Archives for 2013
Killer Kitchen Trends for 2013
March 1, 2013 By Leave a Comment
Over the years, the kitchen has become a social space where friends and families spend time together on a regular basis. To make sure your kitchen is a pleasant space to spend time in, you should try to make it feel inviting. The kitchen should be functional but without ignoring style. Here are some trends to watch for this year in case you’re planning a kitchen remodel.
Glass kitchen backsplash.
A glass backsplash gives your kitchen luminosity and adds a plus of style
Glass backsplashes have become increasingly popular over the last few years and they are still an important trend in kitchen décor. Glass is easy to clean and it also has a simple and stylish look. It scratches easily but there measures that can help you protect against that.
LED lighting.
LED lighting is a modern, energy-efficient and versatile alternative
Led lighting is very popular as well and not just in the case of the kitchen. It is used in living rooms, bedrooms, even outdoors. LED lighting is not just a modern and new option but it’s also an energy-efficient alternative that should be taken into consideration during a renovation or remodel.
High gloss look.
High gloss cabinets and kitchen islands make the room feel sophisticated
The high gloss finish suits simple and airy decors with a restraint color palette
This year the popularity of high gloss surfaces maintains its popularity in the kitchen. So if you want to give your kitchen a new look, think of getting new cabinets with a high gloss finish. If you don’t want to buy new furniture, then you can just reface the cabinets. Make them look sleek and chic by giving them a simple yet glamorous look.
Touch-activated faucets.
Touch-activated faucets are the best option at this point for several reasons
Modern and contemporary kitchens usually focus on functionality and efficiency. It’s why touch-activated faucets have become so popular lately. This year they remain in vogue so don’t hesitate to replace your old faucets with the new generation. They are very efficient and help you save water, not to mention that they’re very practical and hygienic.
Wood and solid countertops.
A wooden countertop adds warmth and texture to the decor
Stone and concrete countertops are a popular trend in modern kitchens
Solid countertops are both functional and good-looking, especially in minimalist decors
The countertops are a very important part in any kitchen’s décor. As you may have noticed, now solid countertops are popular. They give the kitchen a simple and modern look and they’re also quite functional. You can opt for wooden countertops or, if you want something a little more glamorous, for quartz. Concrete countertops are also popular.
Hardwood floors.
Hardwood flooring is very elegant and adds a unique charm to the room
Hardwood flooring is an elegant and stylish option and they remain a popular trend for 2013. They might not be great in terms of maintenance and they might also be difficult to install, but they make the kitchen feel warm, elegant and inviting. You can’t achieve the same result with other materials.
Deep bowl sinks.
Deep bowl sinks are more suitable for modern use as they can accommodate all sorts of pots and pans
A stylish sink can definitely change the look of your kitchen. For 2013, the experts recommend deep bowl sinks. They are very functional and practical because they give you more freedom of movement. They also have a dramatic visual effect on the whole décor. So consider this style for your remodel.
Incorporating kitchen appliances.
For a modern and space-efficient décor opt for built-in appliances
Since most kitchens are now focusing on space-efficient designs and functional layouts, built-in appliances are a must-have. This year makes no difference. This year’s trend is about incorporating commercial-style stoves and other appliances in the kitchen. Consider opting for stainless steel appliances and make sure you find a good spot for them.
Mixing cabinet colors.
Mix colors and finishes for a more dynamic appearance
There was a time when all the kitchen cabinets and all the other furniture in the room had to have the same finish and the same color. The situation is different now. This year you should try mixing cabinet colors. Create dynamic and vibrant décor and have fun combining your favorite shades.
Scandinavian simplicity.
Simple and minimalist kitchen décor seem more airy and clean
Minimalist and simple decors are popular for quite some time and they’re still a strong trend. So if you’re planning on giving your kitchen a makeover this year then you should try to use clean lines and to opt for the Scandinavian simplicity everyone seems to admire. The décor should be simple, enat and nicely organized.
Brass faucets.
Brass faucets are more demanding in terms of maintenance but their charm is unique
Another interesting trend this year has to do with brass faucets. They have been the subject of an increase in popularity and that’s because of their versatility and elegance. You can accessorize your kitchen stylish brass faucets regardless of the type of décor or colors used.
Picture sources: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, and 14.
source: Homeedite.com
Fewer Americans in ‘Underwater’ Situation
March 1, 2013 By Leave a Comment
With home values falling dramatically from 2006 boom prices, many homeowners have found themselves in what is called a ‘negative equity’ or ‘underwater’ situation. This means the value of their home is currently less than the mortgage amount on that home.
