This Is the First Decision You Should Make When Decorating a Small Bedroom

 
 

Most people aren’t blessed with a palatial, Cher Horowitz-sized bedroom à la Clueless (color-coded motorized closet and all, IYKYK)

Luckily, though, there’s no shortage of tried-and-true decorating hacks to help maximize square footage in a compact sleep space, from brightening paint colors (hint: try creams and blues) to furniture layout ideas. Recently, I even learned about a new, expert-approved small-bedroom design tip that should arguably be priority number one when it comes to designing your sleeping quarters.

I asked New York-based designer Kyi Gyaw of Kyi Gyaw Interiors to share a few of her top small-space styling pointers, and she had one particularly notable takeaway. According to Gyaw, the very first decision you should make in decorating any teeny-tiny bedroom is — drum roll, please — determining “if you want to go quiet or loud.” What does that mean, exactly? Essentially, choosing a distinct tone for the space from the get-go, whether that’s more muted and minimalist or bold and packed with personality. Below, Gyaw breaks down how to pull off both ends of the small bedroom spectrum. 

How to Decorate a “Quiet” Small Bedroom

If you’d rather lean into a neutral bedroom design scheme, Gyaw first recommends being intentional with your color palette by honing in on just three to four hues total — specifically soothing, muted shades. “There’s a trend of only using white and beige these days, but it’s OK to add color as long as they are pastel and softer,” she explains. From there, Gyaw also suggests adding “a lot of interest in textures and very subtle patterns” with textiles and decorative accessories, but again, sticking with similar tones throughout the space “to not overwhelm your eyes,” she adds. Consider finishing off the look with linen bedding and window treatments specifically for the ultimate “welcoming, relaxed, and lived-in” feel, Gyaw notes.

Lamp placement is key in any tranquil bedroom as well. “I suggest having different types of lighting in your bedroom so that you can really enhance the mood,” says Gyaw. Think beyond just ceiling lights, as Gyaw notes they have a tendency to create a “cave-like feeling.” Instead, “in order to have that layered lighting effect, you will need table lamps and floor lamps,” Gyaw adds. For a warm, cozy ambience, she advises 2700K temperature bulbs, preferably with dimming capabilities. 

How to Decorate a “Loud” Small Bedroom

“When I think of loud spaces, I think of bold and fun,” says Gyaw. “It’s OK to have a lot of things going on, but I suggest you find a common thread.” She cites playing with different textile patterns and colors, for example, yet keeping them all within the same fabric family, like velvet or satin. Once you’ve landed on a cohesive design scheme, you can then get as creative as possible with vibrant rugs, bedding, throw pillows, and art. For the latter, Gyaw proposes setting up a gallery wall that incorporates mirrors — especially sculptural styles that double as accent pieces — to diversify the setup and help brighten any small bedroom. 

In terms of lighting in a more maximalist environment, Gyaw’s all for making a big statement. “Lighting is such an important aspect of any interior, and people will notice a fun chandelier, table lamp, wall sconce, or floor lamp,” she says. No need to fully reinvent the wheel here, though: You can instantly perk up an existing light with a punchy new shade, notes Gyaw, who references Etsy as a shopping hotspot for unique options. That upcycling mentality even extends to furniture makeovers, too. “I love reupholstering vintage furniture to give it a new life,” she says. “You can find a simple storage ottoman and reupholster it to a really unique fabric.” End-of-the-bed benches and reading chairs are other options you can consider for re-covering, as well.

Of course, there’s always the option to pick and choose elements from both “quiet” and “loud” small bedroom design ideas. Just be deliberate when curating furniture and decor pieces so that the space doesn’t feel overly cluttered or jarringly mismatched — unless, of course, that’s the look you’re going for because it speaks to you.

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Twin Cities Metro Area Real Estate Market Report from May 2023

 
 

Prices down slightly again while sellers still getting over asking price

• The median sales price was down 1.3 percent from last May to $370,000
• Signed purchase agreements fell 19.3 percent; new listings down 17.6 percent
• Sellers accepted offers for an average of 101.1 percent of their list price

Sales & Prices

Prices were flat in April and down slightly in May. As in April, May sellers still accepted offers above their list price despite a decline in sales—a dynamic that reflects the persistently tight balance between supply and demand even in light of rising mortgage rates. While some sellers are still seeing multiple offers on well-presented listings, the offers were closer to 1.0 percent over list price versus 4.0 percent over list price last May. With half the homes selling in under 13 days, market times are up as demand has waned. And yet, homes are still selling faster than in May of 2019 and 2020.

