Home Trends to Watch for in 2021

As 2020 caught us spending more time at home, homeowners began rethinking how they would use their homes in the new year. Some homeowners may even end up listing their current home to take advantage of the booming market and low inventory, in hopes of finding a home that will meet their new needs.

If you have clients who are looking to list their home or purchase a new home, there are a few different trends that you should look for during their home search in 2021.

Two New Styles: Grandmillennial and Cottagecore

As your clients begin looking for homes to fit their needs, there are two new decor trends that they might consider: Grandmillennial and Cottagecore. These decor trends are becoming more popular and well-known in the interior design world. Cottagecore grew in popularity through social media during quarantine. The style is defined by the idea of creating a wholesome and more comfortable home no matter where a person may live.

For a Grandmillennial style, think of all of the comforts of your childhood home: vintage touches, patterns and nostalgia enhanced with a touch of modern vibes, bold colors and coordinating patterns to match. To add more to this style, display the family heirlooms with a more modern twist.

Trending Colors and Designs

If you have clients who are preparing to sell their home to find their next home, you may suggest staging their homes with the trending colors and designs of 2021. These include neutrals, browns and beiges. These colors are definitely beginning to make their way back into decor.

While it may seem that neutral is the front runner, the color of the year selections by all the paint companies show a wide range of soft and bold color choices. The focus again is on creating a space that is comfortable based on what buyers want for their next home.

Rattan furniture and caning don’t appear to be going anywhere soon either. Even the trend of adding caning to pieces of furniture people already have on hand is gaining popularity. Speaking of furniture, it’s no longer expected that all furniture needs to match as long as the pieces flow within the space. This furniture style can certainly be used to stage a home that is both relaxing and on trend.

Home Layout Trends Taking Over Open-Concept Living
Prior to COVID-19 and quarantine, having an open-concept living space was ideal. Now that families are finding themselves home-based, the idea of an open-concept home is no longer favored. Be prepared for homebuyers to want homes that have rooms that can serve multiple purposes, such as dining rooms that can function as workspaces during that day and a place to enjoy dinner together at night. Even home offices are getting a major facelift due to the shift in needs. You may find that your clients are looking for a home that has the extra space for an office or a place for their children to do their schoolwork. Additionally, they may be looking for a home with more recreational space or a space to relax after a long day.

Take Advantage of the Booming Market
Homeowners are reevaluating their current dwellings and deciding to move to warmer climates, closer to the areas they love. Despite all that has happened in 2020, the real estate market is on fire. Those looking to move are faced with low inventory, which is ideal for sellers, causing buyers to realize they have to act fast. Along with the hot market, interest rates are also low, making it the perfect storm to find the home of your dreams, even during a global pandemic.

While we still have no idea how the next year will look like in the outside world, homeowners are focusing on building their lives inside their homes. Taking a pause in the hustle and bustle of everyday life, homeowners are reimagining the functionality of their homes. All of the design trends for 2021 are centered around creating a home that brings a sense of comfort and calm at a time when so much seems uncertain.

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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.

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Is 2021 a good time to sell your house? It depends on these 4 factors

Last year, buyer demand increased due to record low mortgage rates. That said, because of those low mortgage rates, and fewer houses on the market, home prices went up. To put it simply, the last half of 2020 was a seller’s market. But will 2021 be the same? 

Should sell your house: Interest rates are low

Low-interest rates are great for potential buyers. They make monthly mortgages more affordable! Why is this a good thing for sellers, you ask? While interest rates are expected to remain steady in 2021, there will still be a low supply of houses on the market. This means home prices will rise and sellers will walk away with a good chunk of change. 

Shouldn’t sell your house: You refinanced or you’re in forbearance

Last year featured a huge refinance boom. As interest rates dropped, homeowners took advantage and refinanced their mortgages at lower rates. If you recently refinanced your house, you’re probably in a better place to afford your current mortgage than if you were to buy something new. 

According to the Mortgage Bankers Association, approximately 2.8 million homeowners are in forbearance plans. If you’re one of them, and you’re wondering if you can sell your house, we have good news.

In most cases, yes, you can! But, the money you haven’t paid will be added to your total payoff (which includes any interest you owe). If your forbearance plan is set to end and you’re still struggling, talk to your lender about an extension. 

