July Market Update & Newsletter
As we enter the Dog Days of Summer, how will the real estate market respond? Many are predicting that we will experience a typical seasonal slowdown. However, buyer demand is expected to continue, and sales are projected to stay on course. It remains uncertain whether more sellers will put their homes up for sale, as it depends on various factors such as mortgage interest rates, but I have a few ideas.
First and foremost, mortgage interest rates will be a primary driver for people’s selling and buying decisions. That’s right, selling decisions too. If rates come down more sellers are likely to put their homes on the market as they won’t be quite as married to their current rates. This phenomenon has handcuffed would-be sellers for the last year, largely wiping out the “move up” market. Check out this information on interest rates people have on their current homes:
Below 6%: 91.8% of U.S. mortgaged homeowners have a rate below 6%, down from a record high of 92.9% in the second quarter of 2022.
Below 5%: 82.4% have a rate below 5%. That’s down from a peakof 85.7% in the first quarter of 2022.
Below 4%: 62% have a rate below 4%, also down from a record high (65.3%) hit in the first quarter of 2022.
Below 3%: 23.5% have a rate below 3%, near the highest share on record. The highest was 24.6% in the first quarter of 2022.
These are huge percentages of current homeowners with interest rates below 6%, 5%, 4%, and even 3%. However, if rates reach back down to the 5% range, more sellers will likely be inclined to sell their homes. It is anticipated that interest rates will stabilize and remain in the mid 6%-7% range through the end of the year. Not low enough to move the needle in my estimation. Another reason why people are not selling their homes is the relatively short period of time they have spent in their properties. Around 63% of homeowners have been in their homes for less than 10 years, with the average duration being just over 13 years. Time and interest rates are two significant factors that influence the decision to sell. Due to the limited supply of homes and high demand, sales prices are expected to remain strong in this region. The lack of supply and persistent buyer demand will likely keep the market favorable for sellers. This can be challenging for buyers, but it presents an opportunity for homeowners to sell. The pace of sales is expected to remain steady throughout the summer, with weekly sales projected to be around 600. While there has been a slight decrease in sales week over week, it has not been significant. This indicates that the overall market will continue to be good-not exceptional or volatile. The big picture? Now is definitely a good time to sell if you’ve been considering it. Buyers may face challenges, but the assistance of an experienced agent can help navigate the market, so give me a call. As always, I ’m here to help you!
5 SUMMER INTERIOR DESIGN TRENDS FOR 2023
Read the full article on www.essentialhome.eu
As summer approaches, many homeowners are looking for fresh and exciting ideas to update their living spaces. From bold colors and patterns to natural materials and sustainable choices, here are some of the top summer interior design trends for 2023.
Bold Colors and Patterns
One of the biggest interior design trends for summer 2023 is the use of bold colors and patterns. Homeowners are embracing vivid hues that add energy and personality to their spaces. Patterned wallpaper, bold geometric prints, and abstract designs are making a comeback, adding depth and texture to walls and floors. Try adding a colorful accent wall or statement piece of furniture, or layering bold patterns and colors with your soft furnishings.
Sustainable and Natural Materials
Sustainability is becoming an increasingly important factor in interior design. Natural materials like wood, bamboo, and linen are becoming more popular as homeowners seek out eco-friendly options that are both stylish and sustainable. Recycled and upcycled materials are gaining popularity, as people look for creative ways to reuse and repurpose old items. Look for furniture and decor made from sustainable materials or choose pieces that have been repurposed or upcycled.
Comfortable and Cozy Spaces
Creating comfortable and cozy spaces has become a top priority for interior design. Soft furnishings like plush rugs, cozy blankets, and oversized pillows are all popular choices for creating a warm and inviting atmosphere. Focus on creating a comfortable seating area with plenty of soft furnishings and natural accents.
Open Floor Plans
Open floor plans have been popular for several years. Open floor plans also allow for more natural light, making your home feel bright and spacious. Consider removing walls or using furniture to divide your space into functional zones.
Maximalism embraces bold colors, patterns, and textures to create a rich and layered look. Think lush fabrics, ornate decor, and eclectic collections that showcase your personality and style. Don’t be afraid to mix and match different styles and eras.