Pending sales dipped 19.3 percent; closed sales fell 28.1 percent. Condo sales showed the largest drop while townhomes saw the smallest decline. Single family homes sold at a median of $405,000, townhomes at $311,000 and condos at $205,000. New home sales were flat while existing home sales were down. New homes sold for $461,000 while existing homes sold for $355,000. Sales under $500,000 decreased 20.4 percent while sales over $1M fell just 6.6 percent.

Home prices are up 25.5 percent since May 2020, but down 1.3 percent from May 2022. “It’s important to keep things in perspective,” said Jerry Moscowitz, President of Minneapolis Area REALTORS®. “The median price simply reflects the middle or typical home selling, but every home is unique. In some ways, this pause gives buyers some room to be more selective on the listings that really stand out.”

Listings And Inventory

In May, sellers brought 17.6 percent fewer new listings online than last year—the smallest decline in four months. Inventory levels slid 9.0 percent lower. Some sellers are choosing to stay put and wait instead of selling for a lower price. Most sellers are also buyers and are reluctant to trade away their 3.0 percent interest rate for 6.8 percent. “While rates are surely a factor in decision-making, don’t lose sight of other factors like changes in lifestyle, a new job, growing or shrinking households, separations and so on,” said Brianne Lawrence, President of the Saint Paul Area Association of REALTORS®. “Economists’ interest rate forecasts vary widely; nobody knows what will happen. If you buy and rates go down you can refinance, if they go up, you’ll be glad you didn’t wait. We’re still below the average 30-year mortgage interest rate over the last 50 years.”

Sellers are also still getting good offers fairly quickly. At a median of 13 days, homes are still selling even faster than in May 2020—there are just fewer sales. But, there are also fewer listings. Both supply and demand downshifting together means the balance between buyer and seller activity has remained tight. And those sellers accepted offers at 101.1 percent of their list price—down from 104.1 percent from last May but clearly still a strong figure. The Twin Cities metro remains a seller’s market, just not to the same degree as last year. The 1.8 months supply of inventory for May was up 28.6 percent. Typically 4-6 months of supply are needed to achieve a balanced, neutral market.

Location & Property Type

Market activity varies by area, price point and property type. New home sales rose 34.6 percent while existing home sales were down 23.0 percent. Single family sales fell 23.6 percent, condo sales declined 8.5 percent and townhome sales were down 3.9 percent. Sales in Minneapolis decreased 13.1 percent while Saint Paul sales fell 29.8 percent. Cities such as Watertown, Medina, Corcoran, Dayton and Shakopee saw the largest sales gains while Buffalo, Monticello, Cambridge and Zimmerman all had notably lower demand than last year.


Thank you to Minneapolis Area Realtors for compiling this report.

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.

Here’s Why Life Is So Good in “15-Minute Cities”

 
 

Picture this: You walk out your front door, hop on your bike, and ride to a doctor’s appointment.

On your ride home, you drop by the grocery store to pick up a few veggies for dinner. Later, you walk to the park for a little sunset stroll.

This fantasy could be your reality if you move to a “15-minute city.”

What is a 15-minute city, anyway? As the name suggests, it’s a neighborhood or urban development in which everything residents need to thrive is within a quick 15-minute walk or bike ride from home. That includes shopping, healthcare, leisure, work, school, services — you name it.

The concept is not new — a business professor and scientist named Carlos Moreno popularized the idea back in 2010 — but it has been in the news a lot lately. And not for the reason you might guess: Conspiracy theorists latched onto the idea and falsely equated 15-minute cities to prison camps, in which governments would monitor and restrict citizens’ movements.

Recent controversies aside, the concept likely has staying power. City leaders around the globe included 15-minute cities on their list of steps communities can take to recover from the COVID-19 pandemic in a way that promotes health, sustainability, inclusivity, and economic resilience. Here’s what you need to know if you’re planning a move and want to consider a 15-minute city.

The Pros and Cons of 15-Minute Cities

Proponents say 15-minute cities have numerous benefits. Because they’re designed for walking and biking, they should help reduce our reliance on fuel-guzzling, greenhouse-gas-emitting vehicles amid human-caused climate change.

“The concept of a 15-minute city is very much on brand with the current interest in reducing our carbon footprint and mitigating the negative human impact on the planet,” says real estate broker Julia Hoagland. “When people are within a short distance of work, shopping, play, and entertainment, they don’t need to drive a car as often and might not even need a car at all.”

