How to Create a Cozy Wintertime Bedroom

 
 

When wintertime brings cooler temperatures and earlier bedtimes, there’s only one thing a homeowner can do: Amp up the cozy factor in your bedrooms by bringing in warm color palettes, layered bedding, textured elements and mood lighting to bring comfort to those long nights.

Interior designers say bedrooms often are the most neglected spaces in a home as people focus on kitchens or family rooms for decor and furnishings. But in the winter, there is no better space to snuggle up, watch your favorite show or pick up that book you’ve been meaning to read than the bedroom of your dreams.

“The bedroom should be a destination,” says Corey Damen Jenkins, a New York by way of Detroit interior designer and founder of Corey Damen Jenkins & Associates. “I’m very passionate about the bedroom because we as humans need to take better care of ourselves, and that starts with a room you use every day, like the bedroom.”

2024 Bedroom Trends

When it comes to budget, adding more layers and interest to a bedroom is one of the most cost-effective and long-term improvements to make in a home, Jenkins says. Whether it is a fluffy blanket, a new lamp, a high-quality mattress or a leather reading chair, all of these elements can be found by shopping an estate sale store or upcycling a family heirloom.

Jenkins says 2024 trends include bringing in color, comfort and individuality into the bedroom – and that includes the main, the kids’ rooms as well as guest spaces. The pandemic taught homeowners the importance of creating restful retreats but, as people invite guests back into their homes, also providing a warm and welcoming area for overnight stays.

And if you’re not quite ready to embrace maximalist style and vibrant colors in your own bedroom, you can try it out in a guest space or children’s room, Jenkins says. Use two different nightstands that you inherited from your parents. Add a faux fur throw. Upgrade a mattress to an upscale brand like Stearns & Foster with a quality bed frame. It all goes together if you love it, he says.

“I call it eclectic exuberance,” Jenkins says. “It’s more about the mix than the match.”

Cozy Bedroom Ideas

Here are some tips and tricks for making any bedroom feel like a cocoon where you can rest until springtime comes back around.

Think about your textiles. Marzia Dainelli is the CEO and interior designer at Dainelli Studio in Milan, Italy. She recommends homeowners bring in flannel or thick cotton for their sheets and related textiles for the winter. “Adding soft plaids or decorating pillows of different sizes also can enhance both the comfort and aesthetics of the room,” she says.

Bring in luxury. Dean Tomihama, vice president of creative design for fine linen company Sferra in New York, says homeowners should double down on luxury fabrics. “Sateen sheets are dense in weight and are ideal for cooler temperatures,” Tomihama says. “Winter is a great season to introduce a throw blanket, especially in a chunky weave.”

Pump up your pillows. “Throw in a plush pillow bash in all shapes and sizes,” says Alice Moszczynski, a New York-based interior designer for Planner 5D. “Not only do they bring comfort to the party, but they also add a touch of luxury. Velvet or faux fur pillows? This is the perfect season for them. A great option is the Restoration Hardware cashmere throws and the velvet brushstroke collection for pillows.” Jenkins recommends leaving the piles of pillow for a guest room while simplifying what is in the main with maybe two primary pillows with a decorative sham and lumbar pillow at the front.

Accessorize your nightstand. Jenkins says he brings beauty to his personal bedroom with what he selects to sit next to his bed. There, you’ll find potted eucalyptus, one of his favorite books such as the “Wizard of Oz,” antique perfume bottles with new scents as well as a goblet for water. “The bedroom should be where you immerse yourself in beauty,” Jenkins says.

Use nature as a guide. Mother Nature plays a pivotal role in establishing a comforting vibe in a primary bedroom. “Earthy tones, reminiscent of the outdoors, have a calming effect,” says Jenon Bailie, merchandising and design director at Room & Board. “The goals are to make this space feel cozy and comfy to destress from our hectic days and give yourself the best chance for a restful, relaxing night’s sleep.”

