Will a Silver Tsunami Change the 2024 Housing Market?

 
 

Have you ever heard the term “Silver Tsunami” and wondered what it’s all about?

If so, that might be because there’s been lot of talk about it online recently. Let’s dive into what it is and why it won’t drastically impact the housing market.

What Does Silver Tsunami Mean?

A recent article from HousingWire calls it:

“. . . a colloquialism referring to aging Americans changing their housing arrangements to accommodate aging . . .”

The thought is that as baby boomers grow older, a significant number will start downsizing their homes. Considering how large that generation is, if these moves happened in a big wave, it would affect the housing market by causing a significant uptick in the number of larger homes for sale. That influx of homes coming onto the market would impact the balance of supply and demand and more.

The concept makes sense in theory, but will it happen? And if so, when?

Why It Won’t Have a Huge Impact on the Housing Market in 2024

Experts say, so far, a silver tsunami hasn’t happened – and it probably won’t anytime soon. According to that same article from HousingWire:

“. . . the silver tsunami’s transformative potential for the U.S. housing market has not yet materialized in any meaningful way, and few expect it to anytime soon.”

Here’s just one reason why. Many baby boomers don’t want to move. Data from the AARP shows over half of the surveyed adults ages 65 and up plan to stay put and age in place in their current home rather than move (see chart below):

 
 

Clearly, not every baby boomer is planning to sell or move – and even those who do won’t do it all at once. Instead, it will be more gradual, happening slowly over time. As Mark Fleming, Chief Economist at First American, says:

“Demographics are never a tsunami. The baby boomer generation is almost two decades of births. That means they’re going to take about two decades to work their way through.”

Bottom Line

If you’re worried about a Silver Tsunami shaking up the housing market, don’t be. Any impact from baby boomers moving will be gradual over many years. Fleming sums it up best:

 “Demographic trends, they don't tsunami. They trickle.”

Read more at KeepingCurrentMatters.com

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6 Subtle Things That Make Your Home Feel Comfortable and Polished

 
 

When it comes to creating a comfortable and polished home, it's the little things that count.

Whether it's adding a pop of color or changing the light fixtures, small updates can make a big difference. In this post, we'll discuss subtle yet effective ways to make your home feel inviting and refined. These tips don't require a major overhaul or breaking the bank; they simply require a little effort and creativity. Read on to find out how you can create a cozy, welcoming atmosphere in your home. Let's get started!

Incorporate Soft Lighting
Nothing sets the mood in a room quite like lighting. Whether it's a soft and warm glow or a bright and intense light, lighting has the power to affect how we feel and interact in a space. Incorporating soft lighting in your home can make it feel more relaxing and comfortable. Consider adding lamps with warm bulbs, incorporating candles, or implementing a dimmer switch to create a cozy atmosphere.

The best places to add soft lighting in your home are areas where you want to create a warm and inviting ambiance. This could be in the living room, bedroom, or even the bathroom. Placing lamps on side tables next to seating areas is an excellent way to add soft lighting while also providing functional light for reading or relaxing. Adding candles on shelves or coffee tables can also create a cozy and intimate atmosphere.

Declutter Regularly
Clutter and chaos can quickly change a room's vibe, making it feel less comfortable. Decluttering regularly and keeping a space organized can create an inviting and calming environment. It also helps to eliminate stress, ensuring that you can relax in peace and enjoy your space more.

Decluttering can be done at any time, but it's especially helpful to declutter before adding new décor or furniture. This ensures that you have a clean slate to work with and can properly evaluate what items are necessary and what can be removed. It's also beneficial to declutter as part of your regular cleaning routine, whether it's once a month or every few months. This way, clutter doesn't accumulate and becomes overwhelming.

Display Personal Items Thoughtfully
Adding personal items, such as photographs or keepsakes, in your home can make it feel more lived-in, cozy and welcoming. However, it is essential to display these items thoughtfully. Instead of hanging pictures randomly on the walls, consider grouping them together or organizing them in a way that creates a sense of balance and order. In addition to thoughtful grouping and organizing, it's important to keep personal items dusted and well-maintained. This ensures that they continue to enhance the overall aesthetic of your home instead of becoming a distraction or an eyesore.