Many of these homeowners have been ‘locked’ into their houses because they were unable to sell it without bringing cash to the closing table. The good news is this situation is improving as prices begin to rise.
We are not saying that this challenge is over. We just have to look at what the experts are saying to realize we still have a long way to go.
Zillow Chief Economist Dr. Stan Humphries recently stated:
“Negative equity is still very high, and millions of homeowners have a very long way to go to get back above water, even with current robust levels of home value appreciation in most areas. As a result, negative equity will remain a major factor in the market for the foreseeable future.”
Anand Nallathambi, CEO of CoreLogic, in their latest Negative Equity Report:
“With nearly one quarter of borrowers still underwater we have a long way to go.”
However, the situation is improving. The recent Zillow Negative Equity Report revealed:
- Negative equity continued to fall in the fourth quarter of 2012, dropping to 27.5 percent of all homeowners with a mortgage, compared with 31.1 percent one year ago.
- Almost 2 million American homeowners were freed from negative equity over the course of the year.
- Approximately 13.8 million homeowners with a mortgage were in negative equity, or “underwater,” at the end of the fourth quarter, owing more on their mortgages than their homes are worth. That was down from 15.7 million in the fourth quarter of 2011.
What does the future hold?
Anand Nallathambi, president and CEO of CoreLogic, sees the situation improving:
“As we look ahead into 2013, we expect to continue to see more borrowers’ escape the negative equity trap and that will be a strong positive for the housing market specifically and the broader economy generally.”
Zillow Chief Economist Dr. Stan Humphries agrees:
“As home values continue to rise and more homeowners are pulled out of negative equity in 2013, the positive effects on the housing market will be numerous. Freed from negative equity, homeowners will have more flexibility, and some will likely choose to list their home for sale, helping to ease inventory constraints and moderating sometimes dramatic, demand-driven price increases in some markets.”
Negative equity is still a challenge to a full housing recovery in this country. However, things will continue to improve as prices appreciate.
source: KCM
Change your words, change your world: The power of words
February 28, 2013 By Leave a Comment
I first saw this video a few years ago. It has impacted me personally as well as in my business and training worlds.
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Seattle second only to Houston
February 28, 2013 By Leave a Comment
Seattle ranks 23rd in population among the nation’s big metropolitan areas, and the city continues to grow. In fact, Seattle boasts more construction projects of residential units than any other U.S. city with the exception of Houston, reports The Seattle Times.
Last week’s 2013 State of Downtown Economic Forum of the Downtown Seattle Association reviewed the city’s priorities for developing a region that continues to support both economic and residential growth. Association President and CEO Kate Joncas shared the following:
“We’re moving in the right direction, but we must continue to develop an environment which attracts and nurtures this growth. We need to ensure that downtown is family friendly, which includes developing a downtown public school and rezoning South Lake Union to support the kind of density that will attract families….We have an obligation to ensure that we’re taking a smart approach to our advantages over suburban areas – steps like improving the pedestrian experience, preserving transit and making downtown Seattle the region’s preferred destination to live, work, shop and play. These are top priorities.”
Seattle remains the most populous city within King County, according to Seattle.gov. The city’s 2010 population of 608,660 indicated net growth of about 8 percent since the 2000 census number. One-third of total residents were between the ages of 18 and 34, highlighting the fact that Seattle has the ability to attract young talent.The Seattle-Tacoma-Bellevue area is the 15th most populous metro region in the U.S.
How did we rate: January’s housing scorecard
February 28, 2013 By Leave a Comment
January home sales held steady and may indicate that a seller’s market is emerging, reports the National Association of Realtors. Total existing home sales went up 0.4 percent to a seasonally adjusted rate of 4.92 million, up 9.1 percent from the January 2012 level of 4.51 million units. Home prices continue to rise above last year’s levels, and sales are up in all regions except for the West, where inventory is tighter.
Total housing inventory at the end of January dropped 4.9 percent to 1.74 million existing homes on the market, or a 4.2-month supply. This marks the lowest supply rate since April 2005. NAR chief economist Lawrence Yun said that “buyer traffic is continuing to pick up, while seller traffic is holding steady.”
The number of available homes for sale is lower than the six-month supply considered to be typical of a balanced market, reports Forbes. But some experts like Stuart Hoffman, chief economist at PNC Financial Services Group, cautions against using the term “seller’s market” to sum up current housing activity. “I don’t think it is a seller’s market yet but I do think we are getting back to a more balanced market where it’s no longer simply a buyer’s market.” According to Business Insider, Bank of America economist Michelle Meyer sees a market opportunity for new construction and existing homes to add to inventories and offset undue pressure on home prices.
