As Featured in West + Main Home Magazine: Mid Century Dream Home

“When we first moved in to our house, we knew we wanted the sunroom to be the focal point but it needed a LOT of work to get there. The windows were so thin that our contractor got a reading of 102.5 degrees when you touched the window on a warm day. The room was not functional, and you could not sit in there without feeling like you were at a hot yoga studio. The tile was peeling up from every direction, you could see daylight through the swamp cooler vent, and there was just a big hole in the ceiling instead of a vent. The curtains were just blankets hanging from random piping. Needless to say, it had a long way to go. We wanted to make the space a bit of a sanctuary because of all the natural light, but we also needed to add a mudroom since we were changing the setup of our entry door. So, we decided to split the sunroom so there was an area to hang out and then an area for a 'mudroom' space. We absolutely love how it turned out!!”

“I was inspired by modernism which brings a lot of the natural elements from MCM styles and adds in a modern touch. I went ALL in on the design + finishes,. We are talking MCM everything. I joined Facebook groups, subscribed to Atomic Ranch magazine, spent hours scouring Pinterest and driving neighborhoods here in Denver. I wanted to really understand the elements we needed to highlight and pay homage to this era of homes. For example, we had an old wood burning fireplace that did not fit the house at all. I knew I wanted to rip that out and went on a mad hunt for a vintage Malm fire- place. I finally found ours in Wisconsin and had someone drive it here for us.”

We wanted to add our own bohemian flair to make the room as inviting as possible. My husband kept telling me, ‘think Tulum, but with Mid Mod vibes.”

“This room was part of our entire remodel project and unfortunately it ate up a lot of our budget! It needed to be gutted top to bottom - including all new windows, window coverings, a swamp cooler, electrical, etc. We spent around $35,000 for this room - $20,000 of that being in all new windows and installation and another large chunk being the automatic window coverings. For the remaining portion, we did our best. Our contractors (who we LOVE... shoutout to Sloan Windows and Doors) built the slat wall, installed the mudroom closet, built the bench, and redesigned the lighting. We found our flooring on sale at Home Depot for $1.20 a square foot! Then we had a painter paint all of the white brick and refinish the ceiling drywall. End of the day, a lot of the expenses went to getting the room to a livable space and then we tried to keep costs down with each of our finishes.”

“This was part of a 5 month remodel project so let me tell you, unexpected and funny things happened every single day.”

“We were living in the remodel so trying to keep a 1 year old and 3 year old out of the work zones turned out to be a full time job. Something I did not even think about was how much my kids would love playing with the remote controlled blinds. I will walk in to the sunroom to find them pressing the buttons sending them up and down - I have no idea what our neighbors think is happening in here but hey, at least they are entertained!”

“I am truly in love with the slat wall that we created to separate the sunroom and the mudroom. I didn't want to lose any natural light and it creates this barrier while still allowing all the in- credible light to pass through. That, and my Malm fireplace. I stopped at nothing to find one in good shape and in a fun color. I have no idea how to use it but can't wait to try this winter!!”

Keep reading.

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Finally, Mortgage Rates and Home Prices Favor Buyers

 
 

Christmas has arrived early for America’s homebuyers! And it’s not just one gift, but two that should make them giddy.

Gift No. 1: lower mortgage rates, which have been falling for the past four weeks.

“Housing data in the week that followed the Thanksgiving holiday showed that the recent dip in mortgage rates may already be having an impact,” explains Realtor.com® Chief Economist Danielle Hale in her weekly analysis.

Gift No. 2: Home price growth “slowed notably” for the week ending Dec. 3, according to Hale.

We unwrap the latest real estate statistics and what they mean for homebuyers and sellers in our weekly column “How’s the Housing Market This Week?

Mortgage rates dipped again

Not too long ago, it had been a grim picture: Mortgage rates had more than doubled over the past year and reached a 20-year high of 7.08% for a 30-year fixed-rate loan in late October.

Yet since then, for the past month, rates have been in a free fall, hitting 6.33% for the week ending Dec. 8, down from the previous week’s 6.49%, according to Freddie Mac.

Even this singular one-week decline comes with major savings on a typical house, amounting to $185 saved per month.

Yet with rates in flux, there may be little time for home shoppers to waste.

“With far more consumers still generally expecting higher rates rather than lower rates, those hoping to make a purchase may have some urgency to capitalize on what may be a temporary dip,” warns Hale.

Home price growth is tapering off

In November, the median price of a house hovered at $416,000. Yes, that’s high, but nowhere near the record high of $449,000 in June.

Furthermore, although the cost of a home has grown by double digits year over year for the past 49 weeks straight, the good news for homebuyers is that this growth is steadily ratcheting down.

For the week ending Dec. 3, the median listing price grew by 10.3% compared with the same week last year. So prices are still higher than a year earlier, but this was a steep decrease from the prior week’s growth rate of 12.2%.

And if the slowing continues, home price growth could move back into single-digit territory before the end of the year, giving buyers even more purchasing power.

Where are all the new homes?

While homebuyers might be thrilled by these sudden good tidings on the mortgage and home price front, the downside is that they’ll have fewer fresh listings to shop.

For 22 consecutive weeks, the number of new home sellers willing to list has dwindled, dropping for the week ending Dec. 3 by 8% compared with this same week last year.

Yet the silver lining is that this is the smallest decline since July.

“Looking ahead, we expect midsized markets that offer affordability and are home to a mix of domestic manufacturing, government, health care, and education employers to have some of the top housing markets of 2023,” says Hale.

Get all the info on Realtor.com

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The Psychology of Color in the Home…and Beyond

 
 

There are countless factors that go into any consumer purchase.

Factors like price, quality, and convenience are obvious, but others are less so. One factor that goes far under the radar is color, plain and simple. When it comes to marketing, modern shoppers actually consider color more than any other factor. That’s why the psychology of color in marketing is so powerful.

It’s not too surprising to hear, companies are constantly shifting color schemes and making minute changes. Others are represented by the color of their logo just as much as the symbol itself. Target, Walmart, Ikea, Home Depot, these are all businesses with highly recognizable color schemes. This works to all of their benefits, but in unique ways.

Color, interestingly, takes on different meanings depending on the context it is seen in. Red, for example, in marketing at large draws in attention and leads to sales conversions. Although in the home, red is associated with pain or blood, it’s not valued very highly. In contrast, blue has a lot more consistency. Light blue is one of the most common home colors and in marketing is a calming, trust-producing, neutral color.

Ultimately color can make or break a product, be that a home or a hair gel. When it comes to the home, colors can be sorted into high and low performance colors. Red, as previously mentioned, is typically disliked and is a low performance color. Blue, on the other hand, is highly desired and is a high performance color.

Outside of red and blue, a few other key colors are prominent examples of high and low performance colors. Taupe or gray is a high performance color, selling faster than any other colored home alongside white and other neutrals. Black is a similarly high performance color, but more specifically as a luxury variation. 

Brown, although a somewhat neutral color, actually undersells the value of any home. Homes with brown-colored walls selling for $2,310 less than expected on average. Cream yellow, a fairly common coloration, is also a low performance color. In reality only being liked by 5% of people. 

This is the interesting position color holds in the home. A position affirmed by research into how color changes one perception. White, a high performance color, reflects more sunlight and makes rooms look bigger. Helping to make any home feel more roomy. Blue, another high performance color, helps people to feel happy when waking up in the morning.

Red, instead of calming or helping, increases one's pulse and blood pressure. It is a stressful color, something that can be good for common purchases, but bad for the home. There’s much to be discussed about each color and the specific sensations it may raise. In psychology countless studies have been done to prove that color may affect memory, attention and countless other factors.

Ultimately this all goes to show, color matters. It matters when considering which store to go to, which product to buy, and importantly which home to live in. It’s often underlooked, but is the most considered factor in marketing. A coat of paint makes a world of a difference, no matter the industry it is operating in. 

Get more like this on RISMedia.

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Clutter Free Gift Ideas for the Holidays

 
 

It’s so easy to get overwhelmed and fill your holiday shopping list with items that will sit on the shelf or get tossed, right?

Here are some clutter free gift ideas for you think about for your loved ones this holiday season!

  • Local experiences - Create a memory by giving tickets to a concert, sporting event or a certificate for a local restaurant

  • Learn something new - Build skills with a class that can be a fun time together - cooking,painting, pottery, or scuba diving!

  • Lend a hand at home - Help pick up a tedious home task by giving a cleaning service, home organizer or laundry service

  • Annual membership - A gift of access to the local Botanical Garden, zoo, or state parks will keep giving year round!

  • Fill their stomach - Sweet treats are always a hit, homemade or store bought! Pair with your favorite winter beverage

If you need a recommendation for a great local experience or vendor, please reach out!

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Lower mortgage rates stabilize the housing market

 
 

After a waterfall dive, purchase applications data finds its footing for now

Since the weaker CPI data was released in November, bond yields and mortgage rates have been heading lower. The question then was: What would lower mortgage rates do to this data? Now, with five weeks of data in front of us, we can say they have stabilized the market.

Purchase application data came out on Wednesday and the week-to-week data was down 3%, breaking the streak of four straight weeks of growth. The year-over-year data declined 40%, the smallest year-over-year decline since Oct. 19.

For months I have been saying we were going to have challenging comps from October to January because last year at this time mortgage volume was rising — a rare event this late in the year.

Because of that, we should all expect declines of 35%-45% year over year during this period. If things were getting weaker, 53%-57% negative year-over-year declines would be in play. However, mortgage rates have fallen more than 1% since the recent highs, so it’s time to look at the data to explain how to interpret it.

The bleeding has stopped

First and foremost, the bleeding has stopped in this data line, but the context is critical here. We had a waterfall dive in this data line and adjusting to the population, we hit an all-time low, so let’s put the bounce from the lows in context. This isn’t like the COVID-19 recovery where the data was getting noticeably better on a year-over-year metric; the purchase application data just stopped going down.

For now, just think of it as stabilization and we need to see more of this to make a valid premise that the worst is behind us.

 
 

As you can see from the chart above, the last several years have not had the FOMO (fear of missing out) housing credit boom we saw from 2002-2005. Accordingly, we also haven’t had a credit bust in the data line.

What I mean by a credit bust is that after the housing bubble burst in 2005 into 2006, we saw a massive increase in supply. These were forced credit sellers, which means these sellers don’t sell to buy a home like a traditional seller does. Since they were distressed forced sellers, inventory skyrocketed in 2006 and stayed very elevated in 2007 and 2008.

As we can see below, none of that is happening today because the seller isn’t stressed.

Total inventory levels

NAR: Total Inventory levels 1.22 million
Historically inventory levels range between 2 million and 2.5 million, the equilibrium balance between a buyer and seller marketplace that has been here for four decades. Only from 2006-2011 did we see this break due to forced sellers who couldn’t buy homes.

Keep reading.

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