The Denver Metro Real Estate Market Watch January 2022 reports year-end (2021) Market Statistics in the Denver Metro Area. Homes were down12% since November 2021. The average closed prices up 15% from December 2020. Homes selling quickly, average median days on market only 5 days. One week of inventory. Buyers must act fast to compete in the market. Homie offers a flat fee for sellers and clients who get up to 50% of BA commission, saving you thousands of dollars. 303-217-3821 or johanna.wells@homie.com
10954 W. 100th Way, Westminster CO 80021, just listed at $710,000 and is fully updated. The home features 3200+ square feet, featuring 5 bedrooms, 5 baths and a Generational Living or income producing space on the lower level. Take a walk through the virtual tour of this great home within walking distance to Stanley Lake.
Exterior Upgrades
Stamped concrete welcomes your arrival. The just listed 10954 W. 100th Way, Westminster home if filled with updates and new woodgrain 8′ tall insulated garage door. The single garage door was modified to 10 feet allowing room for a 23′ Ford Dulie F450.
Some of the long term benefits of stamped concrete:
Reduced long-term maintenance and care.
Not labor intensive.
Increased longevity.
Requires less maintenance.
Increases resale value of property.
Other added exterior updates:
New roof
roof vents
gutters,
drains
gutter caps w/leaf guards
3 new skylights
Ease of access to Boulder, Denver, shopping and dining. Minutes away from 480 acre off leash dog park with views of Standly Lake and Mountains.
Easy upkeep
Oversized tile throughout and beautiful wood grain tiled entry and hall. The open concept floor plan is great for entertaining.
Bonus Room, dining room or game room? You choose.
The sky is the limit in this magnificient space 12 foot x 11 foot room. Accent lighting can transform this space into lively fun or a relaxed atmosphere. Trending oversized tile, laid on the diagonal fools the eye making the space look bigger. How would you use this space?
Wet Bar
Let the entertaining begin! Accent lighting and crown molding throughout the home takes the value up notch. The eye appealing and easy to maintain granite, is alway a benefit to those who like to entertain. A beer and wine cooler make the space very functional, keeping your guests together. Upgraded tongue and groove cabinets, add durability and high style to this space.
Kitchen
Granite galore in this kitchen. Easy close cabinets and drawers, make it easy to prepare food for yourself, or family and friends. You will never be out of space to store your cooking appliances in this kitchen. It has everything from a pantry to a hot and cold water dispenser. You will never feel left out or miss a touch down in the open concept layout.
Have a snack, read the newspaper, open the slider to the covered deck and enjoy this great breakfast nook. What a super, open, bright, light and airy space.
Living Room
It just keeps getting better, with more vaulted ceilings, accent lighting and, surround sound. This open concept floor plan has it all. A cozy fireplace, plantation shutters and an easy care floor. What more could you ask for?
Powder Room and Laundry
Floor to ceiling cabinets fill the laundry room and hide all those bare necessities out of sight. If that’s not enough storage space you can hide your mops, brooms, baskets and more, behind the door. Check out the powder room, granite charms every nook and cranny of this just listed 10954 W. 100th Way, Westminster CO 80021.
Master Bedroom
From one room to the next the updates continue. Gorgeous marble tile, layed on the diagonal with a decorative border around, adds additional charm. Vaulted ceiling and and and updated ceiling fan draw the eye up. Crown molding and accent lighting take the look of this room to greater heights.
Master Bath
The master bathroom boast a soaking tub, two seperate walk-in closets, updated cabinets, updated fixtures and updated lighting?
Guest Bedrooms
Guest Bedroom 1Guest Bedroom 2
The first bedroom has a sliding door leading to a private covered deck with mountain views and a spiral staircase that leads to the second deck below. The second bedroom is separagted by a Jack and Jill full bath updated with granite.
Lower Level Generational or Income Living
The huge 20 foot by 15 foot living room in the lower level can be used for visiting guests, your in-state student, live in parents or tenants. It has a private exterior entrance and an interior entrance from the main floor hall. It could be a theatre room or an office space for you and your clients. The sky is the limit in this dream space.
