Should You Rent Your House or Sell It?

If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of selling it.

A short-term rental (STR) is typically offered as an alternative to a hotel, and they’re an investment that’s gained popularity in recent years. According to a Harris Poll survey, 28% of homeowners have considered using a rental service to temporarily rent out their home for additional income.

Owning a short-term rental can be a tempting idea, but you may find the reality of being responsible for one difficult to take on. Here are some of the challenges you could face if you rent out your house instead of selling it.

A Short-Term Rental Comes with Responsibilities

Successfully owning and renting a house takes work. Think through your ability to make that commitment, especially if you plan to use a platform that advertises your rental listing. Most of them have specific requirements hosts have to meet, and it takes a lot of work. A recent article from Bankrate explains:

“Managing a rental property can be time-consuming and challenging. Are you handy and able to make some repairs yourself? If not, do you have a network of affordable contractors you can reach out to in a pinch? Consider whether you want to take on the added responsibility of being a landlord, which means screening tenants and fielding issues, among other responsibilities, or paying for a third party to take care of things instead.”

Not only is there the upfront time and cost of owning a short-term rental, but there are also risks that could come up for you down the road. Investopedia warns:

“Risks of hosting include renting your place to rude guests, theft or damaged property, complaints from neighbors, and potential regulatory violations depending on your location.”

There’s a lot to consider before taking the leap and converting your house into a short-term rental. If you aren’t ready for the work it takes, it could be wiser to sell instead.

Your House May Not Be Ideal for Your Rental Goals

Not every house ends up being a profitable short-term rental either. One of the biggest factors is where your home is located. The less likely your neighborhood is to be a travel destination, the fewer requests you should expect from potential renters—and that impacts your bottom line. An article from the National Association of Realtors (NAR) advises:

“When it comes to the viability of profitable STRs . . . consider factors like location, amenities, and whether the property is appealing. Most people seek STRs in locations where they vacation, so proximity to attractions is important. Likewise, the property should cater to a variety of travelers.”

It’s smart to do your homework and learn how much rentals in your area go for, how much business they get throughout the year, and how this compares to your goals.

Bottom Line

Converting your home into a short-term rental isn’t a decision you should make without doing your research. To decide if selling your house is a better alternative, talk with a local real estate advisor today.

Read more.

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• The 10 Biggest Kids Room Trends to Know for 2023, According to Designers

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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The housing market wakes from the dead

The housing market is showing signs of life after veering into a dead zone late last year.

Why it matters: These green shoots are a good sign for the economy overall, and run counter to some of the dire predictions made last fall when mortgage rates were skyrocketing.

What's happening: Home buyers are making peace with higher mortgage rates, and sellers are making peace with the need to cut prices and make concessions.

• While home prices will likely keep falling, there's reason to think a recovery in sale activity is already underway.

By the numbers: Pending home sales were up 3% in December, according to Redfin's proprietary measure. That was the first monthly increase since October 2021. (They're still down 31% since last year.)

• In a report titled, "The Housing Market Has Started to Recover" Redfin also notes that more folks are taking home tours than during the fall.

• The market's at a turning point, Taylor Marr, Redfin's deputy chief economist told Axios.

Zoom out: The shift is all about mortgage rates. They went up so fast, and to such a high level, it was hard for buyers to even keep up. When rates started falling back a bit, some of these prospective buyers perked up.

• After peaking at over 7% in November and crushing demand for homes, rates then fell at the fastest pace since 2009, as the market started to feel the Fed was slowing down its rate hikes.

• The average rate on the 30-year mortgage is now 6.13%, per Freddie Mac data out Thursday. That's the lowest level since mid-September.

• Some buyers are even able to get rates that start with a 5 — "an important psychological threshold," Redfin notes.

Between the lines: Home buyers and sellers adjusted their expectations. What once seemed high now seems like sort of a deal.

What they're saying: When Stefanie McFall, an architect in Atlanta, started looking for homes with her husband and kids in the suburbs last March, they were outbid repeatedly — many houses sold for $250,000 over asking. By early fall, they stopped looking.

• This year, with mortgage rates turning down, they waded back in. Success! They're closing on a five-bedroom house next month with a 5.5% mortgage — the sellers even covered some closing costs. "That would not have happened last spring," she said.

• "We didn’t mind paying a little higher interest rate because it felt like we had a little more buying power," McFall said in a message. The house is likely $100,000 less than it would've been last year, she added.

Keep reading on Axios.

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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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The 10 Biggest Kids Room Trends to Know for 2023, According to Designers

To start out the year, we’re zeroing in on the trends that will dominate kids’ rooms in 2023.

