5 Home Design Fads That Are Out in 2017

5 Home Design Fads That Are Out in 2017

Shiplap and white-on-white kitchens may finally be falling out of favor. The two trends have dominated home design in recent years, but realtor.com® says they’ll be fading fast in 2017. Here are some of the home design trends realtor.com® predicts will fall to the wayside in the new year.

1. Gray. Once the hottest color, gray is now looking gloomy. “It’s been overdone,” says Tanya Campbell of Denver-based Viridis Design Studio. “Diversity in the palette will strike a contrast. We may even see a transition from gray color palettes to warmer mochas and taupes.”
2. The glam look. This style’s signature is bold whites, bright silvers, and deep blacks, which have been popular in kitchen and bathroom designs. “We’re going to leave the glam era behind. That slick, stark, severe minimalism will be replaced with warmer elements,” says interior designer Bea Pila. “At the end of the day, we’re seeking a deeper comfort level in our personal spaces. That perfect showroom feel we were once into doesn’t make this possible.”
3. Shiplap. Shiplap surged to popularity as Joanna Gaines, host of HGTV’s “Fixer Upper,” turned to it as her go-to remodeling piece. But realtor.com® notes: “If you’ve ever wondered what 2016’s version of tacky wood paneling would be, look no further than this trend that seems to have overtaken TV design shows.” It’s difficult to remove, and designers now say it often makes little sense to use, particularly in a Colonial or Tudor home style.
4. White-on-white kitchens. White everything in the kitchen — from countertops to cabinetry and even the floor — is fading fast. “It’s just too much,” says Sara Chiarilli, a designer at Sarasota, Fla.-based Artful Conceptions. “This trend started to go in 2016, but you will find it completely gone in 2017.” That said, Chiarilli predicts that whites will stick around, but they will take on more depth and tones in kitchens in the new year.
5. Copper. Expect to see less of this heavy metal in 2017. Copper fixtures are another trend on the chopping block in the new year, realtor.com® notes.

Source: “10 Interior Design Trends That Are So Completely Over for 2017,” realtor.com® (Dec. 29, 2016)

10 States With Best Economic Prospects

10 States With Best Economic Prospects

North Dakota tops a list of states poised to have the healthiest economies in 2017, followed by Oklahoma and Texas. The list was compiled by business solutions site ExpertMarket.com, which culled data on housing, employment, and other trends in all 50 states. North Dakota had the highest growth in startup density of any other state, seeing an average increase of 5.56 percent in new business activity, according to the site. Its residents are also seeing the biggest growth in household incomes, with an average increase of 4.1 percent.

“There has been a huge surge in oil extraction in North Dakota, which has led to a steep rise in GDP growth and household income, which explains how they managed to take the top spot,” says Bobbi Brant, an ExpertMarket.com researcher who authored the site’s study.

States that topped the list represent those that have recovered from the recession the fastest and are continuing to see strong growth. “States that came out on top in our study have a bright future ahead of them, especially for 2017,” Brant says.

These are the 10 states that topped ExpertMarket.com’s list for strongest economic outlooks for 2017:

1. North Dakota
2. Oklahoma
3. Texas
4. Michigan
5. California
6. Montana
7. Ohio
8. Washington
9. Minnesota
10. Massachusetts

Source: “These Are the States with the Best Economic Prospects for 2017,” Fast Company (Nov. 30, 2016)

Older Kids Are Refusing to Flee the Nest

Older Kids Are Refusing to Flee the Nest

Nearly 40 percent of young Americans lived under the same roof with their parents or relatives in 2015. That is the largest percentage since 1940, Census data shows.

The share of young Americans ages 18 to 34 who are living with their parents or other family members has been increasing since 2005. Prior to the recession, about one in three young Americans were living with family.

Typically, as the economy improves, the number of younger Americans living with relatives declines. But that has not been the case in the latest economic cycle as millennials have largely stayed put.

In 1940, following the Great Depression, young Americans living with their parents reached a high of 40.9 percent. The percentage of young adults living with relatives then plunged to 24 percent in 1960.

