Thinking About Updating Your Home? Here Are Some 2021 Design Trends to Consider

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When you redesign your home, you want to design it in a way that feels timely and on-trend.

But what does “timely” and “on-trend” look like in 2021?

The 2021 Houzz Emerging Home Design Trends Report outlined some of the year’s most popular home design trends, including:

• Dedicated activity spaces. Forget craft closets. One of 2021’s biggest trends is creating an entirely dedicated room or space in the home to house the family’s favorite activity—whether that’s an art studio, a home theater, or a wine cellar.
• Living room refreshes. Updating their home in general is a priority for many homeowners this year—but the room homeowners seem to be most interested in refreshing? The living room. According to Houzz’s data, searches for living rooms (which can provide homeowners design inspiration) are up 52 percent compared to 2020.
• Luxury colors and materials. This year, homeowners are embracing luxury in their home design—with velvet, gold, and crystal accents all in high demand.

Let’s discuss some redesign ideas! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team at Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

Buying a Starter Home Is Cheaper Than Renting in Nearly Half the Metro Areas in the Us

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Renting is often looked at as a more affordable alternative to homeownership, but in many areas of the US, that’s actually not the case.

According to recent data from realtor.com, rents are rising fast and hitting new highs in metro areas across the country. In July, the median rental price in the US was $1607—a 9.8 percent increase from July 2020. 

And not only are rental prices increasing, but they’re increasing to the point that, in many areas, renting is now more expensive than owning. With a median rental price of $1607, rent is now 15.5 percent more expensive than mortgage payments for a starter home in 24 of the 50 largest metro areas. 

The Takeaway:

So, what does this mean for you? If you’ve been putting off buying your first home because you’ve thought renting is cheaper, it may be time to reexamine that logic. Depending on where you live, there’s a good chance that buying a home may actually be more affordable than your current rental.

Get in touch today and start saving money by buying a home! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team at Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

Fall Real Estate Market Expected to Be Slightly More Buyer Friendly

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Summer is almost over, which means the temperatures are about to cool off. And while there’s no guarantee, it looks like the housing market may cool along with it—at least slightly.

According to a recent article from realtor.com, many experts expect that, while the fall buying season will be competitive, it won’t be quite as frenzied as the spring or summer.

One indicator supporting that projection is the pace of price growth. According to the article, the national median home price hit $385,000 the week ending August 14 (the highest on record). That price represented a 8.2 percent increase year over year—a definite increase in price, but significantly less than the 17.2 percent increase from April 2020 to April 2021. Inventory is also starting to increase (according to data from the National Association of REALTORS®,1.32 million homes were available for sale in July 2021—a 7.3 increase from June)—and the more inventory is available in the fall, the easier the home search process will be for buyers.

The Takeaway:

So, what does this mean for you? There’s no denying that fall is shaping up to be a competitive season for real estate—but with slowing price growth and increasing inventory, it could prove to be less competitive than it has been for quite a while. Let us help you find that perfect home this fall! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team at Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

Don’t Buy a Car Before Closing on Your Loan (or furniture or open a credit card!)

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You need a new car. You need a new home. But will buying the former impact your ability to buy the latter?

A recent article from realtor.com outlined the ways taking out a car loan could impact your ability to get a mortgage (and to get the best rate on that mortgage), including:

• Changing your credit score. When you apply for a car loan, it’ll show up as a hard inquiry on your credit report. While hard inquiries don’t have much of a long-term impact on your credit, in the short-term, they can lower your credit score by a few points—which, depending on your score, could jeopardize your ability to secure the most competitive rate (or to qualify for a mortgage at all).
• Changing your debt-to-income ratio. Debt-to-income ratio is one of the most important factors lenders use to determine how much house you can afford—and, as such, what mortgage amount you’re approved for. Taking out a car loan before buying a house impacts your debt-to-income ratio and can result in you getting approved for a smaller loan.
• Acting as a “red flag” to your lender. Making a big purchase (like a car) and taking on more debt prior to buying a home can be a red flag to lenders that you’re not responsible with your finances—which could impact your ability to get approved.

The Takeaway:

So, what does this mean for you? If you’re thinking about buying a new home and a new car, you may want to consider waiting to buy the car until after your home purchase is all wrapped up. Give us a call if you have questions! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team at Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com