Boost color. Trina Rogers, a color consultant and owner of Five Star Painting in Temple, Texas, recommends hues such as greige, light pink, creamy gold, rich purple and earthy green for the primary and guest bedrooms. She says the winter is a great time to paint because the dry climate allows paint to dry faster and homeowners can enjoy their new spaces quickly. She loves a gold tone because it is more subtle than a sunny yellow. “In the evening, the warm tones of gold will bring balance to the room’s lower light levels,” Rogers says. “In the morning, as the sun rises, it will gently bring out more of the yellow tones, leaving your bedroom washed in a soft glow.”

Set up a book nook. Bailie recommends setting up a dedicated space for reading and journaling in the bedroom, as it is an ideal space for unwinding after work. “Carving out a spot for reading encourages a tranquil escape and somewhat of a sanctuary for you to curl up for a good book,” she says.

Add aromatherapy. Moszczynski says essential oils or scented diffusers are spicy additions to any bedroom setting. “Imagine enveloping yourself in the comforting embrace of fragrances like cinnamon, vanilla or cedar – each has its unique ability to transform your room in a haven,” Moszczynski says.

Include cheery lighting. Adding more lighting near the bed is a great way to create visual warmth, Bailie says. “Lighting has a strong impact on a room,” she says. “In the darker months when natural light is scarce, having more light at your fingertips ensures that the bedroom remains a well-lit and inviting space.”

Fire it up. Bring in a fireplace or electric heater to add an extra layer of comfort, Moszczynski says. “There’s something inherently comforting about the presence of a fireplace,” she says. “The warm glow and gentle crackling create an ambiance that invites relaxation and intimacy.”

Read more at USNews.com

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Average age of first-time homebuyers is 38, an all-time high. Here’s what that says about the real estate market

 
 

First-time homebuyers in the U.S. are getting older.

The median first-time homebuyer has reached an all-time high age of 38 years old, three years older than in July 2023, according to the National Association of Realtors’ 2024 Profile of Home Buyers and Sellers report. This summer, the NAR polled 5,390 buyers who purchased a primary residence between July 2023 and June 2024.

In the 1980s, the typical first-time buyer was in their late 20s.

“The first-time homebuyer who can enter into today’s market is older, has a higher income [and] is wealthier,” said Jessica Lautz, deputy chief economist at NAR, pointing out that higher home prices require bigger down payments.

Additionally, the share of first-time homebuyers on the market decreased over the past year from 32% to 24%, the lowest since NAR began collecting data in 1981.

Factors including the nationwide housing shortage, competition against wealthier buyers and high rent prices make it more difficult for younger adults to buy their first home, according to experts.

‘The biggest issue of housing today’

The housing shortage in the U.S. is “the biggest issue of housing today,” said Orphe Divounguy, senior economist at Zillow.

As of mid-2023, there is a housing shortage of four million homes, according to the NAR. Construction of new homes has been slow in recent years, and more buyers are competing for available homes, pushing up prices.

“We do need affordable housing,” said Jonathan Scott, co-host of the HGTV series “Property Brothers.” “It’s going to affect all of us if we don’t start acting now.”

During a recent CNBC Your Money event, Scott said a sustained housing shortage could dramatically influence first-time buyers over the long run. “Give it another 20 years and literally no young person will be able to afford to purchase a home, period,” Scott said.

Building activity has somewhat improved. Single-family housing starts in the U.S., a measure of new homes that began construction, grew to 1,027,000 in September, according to U.S. Census data. That is a 2.7% jump from August.

Yet, “we are still in a very, very constrained market,” said Selma Hepp, chief economist at CoreLogic. “Because of fewer homes on the market, you have more pressure on home prices.”

In August, the cost of a typical starter home was $250,000, up from $240,000 a year prior, according to Redfin.

‘The winners in today’s housing market’

The housing market is dominated by repeat homebuyers and sellers, or those who have owned and sold homes more than once. Prior homeownership gives them access to home equity to tap, in some cases enough to buy homes outright.

About a quarter, or 26%, of homebuyers paid cash for their home, an all-time high for cash buyers, the NAR found.

U.S. homeowners with mortgages have a net homeowner equity of more than $17.6 trillion in the second quarter of 2024, according to CoreLogic. Home equity increased in the second quarter of this year by $1.3 trillion, an 8.0% growth from a year prior.

