUGH DEC 19 – Watch a Tony Starlight Las Vegas style show with music, comedy, and a dinner.

CHRISTMAS TREE LIGHTING
FRI – Pioneer Square hosts the Tree Lighting Ceremony in Portland, or head to Lake Oswego for the Annual Holiday Tree Lighting.

MUSIC OF NAT KING COLE
FRI-SUN – Head to an Unforgettable Nat King Cole Christmas with storytelling and live music by Evan Tyrone Martin.

HOOD RIVER TRAIN RIDE
THROUGH DEC 27 – Ride along the Columbia River as you enjoy cocoa, Christmas cookies, and a visit from Santa and his elves!

CHRISTMAS LIGHT TRAIL
THROUGH DEC 31 – Walk down a lighted path of festive trees through the Maddax Woods to the Willamette waterline in a tradition 15 years in the making.

PORTLAND WINTERHAWKS
ONGOING – Catch a Winterhawks game this season!

PORTLAND TRAIL BLAZERS
ONGOING – Enjoy at night at the Moda Center and watch the Portland Trail Blazers.

DISCOVER KING TUT
THROUGH JAN 27 – Take on a once in a lifetime experience viewing the treasures and tomb of famous King Tut at OMSI.

LAKE OSWEGO HOLIDAY MARKETPLACE
THROUGH NOV 29 – The 510 Museum and ARTspace invite you to shop holiday gifts from art, ceramics, jewelry and handmade items.

HOLIDAY CONCERT
THROUGH DEC 2 – Watch Christmas magic be spread with cheer through the 300-voice Christmas Tree choir and former 2002 Miss America, Katie Harman.

DISNEY CONCERT
SAT-SUN – The Oregon Symphony performs music from movie scores (Frozen, Beauty and the Beast, The Little Mermaid, Mary Poppins, Aladdin, The Lion King and more at the Arlene Schnitzer Concert Hall.

PAWS WITH SANTA CLAUS
THROUGH DEC 2 – Don’t let your four-legged family members miss out on photos with Santa! Reserve your photo session today for animal time slots at the Washington Square Mall.

DRIVE-THROUGH LIGHT SHOW
THROUGH DEC 26 – The largest light show in the Northwest, Winter Wonderland is home to over 250 colorful displays at the Portland International Raceway.

VANCOUVER METRO EVENTS

CHRISTMAS TREE LIGHTING
FRI Community Tree lighting in Esther Short Park, Vancouver. Afterwards, stop by Divine Consign to see 12 decorated trees on display through Dec 15th.

BLACK FRIDAY MAKE & TAKE
FRI – Play with make and take gift items and repurposed goods to create something truly incredible.

HOLIDAY MARKET
FRI-SUN – The Vancouver Farmers Market and the Holiday Market will help you get a jump-start on all things gifts.

LANTERN TOUR
ONGOING – Take in an evening at Fort Vancouver with a guided lantern tour. Led by a Park Ranger, head through the Counting House, Fur Store, Chief Factor’s Home and the Bake House, as you learn aspects of each working area.

WILD THINGS: THE POWER OF NATURE IN OUR LIVES
THROUGH SEPT 2019 – The Museum of Vancouver and Nature Vancouver present the exhibition Wild Things: The Power of Nature in Our Lives. Dives into life stories of local plants and animals and how they relate to each other and how they connect people to nature in the city.

MOVIES OPENING THIS WEEKEND

  • Welcome to Marwen
  • Creed 2
  • Ralph Breaks the Internet
  • Robin Hood
  • Mowgli: Legend of the Jungle
  • Fantastic Beasts: The Crimes of Grindelwald
  • Instant Family
  • Widows
  • Green Book

FOR A COMPLETE LIST OF EVENTS IN THE AREA FOR THE ENTIRE MONTH, VISIT

www.events12.com/portland

www.bhhsnw.com


November Brings Balance to the Housing Market

 

Economists reported This Week in Real Estate that “sellers will keep their foothold for another couple of years at least, though with weakened negotiating power thanks to basic economic fundamentals like a growing job market rather than one that has been artificially bolstered.” Below are a few highlights from the second week of November that influence our business:

Single-Family Permits: Declines in the Midwest and Northeast

Over the first nine months of 2018, the total number of single-family permits issued year-to-date (YTD) nationwide reached 664,665. On a year-over-year basis, this is a 5.7% increase over the September 2017 level of 628,858. The preliminary results from the New Residential Construction Survey are similar, year-to-date single-family permits over the first nine months of 2018 was, 663,800 which is 5.5% ahead of its level over the same period of 2017, 628,900. Year-to-date, single-family permits grew in the Southern and the Western regions of the country, while the Midwest and Northeast declined by 0.9% and 6.4% respectively, compared to September 2017 YTD. The Western region had the highest growth in single-family (11.5%) while the South recorded the highest multifamily permits growth (14.9%) during the last 12 months.