Lower level dining and kitchen
The lower unit has a separate dining area and sliding door that leads to its own private, covered patio. The galley kitchen is all about form, flow and functionality to get you from one room to the other with ease.
2 More Bedrooms & Shared Master Bath
The bedroom down is 10 feet x 11 feet with cozy carpet, crown molding and a ceiling fan. The shared 3/4 jack and jill bath is tiled floor to ceiling and updated with quartz counters.
2nd Bedroom 11×12
Second Laundry
There was no detail unmissed in updating this home. Even guests and tenants have all the comforts of home with their own laundry space. The lower unit features a powder room, allowing privacy in the Master Jack and Jill bath and bedrooms.
Garage
Electric heater & 2 new Lift Master digital openers. Utility sink, Modine overhead heater w/thermostat, 60 gallon 220V compressor and small beer refrigerator niche. 20 surface mounted wall and ceiling lights, built in shelving and overhead cabinets. Rear Walk door with additional dead bolt and lock, utility stainless steel sink & faucet, GFCI outlet. 2 car garage area has a wash pit/drain.
Backyard and Water Feature
2 upper exterior radius decks with porcelain tiled floors and a spiral staircase to upper level. New 6′ Cedar Fence with 5 inch pickets, posts and rails. Backyard west side has new landscape and custom water pumped stream. There is a new radius retaining tiered walls with concrete foundation and stone on the west side. New perforated underground drain lines from roof gutter down spouts. New hose bibs were installed in 2020, with a water line and undergeround electrical to new water pump on re-circulating stream. 3 new LED motion exterior lights.
If you are interested in viewing this property, please don’t hesitate to reach out. I look forward to being of service-Johanna Williams/Keller Williams Integrity 303-217-3821
Neighbors grab your chalk supplies and register to join our local community-wide Chalk The Walk Festival on June 27th. Kick-off event with Pack 969 and Troop 385 for a Pancake Breakfast from 8 am-10 am at Wayne Carle Middle School (2 pancakes, 2 eggs, 2 sausage or 2 bacon, coffee or juice or water).
There are no fees to the Chalk The Walk Festival artists. Cash prizes will be awarded. We’re inviting participants of all ages in the community to participate in the Chalk The Walk Festival going on the sidewalks or driveways in front of their homes!
Chalk the Walk Festival Artists will create fanciful and fun chalk art Friday the 25th and Saturday the 26th. Viewing and voting Sunday, June 27th, 10 AM – Sunset. Guaranteed to be an all-time favorite summer event.
Walk, jog, skip and bike the community sidewalks admiring work like this…
Would you like to join us? Little artists should participate! Remember that chalk art festivals are an opportunity for artists of ALL AGES.
DON’T FORGET YOUR SUPPLIES:
A vibrant set of colorful chalk with lively colors will energize the experience and turn chalk art from “a normal day outside” to a fun-filled festival.
Gather from around the house, borrow from a neighbor, or pick up at your local store:
Chemical-free water bottle — for blending colors & cooling down!
Artist sponge — (or old kitchen sponge) for blending
Paintbrushes, big and small— grab anything you’ve got lying around
Masking tape — great for mosaics and creating a clean frame line around chalk art
Garden kneeling pad — to keep your knees comfortable as you work
Generic sidewalk chalk — for filling in large color spaces
Liquid water color paint — vibrant liquid watercolors mixed with chalk is fun
Roll out those lazy, hazy, crazy days of summer, and register to join our community Chalk The Walk Festival. Be sure to keep your calendar clear and leave yourself plenty of time to relax and enjoy the experience.
Parents the Chalk the Walk Festival is an opportunity to enjoy, sit and connect with your kiddos. Design your own sidewalk square or work on a collaborative chalk art piece with your family.
Chalk The Walk Festival Artist Guidelines:
Chalk artists must be registered by June 15, 2021. Location maps will be available at the Pancake Breakfast. Additional maps will be on this website and emailed to registered artists. Each registered artist will have a Chalk the Walk Festival, assigned numbered sign placed in your front yard, for voting purposes.