Consider designating shelves, tables, or walls as decoration spaces and limit how many items you place in each area. This not only helps to prevent clutter but also allows you to focus on specific pieces and showcase them in a more visually appealing way. Additionally, rotating decorative items throughout the year can keep your home feeling fresh and avoid overwhelming any one space with too many decorations at once.

Incorporate Pops of Color
Adding pops of color can bring life and energy into a home, making it feel more vibrant and cheerful. However, this doesn't mean going overboard with bold or bright colors. Instead, think about using muted shades as accents to complement the rest of your décor. Whether it's through a throw pillow or statement piece of artwork, adding a pop of color can transform a space.

When choosing which colors to incorporate into your home, consider sticking to a color scheme or palette. This will help create a cohesive look and avoid any clashing or overwhelming combinations. Gravitate towards warm and calming colors, such as shades of blue, green and neutral tones like beige and gray. These colors tend to create a sense of tranquility and comfort in a space. Don't be afraid to mix and match different hues to find the perfect balance for your home.

Invest in Quality Bedding
Creating a comfortable and relaxing bedroom is essential when trying to make an overall comfortable home. Investing in high-quality bedding, such as soft cotton sheets, plush pillows,and a cozy duvet, can set the tone for a good night's sleep. Additionally, having a tidy and well-made bed makes a room feel more polished, regardless of the décor.

When selecting bedding materials, it's important to avoid synthetic fabrics and materials. These can trap heat and moisture, making for an uncomfortable sleeping experience. It's also beneficial to choose bedding with a higher thread count, as this indicates a softer and more luxurious feel. Avoiding materials like polyester and opting for natural fabrics like cotton, bamboo, or linen can contribute to a more comfortable and peaceful sleep.

Keep Your Exterior Polished
While we often focus on creating a comfortable and inviting interior, don't forget about the exterior of your home. This includes the front porch, entryway and any outdoor seating areas. By keeping these areas clean, well-maintained and welcoming, you can make a great first impression for yourself and any guests.

Consider adding potted plants or flowers to bring some greenery and life to your entryway. Keep pathways clear of clutter and debris, ensuring a safe and easy walking experience for visitors. You can also add some outdoor lighting to create an inviting atmosphere during evening gatherings or just for added curb appeal.

In addition to these subtle touches, keeping your exterior well-maintained by using Superior Products, as well as regular cleaning, painting and repairs can make a significant difference in the overall appearance and feel of your home. It's important to remember that the exterior of your home is just as much a reflection of your style and personality as the interior, so take pride in it and keep it polished.

Creating a home that feels comfortable and polished doesn't have to be hard or overly expensive. By incorporating just a few of these subtleties, you can create a space that is both inviting and sophisticated. Creating a home that’s welcoming and comforting requires more than just the large-scale elements of a home renovation, it requires a thoughtful focus on those little details that can make all the difference in creating a space that makes you feel at peace. With the help of these touches, your home can be transformed into the sanctuary you’ve always desired.

Read more at Rismedia.com

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Foreclosure Activity Is Still Lower than the Norm

 
 

Have you seen headlines talking about the increase in foreclosures in today’s housing market?

If so, they may leave you feeling a bit uneasy about what’s ahead. But remember, these clickbait titles don’t always give you the full story.

The truth is, if you compare the current numbers with what usually happens in the market, you’ll see there’s no need to worry.

Putting the Headlines into Perspective

The increase the media is calling attention to is misleading. That’s because they’re only comparing the most recent numbers to a time where foreclosures were at historic lows. And that’s making it sound like a bigger deal than it is.

In 2020 and 2021, the moratorium and forbearance program helped millions of homeowners stay in their homes, allowing them to get back on their feet during a very challenging period.

When the moratorium came to an end, there was an expected rise in foreclosures. But just because foreclosures are up doesn’t mean the housing market is in trouble.

Historical Data Shows There Isn’t a Wave of Foreclosures

Instead of comparing today’s numbers with the last few abnormal years, it’s better to compare to long-term trends – specifically to the housing crash – since that’s what people worry may happen again.