Real Estate Markets Cooling Across the Country, and it’s Not Just the Winter Effect

In December 2008, almost a decade ago exactly, Case-Shiller posted a record 18% price drop in home values across the country as the subprime mortgage crisis reached fever pitch. After a slow and painful recession period, economic prosperity pushed the market out of recovery mode and into a full-fledged real estate boom characterized by double-digit price growth, rock-bottom inventory and surging buyer demand over the past few years. It’s been the lowest of lows, followed by a glorified golden age for the country’s trillion-dollar residential real estate business. But a new normal, one that’s neither ice cold nor fiery red, does appear to be taking shape. “There is a definite shift,” said Lawrence Yun, chief economist of the National Association of Realtors and fellow Forbes contributor. “I would characterize the current state as normalizing and not truly a buyer’s market. It was clearly a seller’s market in spring, but now things appear to be more balanced.” Rest easy, no one’s warning of a housing bust 2.0 danger zone. The current price run-up wasn’t artificially bolstered by mortgage fraud, but rather economic fundamentals including a growing jobs market, and that thing we all learned in Economics 101: supply and demand. In fact, economists forecast that sellers will keep their foothold for another couple of years at least, though with weakened negotiating power.

Most Buyers Don’t Expect House Hunting to Get Easier Soon

Only about 2 out of every 10 prospective home buyers (people looking to buy a home in the next year) expect the search for a home to get easier in the months ahead. The majority, about 7 out of 10, instead think house hunting will get harder or stay about the same. This opinion is shared among buyers of all ages, as only 15%-21% of each generation expects the search for a home to get easier soon. These findings come from NAHB’s Housing Trends Report (HTR) for the third quarter of 2018. Another way to find out buyers’ perception about the inventory of available housing in their markets is to ask if they see the number of for-sale homes (with their desired features and price point) rising or falling compared to three months earlier. In the third quarter of 2018, 29% said they could see more such homes vs. 61% who said they saw fewer/about the same number as before. Put shortly, most prospective buyers have seen no improvement in the availability of housing. A majority of buyers in each generation shares that opinion.


Top 2018 Design Trends We’re Thankful For

 

The modern home is always evolving. Here are top 8 design trends we are thankful for in 2018.

A Pop of Color

Adding a pop of color in the kitchen allows for a featured item to be accented in a creative way without spending a lot of money. Try painting your island or lower cabinets a bright color. We’re thankful for this trend bringing a bit of a personal touch to any kitchen.

 

Hidden Appliances

Magic appliances are a new trend catching on to new homebuilders and designers. Homeowners are hiding ‘stainless steel fatigue’ with wood paneling to conceal large appliances. With these eye sores out of view, the space looks and feels larger. Imagine how clean your kitchen would look as you cook a Thanksgiving feast using your disappearing appliances.

 

Curves

A large piece of furniture featuring soft lines, ruffles, and even ruching creates an inviting space while allowing family to gather and fit harmoniously in one space.

 

Wallpaper

Wallpaper has made a big comeback! High-end designers are picking this trend up and embracing it unlike ever before, by creating beautiful statement walls. You won’t see this artsy trend going out of style anytime soon.

 

Dining Rooms with an Open Floor Plan

Create an open floor plan dining room to instill an impactful sense of togetherness that flows through the space from kitchen to table and allows you to spend more time with family.

 

LED Lighting

With a new holiday season comes new advancements in tech gear. We’re thankful for the smart technology featuring LED tape lighting. Place a strip under your kitchen cabinets to illuminate your backsplash, counter tops, or to highlight your favorite kitchen gadgets.

 

Large Tiles

Make a statement with flooring in your bathroom, kitchen, entry-way and more! Play with intricate tile design playing with the lines of the room.

 

Detailed Ceilings

Creative ceiling designs can range from new crown molding, natural wood or stained shiplap, gold leaf detailing, and metallic painted ceilings. Discuss with an interior designer to find out which element would best complement the style of your home.

 

 

Article courtesy of HGTV. com

Images courtesy of Houzz.com


Home Prices and Equity Rise as Affordability Lowers

 

ATTOM Data Solutions reported This Week in Real Estate that the number of equity rich U.S. properties increased to a new high in the third quarter of 2018. Below are a few highlights from the first week of November that influence our business:

Equity Rich U.S. Properties Increase to New High of 14.5 Million in Q3 2018
On Thursday ATTOM Data Solutions released its Q3 2018 U.S. Home Equity & Underwater Report, which shows that in the third quarter of 2018, nearly 14.5 million U.S. properties were equity rich – where the combined estimated amount of loans secured by the property was 50 percent or less of the property’s estimated market value – up by more than 433,000 from a year ago to a new high as far back as data is available, Q4 2013. The 14.5 million equity rich properties in Q3 2018 represented 25.7 percent of all properties with a mortgage, up from 24.9 percent in the previous quarter but down from 26.4 percent in Q3 2017. “West coast markets along with New York have the highest share of equity rich homeowners while markets in the Mississippi Valley and Rust Belt continue to have stubbornly high rates of seriously underwater homeowners when it comes to home equity,” said Daren Blomquist, senior vice president with ATTOM Data Solutions. States with the highest share of equity rich properties were California (42.5 percent); Hawaii (39.4 percent); Washington (35.3 percent); New York (34.9 percent); and Oregon (33.6 percent).