Artwork must remain within the parameters of each artist’s driveway or sidewalk.
The use chalk art supplies must be removable with water for the competition.
Chalk must be the primary medium in art design.
No chalk drawing on buildings, trees or other surfaces. Chalk art must be on driveway or sidewalk.
Do not use spray fixatives.
No materials can emit offensive odors or cause potential annoyances to neighbors or festival guests.
It’s ok to use 3D elements in your chalk art. Do not exceed the driveway and sidewalk area. Remove three dimensional elements on June 27th at sunset.
The Chalk Walk festival is a family event, no nudity, profanity or other content deemed inappropriate allowed.
If an artist fails to register by June 15th, 2021, artist will be ineligible for cash prize, pinned location, and front yard signage.
All registered participants will be eligible to receive cash prizes.
Judges or festival officials can disqualify artists for failure to adhere to any of the above guidelines.
Upload chalk art on June 26th for voting on June 27th.
Guests will begin their rounds at approximately 8 am, June 27th. and make final rounds at sunset. Artwork should be complete by sunset Saturday the 26th. Awards announced and sent on Monday, June 28th.
It’s easy to know how much money you have in your savings account or the real-time value of your stock investments. But, determining what your home is actually worth is trickier.
As a seller, knowing what’s your home actually worth, helps you price it correctly when you put it up for sale. If you price it too high, it may sit on the market. But price it too low and you may be losing out on a good chunk of money (nobody wants that!). For buyers, it’s important to know a home’s worth before you make an offer. You want your offer to be competitive, but you don’t want to overpay for the property.
As a current homeowner you might just be curious about the value of your home. Keeping track of what’s your home is actually worth year over year helps you understand the trends in your market. So when you are ready to sell, you can take advantage of a good window of opportunity.
A trained real estate agent, who understands your particular neighborhood—can determine the true market value of your property … and at no cost to you!
THE THREE TYPES OF HOME VALUES
When buying or selling a home, you’ll frequently hear the words appraised value, assessed value, and true market value. It’s important to know the difference between each one so you can make better, informed decisions.
Appraised Value
A professional appraiser is in charge of determining the appraised value of a home. Lenders require appraisals when a buyer finances a property. And while the lender is the one requiring this information, the appraiser does not work for the lender.1 An appraiser is a licensed professional who is impartial to the buyer, seller, or lender—no matter who pays.
An appraised value assures the lender that the buyer is not overpaying for the property. For example, imagine a seller lists a home for $400,000. They reach a deal with the buyer to sell the home for $375,000. Should the appraised value come in at $325,000, the lender will not lend higher than the appraised value of $325,000.2
Appraisers will compare similar homes in your neighborhood. Evaluating, location, square footage, appliances, upgrades, improvements, and the interior and exterior of the home.
Assessed Value
Your local municipal property assessor determines the assessed value of your home. This value matters when your county calculates property taxes each year. The lower your assessed value, the less property tax you’ll pay.3
An assessor evaluates neighborhood homes sold, similar to the size of your home, age, overall condition, and improvements made. Assessors have limited information as they don’t have full access to your home.
Annual assessments determine how much property tax you owe. Many counties use a multiplier (typically between 60%-80%) to calculate the final assessed value. When the assessor determines the value of the home is $300,000, and the county uses a 70% multiplier, the assessed value of the home would be $210,000 for tax purposes.4
If your assessed value isn’t as high as you envisioned, don’t sweat it. Many homeowners appeal their assessment in favor of a lower valuation so that they can save money on property taxes. Let us know if you want to appeal your property tax assessment. We offer complimentary assistance and would be happy to help you build your case.
True Market Value
Real Estate agents establish true market value. It basically refers to the value that a buyer is willing to pay for the property. A expert real estate agent determines true market value because they have hands-on experience buying and selling properties. They understand what buyers want in your market and know what they’ll pay for a desirable house, townhouse, or condo.
