Moving Rates Up
Add moving cost to why fewer people may be buying. Realtor magazine reports, “Aside from rising mortgage rates and home prices, buyers are being squeezed by another escalating expense: the growing cost of moving services. This year has become the priciest for hiring movers in the nation’s history, according to a new study from HireAHelper. The average cost of a move was 15% higher than a year earlier, the study shows. Ballooning gas prices, supply-chain disruptions and 40-year-high inflation are primarily fueling moving expenses, says Nadia Evangelou, NAR. “This means that people need to spend more of their budget on housing,” she adds. “This additional cost may discourage people from moving, resulting in an even lower mover rate in 2022.”
Buyers Sellers Slow Sales
Buyers and Sellers are both causing home sales to slow. Ben Verde of Inman writes, “Homesellers are pulling back from listing their homes at the highest rate since the coronavirus pandemic. Redfin found that new listings for homes dropped 12 percent as sellers encountered a market marked by high mortgage rates, skittish buyers, inflation and recession fears that have seen pending home sales drop 16 percent annually. Many homesellers are also staying put to avoid being locked into an expensive mortgage on their new homes, the report posits. “Buyers are backing off due to rising housing costs and sellers are holding back because they realize they won’t get the bidding war they would have gotten six months ago,” said Redfin’s Taylor Marr.”
Buyers and Sellers are both causing home sales to slow. Ben Verde of Inman writes, “Homesellers are pulling back from listing their homes at the highest rate since the coronavirus pandemic. Redfin found that new listings for homes dropped 12 percent as sellers encountered a market marked by high mortgage rates, skittish buyers, inflation and recession fears that have seen pending home sales drop 16 percent annually. Many homesellers are also staying put to avoid being locked into an expensive mortgage on their new homes, the report posits. “Buyers are backing off due to rising housing costs and sellers are holding back because they realize they won’t get the bidding war they would have gotten six months ago,” said Redfin’s Taylor Marr.”
Brown Rules
Brown is boss. Pippa Blenkinsop of Homes & Gardens writes, “Decorating with brown is not always an obvious choice, and in the past it has had a reputation for being outdated. However, in recent years brown has become increasingly popular with those looking for a grounding, earthy neutral to bring warmth to interiors. With a spectrum stretching from cappuccino and taupe shades, to rich chestnut and dark chocolate, brown offers huge scope for creating all sorts of looks, from sophisticated and tailored to calm and nurturing. ‘Whilst brown may have connotations of 70’s kitschy interiors – it can be achingly chic when used in the right environment – from earthy mid-neutrals to the deepest and richest aubergine-tinged darks,’ says Patrick O’Donnell of Farrow & Ball.
Exterior Matters
Melissa Dittmann Tracey of NAR writes, “First impressions matter, and the outside of a home has become a key area to spotlight to make sure a property gets noticed. The startup Dzinly offers virtual exterior renderings done by designers that give homeowners ideas of the possibilities before they commit to a pricey remodel.
Melissa Dittmann Tracey of NAR writes, “First impressions matter, and the outside of a home has become a key area to spotlight to make sure a property gets noticed. The startup Dzinly offers virtual exterior renderings done by designers that give homeowners ideas of the possibilities before they commit to a pricey remodel.
Matt Mosher, founder of Dzinly, offers the following tips on sprucing up the outside of the home as well as some before and after virtual renderings to show what a difference some upgrades could make. What purpose do you want your outdoor living area to serve? Do you host barbeques or outdoor candlelit dinners? Or do you want to have a cozy corner to relax and read books? Take your time to decide, and then consider a layout to use the area effectively.”