2023 is set to be an exciting year for interior design, with trends ranging from bold colors and patterns to natural materials and sustainable choices. By incorporating these trends into your own home, you can create a space that feels fresh, stylish, and welcoming for the summer months and beyond.
Recipe of the Month
Corn & Tomato Salad
Total Time: 20 minutes – Serves: 6 servings
- Extra-virgin olive oil
- 4 cups fresh corn
- ½ cup cherry tomatoes, halved
- 4 ounces feta cheese, cubed
- Juice of one lime
- 1 bunch fresh cilantro, roughly chopped
- In a large skillet, heat a few tablespoons olive oil over medium heat. Add the corn, and season with salt and pepper. Cook, stirring occasionally, until the corn starts to soften, about 5 minutes. Add the cherry tomatoes and cook, stirring occasionally, until they release their juices, about 5 minutes more.
- Remove the skillet from the heat and stir in the feta cheese. Taste and adjust the seasoning with salt and pepper as needed.
- Stir in the cilantro and lime juice, and transfer to a serving bowl. Serve warm or at room temperature.
5 WAYS TO GET YOUR HOME READY FOR SUMMER—INSIDE & OUT
Read the full article at news.remax.com
Summer is here! Time for warmer weather, ample sunshine, tasty grilling and outdoor gatherings with family and friends. But the switch to summer also calls for some seasonal upkeep on your home. Here are five ways to prepare your house for the summertime.
Check the HVAC system
If it’s not already hot where you live, chances are it will be soon. Make sure you’re positioned for a cool home interior. Check your HVAC system to ensure cold air is ready to flow into the house. The work could entail replacing the HVAC system’s filter and cleaning vents, or dusting off and installing window AC units.
Conduct an energy audit
Heating and cooling systems are notorious for spiking an electricity bill. According to the U.S. Office of Energy Efficiency and Renewable Energy, 10-20% of what the average American spends on energy could be going to waste due to drafts or air leaks. To save energy – and money – conduct a home energy audit to make sure cool air isn’t escaping. Inspect windows, doors, fireplaces, and the edge of floors (especially in older homes), and seal any leaks with weather stripping or caulk. Plus, did you realize the direction your ceiling fan spins can dictate the temperature of the room? For the summer, the fan should spin counterclockwise to create a downdraft and create a cool breeze in the room. (In the winter, a clockwise spin pulls air upward.) It can be tricky to see the direction of your fan. Turn your fan off, stand directly under it, and take note of those first few revolutions. If you need to change it, there’s usually a switch on the base.
Make sure outside water lines work
With hot weather and sunshine on their way, examine your outdoor water system and inspect sprinkler heads for any damage sustained over the winter. For above-ground watering systems, test out sprinklers and nozzles for optimal pressure and to catch any leaks. When storing freeze caps, make sure you put them somewhere you’ll remember when fall rolls around in a few months.
Spruce up the yard
Mowing the lawn makes for a clean-looking yard. But attending to the details, like edging walkways, weeding, and spreading a fresh layer of mulch can take an outdoor space to the next level. Many people like to over-seed their existing lawn in the late spring and early summer to provide extra fullness and fill in any patches from winter weather – or, in some cases, holes caused by pets who like to dig. And if you plan on entertaining in an outdoor space this summer, clean off patio furniture, scrub the grill, and sweep the surrounding area. Potted flowers can be an affordable way to add a pop of color to a front porch, and add ambiance to an outdoor lounge area.
Clean and organize
It’s never too late for spring cleaning. Now’s a great time to give your house a deep clean before busy summer schedules kick in. In addition to standard tidying measures – dusting, vacuuming, scrubbing, etc. – tackle places like the basement and garage, too. Take time to go through closets and drawers and remove what’s unwanted and unused. Store away cold weather items and be realistic when paring down on possessions you won’t use again. Try to donate household items and clothing to a local donation center like Goodwill, unexpired food items to a local food bank or pantry, and used linens – like sheets and blankets – to a local animal shelter to keep their furry residents comfortable.