The millennial generation is the largest in U.S. history and the housing market is anxiously awaiting their move in real estate.  But faced with rising rents and tough underwriting standards for credit may be blocking many younger Americans from venturing out on their own, real estate experts say.

The Harvard Joint Center for Housing Studies says that household formation is closely tied with housing affordability and income. Forty percent of young adults ages 25 to 34 with earnings of less than $25,000 headed their own household. For those who earn between $25,000 to $50,000, the percentage rises to 50 percent. Fifty-eight percent of young adults with incomes higher than $50,000 are heading up households.

Studies also show that younger Americans are delaying getting married and having children later in life than previous generations. That also may be preventing them from stepping out on their own.

Regardless, economists are optimistic. They are predicting that eventually millennials will leave their parents’ homes. Millennials are expected to more than double their current number of households through 2025.

Source: “Percentage of Americans Living With Parents Rises to 75-Year High,” The Wall Street Journal (Dec. 21, 2016) [Log-in required.]

Why Aren’t Home Builders Building?

Why Aren’t Home Builders Building?

Home-builder confidence is at its highest level in years. But home building dropped 19 percent in the most recent month. These decreases come at a time when inventory levels are already severely constrained and many in the industry are calling for more new construction to alleviate shortages.With supply short and demand high, what is keeping builders from getting to work?

Home builders say it’s new regulations that are holding them back from filling the void. CNBC reports that such regulations may cost builders up to a quarter of the price of a new home, and a recent National Association of Home Builders study found regulatory costs have increased 29 percent in the past five years. The builders also say labor shortages are holding them back. Finally, prices for land and materials are rising and there is a lack of finished lots in neighborhoods where people want to live. These price constraints create an incentive for builders to construct fewer homes, because under such high demand, they can fetch higher prices for each home they do sell, CNBC reports.

For now, builders remain happy with the market outlook. The NAHB released a survey last week showing builder sentiment at its highest level in 11 years.

“Though this significant increase in builder confidence could be considered an outlier, the fact remains that the economic fundamentals continue to look good for housing,” said NAHB Chief Economist Robert Dietz. “The rise… is consistent with recent gains for the stock market and consumer confidence. At the same time, builders remain sensitive to rising mortgage rates and continue to deal with shortages of lots and labor.”

Source: “Home builders Super Happy But Not Building More Homes: Here’s What’s Up With That,” CNBC (Dec. 16, 2016)

Open House Mistakes to Watch in the Winter

Open House Mistakes to Watch in the Winter

If you live in a colder weather climate, holding open houses in the winter can pose plenty of challenges. Make sure your open house is warm and inviting, regardless of the colder temps or snow outside. Here are a few common mistakes at winter open houses to watch out for:

1. Not clearing a path. “To bring people to your door, you have to literally clear a path to your door,” Joe Moshé, a broker and the owner of Charles Rutenberg Realty in Plainview, N.Y., told realtor.com®. Don’t just shovel a path but also lay down rock salt to keep any melted snow from refreezing and creating an icy sidewalk. Also, watch for snow buildup along the street that may be making the home less visible.

2. Not having a spot for all the winter gear. As potential buyers enter the home, they may be coming in with coats, scarves, gloves, and muddy boots. Create a landing zone upon entrance to try to keep them from trekking the mess into the home. Have coat racks, an umbrella stand, and a placard that requests all guests to remove their footwear.

3. Don’t overheat. Some homeowners may go to the extreme to try to warm up buyers and end up creating a sauna inside the home. Remember, visitors likely already will be wearing coats and hats, so don’t steam them out. “If they find the temperature inside the house to be uncomfortable, that may sink any chance of making a sale,” Moshé says.

4. Not listening to the weather forecast. Keep an eye on the weather and be open to rescheduling. Having a blizzard on its way is not the best time to host an open house. “A little flexibility can mean the difference between a low turnout and a house full of happy potential buyers,” realtor.com® notes.

Source: “Don’t Get Snowed Under by These 7 Winter Open House Blunders,” realtor.com® (Dec. 19, 2016)