For sellers knowing the true market value importance helps you choose how much to list your property for. It also helps you know any improvements needed to your home before putting it on the market. Your agent can help determine which updates and upgrades will have the biggest impact on your true market value.
WHAT’S THE DEAL WITH ONLINE CALCULATORS?
You may be looking for answers from Zillow, Redfin, and Trulia to learn what your home is actually worth? When you use an online calculator to determine your home’s value on these sites, it is just an estimate. These sites use their own algorithms for coming up with their estimates. Zillow comes up with “Zestimates” by calculating “public and user submitted data, calculating special features, location, and market conditions.” 5
Online estimates can be a great starting point to a conversation with your real estate agent about your home’s worth. Zillow recommends that you use a real estate agent for coming up with the actual market value of your home. The site that after you get a “Zestimate,” you should get “a comparative market analysis from a real estate agent.”
It’s essential to have an agent involved in the process because they understand the market better than a computer ever could. They show properties in your city daily, and they know the particular preferences of buyers and sellers in the area. Young professionals, large families, empty nesters, and other groups are all looking for different things in a home. A local agent has buyers, they understand what every buyer segment in your market is specifically looking for.
HOW AN AGENT FINDS YOUR HOME’S TRUE MARKET VALUE
So, how does an actual real estate agent determine true market value to determine what your home is actually worth? They’ll start by doing a comparative market analysis (CMA). This means they’ll compare your home’s features to similar properties in your area. For the CMA, the agent looks at the below factors to influence their assessment of your home’s worth:6
Neighborhood sales – Your agent factor recently sold homes prices and what they have in common with your house.
The exterior – How does the house look when walking or driving?
The interior – This is everything inside the walls of the house. Square footage, number of bedrooms and bathrooms, appliances, and more all influence the overall market value.
Age of the home – A newer or older home affects the list price as part of their assessment.
Style of the home – The style of your home is important because buyers in different markets have different tastes. If buyers prefer ranch-style homes and you have one, then your home may sell for a premium (aka more money!).
Market trends – An experienced agent knows your area’s trends and what buyers are willing to pay for a similar home.
Location, location, location – This one’s probably the most obvious. Your agent will think about how popular the area is, how safe it is, and what schools are like.
A computer algorithm simply can’t take all of these factors into account when calculating the value of your home. Nothing beats having a real estate agent or professional appraiser when it comes to determining a home’s true market value.
YOUR AGENT IS THERE EVERY STEP OF THE WAY
Determining a home’s true market value is a real estate agent’s forte. For seller’s, your agent will help determine your home’s market value so you can list it at the right price.
For buyers, your agent will help you determine the value for a fair offer and you don’t pay too much. They will set you up with an email search from the Multiple Listing Service of homes that meet your criteria. It will show what homes are available within your criteria and their pricing.
Get a Complimentary Report With Your Home’s True Market Value
Curious about your home’s true market value? Call us or fill out the form below to request a free, no-obligation Comparative Market Analysis to find out exactly how much your home is worth!
Today’s real estate market is one of the fastest-moving in recent history. We witness record-low inventory, multiple offers, and bidding wars in many high-demand neighborhoods. This has led some sellers to ask, can I buy or sell a home without an agent without investing money, if it seems you can simply put a for-sale sign in the yard?
Some buyers believe they would be better off buying a home without an agent. They assume they will get a discount and assume the seller doesn’t pay the buyer agent commission.
We all want to save money. For a large financial asset, it may not always be in your best interest to buy without professional representation. What benefits outweigh the risks (and considerable time and effort) of going alone to get to the closing table confidently.
SELLING YOUR HOME WITHOUT AN AGENT
For Sale By Owner (FSBO)
A “For Sale by Owner” price their home, handles the transaction, shows, and negotiates directly with buyers and their agents. The National Association of Realtors shows approximately 8% of homes sell FSBO.1
One of the biggest problems FSBOs face is the appropriate pricing of the home. Without accurate data on comparable homes, you run the risk of overpriced (which means longer market time) or underpriced homes (leaving money on the table).2
In 2020 the median sales price for an FSBO was 10% less than sold with an agent.1 2018 FSBO homes sold for 24% less than agent represented properties.3 By yourself, pricing and marketing a home leads to potentially greater loss than the costs to pay an agent.