Baby boomers and retirees are “the winners in today’s housing market,” said Lautz. The typical repeat homebuyer is now 61 years old, and sellers are typically 63, per the NAR report.

“When we look at the average homebuyer, for older buyers, they have about $300,000 in home equity versus younger millennial buyers,” Hepp said.

‘We’re seeing renters staying renters for longer’

Other factors such as high rent costs and elevated debt-to-income ratios make it hard for would-be buyers to save for a home, experts say. 

Rent prices increased faster than tenants’ wages during the Covid-19 pandemic. In 2022, rent growth peaked at 16% at an annual basis, Divounguy said. That same year, wage growth peaked at 9.3%, according to data from Indeed.

The price jump meant the typical renter spent about 31% of their income on rent. About half of renter households were “cost burdened,” meaning they spent more than 30% of their income on housing.

“We’re seeing renters staying renters for longer because affordability has been so squeezed,” he said.

High rent prices not only affect your ability to save money to buy a home, but it can also affect your ability to pay down any existing debt, Lautz said.

For instance, if a potential buyer has outstanding student loans, their monthly rent cost could make it harder for them to make larger payments toward their debt balance, she said.

That in turn influences your debt-to-income ratio, or how much money you’re paying every month toward debt. That is an important factor when qualifying for a mortgage. Essentially, lenders consider the DTI to see if a borrower can sustain a mortgage payment on top of existing loan obligations.

“All of these things snowball, especially in an inflationary environment,” Lautz said.

Read more at CNBC.com

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2024 Colorado ski area opening dates

 
 

Ski resorts around Colorado are beginning to feel the shift in the weather and are putting the final touches on their preparation for the 2024-25 ski season.

The resorts located throughout Colorado are beginning to release their projected opening dates. The projected opening dates may be subject to change because of weather or other conditions.

Colorado ski area opening dates for 2024

Arapahoe Basin: Nov. 2

Aspen Mountain: Nov. 28

Aspen Highlands: Dec. 9

Beaver Creek Resort: Nov. 27

Breckenridge Ski Resort: Nov. 8

Buttermilk: Dec. 14

Copper Mountain Resort: Nov. 8

Crested Butte Mountain Resort: Nov. 27

Echo Mountain: As soon as conditions allow in December

Eldora: Nov. 15

Granby Ranch: Nov. 28

Howelsen Hill Ski Area: Nov. 30

Keystone Resort: Nov. 2

Loveland Ski Area: Nov. 10

Monarch Mountain: Dec. 6

Powderhorn Mountain Resort: Nov. 24

Purgatory Resort: Nov. 16

Ski Cooper: Dec. 15

Silverton: Dec. 28

Snowmass: Nov. 28

Steamboat: Nov. 23

Sunlight Mountain Resort: Dec. 8

Telluride Ski Resort: Nov. 28

Vail Ski Resort: Nov. 15

Winter Park Resort: Nov. 15

Read more at MSN.com

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What To Look For From This Week’s Fed Meeting

 
 

You may be hearing a lot of talk about the Federal Reserve (the Fed) and how their actions will impact the housing market right now. Here’s why.

The Fed meets again this week to decide the next step with the Federal Funds Rate. That’s how much it costs banks to borrow from each other. Now, that’s not the same thing as setting mortgage rates, but mortgage rates can be influenced through this process. And if you’re thinking about buying or selling a home, you may be wondering about the downstream impact and when mortgage rates will come down.

Here’s a quick rundown of what you need to know to help you anticipate what’ll happen next. The Fed’s decisions are guided by these three key economic indicators:

  1. The Direction of Inflation

  2. How Many Jobs the Economy Is Adding

  3. The Unemployment Rate

Let’s take a look at each one.

1. The Direction of Inflation

You’ve likely noticed prices for everyday goods and services seem to be higher each time you make a purchase at the store. That’s because of inflation – and the Fed wants to see that number come back down so it’s closer to their 2% target.

Right now, it’s still higher than that. But despite a little volatility, inflation has generally been moving in the right direction. It gradually came down over the past two years, and is holding fairly steady right now (see graph below):

 
 

The path of inflation – though still not at their target rate – is a big part of the reason why the Fed will likely lower the Fed Funds Rate again this week to make borrowing less expensive, while still ensuring the economy continues to grow.