A prominent example of a 15-minute city in the U.S. is Portland, Oregon. Living in a 15-minute city can also help residents stay active and spend more time outdoors, which has been linked with mental health benefits. And because people are out and about (instead of alone in their cars) they’re more likely to socialize and foster connections, says real estate broker Louise Phillips Forbes. “When everything is condensed in a mini-community, people flourish through relationships that might not happen otherwise,” she says.

With key destinations so close together, residents can spend less of their time and energy on commuting and focus more on leisure activities, says real estate broker Stephane Guerrier. Buying a house in a 15-minute city can also be a savvy financial move, she adds.

“The convenience and accessibility of essential services make your neighborhood more attractive to potential buyers or renters,” she says. “When people see they can have everything they need close by, they’re willing to pay more for a home in that area.”

The flip side of this, of course, is that you’ll likely pay higher prices when you’re hunting for a house to buy. A home in a 15-minute city may simply be out of your price range.

“The closer you are to the action, the higher the prices are — that’s the typical give-and-take scenario,” says real estate agent Ivan Chorney. “If you want it all, you better be prepared to give more from your wallet.”

Depending on the type of development, you may also have to settle for a smaller home and property, and that just won’t work for everyone. “If having a big home and a big yard are the most important things to a buyer, then they’ll likely need to be farther away from the action,” Chorney says.

But if location — and, more specifically, proximity — is at the top of your real estate wish list, then buying in a 15-minute city could help you really hone in on what’s important to you in a home. This is true in New York City, which is sort of like a 15-minute city on steroids. There, residents treat public spaces, like parks and playgrounds, and shared spaces, like restaurants and gyms, as extensions of their living space, says real estate agent Kate Wollman-Mahan.

“Most New Yorkers do not have the luxury of thinking of their home as a place that can meet all of their desires, but they learn to prioritize what they really need at home,” she says.

Keep reading on Apartment Therapy.

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What Homebuyers Need To Know About Credit Scores

 
 

If you’re thinking about buying a home, you should know your credit score’s a critical piece of the puzzle when it comes to qualifying for a home loan.

Lenders review your credit to assess your ability to make payments on time, to pay back debts, and more. It’s also a factor that helps determine your mortgage rate. An article from Bankrate explains:

 “Your credit score is one of the most important factors lenders consider when you apply for a mortgage. Not just to qualify for the loan itself, but for the conditions: Typically, the higher your score, the lower the interest rates and better terms you’ll qualify for.”

This means your credit score may feel even more important to your homebuying plans right now since mortgage rates are a key factor in affordability, especially today. According to the Federal Reserve Bank of New York, the median credit score in the U.S. for those taking out a mortgage is 765. But, that doesn’t mean your credit score has to be perfect. An article from Business Insider explains generally how your FICO score range can make an impact:

“. . . you don’t need a perfect credit score to buy a house. . . . Aiming to get your credit score in the ‘Good’ range (670 to 739) would be a great start towards qualifying for a mortgage. But if you’re wanting to qualify for the lowest rates, try to get your score within the ‘Very Good’ range (740 to 799).” 

Working with a trusted lender’s the best way to get more information on how your credit score could factor into your home loan and the mortgage rate you’re able to get. As FICO says:

“While many lenders use credit scores like FICO Scores to help them make lending decisions, each lender has its own strategy, including the level of risk it finds acceptable. There is no single “cutoff score” used by all lenders and there are many additional factors that lenders may use to determine your actual interest rates.”

If you’re looking for ways to improve your score, Experian highlights some things you may want to focus on:

  • Your Payment History: Late payments can have a negative impact by dropping your score. Focus on making payments on time and paying any existing late charges quickly.

  • Your Debt Amount (relative to your credit limits): When it comes to your available credit amount, the less you’re using, the better. Focus on keeping this number as low as possible.

  • Credit Applications: If you’re looking to buy, don’t apply for other credit. When you apply for new credit, it could result in a hard inquiry on your credit that drops your score.

When you’re ready to start the homebuying process, a lender will be able to assess which range your score falls in and tell you more about the specifics for each loan type.

Bottom Line

With affordability challenges today, prioritizing ways you can have a positive impact on your credit score could help you get a better mortgage rate. If you want to learn more, connect with a trusted lender.

Read on.

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Should You Buy or Sell a Home in 2023? Here’s the Realtor.com Housing Forecast for the Rest of the Year

 
 

What a difference a few months can make in the housing market.

Late last year when Realtor.com® issued its housing forecast for 2023, our economics team believed the number of homes for sale would jump substantially, home prices would continue climbing, and rising rents would continue to bedevil tenants across the country.