FSBO Responsibilities
Without a real estate expert, it’s up to you to get people in the door. You will gather information for the online listing and put together marketing that today’s buyers expect. You will have to a professional photographer. Responsibilities include writing listing copy, designing flyers, and mailers, or hiring someone to do it for you.
Virtual showings and developing a COVID safety protocol must be offered. As well, you’ll schedule showings for each potential buyer. You’ll be on your own to evaluate offers and determine their financial viability. Knowledge of all legal contracts, contingencies, and ability to discuss terms, including those regarding the home inspection and closing process.
After paying the buyer agent commission, be sure to weigh your potential savings against the significant risks and effort.
Choosing a listing agent saves time, effort and minimizes your risk and liability. Increased profits through a more effective marketing and negotiation strategy make up for the cost of your agent’s commission.
iBuyer
IBuyer offers sellers direct purchases from a real estate investment company.4 iBuyer companies appreciate their convenience and speed, with a reliable, streamlined process that might be attractive to some sellers.
iBuyer wants homes in good condition, desirable neighborhoods, simple flips and fall within the company’s algorithm.
If focused on speed and convenience, an iBuyer may offer an attractive alternative to a traditional real estate sale. iBuyers evaluate a property quickly and make an upfront offer without requesting repairs or other accommodations.
Focused on speed and convenience, an iBuyer could offer an attractive alternative to a traditional real estate sale. iBuyers quickly evaluate a property and make an offer without requiring repairs or other accommodations.
The convenience comes with lower sales prices and fees that can be up to or exceed an agent’s commission. A MarketWatch study found sellers received 11% less, with lower prices and fees considered.5 Studies show 15% more fees and costs are paid than with a real estate commission.6
The alternative to using an agent with iBuyer gives the advantage, the comfort of a quick transaction, and the security of a professional negotiating on your behalf.
BUYING YOUR HOME WITHOUT AN AGENT
Statistics show 88% of home buyers use a realtor in a home search.1 A buyer’s agent is with you every step of the way through the home buying process. Buyer’s agents find the perfect home, submit winning offers, navigate the inspection and closing processes with invaluable expertise and guidance. Buyer agents are no cost to buyers!!
Putting together a winning offer against multiple offers is a challenge. And the buying process can be emotional. A trusted agent can help you avoid overpaying for a property or glossing over “red flags” in your inspection. Buyer agents offer a streamlined, professional process that clients may be more likely to recommend.
Agents will write competitive offers, submit, negotiate, review, prepare documents, communicate with the seller’s agent, lender, inspector, appraiser, title company. They schedule inspections and negotiate repairs. Without an agent, you’re alone.
Sellers pay a buyer’s agent and cost you nothing. You receive fiduciary guidance for an important financial transaction. Alone you play fast and loose with an important financial decision.
IS A REAL ESTATE AGENT RIGHT FOR YOU?
Consider your options if buying or selling a home without a real estate agent. Are you comfortable in real estate transactions, legal contracts, negotiating in high-stakes situations, with plenty of extra time? You may find that an iBuyer or FSBO sale works for you.
Expert advice from a real estate agent in managing the process gives you security and peace of mind.
The diverse services and expert negotiation skills of a real estate agent financially benefit buyers and sellers. The average seller using a real estate agent receives more money than those who go FSBO or iBuyer. 3,5 buyers pay nothing for expert representation to avoid costly mistakes from contract to closing.
NAR’s profile of most buyers (91%) and sellers (89%) is pleased with the representation of their real estate professional and would recommend them to others.1 In terms of time, money and expertise, most buyers and sellers find the assistance of a real estate agent invaluable.