2. How Many Jobs the Economy Is Adding

The Fed is also keeping an eye on how many new jobs are added to the economy each month. They want job growth to slow down a bit before they cut the Federal Funds Rate further. When fewer jobs are created, it shows the economy is still doing well, but gradually cooling off—exactly what they’re aiming for. And that’s what’s happening right now. Reuters says:

“Any doubts the Federal Reserve will go ahead with an interest-rate cut . . . fell away on Friday after a government report showed U.S. employers added fewer workers in October than in any month since December 2020.”

Employers are still hiring, but just not as many positions right now. This shows the job market is starting to slow down after running hot for a while, which is what the Fed wants to see.

3. The Unemployment Rate

The unemployment rate shows the percentage of people who want jobs but can’t find them. A low unemployment rate means most people are working, which is great. However, it can push inflation higher because more people working means more spending—and that makes prices go up.

Many economists consider any unemployment rate below 5% to be as close to full employment as is realistically possible. In the most recent report, unemployment is sitting at 4.1% (see graph below):

 
 

Unemployment this low shows the labor market is still strong even as fewer jobs were added to the economy. That’s the balance the Fed is looking for.

What Does This Mean Going Forward?

Overall, the economy is headed in the direction the Fed wants to see – and that’s why experts say they will likely cut the Federal Funds Rate by a quarter of a percentage point this week, according to the CME FedWatch Tool.

If that expectation ends up being correct, that could pave the way for mortgage rates to come down too. But that doesn’t mean they’ll fall immediately. It will take some time. Remember, the Fed doesn’t determine mortgage rates. Forecasts show mortgage rates will ease more gradually over the course of the next year as long as these economic indicators continue to move in the right direction and the Fed can continue their Federal Funds rate cuts through 2025.

But a change in any one of the factors mentioned here could cause a shift in the market and in the Fed’s actions in the days and months ahead. So, brace for some volatility, and for mortgage rates to respond along the way. As Ralph McLaughlin, Senior Economist at Realtor.com, notes:

“The trajectory of rates over the coming months will be largely dependent on three key factors: (1) the performance of the labor market, (2) the outcome of the presidential election, and (3) any possible reemergence of inflationary pressure. While volatility has been the theme of mortgage rates over the past several months, we expect stability to reemerge towards the end of November and into early December.”

Bottom Line

While the Fed’s actions play a part, economic data and market conditions are what really drive mortgage rates. As we move through the rest of 2024 and 2025, expect rates to stabilize or decline gradually, offering more certainty in what has been a volatile market. 

Read more at KeepingCurrentMatters.com

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Elections and Real Estate – How Do They Relate?

 
 

Written by West + Main Realtor, Michelle Schwinghammer

As a member of the Denver Metro Association of Realtor's Market Trends Committee, I receive frequent requests to analyze current and historical market statistics. The big question this year is, “How will the presidential election affect the housing market?”

The prevailing wisdom is that presidential elections shouldn’t affect the housing market because the market moves in cycles longer than any single election season and has major competing variables. On the other hand, real estate pros work with a significant proportion of buyers and sellers who simply prefer to sit on the sidelines without any specific reason for doing so.

I see something that may shed some light on this question. Here is a graph of month-over-month change of the median closing price for all homes sold in the greater Metro Denver area since 2010. The data include all home sales from Adams, Arapahoe, Broomfield, Boulder, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park Counties.

 
 

In the Denver Metro area over last three election cycles there was more month-to-month home price volatility in the two years preceding an election, and more stability with traditional seasonal patterns in the two years after a presidential election.

Also, the election-year flatlines of the November to January period appear to support the notion of activity “paralysis” that real estate professionals report on the ground today.

With election years of 2012, 2016, and 2020 painting a picture thus far, we will have to wait to see what comes after our next election. But if past is prologue, we may see a return to normalizing real estate conditions and greater stability in home prices in 2025, no matter the election outcome.

Read more at SchwingState.com

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