We called on our favorite designers, almost all who happen to be parents themselves to ask: What kid room trends are you seeing on the rise, and why? Their answers range from a clever paint trick to an overarching trend towards safer materials. Read on to find out what these design pros are seeing in their crystal balls:

No More Neutrals

Annie Obermann, Principal Designer at Forge & Bow says she predicts pattern, pattern—and more pattern. “People have been playing it safe with neutrals for more than a decade. I think people are becoming more comfortable with bold expression, infusing multiple patterns and bold colors to create an eclectic space,” she says.

Caroline Brackett of Caroline Brackett Studio of Design agrees, “In recent years, there have been a lot of neutral kids rooms and nurseries, but that is becoming a thing of the past as bolder rooms take center stage,” she says. “We are seeing a lot of unexpected color combinations that are coming through patterned wallpaper, paint colors, and fabrics.”

Creative Room Dividers

“I predict that we’ll see more creative room divisions in the year ahead,”  says Roberto Gil, the owner of Casa Kids, a custom furniture maker based in Brooklyn. “We are getting more requests for room partitions because building managers and boards in New York City won’t allow contractors to create room partitions. Instead we make room dividers as removable cabinetry.” And the need to partition rooms is not limited to city dwellers: With many families choosing to stay put while housing prices and mortgage rates remain high, creative room divisions are likely to become more popular. 

Multi-Function Designs

“I feel like kids’ rooms are getting a lot more multifunctional,” says Ginger Curtis, founder of Urbanology Designs. “It’s not just a bedroom anymore… it has zones: Sleeping zones, work zones, organizational zones.” She points out that you also don’t need a large bedroom to get all this functionality. “There are a lot of creative ways to work with small spaces.”

Next-Level Kid Art

“Lately, we’ve gotten more and more requests from clients to incorporate their kids’ art into their bedroom in new and interesting ways,” says Julia Miller, founder of Yond Interiors, who sees parents wanting to personalize the spaces and encourage their kids’ creativity. “In 2023, we’ll see people incorporating kids’ artwork in interesting ways beyond the classic corkboard, like collages or custom screen-printed textiles.” 

Hanging Chairs

Hanging chairs are huge in tween rooms right now, according to mom of two Bethany Adams, the founder of Bethany Adams Interiors. “Hanging chairs look super-cool and will impress their friends, which is sometimes the point of tween rooms,” she laughs. But Adams also loves installing a classic swing into a younger kid’s room, if there’s the space to do so safely. “Just be sure to have a qualified handyman or contractor install the hardware into the ceiling joists above and be clear about proper swinging form!” she adds.

Bunk Beds Are Back

Rozit Arditi, Principal at Arditi Design, predicts design firms will be installing more bunk beds in 2023. “Bunk beds are often seen as a small space solution, which is true, but they can be used for kids’ rooms big or small to maximize the floor space and create additional sleeping areas for sleepovers.” (Pssst … if you are thinking about a bunk, Cubby’s got you covered with this guide to bunk beds. We’ve got great bunk accessory ideas, too.)

Low VOC Is Key

Kristin Bartone, founder of Bartone Interiors sees sustainable, “clean” furnishings as an important and rising trend in kids rooms. “Environmental toxins have a disproportionately high effect on children,” Bartone points out. “Organic, natural materials like sustainably-sourced cotton and the natural fibers are key in keeping your kids’ space toxin-free from the start.”

Colorful Millwork and Trim

Leigh Anne Schurr, special projects manager at Marguerite Rodgers Interior Design, points to a very specific trend: colorful millwork and trim. “A kid’s room is an area of your home where you can experiment with color and playful patterns,” says Rodgers. “Our clients are forgoing the traditional white trim and millwork and using a contrasting color instead.” Alison from @houseabovetheriver painted the millwork in her kid’s room, as shown above.

Non-Binary Design 

Wallpaper has been trending in kids rooms for years, but Michael Cox, principal at foley&cox, sees a shift towards “modern, sophisticated, and abstract wallcoverings.” He notes, “Broader color options are available to address gender neutral and non-binary considerations. Plus, the abstract patterns allow the foundation of the room to evolve as the child grows—simple updates of art and accessories can now take a room from newborn to preteen.”

Cozy Spaces

“We are seeing a need for a smaller, safe spaces,” says Samantha Struck of StruckSured Interiors. Struck believes that kids had a rough time coping with COVID and that their space can help them “truly rest, process, and hide from the world.” Think elements like hammocks, bunk beds that can be closed with curtains, and bed canopies to enclose their sleeping space. “Any chance to re-enforce security within the space will be huge for helping kiddos feel at peace and a sense of calm.” Cozy bed nooks fit in here, too!