QUESTIONS ABOUT BUYING OR SELLING? WE HAVE ANSWERS
The best way to find out if you can buy or sell a home without a real estate agent or broker is to speak to one. We are here to help you and give you the insights you need to make better-informed decisions. Let’s talk about the value-added services we offer to buy or sell in today’s competitive real estate landscape.
A real estate bubble occurs when there is a rapid and unjustified increase in housing prices. Often this is caused by speculating investors blowing some hot air 🌬️
Like an overfilled balloon 🎈, the bubble eventually pops, and then a swift drop 📉 in home values occurs. This leads to reduced equity or, in some cases, even negative equity 😱
Fortunately, economists don’t foresee that happening! 🔮
Prices are going up because there’s a very low supply (homes for sale) and high demand (lots of buyers). And those market dynamics aren’t expected to change any time soon.
🏁 Looking for guidance as you navigate this fast-moving market? Contact our team to learn more about current real estate trends and whether now is a good time to buy or sell.
While many areas of the economy have contracted, the housing market has stayed remarkably strong. Can the good news last?
COVID-related shutdowns began in March, real estate brokers and clients scrambled to respond to the change. Record-low interest rates led lenders to stop new underwriting, and homeowners debated whether to put their homes on the market. At the end of the year, average home prices were up 13.4% from the previous year, and with 13 fewer days on market .1
Now, as the spring market approaches, you may wonder whether the reliable times can continue. If you are a homeowner, should you take advantage of this opportunity? If you are a buyer, should you jump in and risk paying too much? Below, we answer some of your pressing questions.
Todays market vs. the 2008 meltdown?
Pandemic fears of an economic recession and a subsequent mortgage meltdown were at the forefront of homeowners. For buyers and sellers the two seemed to go hand in hand, as they did in the 2008 economic crisis.
The conditions of 2008 recession differ from the current downturn, with the housing market the source of good news.2 Historical patterns of housing prices remain stable. Homeowners are staying put, and investors are investing money in bricks and mortars to avoid an uncertain the stock market.
Lessons of 2008 show banks better funded, homeowners holding more equity, and economic activity focused on financial factors outside the housing market. As many industries quickly pivoted to work from home, early fears of widespread job-loss foreclosures have failed to occur. The Federal stimulus and the Paycheck Protection Program helped offset some of the worst early effects of the shutdown.
Are we facing a real estate bubble?
A real estate bubble occurs with rapidly rising housing prices and investor spectulation. When the values drop rapidly the real estate bubble pops. This leads to lower equity, or in some cases negative equity conditions.
Low-interest rates and lack of homes are attributed to current rising home prices. The principle of supply and demand works as it should. Experts predict a strong seller’s market for 2021, with increases in new construction.3 Allowing supply to gradually rise to meet demand, slow down rising home values, and offer a gentle correction.
Effects of low interest rates
Freddie Mac states, projected rates to continue at current low levels throughout 2021.4 Contributing to home affordability in markets considered overpriced. These low interest rates should keep the market lively and moving forward for the foreseeable future.
Effects of low inventory
Low inventory with high demand attribute to higher average home prices.5 Home prices will gradually ease, vaccinations rollout, buyer demand drives homeowners with delayed sales, and new home construction increases to meet demand.6
Aren’t some markets and sectors appearing soft?
Stories of young professionals and families fleeing attached dwellings, high-priced urban areas to move to wide-open spaces of suburban and rural markets. Along with reinforced work-from-home policies that became permanent at some of the country’s biggest companies.
The death of the city and the end of the condo market rumors of these two residential sectors were greatly exaggerated.
With vaccine rollouts, renters returned to major urban areas, attracted by the rise in available inventory and discounted rental rates.7 Laser-focused buyers looking for a single-family home now take a second look at condos.8 Nationwide condo prices lag behind those of detached homes. Observed are significant price increases and days fewer days on the market year over year.
The 2020 migration has spread the economic wealth to suburban and rural enclaves that normally don’t benefit from increases in home values or an influx of new investment. As many of these new residents set up housekeeping in their rural retreats, they’ll revitalize the economies of their adopted communities for years to come.