The national median existing-home price for all housing types was $173,600 in January, up 12.3 percent from January 2012, making the 11th consecutive month of year-over-year price increases. Distressed transactions comprised 23 percent of January sales, down from 24 percent in December and 35 percent in January 2012. And the national average commitment rate for a 30-year conventional, fixed-rate mortgage rose slightly to 3.41 percent in January from a record low 3.35 percent in December.
Is There a Window of Opportunity for Sellers Right Now?
February 27, 2013 By Leave a Comment
One of the most interesting revelations of the latest National Association of Realtors (NAR) Existing Home Sales Report is the shortage of housing inventory being reported throughout much of the country. At the same time, buyer demand is dramatically up over last year. Here are some key points:
- Total housing inventory at the end of January fell 4.9 percent to 1.74 million existing homes available for sale, which represents a 4.2-month supply at the current sales pace.
- This represents the lowest housing supply since April 2005 when it was also 4.2 months.
- Listed inventory is 25.3 percent below a year ago when there was a 6.2-month supply.
- Raw unsold inventory is at the lowest level since December 1999 when there were 1.71 million homes on the market.
What Does This Mean if You Are Selling a Home?
The price of anything is determined by supply and demand. According to NAR’s report, inventory is at its lowest level since the real estate boom eight years ago. At the same time, demand is up. Lawrence Yun, NAR chief economist, reveals:
“Buyer traffic is continuing to pick up, while seller traffic is holding steady. In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve transitioned into a seller’s market in much of the country.”
Does that mean you should sell your house now? Or should you wait to see if prices increase? Nobody knows for sure. However, some feel that there may be a pent-up inventory about to come to the market because, as prices increase, it will free up some sellers who have been locked in a negative equity situation (where the house is worth less than the remaining mortgage).
The Zillow Negative Equity Forecast predicts:
“The negative equity rate among all homeowners with a mortgage will fall to at least 25.5 percent by the fourth quarter of 2013, freeing more than 999,000 additional homeowners nationwide.”
If these homes come to market, the supply/demand ratio will begin to balance out and lessen the opportunity a seller now has.
Calculated Risk, a well respected blog which analyzes the economy:
“With the low level of inventory, both in absolute numbers and as a month-of-supply, and the recent price increases in some areas, it would seem likely more inventory would come on the market.”
Lawrence Yun agrees:
“We expect a seasonal rise of inventory this spring.”
Yet, Yun is quick to add:
“It may be insufficient to avoid more frequent incidences of multiple bidding and faster-than-normal price growth.”
Probably the most interesting comment on this comes from Calculated Risk:
“I need to think about this…This will be an interesting issue all year.”
This is an issue that is important to every seller. Make sure that you are working with a true professional that is dedicated to keeping current on what matters in the real estate market so he/she may provide you with the best advice possible as this situation becomes clearer.
Half of all Renters Spend 30% or More Income on Housing
February 27, 2013 By Leave a Comment
Freddie Mac reports that residents of apartment communities that include five or more rental units currently make up 15 million U.S. households — a figure that is expected to climb with shifting demographics and housing preferences.
Such factors as demographic trends, household formations, and higher credit standards for home loans are driving the increase in rental housing, notes Freddie Mac senior vice president of multifamily David Brickman. At the same time, though, affordable rental housing is becoming more elusive in certain parts of the country because of gross rent, or rent plus resident-paid utilities.
More than half of all people who rent spend more than 30 percent of their income on housing — an increase from 40 percent in 2000. Low-income households tend to spend even larger portions of their incomes on rent, based on the U.S. Census Bureau’s American Community Survey 2000-2011.
Brickman asserts that Freddie Mac remains dedicated to supporting affordable rental housing. He concludes, “Working closely with multifamily property owner/borrowers and our network of lenders, Freddie Mac Multifamily structures financings in a way that lets us offer very competitive, long-term rates.
Source: “Freddie Mac: Multifamily Affordability Is Now a Key Focus,” Housing Wire
Three Reasons Why Housing Inventory is So Low
February 26, 2013 By Leave a Comment
There’s no question about it, the operative theme of the 2013 housing market is restricted supply. Ever since the bubble burst in 2006, we’ve been hearing about the dangers of over supply, of the massive “shadow inventory” out there. Yet we’re living in a vastly different reality. There are 40% fewer homes on the market now than there have been during February in the last few years.
Inventory of actively for sale homes. Single Family Homes. Altos 20-city (national) composite. Data as of February 22, 2013. Source: Altos ResearchMid-January typically marks the seasonal low of available housing inventory. The fewest homes are on the market after the holidays. But pretty quickly they start coming on the market to prepare for spring. Inventory gets added until the first week of July, when people start looking forward to the Autumn.