Get more on Apartment Therapy.

Related Links

• Rents Are Still Rising—but Not By Much. Are the Steep Hikes Finally Over?

• Population drain persists in big cities

• Here’s a Creative, Rental-Friendly Way to Repurpose Old Clothing Into Home Decor

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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Population drain persists in big cities

People aren't moving to big city centers like they used to, even as employers ramp up calls to return to the office.

Why it matters: Affordability is still drawing folks to less dense and cheaper areas, particularly those in the booming Sun Belt.

Driving the news: A new report from the National Association of Realtors showed that major metro areas like New York, San Francisco, and Chicago saw more people leaving than moving in.

• Instead, people fled to cities in Florida, Texas, North Carolina and South Carolina.

• The Miami metro area experienced the largest inbound increase from before the pandemic, which saw gains of nearly 60% in 2022 compared to 2019. Houston experienced the highest move-in rate for 2022.

What they're saying: "Pre-pandemic, we had a different trend. People wanted to move to big city centers," Nadia Evangelou, senior economist and director of real estate research at the National Association of Realtors, tells Axios.

• More people are moving to those cities compared to 2021 but "we're not there yet," Evangelou says of metro areas regaining the population that fled.

Between the lines: Across the board, the report found, fewer people moved last year, continuing a trend from 2021.

• The report analyzed the United States Postal Service’s change-of-address data to spot migration trends.

• Nearly 70% of U.S. ZIP codes posted fewer inbound moves in 2022 compared to 2021, according to the data.

• The slowdown has persisted as droves of people sought more space and cheaper cost of living during the pandemic.

Keep reading.

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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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Humane Society stays at capacity, seeks pet adopters

The Carteret County Humane Society animal shelter is at capacity, and Manager Rachel Hardin doesn’t see an end in sight.

“We’ve been at capacity for months, and we haven’t had a break,” she said Jan. 23. “We normally get a reduced amount of turn-ins in the winter, but we haven’t seen a slow up.”

The shelter, on Hibbs Road in Newport, is currently housing 244 animals, but ideally Hardin likes to keep the shelter at 130 cats and 80 dogs.

This dog stares out of a kennel Jan. 23 at the Carteret County Humane Society Animal Shelter in Newport, which has stayed at capacity for many months. (Cheryl Burke photo)

Hardin said the two main reasons people are giving for surrendering pets is they are moving and they can no longer afford to care for their animals.

“Food has gotten so expensive, and so have vet bills,” she said.

While she encourages people to have their pets spayed and neutered to avoid overpopulation, Hardin said many are struggling to pay for the surgery.

“Spaying and neutering pets is the best way, but people tell me they can’t afford it, so they can’t do it,” Hardin said.

This dog is among many up for adoption Jan. 23 at the Carteret County Humane Society Animal Shelter in Newport, which has stayed at capacity for months. (Cheryl Burke photo)

Regardless, she appealed to pet owners to do everything in their power to spay and neuter and “be responsible pet owners.”

Hardin said to cut down on the number of owner turn-ins, the shelter is working with owners to see if there are other ways to avoid them having to give up their pets.

“If they need help with food, we can help with some of that,” she said. “We are also trying to do turn-ins by appointment so we’re not getting overrun with owner turn-ins all at the same time.”

Hardin said she also periodically posts appeals on the shelter’s Facebook page.

This cat up for adoption Jan. 23 at the Carteret County Humane Society Animal Shelter in Newport rests in a free-roaming cat room. The shelter is at capacity and needs adopters and for pet owners to spay and neuter their animals to avoid overpopulation. (Cheryl Burke photo)

“We’ve had a few cats adopted because of that,” she said.

In the past, the Humane Society has shipped animals to other rescues in northern states, which have a better track record of pet adoptions, but Hardin said most of those are now at capacity.

“We need people who are willing to adopt and share our Facebook posts,” she said.

The cost to adopt from the shelter ranges from $70 to $125. She said they are also working to reduce costs in certain situations. The adoption fee includes spaying or neutering, vaccinations, microchipping and more.

The shelter also welcomes donations of supplies and currently has a special need for cat litter, kitten food and laundry detergent. Monetary donations are also welcome.

Volunteers and foster families are welcome as well.

Those interested in dropping off donations can come by the shelter 10 a.m. to 1 p.m. and 2 to 5 p.m. Monday through Friday, and 10 a.m. to 4 p.m. on Saturdays.

For more information about adopting a pet or other ways to help, call the Carteret County Humane Society, 252-247-7744, or go to cchsshelter.com. 

Learn more here.

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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.