Housing Affordability Edges Lower in the Third Quarter
A modest increase in interest rates and home prices kept housing affordability at a 10-year low in the third quarter of 2018, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI). In all, 56.4 percent of new and existing homes sold between the beginning of July and end of September were affordable to families earning the U.S. median income of $71,900. This is down from the 57.1 percent of homes sold in the second quarter that were affordable to median-income earners and the lowest reading since mid-2008. The national median home price edged up from $265,000 in the second quarter of 2018 to $268,000 in the third quarter. This is the highest quarterly median price in the history of the HOI series. At the same time, average mortgage rates rose by a nominal 5 basis points in the third quarter to 4.72 percent from 4.67 percent in the second quarter.

CoreLogic Reports September Home Prices Increased by 5.6% Year Over Year
CoreLogic released on Tuesday the CoreLogic Home Price Index (HPI) and HPI Forecast for September 2018, which shows home prices rose both year over year and month over month. Home prices increased nationally by 5.6 percent year over year from September 2017. On a month-over-month basis, prices increased by 0.4 percent in September 2018. Looking ahead, the CoreLogic HPI Forecast indicates home prices will increase by 4.7 percent on a year-over-year basis from September 2018 to September 2019. On a month-over-month basis, home prices are expected to decrease by 0.6 percent from September to October 2018. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

 


2019 Housing Forecasting and Millennial Homeownership

2019 Forecasting and Millennial Homeownership

National Association of Realtors chief economist Lawrence Yun presented his 2019 forecast This Week in Real Estate at NAR’s annual conference in Boston. Mr. Yun estimates there will be 5.345 million home sales in 2018, down 3% from last year, and will increase to 5.4 million sales in 2019, a 1% increase. Additionally, Mr. Yun expects median home prices to increase 3.1% in 2019 and 2.6% growth in 2020. Below are a few highlights from the final week of October that influence our business:

2019 Forecast: Existing Home Sales to Stabilize and Price Growth to Continue
Consumers should expect home sales to flatten and home prices to continue to increase, though at a slower pace, according to a residential housing and economic forecast session at NAR’s 2018 Realtors Conference & Expo. “2017 was the best year for home sales in ten years, and 2018 is only down 1.5 percent year to date. Statistically, it is a mild twinge in the data and a very mild adjustment compared to the long-term growth we’ve been experiencing over the past few years. The current market conditions are fundamentally different than what we were experiencing before the recession 10 years ago,” said NAR chief economist Lawrence Yun. “Most states are reporting stable or strong market conditions, housing starts are under-producing instead of over-producing and we are seeing historically low foreclosure levels, indicating that people are living within their means and not purchasing homes they cannot afford. This is a stronger, more stable market compared to the loosely regulated market leading up to the bust.” With a few months of data remaining in 2018, Yun estimates that existing-home sales will finish at a pace of 5.345 million—a decrease from 2017 (5.51 million). In 2019, sales are forecasted to increase to 5.4 million, a 1 percent increase. The national median existing-home price is expected to rise to around $266,800 in 2019 (up 3.1 percent from 2018 this year and $274,000 in 2020. “Home price appreciation will slow down – the days of easy price gains are coming to an end – but prices will continue to rise.”

Construction Spending Holds Ground
The U.S. Census Bureau of the Department of Commerce announced that construction spending during September 2018 was estimated at a seasonally adjusted annual rate of $1.330 trillion, about the same as the revised August estimate of $1.329 trillion. Notably, September’s spending is 7.2% above the September 2017 estimate of $1.24 trillion. Of that, residential construction spending was at a seasonally adjusted annual rate of $556.4 billion in September, 0.6% above the revised August estimate of $553 billion. NAHB Chairman Randy Noel said despite rising affordability concerns, builders continue to report firm demand for housing, especially as Millennials and other newcomers enter the market. “The recent decline in lumber prices from record-high levels earlier this summer is also welcome relief, although builders still need to manage construction costs to keep homes competitively priced,” Noel stated.

Millennial Homeownership Rate Rises to 37%
According to the Census Bureau’s Housing Vacancy Survey (HVS), the U.S. homeownership rate was 64.4% in the third quarter of 2018, which is not statistically different from its last quarter reading. The national homeownership rate demonstrated stability during a quarter in which housing markets softened due to declining affordability conditions. This follows the rate dropping to a cycle low of 62.9% in the second quarter 2016. Compared to the peak of 69.2% in 2004, however, the homeownership rate is still lower by almost five percentage points. The count of total households, however, increased to 121 million in the third quarter of 2018 from 119 million a year ago. Newly-gained households are predominantly owner households, while renter households only increased by 60,000. The homeownership rates among all age groups under 64 increased over the last year. Millennial households, mostly first-time homebuyers, registered the largest gains among all households, a 1.2 percentage point increase from a year ago. Millennials are gradually returning to the for-sale housing market, where gains in home price are slowing down. The homeownership rates of households ages 45-54 and 55-64 experienced a 0.8 percentage point increase.

 

 


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