How has COVID affected the “seasonal” real estate market?
The real estate market is a seasonal phenomenon. The widespread shutdown in March 2020, which came at the beginning of the market’s growth cycle in many areas, has led to a protracted, seemingly endless “hot spring market.”
Fannie Mae’s chief economist Douglas Duncan predicts slower growth from 2020 historic numbers, the outlook is positive as we embark on the 2021 spring selling cycle. Duncan expects an additional boost in the second half of 2021, as buyers return to business as usual and expect to put some of their pandemic savings to work for a down payment. We’re looking at a longer than usual, hot real estate market.
How will a Biden administration affect the real estate market?
A projected housing policy promises to boost the real estate market in many cases.10 Real estate investors bemoan proposed changes to 1031 Exchanges, the Biden plan for a $15,000 first-time homebuyer tax credit aims to increase affordability and bring eager new home buyers into the market. Biden’s policy identifies low inventory as the driving factor of unsustainable home values and geared towards affordability through investments in construction and refurbishment.
According to most indicators, the real estate news will be overwhelmingly positive throughout 2021, and possibly beyond. Pent-up demand, consumer-oriented policies, and a sustained low-interest environment and rising inventory, should help homeowners maintain their increased equity without unbalancing the market. The increase of long-term work from home policies promises to boost many markets now and in the years to come.
HAVE QUESTIONS? WE HAVE ANSWERS
Economic indicators and trends are national, real estate is local. We are here to answer your questions and help you understand what is happening in your neighborhood. Reach out to learn how these larger movements affect our local market and the value of your home.
As part of last month’s COVID-19 stimulus package, $25 billion in federal assistance funds are expected to be disbursed to states today, Jan. 26.
There could be a rush for funds with an estimated 14 million Americans are behind on their rent. Further, rental arrears in the country may be near $70 billion, CNBC reports.
To qualify for rental assistance, at least one member of a household must have experienced income loss, significant expenses due to the pandemic, or are eligible for unemployment benefits. They will need to show they are or could be at risk of homelessness. The person’s current income level also can’t be higher than 80% of the area’s median income. Several states are prioritizing applicants who are at 50% or lower on the median income level and who’ve been unemployed for 90 days or more, CNBC reports.
Renters could be eligible for up to a total of 12 months of back rent and utility bills. They may also be eligible to get payments to cover future rental payments. The funds are paid directly to the landlord or utility company.
Landlords may also be able to apply on behalf of their tenants, as long as they get approval from the tenant.
Some states are already offering existing rental assistance programs under monies previously provided through the CARES Act. They may add the new funds to their existing rental assistance programs or start a new program.
“Where or how will apply will vary city by city,” Emily Benfer, a visiting law professor at Wake Forest University, told CNBC. “Renters should contact local housing groups, their representatives, or the local 211/311 lines to identify programs and learn how to apply.”
5 Inspiring Home Design and Remodeling Trends for 2021
We’ve all spent a lot more time at home over the past year. Our homes have become our office, our classroom, our gym—and most importantly, our haven. It’s no surprise to discover that 5 Inspiring Home Design and Remodeling Trends for 2021 revolve around soothing color palettes, cozy character atmosphere, and quiet retreats.
We advise our clients to take modern design preferences, over-personalized or unpopular renovations can lower your property’s value. And selecting out-of-style fixtures and finishes could cause your home to feel dated quickly.
To help inspire your design projects this year, we’ve rounded up five of the hottest trends. Keep in mind, not all of these will work well in every house. If you plan to buy, list, or renovate your property, give us a call. We can help you realize your vision and maximize the impact of your investment.