Take a look at the graph below. It uses foreclosure data from ATTOM, a property data provider, to show foreclosure activity has been consistently lower (shown in orange) since the crash in 2008 (shown in red):

 
 

So, while foreclosure filings are up in the latest report, it’s clear this is nothing like it was back then.

In fact, we’re not even back at the levels we’d see in more normal years, like 2019. As Rick Sharga, Founder and CEO of the CJ Patrick Company, explains:

“Foreclosure activity is still only at about 60% of pre-pandemic levels. . .”

That’s largely because buyers today are more qualified and less likely to default on their loans. Delinquency rates are still low and most homeowners have enough equity to keep them from going into foreclosure. As Molly Boesel, Principal Economist at CoreLogic, says:

“U.S. mortgage delinquency rates remained healthy in October, with the overall delinquency rate unchanged from a year earlier and the serious delinquency rate remaining at a historic low… borrowers in later stages of delinquencies are finding alternatives to defaulting on their home loans.”

The reality is, while increasing, the data shows a foreclosure crisis is not where the market is today, or where it’s headed.

Bottom Line

Even though the housing market is experiencing an expected rise in foreclosures, it’s nowhere near the crisis levels seen when the housing bubble burst. If you have questions about what you’re hearing or reading about the housing market, connect with a real estate agent.

Read more at KeepingCurrentMatters.com

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As Featured in West + Main Home Magazine: A Journey of Restoration

 

West + Main Agents Jaren Thomas + Braden Wahr

The house originally had a closed off kitchen and a lot of hallways. We wanted it to feel open and bigger. It’s hard to believe it is the same house. We started with something that you could never imagine someone living in and finished with a beautiful home I would love to have for myself!
— Jaren Thomas + Braden Wahr

When West + Main agent Jaren Thomas teamed up with fellow agent and General Contractor Braden Wahr to renovate a Denver-area home for sale, they wanted to give the house a fun mid-mod feel and highlight its best features, the back porch and the kitchen.

As investors, they loved the location, which is close to popular shops, restaurants + trails but in a nice quiet neighborhood, the big lot size, and that it backed to open space! They spent a little over $300k on the remodel, which was more than expected, but it needed a lot of love and as they went along they wanted to make sure they did the house justice so they put a little extra into things like the deck, wet bar, landscaping, etc.

Before:

“And, it all worked out,” said Braden. “This was a really fun project, and found the perfect buyers really quickly. We really hope that they are loving living in this special home!”

 

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‘Housing affordability is reshaping migration trends,’ economist says. Here’s where people are moving

 
 

With high mortgage rates and home prices, would-be buyers are understandably looking for deals — even if they have to move to a different city, state or region to find them.

Last year, consumers moving interstate tended to pick new metropolitan areas where housing costs and competition are less severe, and construction is keeping up with demand, according to a recent Zillow Group analysis of United Van Lines data.

Homes in those consumers’ new metros cost $7,500 less, on average, compared to the places they left.

“Housing affordability has always mattered...and you’re seeing it across the country,” said Orphe Divounguy, a senior economist at Zillow. “Housing affordability is reshaping migration trends.”

The 10 metros where people are moving

The search for affordability has led a strong migration flow into states like Florida, North Carolina, South Carolina, Tennessee and Texas, said Jessica Lautz, deputy chief economist and vice president of research at the National Association of Realtors.

Cities in the Zillow analysis showing the most inbound moves include Charlotte, North Carolina; Providence, Rhode Island; Indianapolis, Indiana; Orlando, Florida; and Raleigh, North Carolina, according to the Zillow analysis.

 
 

The real estate market is facing a low supply of active listings; while builders are trying to fill the gap, they can only do so in areas where it is financially feasible for both buyers and builders.

“That’s why you’re seeing these relatively more affordable Southern, Midwestern markets rise to the top of the list,” Divounguy said.

The draw of these metros is because they “are markets where jobs are being created rapidly” and where more new houses are being constructed, Divounguy said. For example, Charlotte and Raleigh have become tech and financial hubs attracting workers from metro areas like New York City.

“Because of that, they have remained relatively more affordable than other markets across the country,” he said.

Read more at CNBC.com

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