How to Pick a Color Scheme

 
 

You just rented or purchased your first home and are ready to move, but where to start with furnishings, decor, lighting, artwork, and most importantly, wall colors?

Furnishing a first home can be overwhelming and expensive, but of all the elements that comprise your new home, color is the least expensive and provides the greatest impact.

As I discussed in a previous article, upon purchase, the wall color is most likely some shade of off-white, and the floor a neutral shade of tan or brown. Alternatively, if you are moving into a fixer-upper or an older home, you may be inheriting someone else's color and design choices. In either case, before proceeding, it’s always a good idea to go on Pinterest or TikTok for inspiration.

When moving into your first home, friends or family members may want to gift you new or used furniture that may not be your ideal aesthetic. This presents a moment of truth: Would you rather sit on the floor or would you rather lounge on a bright floral couch that might not be your taste? These decisions likely occur prior to establishing a color scheme. Just remember that upholstered furniture can be slip-covered or reupholstered and wood furniture can be painted.

A word of caution, however, no matter how luxurious or immediately available a piece of furniture may be, if you are not sure about the color or tone, do not build your color scheme around it, for you will always be unhappy. A good way to experiment with color schemes is to accept gifted or even found furniture to see how it feels.

Monochromatic Schemes 

The simplest and perhaps most foolproof color scheme is monochromatic, utilizing variations of a single color. While this approach may sound simple, it can prove challenging to work with just one color, no matter how many different shades are available. Monochromatic schemes do not have to be monotonous or boring! Remember, even the White House features three monochromatic rooms: the Red Room, the Blue Room, and the Green Room, which are far from simple or stale.

The 60-30-10 Rule 

One popular approach for determining your color scheme is the 60-30-10 rule. It may be hard to believe, but decorating and math are compatible! This equation establishes a major color as dominant, or 60 percent of a space, whether a room or an entire house. Going all in with a bold color as your 60 percent takes courage, but if orange or turquoise makes you happy, why not paint the walls and ceiling in this color? Live with your decision for a few days; it can always be repainted.

The next color, or the 30 percent in this scheme, is the secondary color or texture. If the dominant color is very bright, the secondary color may be more subdued. Remember, the secondary color will support the main color, bringing some contrast into your scheme.

Finally, the 10 percent color is the accent color, which gives the space some pizzazz or character. Here is where you should be really fearless, as only a small portion of this color will be used.

Picking Colors Based On Your Closet 

Still not sure where to begin selecting colors for your home? Why not start with your closet? The colors that you gravitate toward in apparel, the shades that people compliment when you wear them, are very possibly good colors with which to surround yourself. One's skin tone, hair and eye color will designate whether you are labeled winter, spring, summer or autumn.

Winter looks best in bold cool colors with blue or pink undertones, while spring shines in bright clear colors like peach, turquoise and bright coral. Soft, muted colors like lavender, powder blue, or dusty rose are ideal for summer. And autumn, no surprise, is at its best in deep reds, golden yellows and earthy browns. If you feel at your best wearing certain colors, why not decide to live with the same colors in your home?

Room Exposure 

The exposure of each room, whether north, south, east or west, can also provide inspiration and guidance for a color scheme. All color is light, and as light changes throughout the day, so does color. Overriding hourly or seasonal lighting changes is the exposure or multiple exposures of a room.

Light in north-facing rooms is typically consistent, but can be muted and cool. There are two options for north-facing rooms: cool light is ideal for darker colors or utilize lighter colors with warm undertones, such as those with a yellow cast or peachy pinks.

South-facing rooms are brilliantly lit, ideal for blues, greens and violets that will cool off the color temperature. More intense, deep colors also shine and will not look washed out in a south-facing room.

The sun rises in the east, so a warmer, brighter light color works best. Starting the day in a room with eastern exposure and a pastel or soft color can be inspiring.