Clearly, not all of our predictions came true. That’s why Realtor.com has revised its forecast to reflect some new realities in the housing market that are having an outsized impact on buyers struggling with higher costs, sellers reluctant to give up their rock-bottom mortgage rates, and shell-shocked tenants who endured years of landlords jacking up their rents.

“It was a good time to check in and update our forecast,” says Realtor.com Chief Economist Danielle Hale. “We made a bold call that home prices wouldn’t go down in 2023, and with the latest data, we’re revising that projection.”

The big takeaway for the second half of the year is that, while home prices, mortgage interest rates, and rents will come down a little bit, most folks won’t see much—if any—relief. There won’t be any big price drops reminiscent of the Great Recession.

In fact, the average monthly mortgage payment* is about 15% more per month than it was a year ago.

“Home costs are still going to be higher for buyers in 2023 because home price declines are very mild and not universal,” says Hale. “Some areas are still seeing home prices going up and mortgage rates are still very high.”

For-sale home and rental prices are expected to dip

In a long-awaited, 180-degree turn for the housing market, home prices are expected to finally come down a little nationally.

Realtor.com is anticipating median home list prices will dip 0.6% in 2023 compared with 2022. Originally, we had anticipated that prices would rise 5.4%. (This is only for existing homes and doesn’t include new construction.)

Even a small decrease is a departure from years of steadily climbing prices. Last year, home prices shot up 10.2% year over year.

The declines are at least partly due to prices having fallen in the nation’s priciest real estate markets, such as in the West. Buyers simply couldn’t afford those price tags plus high mortgage rates, so something had to give. In the more affordable Midwest and Northeast, prices have steadied or even risen.

“We’re seeing more divergence between how local housing markets are doing,” says Hale. “In areas that are more affordable, we’re seeing more buyer interest, more sales, and more competition keeping prices high.”

Renters are also expected to get a bit of a reprieve. Monthly rental prices are anticipated to dip 0.9%, some welcome news for renters who have been hitting their financial limits after years of large rent hikes and high inflation squeezing their budgets, In addition, more apartments are coming online, easing the shortage of rental housing. Initially, Realtor.com had projected rents would rise 6.3% in 2023.

“Asking rents are expected to fall. [But] whether any particular tenant is going to find rents are lower depends on when they last moved,” says Hale. “Renters who stayed put and didn’t contend with the higher rents of the last few years might find their rent has some catch-up to do.”

Lower mortgage rates will help stimulate the housing market

Prices aren’t the only things headed south. Mortgage interest rates are expected to decrease to 6.1% by year’s end. Realtor.com had expected they would be around 7.1% by the end of 2023.

The U.S. Federal Reserve is expected to moderate the rate hikes that have caused mortgage rates to soar and, in turn, bludgeoned the housing market. Now that inflation is finally slowing, that’s taken some of the pressure off of the Fed to raise its rates.

The Fed has indicated there might be two more rate increases this year. Once the Fed’s rate increases are done, mortgage rates are poised to fall a little.

“It means affordability will start to improve, but not drastically,” says Hale.

Fewer homes are for sale

The Realtor.com economics team had predicted that the number of homes on the market would surge as homes took longer to sell to fewer buyers. However, that didn’t work out as expected.

Homeowners who scored ultralow mortgage rates over the past few years have been loath to list their homes and give up those rates. So they’ve stayed put, keeping inventory low.

“The lock-in effect has been stronger than we anticipated,” says Hale. “That’s going to improve gradually over time. The longer existing homeowners are in their homes, even if they have a low mortgage rate, the more likely it is their current home won’t meet their needs. They’ll also have more equity that will cushion the blow” of buying a new home with a higher mortgage rate.

Builders aren’t expected to put up enough new homes to get the nation out of its housing shortage either. Realtor.com foresees the number of new housing starts plummeting 19.6% this year compared with last as builders contend with fewer buyers and an environment where it’s harder to get credit to start new projects.

Overall, Realtor.com foresees the number of homes for sale dropping 5% this year.

That lack of inventory is also holding sales back. Even buyers who can afford today’s prices and mortgage rates are struggling to find something for sale.

Home sales are anticipated to fall 15.8% this year to about 4.2 million sales. That would be the fewest number of homes sold since 2012. It’s also more dire than early predictions of a 14.1% decline in sales.

“We have seen the bottom in existing-home sales,” says Hale. “It’s going to take a long time to improve off of that low.”

Learn more on Realtor.com

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