Should sell: You live in a hot area

U.S. home prices have doubled in the last decade, according to Zillow. In recent months, some cities, in particular, have experienced huge booms in home prices. For example in 2010, the average home price in Denver, Colorado was $246,680. The average home price in 2020 was $464,068, 

If you live in an area where home prices are skyrocketing, it might be a good time to sell your home. 

Shouldn’t sell: Your income isn’t stable

The economy is starting to recover, but that doesn’t mean everyone’s back on track. If you’re waiting to go back to work after being furloughed, or you’re worried your employer will be making layoffs, you might be thinking it’s a good time to sell your house and purchase something cheaper. 

Keep in mind though, a great deal of money goes into buying a new house (regardless of the property type). Besides a down payment, you’ll have to pay closing costs, property taxes, insurance, etc. The costs add up quickly. And if your income isn’t stable, you might struggle to make ends meet.

Instead of selling your house, talk to your lender about refinancing or entering a forbearance plan to help alleviate financial stress.

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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.

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As Featured in West + Main Home Magazine: Wallpaper Magic

Some people are calling it GrandMillennial style, but this is definitely not the heavy wall covering you remember from Granny's house! 

Everything old truly is new again...and we would be remiss if we didn't include wallpaper in the Old Meets New Issue of West + Main Home Magazine! We're seeing wallpaper
EVERYWHERE - from small accents in renovated homes to incredible murals in new-builds at every price point...and we're totally here for it.

When West + Main agents April + Rob Schmidt scored the mid-century house next door to theirs for April's mom to live in, their goal was to help her feel like it was 100% her from the moment she walked in the door...which meant that the entryway had to be warm, welcoming + stylish just like she is. This bold + whimsical wallpaper print is not only an homage to the home's
architectural history, but also to the new owner's affinity for gardening, as well as her love of art in every form.

The mid-mod walnut shelf unit found itself perfectly at home beneath a vintage mirror, which, placed across from the modern door, also follows one of the main tenets of feng shui by reflecting elements of nature + light into the space. The finishing touch? A 60's inspired light fixture, of course!

Labor: $300 + Materials: $1,200

Total: $1,500

Wallpaper  Etten Gallerie

LIGHT: ALL MODERN - Brubaker 4 - Light

TRADITIONAL

Etten Gallerie Black & White Silver Palm Botanical Wallpaper

$126.00 / ROLL

PEEL + STICK

HaokHome Modern Floral Wallpaper Pink/Green/Navy Blue/Orange

$24 / 17.7"x 9.8ft ROLL

Wallpaper brings life to any space! Peel + Stick makes it easy to change your mind.

For more remodel inspiration, visit the first edition of the West + Main Home Magazine.

Millennials Are Changing the Luxury Real Estate Market

Tech-savvy and environmentally conscious, millennials’ preferences are poised to dramatically reshape the high-end housing market.

In sharp contrast to the “slacker” stereotype that has defined their generation, millennials aren’t living in parents’ basements. They’re buying multimillion-dollar homes. 

At 38%, millennials—adults born from 1981 to 1996—represent the largest share of home buyers in the U.S., according to a survey by the National Association of Realtors released last year. “They’re just as interested in owning a home. They just waited longer to buy their first one,” says Bradley Nelson, chief marketing officer of Sotheby’s International Realty.

Breaking from the notion of a “starter home” that older generations embraced, wealthy millennials, Nelson says, are going big.

“In the past, people bought a modest property, lived in it until starting a family, and then traded up to a larger property,” he says. “Millennials are finally coming out of the gate, and it’s not uncommon for the first purchase as a first time homebuyer to be a multimillion-dollar luxury home in the U.S. or internationally.”

As a result, millennials are quickly becoming a dominant force in high-end real estate.

“Baby boomers are retiring to sunnier locales, while remote work has allowed millennials to ascend the housing ladder in smaller, more affordable cities,” says a new report from Sotheby’s on global luxury in 2021. “An emphasis on things like sustainability will certainly go into overdrive with the aging of millennials, who, at 72.1 million, are the largest adult generation, with unique consumer preferences that will profoundly influence the direction of the luxury-housing market.”

Market-Moving Preferences

Millennials are the most educated generation in history, have higher earnings, and are set to inherit more than any prior generation, according to a May 2020 report by the Brookings Institute.