1. Uplifting Color Design
Colors are gravitating toward warm and happy shades that convey a sense of coziness, comfort, and wellbeing. This year’s palettes draw from earthy hues, warm neutrals, and soothing blues and greens.1
White and gray colors are safe options. However, neutrals are increasing in popularity for walls, cabinets, and furnishings in 2021. For a fresh and sophisticated look, try one of these 2021 paint colors of the year:
Aegean Teal (coastal blue) by Benjamin Moore
Urbane Bronze (brownish-gray) by Sherwin-Williams
Soft Candlelight (muted yellow) by Valspar
On the opposite end of the spectrum, indigo, ruby, sapphire and plum are showing up on everything from fireplace mantels and floating shelves to fabrics and home accessories. These classic, rich hues can help bring warmth, depth, and a touch of luxury to your living space.
To incorporate these colors, designers recommend using the “60-30-10 Rule.” Choose a dominant color to cover 60% of your room. First, walls, rugs, and sofa might be varying shades of beige or gray. Layer a secondary color for 30% of the room. This might include draperies and accent furniture. Third an accent color for 10% of your room, showcased with artwork and accessories.2
After a decade of minimalism, there’s been a shift towards highly-decorative and personalized interiors that incorporate more color, texture, and character. Clearly defined styles of mid-century modern, industrial, and a curated style replace modern farm homes with furniture, fixtures, and accessories that seem to have been collected over time.3
This trend has extended to the kitchen, where atmosphere has become as important as functionality. The ubiquitous all-white kitchen is fading in popularity as homeowners opt for unique touches that help individualize their space. If you’re planning a kitchen remodel, consider mixing in other neutrals—like gray, black, and light wood—for a more custom, pieced-together look. Replace Moroccan square tiles for a modern alternative with old-world flair.4
The pandemic forced many of us to rethink our home design. From multipurpose rooms to converted closets to backyard cottages, we’ve had to find creative ways to manage virtual meetings and school. And designers expect these changes to impact the way we live and work for years to come.
Home builders predict the end of open-concept floor plans as we know them.5 Buyers are looking for separation and privacy. Cue the addition of alcoves, pocket doors, and sliding partitions that enable homeowners to section off rooms as needed.4
The necessity of a home office space is also here to stay. But what if you don’t have a dedicated room? Alternative workspaces have become increasingly popular. In fact, one of the biggest trends on Pinterest this year is the “cloffice”—essentially a spare closet turned home office. Searches for “home library design” and “bookshelf room divider” are on the rise, as well.6
With travel options limited right now, more homeowners are turning their vacation budgets into staycation budgets. Essentially, recreate the resort experience at home—and enjoy it 365 days a year!
Bedrooms should be a soothing sanctuary for rest and relaxation. Minimalist decor and muted colors give way to bolder statement pieces. To create a “boutique hotel” look in your own bedroom, start with a large, upholstered headboard in a rich color or pattern. Layer organic linen bedding, a chunky wool throw, and finish the look with matching wall lights..7
Carry those vacation-vibes into your bathroom with some of the top luxury upgrades for 2021. Curbless showers and freestanding tubs continue to be popular choices that offer a modern and spacious feel, and large-format shower tiles with minimal grout lines make clean up a breeze. Add a floating vanity and aromatherapy shower head for the ultimate spa-like experience.4
Homeowners want to use outdoor their spaces. Backyard swimming pool sales skyrocketed in 2020, with many installers reporting unprecedented demand.8 New pools aren’t the only way homeowners can increase their outdoor areas this year.
The home design website Houzz recently named 2021 “the year of the pergola.” They’re a relatively quick and affordable option to add shade and ambiance to your backyard.4 Decked-out, custom playgrounds for exercising (and occupying) the youngest family members who may be missing out on school and extracurricular activities.9
Don’t limit your budgt to the backyard, landscapers are reporting an increase in front yard enhancements, including porch additions and expanded seating options. Social front yards enable neighbors to stay connected and observe social distance guidelines.10
Learn how upgrades impact a homes value. Buyer preferences vary by neighborhood and price range. We can share our insights and offer tips on how to maximize the return on your investment. And if you’re in the market to sell, we can run a Comparative Market Analysis on your home to find out how it compares to others in the area. Contact us to schedule a free consultation!
Sources 5 Inspiring Home Design and Remodeling Trends for 2021:
