More Jobs and Better Pay Leads to More Buyer Demand

 
 

There’s been talk about a recession for quite a while now. But the economy has been remarkably resilient.

Why? One reason is employment and wages have stayed strong. Let’s look at the latest information on each one and why both are good news if you’re thinking about selling your house.

More Jobs Are Being Created

Instead of facing the job losses typical of any recession, the economy has been growing and adding jobs. According to the Bureau of Labor Statistics (BLS), 187,000 jobs were created in July, which is up from the 185,000 created in June. That means more people are finding work. In fact, so many jobs are being added that the unemployment rate is far lower than the long-term average of 5.7% (see graph below):

 
 

A low unemployment rate means that most people who want to work are finding jobs. When people have jobs, they have steady incomes – and that can help set them up to consider homeownership.

People Are Making More Money

And data also shows hourly earnings have been going up pretty steadily over the past few years (see graph below):

 
 

When wages rise, people have more money that they could save or use toward buying a home. This increase in income helps offset some of the affordability challenges in the housing market today. Affordability depends on three main factors: wages, home prices, and mortgage rates. With higher home prices and mortgage rates right now, Builder Online summarizes how growing wages can help:

“The housing market has been a beneficiary of the strong economy and labor market. Many of those employed have saved money over the past few years and used those funds toward a down payment on a home.”

If you’re thinking about selling your house, a strong job market, growing wages, and the resulting buyer demand is fantastic news. It means there’s a larger pool of potential buyers out there who are in a position to pursue their dreams of homeownership.

Bottom Line

With more jobs and rising wages creating eager buyers, there’s a lot going in your favor. Reach out to a local real estate agent so you have someone who can guide you through the process of selling your house, from setting the right price to getting your home ready to show.

Get more like this on Keeping Current Matters.

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Want Stylish Yet Functional Spaces in Your Home? Create Multipurpose Rooms With These Pro Tips

 
 

Remember the COVID-19 days when we had to carve out some extra space in the house to do our work, help kids with their remote school, and have Zoom happy hours?

The “cloffice” came into being during this era!

Today, with the virus somewhat in our rearview and work and school back to (near) normal, we’re still looking to use every inch of space we have at home.

“And even before the pandemic, rooms in certain older homes that had a specific purpose were being reworked,” points out Kristin McGrath, a shopping expert at RetailMeNot.

As interest rates soar of late, many homeowners are further forced to adapt spaces they already own to make them work harder.

“In the past year, homeowners are opting to leverage equity in their current homes to create spaces they desire, as the prospect of upsizing is more challenging with low inventory and higher interest rates,” explains Kefryn Reese, a real estate agent with Serhant in Miami.

The result: multipurpose rooms that can serve a bunch of different needs. Here’s more about these rooms, how to create one, and tips from the pros to make them stylish to boot.

What is a multipurpose room?

A multipurpose room, sometimes referred to as a dual-purpose or flex room, is just that: an area in the home that can serve the family in many different ways.

“These rooms maximize space and functionality,” says Matt Lambert, a real estate agent with Premier Sotheby’s International Realty in Banner Elk, NC.

Think of this space as a combination area that mixes multiple types of rooms into one, adds Charlotte Granville, a home remodeling specialist at Fixr.

Why do we need a multipurpose room?

Many folks are realizing that their rooms can work a lot harder for them. For example, “families who no longer have use for a formal dining room or den have been reutilizing these areas for other things, and sometimes for many other things simultaneously,” says McGrath.

“The way we use our homes has shifted,” adds Granville. “We work, exercise, and spend more time at home now, so there’s a new need for space that can provide for different purposes.”

Top functions for multipurpose rooms

“Office spaces are probably the most common use for a multipurpose room—and it doubles as a guest bedroom, lounge, or gaming area,” says Jennifer Verruto, founder and CEO of Blythe Interiors.

“Some spaces can be used as a home office by day and a playroom after school,” adds McGrath.

Breakfast nooks can also stand in for an office in the house, and a home bar can be tucked into a library/den.

Other rooms that do it all include laundry areas that double as entryways, bathroom-laundry combos, and guest spaces that are used as book nooks for crafting or even wine tasting.

How to style a multipurpose room

When decorating a multipurpose room, it’s all about the right furniture, say the pros.

Reese suggests a Murphy bed in a home office so you can transform it into a guest space at night.

A sleeper sofa is also a wise piece with a desk or table and a mix of chairs.

“An office chair could be placed on one side and a guest or task chair on the other so that more than one person could work at the table or play there or grab a snack,” explains Pamela O’Brien, principal designer at Pamela Hope Designs,

It’s all about storage

Storage pieces are another great way to style a multipurpose room.

“You’ll need more storage here than in an average space, and good storage enables you to keep things tidy until you need them,” says Lambert.

But don’t put in too many shelves, warn the experts. With open storage, you’ll be forever dusting and organizing.

McGrath suggests hanging curtains or drapes to hide clutter or cover a washer-dryer. She also prefers wicker baskets for storage rather than plastic tubs (they’re prettier!).

Other utile storage pieces to consider here include generous nightstands with wide drawers or a lower cabinet, stand-alone bookshelves, chests, or dressers.

“These can all be used to hold games, office supplies, craft items, or guest linens and pillows,” adds O’Brien.

Do’s and don’ts in a multipurpose room

Keep the following in mind when it comes to multipurpose rooms:

  • Don’t veer too far from your home’s main look. A wild neon-orange room that does triple duty seems smart. (It’s a library/den/home office in one!) But if the rest of your home is primarily white and beige, no amount of utility will save it from being an eyesore.

  • Do have some fun with the design. “Multipurpose rooms are a great excuse to add a playful look to your home—I like to design based on a client’s personality while keeping functionality at the forefront in these spaces,” says Verruto.

  • Don’t let clutter take over. “Be strict with yourself and pack away everything you’re using when you’re finished in the space,” says Granville. This means hand weights get stowed so the kids can get out their trucks and Lego pieces.

  • Do consider how a space will age. “Consider whether you’ll be living there for 10 years, and consider how the space will adapt as your family grows or lifestyle changes,” urges Reese.

  • Don’t cram too much in. Two or three purposes in one space is good, but four or more is too many. Truth: A home gym, office, playroom, and crafting space will undoubtedly descend into chaos.

Get more like this on Realtor.com

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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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Colorado's Fall Leaves Drive Guide

 
 

Looking for a picturesque drive/hike to ring in the new season?

Below you’ll find a map of estimated peak dates, as well as a list of beautiful fall drives!

 
 

Peak to Peak Scenic Byway
55 mile route
Features: Rocky Mountain National Park, Golden Gate Canyon State Park

West Elk Loop
205 mile loop
Features: White River, Gunnison National Forest, Black Canyon, Cureceti National Recreation Area, Crawford and Paonia State Parks

Dallas Divide via Last Dollar Road
40 mile route (unpaved)
Features: Wilson Peak (as seen on Coors beer)

Castle Creek Road
13 mile route
Features: Maroon Bells
Tip: This is a popular biker road, so drive carefully!

Guanella Pass
23 mile route
Features: Georgetown

Squaw Pass
22 mile route
Features: Echo Lake, Mount Evans

Top of the Rockies Scenic Byway
114 mile route
Features: Independence Pass
Tip: This three hour drive has many photo opportunities + wildlife viewing areas - so bring your camera!

Bear Lake Road
23 mile loop
Features: Rocky Mountain National Park
Tip: Go early to avoid traffic + watch for wildlife!

For an interactive map that updates daily, check out ExploreFall.com!

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Just Listed: Discover the Tranquil Charm of Ponderosa Cascade!

 
 
 

Welcome to the quiet and private community of Ponderosa Cascade.

This is the unicorn that everyone is looking for. An updated 2,000+SF one level, 2 owner home with Cascade Mt. views on small acreage. Conveniently located between Sisters, Tumalo and Bend. Fresh paint inside and out. New LVP flooring and carpet. Granite tile kitchen countertops. Fresh finish on front and rear decks. 2 oversized Bedrooms allow for flex space (office, hobbies, game-room, exercise etc.). No deferred maintenance, too many amenities and updates to list. 2 car garage plus a Detached 1440sf insulated 36'x40' garage/shop to keep the RV's, Autos, toys and equipment protected from the elements. Do you have kiddos? This one is in the coveted Sisters school district. Stop looking, get in your car and go, this is it. Stake your Central Oregon claim today!

Listed by Dean Reese for West + Main Homes. Please Contact Dean for current pricing + availability.

 
 
 

Have questions?
West + Main Homes
(405) 652-6635
hello@westandmain.com

Presented by:
Dean Reese
541-977-5202
dean@westandmainoregon.com


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As Featured in West + Main Home Magazine: A Garage Built on Dreams

 
 

W+M agent Bri Green and her longtime friends and clients, the Danzl’s

The Danzl’s needed a space that could serve many purposes: a workshop for their side business, a place to work on cars, and even a space for hosting parties. They needed a visually appealing yet functional space to work on cars. The project took over two years, cost over $13,000, and ended up looking even better than they had initially planned!

 
 
 
“It was certainly a challenging endeavor, but one that was absolutely worth the effort. One of the things I loved most about this project was how it brought my wife and I together.”
— JD
 
 
 
 
 
 
 
 

FLOORING IS FREE-FLOW FROM RACEDECK WHICH EASILY SNAPS TOGETHER

 
 
 

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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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