Rooms with western exposure, where the sun sets, are perfect for darker, cooler colors. A neutral shade with cool or warm undertones will also work well.

The Properties of Color 

Once you have settled on your color scheme, it is crucial that you pay attention to a few properties of color, such as the intensity or hue of the color you are using and the lightness or tint of a color you have selected. A shade of a color is a color that is darker than its original hue, as a result of adding black to it. Adding white to a color increases its lightness, making it a tint.

By experimenting with paint, starting with the three primary colors red, blue and yellow, you can refine the colors you work with by adding black or white. Depending on your skill set and willingness to experiment, a minimal investment of five tubes of acrylic paint can be both illuminating and entertaining.

By mixing the paints, adding white and black, it is possible to comprise your color scheme on paper, which can be helpful when shopping for furnishings and fabric. Color saturation refers to the intensity or vibrancy of a color. If all the colors you use are highly saturated, the result will be an active, emotionally uplifting room, such as a space used for entertaining.

Make Your Home Yours 

There are no good or bad colors, so experiment with a carefree attitude and see what you discover. Color, like room temperature or sense of smell and taste, is extremely personal. If you love a color, go ahead and use it, without seeking the approval of others.

Color is the fastest way to put your personal signature on a space. Maybe even stroll through a museum, observe art that speaks to you, and then visit the museum gift shop for copies of your favorite art pieces. The composition and color placement in the artwork can be a point of departure from your color scheme. Most importantly, believe in your color choices, for they will make your home yours and yours alone.

Read more at USnews.com

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Why Home Sales Bounce Back After Presidential Elections

 
 

With the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it’s having on the housing market. Let’s break it down.

Election Years Bring a Temporary Slowdown

In any given year, home sales slow down slightly in the fall. It’s a typical, seasonal trend. However, according to data from BTIG, in election years there’s usually a slightly larger dip in home sales in the month leading up to Election Day (see graph below):

 
 

Why? Uncertainty. Many consumers hold off on making major decisions or purchases while they wait to see how the election will play out. It’s a pattern that’s shown up time and time again, and it’s particularly apparent for buyers and sellers in the housing market.

This year is no different. A recent survey from Redfin found that 23% of potential first-time homebuyers said they’re waiting until after the election to buy. That’s nearly a quarter of first-time buyers hitting the pause button, likely due to the same feelings of uncertainty.

Home Sales Bounce Back After the Election

The good news is these delayed sales aren’t lost forever—they’re just postponed. History shows sales tend to rebound after the election is over. In fact, home sales have actually increased 82% of the time in the year after the election (see chart below):

 
 

That’s because once the election dust settles, buyers and sellers have a sense of what’s ahead and generally feel more confident moving forward with their decisions. And that leads to a boost in home sales.

What To Expect in 2025

If history is any indicator, that means more homes will sell next year. And based on the latest forecasts, that’s exactly what you should expect. As the graph below shows, the housing market is on pace to sell a total of 4.6 million homes this year, and projections are for 5.2 million total sales next year (see graph below):

 
 

And that aligns with the typical pattern of post-election rebounds.

So, while it might feel like the market is slowing down right now, it’s more of a temporary dip rather than a long-term trend. As has been the case before, once the election uncertainty passes, buyers and sellers will return to the market.

Bottom Line

It's important to remember that while election years often bring a short-term slowdown in the housing market, the pause is usually temporary. Those sales are not lost. Data shows home sales typically increase the year after a Presidential election, and current forecasts indicate 2025 will be no different. If you’re waiting for a clearer picture before making a move, just know that the market is expected to pick up speed in the months ahead.

Read more at KeepingCurrentMatters.com

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Avoid These Top Homebuyer Mistakes in Today’s Market

 
 

No one likes making mistakes, especially when they happen in what’s likely the biggest transaction of your life – buying a home.

That’s why partnering with a trusted agent is so important. Here’s a sneak peek at the most common missteps buyers are making in today’s market and how a great agent will help you steer clear of each one.