Characterized by their tech savvy and environmentally conscious values, millennial preferences are poised to dramatically shape the market, a dynamic that has been on display during the Covid-19 pandemic. Beginning almost immediately after the coronavirus hit, for instance, buyers began to flock to areas that offered walkability, nature, and a well-rounded quality of life. (Think food and an art scene.)

Aspen, Colo., Austin, Texas, and Montecito, Calif., were all prime beneficiaries, Nelson explains. “It’s the difference of choosing where you want to live vs. living where you work,” he says. “Millennials are thinking about their overall lifestyle. It’s propelled these second-tier markets into the top of the interest list.” 

Total sales volume in Aspen hit a record high of more than $1.5 billion in the third quarter, while in some neighborhoods of Park City, Utah, median sales prices spiked by more than 50% during the summer, according to Sotheby’s 2021 Luxury Outlook.

Outside the U.S., the Mornington Peninsula outside Melbourne on Australia’s southeastern coast has also seen a similar influx, the report states.

Permanent Changes

Going forward, developers are likely to integrate touchless, high-tech features into more homes and focus on bolstering sustainability credentials in new buildings, Nelson says.

From energy-saving geothermal systems and solar panels to green roofs, “these are the features that are most attractive,” he adds. “If a home is move-in ready and environmentally conscious and has a Tesla charger installed in the garage, those homes are generating a premium, because you have so many buyers interested in competing for them.”

Overall, the luxury real estate market is ripe for growth.

According to a December Sotheby’s International Realty survey, 63% of affiliates polled said they expected luxury home prices to rise over the next three years in their respective markets. More than 70% of respondents reported heightened demand at the end of 2020. 

To read more about the changing luxury home market, visit Bloomberg.

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Each State's Favorite Valentine Candy

While Valentine’s Day may have started out as a holiday for romantic love, over time it has transformed into an excuse to show your friends, family, and even coworkers you think they’re pretty swell.

That means on February 14th, the office will be full of sweets and candy, in particular. However, anyone who has been to an office potluck (or just observed a good old candy bowl), knows not all treats are as popular as others.

What candy should you bring in if you’re hoping to win friends and influence people the old-fashioned way (with some good old-fashioned light, candy bribery)?

Zippia did the pesky work of finding each state’s favorite Valentine’s Day candy, so you know what to bring to impress. Spoilers: Most states prefer a more subtle (And chocolate-y) way of saying “I love you” than those chalky hearts.

Image from Zippia

MOST INTERESTING FINDINGS

• A staggering 45 out of 50 states prefer chocolate.

• The most popular Valentine’s day candy is chocolate covered strawberries.

• Chocolate roses and MMs tie for second place. Want to bet how many of those MMs are pink and white?

• Brands matter, with Dove chocolates being preferred to Lindor.

• California likes “candy necklaces” the most… which sounds like a slobbery mess around your neck, but to each their own.

• Conversation hearts may be a stereotypical V-Day choice, but only 4 states prefer them. Guess most states prefer a more subtle “I love you.”

• Valentine’s Day is like a box of chocolates in Kansas, South Carolina, and Idaho.

HOW WE FIGURED THIS OUT

Using Google Trends, we determined what Valentine’s Day candy each state eats a disproportionate amount of. We defined Valentine’s Day candy as candies that peaked in search volume for the big day. From there, we determined what candy is searched a disproportionately, high amount in each state.

For example, while California eats all the candies the rest of the country does, the search interest in “candy necklace” is disproportionately higher than the remaining states- making candy necklaces more popular in California than anywhere else.

Some controversial decisions were made, including counting chocolate covered strawberries as a candy. However, search volume doesn’t lie and that peak meant our hands were tied.

We looked at the first two weeks of February to determine what folks are searching for the most in each state, prime Valentine Day candy stocking time. How this year changes (if it does) won’t be apparent until after Valentine’s Day- and who wants to wait that long? Luckily, odds are good most of us will still be gorging on MMs and chocolates this year and for many years after.

HOW DO YOU SAY I LOVE YOU?

One thing is clear, giving people candy is a pretty big way of showing you care. In fact, 69% of Americans would rather have candy than chocolates for Valentine’s Day. What type of candy should you bring to impress? Chocolate!

Related Links

• Budgeting For Closing Costs When Buying a House

• Interior Designers Predict the Next Big Renovation Trends

• The States Americans Moved to in 2020, According to U-Haul