Trying To Time the Market

Many buyers are trying to time the market by waiting for home prices or mortgage rates to drop. This can be a really risky strategy because there’s so much at play that can have an impact on those things. As Elijah de la Campa, Senior Economist at Redfin, says:

My advice for buyers is don’t try to time the market. There are ​a lot of swing factors, like the upcoming jobs report and the presidential election, that could cause the housing market to take unexpected twists and turns. If you find a house you love and can afford to buy it, now’s not a bad time.”

Buying More House Than You Can Afford

If you’re tempted to stretch your budget a bit further than you should, you’re not alone. A number of buyers are making this mistake right now.

But the truth is, it’s actually really important to avoid overextending your budget, especially when other housing expenses like home insurance and taxes are on the rise. You want to talk to the pros to make sure you understand what’ll really work for you. Bankrate offers this advice:

“Focus on what monthly payment you can afford rather than fixating on the maximum loan amount you qualify for. Just because you can qualify for a $300,000 loan doesn’t mean you can comfortably handle the monthly payments that come with it along with your other financial obligations.”

Missing Out on Assistance Programs That Can Help 

Saving up for the upfront costs of homeownership takes some careful planning. You’ve got to think about your closing costs, down payment, and more. And if you don’t work with a team of experienced professionals, you could miss out on programs out there that can make a big difference for you. This is happening more than you realize.

According to Realtor.com, almost 80% of first-time buyers qualify for down payment assistance – but only 13% actually take advantage of those programs. So, talk to a lender about your options. Whether you’re buying your first house or your fifth, there may be a program that can help.

Not Leaning on the Expertise of a Pro

This last one may be the most important of all. The very best way to avoid making a mistake that’s going to cost you is to lean on a pro. With the right team of experts, you can easily dodge these missteps.

Bottom Line

The good news is you don’t have to deal with any of these headaches. Connect with a local real estate agent so you have a pro on your side who can help you avoid these costly mistakes.

Read more at KeepingCurrentMatters.com

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What Is a Contingent Offer? What It Means When Buying a Home

 
 

A contingent offer means that an offer on a new home has been made and the seller has accepted it, but that the final sale is contingent upon certain criteria that have to be met.

These criteria, or types of contingencies, are clauses in a sales contract that typically fall under three major categories: appraisal, home inspection, and mortgage approval.

Such contingencies are mainly put in place so that buyers can back out of a real estate sale if something goes wrong, usually without losing their earnest money deposit. A seller might entertain other offers after a refusal, but won’t deal with another buyer until the contingent offer is settled in one way or another.

Home inspection contingent offer

Home inspection contingency is one of the most common contingencies for home buyers. In this time frame, this contingency gives buyers the right to hire a home inspector and have their new home professionally inspected after putting down earnest money. And finalizing the real estate transaction usually hinges on this contingency. If something is wrong, a contingent offer allows the buyer to request that it be fixed and to renegotiate the price—or back out of the sale. It’s rarely advisable to waive an inspection contingency, and home buyers should generally consider this a must-have clause in a sales contract.

“Never in my life have I seen a home inspection contingency waived,” said Bishoi Nageh, vice president of branch operations for the Petra Cephas Team at Mortgage Network Solutions.

A good inspection will find if something is wrong with the current home on the real estate market.

Nageh recalled an instance of a first-time buyer who asked the seller to fix up some windows and then found that mold had been growing under the framework. This is how a contingency works during a home sale. Once you know the problems, you can talk with the sellers about what they need to fix before you buy the home.

Appraisal contingency

With this real estate contingency, a third party hired by the mortgage lender evaluates the fair-market value of the current home for sale. If the appraised value proves to be less than the sale price, the home appraisal contingency lets you back out of the deal.

“It’s in no one’s best interest to overpay,” Nageh said. “If the home comes in under the [asking] amount, you have the right to back out.”

In hot markets, potential buyers might feel pressured to waive a contingency but could pay more in the long run. The lender will only put up a certain amount of money for the appraised cost—which may not be the asking price—and the buyer will have to cover the rest to reach the purchase price.

For example, let’s say you qualify for a fixed-rate loan that covers 90%, and you need to put 10% down for a new house selling for $500,000. If the property is appraised at $475,000, the lender will only cover 90 percent of that appraised value, or $427,500. In this case, instead of a $50,000 down payment, you would be expected to put down $72,500 to cover the difference. Waiving this contingency in the purchase contract can be a gamble.

Mortgage contingency

You don’t want to sign a contract for a home purchase without having the money to back it up or, at the very least, a pre-approval. A mortgage contingency is a contingency that protects the buyer and seller from getting into a real estate sale without a proper loan. Under this contingency, the buyer has a specified period of time to obtain a loan that will cover the mortgage after the offer is accepted. If the buyer can’t get a lender to commit to a loan, the buyer has the right to walk away from the sale with the down payment.

To expedite the home buying process, “Know if you qualify sooner than later,” Nageh said. If you’re pre-approved, you won’t waste the seller’s time or yours during the loan-hunting period, which could take a few months.

Like an appraisal contingency, eager buyers and sellers in hot real estate markets might want to waive the financing contingency for the current home for sale, especially if cash is on the table. But waiving this contingency means that if your mortgage lender delays or denies your loan after a seller accepts your offer, you can lose the deposit during escrow, so it’s a risky venture.

Read more at Realtor.com

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How Long Will It Take To Sell Your House?

 
 

As you’re getting ready to sell your house, one of the first questions you’re probably asking is, “how long is this going to take?” And that makes sense—you want to know what to expect.

While every market is different, understanding what’s happening nationally can give you a good baseline. But for an even more detailed look at real estate conditions in your area, connect with a local real estate agent. They know your local market best and can explain what’s happening near you and how it compares to national trends.

Here’s a look at some of the things a great agent will walk you through during that conversation.

More Homes Are on the Market, and That’s Affecting How Long They Take To Sell

According to Realtor.com, the number of homes for sale has been going up this year. That means there are more options for buyers, which is great news for anyone looking to buy a home. But as a seller, it also means homes are staying on the market a bit longer now that buyers have more options to choose from (see graph below):

 
 

One of the big reasons homes sold so fast in recent years is because there were so few of them for sale. And now that there are more houses on the market, it makes sense that they aren’t selling at quite the same pace. Right now, according to Realtor.com, it takes 55 days from the time a house is listed for it to be officially sold and closed on.

But keep this in mind. While homes might not be selling as quickly as they did last year at this time, they’re still selling faster than they did in more normal years in the housing market, before the pandemic.

If you look back at 2017-2019 in the graph above, you’ll see that it was typical for a house to take 60 days or more to sell. So, today’s process is still faster than the norm.

That’s because, even with more homes for sale, there are still more buyers than homes for sale. So, homes that show well and are priced right are selling fast. As NerdWallet explains:

“Overall, though, demand still outpaces supply. This is hardly a mellow market: Good homes sell quickly . . .”

Your Agent Can Help Your Home Stand Out

If you’re looking for ways to make your move happen as quickly as possible, partnering with a great local agent is the key. Your real estate agent will help you with everything from setting the right price to staging your home so it looks its best. They’ll even create a marketing plan that grabs buyers’ attention and will give you key insights about what’s happening in your specific area, so you can plan accordingly and make the process go as smoothly as possible.

So, while homes might be on the market a little longer than before, they’re still selling faster than the norm. If you have the right agent and the right strategy in place, your house may even sell faster than you’d expect.

Bottom Line

If you’re planning to sell your house, knowing how long it might take is a big part of planning your next steps. By working with a local expert, you’ll be able to price, market, and sell your home with confidence.

Read more at KeepingCurrentMatters.com

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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