Design • March 2, 2022

Farmhouse Interior Design

by Windermere Staff

The living room of a farmhouse style home with an open sliding door to the outdoor patio.

Known for its signature chic comfort, the farmhouse style is a popular method of interior design for homeowners looking to blend elements of modern and traditional design. With a rustic charm at its heart that recalls images of the countryside and wide-open landscapes, the farmhouse style steadily picked up steam in the 2010s and continues to grow in the 2020s. The following information is a guide to understanding the characteristics that make up the farmhouse style and how you can translate them into your home.

What is farmhouse style?

The farmhouse style predominantly uses a white/grey/beige color palette which provides a foundation for complementing elements and brighter colors. Against this clean backdrop, rustic materials can really shine. Exposed wood beams of timber or reclaimed wood, shiplap, and wrought iron are materials typically used help to round out the aesthetic, creating that rural-with-a-touch-of-modern feeling that the farmhouse style is known for. These combinations create a sense of openness and simplicity in the spaces where they’re used. In the kitchen, the farmhouse style feels clean and inviting; in the living room, it beckons members of the household and guests alike to sit back and relax; and in the dining room, it creates the perfect setting for enjoying a meal together.

A farmhouse style kitchen with white surfaces, exposed beams, and wood accents.

Image Source: Shutterstock – Image Credit: Breadmaker

How to Decorate in a Farmhouse Style

When it comes to furniture, there are specific choices you can make that will help reinforce your personal farmhouse style. Functionality is a core principle of farmhouse design, exemplified by its use of reclaimed and found materials. When looking at furniture, tune your radar to pieces that are simple and functional rather than ornate and complex. Farmhouse’s warmth contrasts the colder feel of minimalism, so when thinking about texture, know that you’re not bound to selecting only the cleanest possible lines—feel free to experiment! With natural elements like stone and wood already providing a varied blend of textures, you can afford to be bold in your choice of throw pillows, blankets, carpeting, and furniture set pieces.

The farmhouse style will give you license to decorate with antiques and vintage materials. Items like armoires, wooden iceboxes, and vanities will find a fitting home among your complementary decorative items. With a prevalence of wood, choose grain patterns and wood tones that complement each other well without clashing. Clutter can get in the way of the coziness that the farmhouse style naturally evokes, so it’s important to keep your main living areas well maintained to truly let your home’s interior design flourish.

With the farmhouse style, it all comes back to comfort. If you’re looking to make the spaces in your home more comfortable, either fully adopting or borrowing from the farmhouse style may be just the ticket. For more helpful tips on home design, read our blog post on how to upgrade your bedroom:

A Guide to Upgrading Your Bedroom

Buying • February 28, 2022

What is Escrow in Real Estate? A Simple Guide for Homebuyers

by Windermere Staff

The process of buying a home includes several important steps. After early stages like getting pre-approved for a mortgage, searching for homes, and finding a buyer’s agent, the transaction moves into the contractual phase where agreements between buyer and seller take shape. One of the most important parts of this stage is escrow.

Escrow plays a key role in helping ensure that both parties meet the terms of the transaction before ownership officially changes hands. When everything is completed successfully, escrow ultimately leads to the moment every buyer looks forward to: receiving the keys to their new home. Here’s a simple guide to understanding escrow and how it works in a real estate transaction.

What is Escrow?

Escrow is a financial arrangement where a neutral third party temporarily holds funds and documents during a real estate transaction. These funds remain “in escrow” until the conditions outlined in the purchase agreement are fulfilled.

One of the primary purposes of escrow is to protect the buyer’s earnest money deposit (also called a good faith deposit). This deposit shows the seller that the buyer is serious about purchasing the home and intends to honor the terms of the offer. The escrow account ensures these funds are handled according to the terms agreed upon in the real estate contract.

Once a seller accepts your offer, the escrow process officially begins. Typically, the escrow account is opened soon after mutual acceptance of the purchase agreement. During this time, the buyer works on securing a mortgage, completing inspections, and arranging homeowners’ insurance.

When the transaction closes, the buyer’s earnest money deposit held in escrow is typically applied toward the down payment or closing costs.

In some cases, funds may remain in escrow temporarily after closing. This is known as an “escrow holdback” and may occur if repairs need to be completed or if an issue arises during the final walkthrough that requires resolution after closing.

Before you make an offer, get a better idea of which homes you can afford by using our Home Monthly Payment Calculator. With current rates based on national averages and customizable mortgage terms, you can experiment with different values to get an estimate of your monthly payment for any listing price.

How Does Escrow Work?

During the escrow period, several steps take place to finalize the transaction. This may include completing inspections, confirming financing, securing insurance, and preparing legal documents for closing. During escrow, the title company also conducts a title search to confirm the seller has clear ownership and can legally transfer the property.

Once all the requirements of the purchase agreement have been satisfied, the escrow officer or closing agent coordinates the final paperwork and works with the title company and local recording office to ensure the transfer of ownership is properly completed and recorded. Depending on the state, escrow services may be handled by an escrow company, title company, or real estate attorney. Funds are then transferred and distributed in accordance with the terms of the agreement.

These funds contribute to the buyer’s closing costs, which may include lender fees, title insurance, escrow services, and other transaction-related expenses.

Tips for Navigating the Escrow Process

While escrow helps organize and safeguard the transaction, it can still feel complex for buyers, especially first-time buyers. Taking the time to review documents carefully and ask questions can help ensure you fully understand each step of the process.

Before closing on a home, be sure to read through all documents thoroughly and confirm that everything aligns with the terms of your agreement.

If you’re preparing to buy a home or want to learn more about what to expect during escrow, connect with a knowledgeable Windermere agent in your area.

More • February 23, 2022

Windermere Launches Sam Smith “Hi Neighbor” Homeownership Fund

by Shelley Rossi

Windermere Vice President of DEI, Samantha Enos, recently announced our partnership with non-profit Community Development Financial Institution HomeSight on a new loan product to increase purchasing power and help bridge the affordability gap facing Black/African American homebuyers.

The Sam Smith “Hi Neighbor” Homeownership Fund

“The Sam Smith ‘Hi Neighbor’ Homeownership Fund is designed to help low-to-moderate-income home buyers who have historically been underserved by traditional lenders,” said Enos, adding, “Through donations from the Windermere Foundation, U.S. Bank, and JP Morgan Chase, the Sam Smith fund is helping to reduce barriers to homeownership by funding loan products for Black/African American first-time home buyers in Washington State.”

Named after Washington State Legislator Sam Smith, who championed the passing of the state’s Open Housing Law barring discrimination based on race and religion in 1967, our hope is that, together with HomeSight, we can be part of a solution that helps increase Black/African Americans homeownership in the state of Washington.

According to a report by National Association of REALTORS®, Black/African American home buyers are more than twice as likely to be rejected for mortgage loans than white home buyers. Nationwide, only 43% of Black/African Americans can afford to buy a home versus 63% for Whites. In Seattle, the Black/African American homeownership rate is 25.8% compared to 50.9% of White homeowners. While in King County, the median income for Black households is $48,075, about half the median income of White households at $94,533.

Carl Smith, son of Legislator Sam Smith, said “It’s an honor and a pleasure to have the Sam Smith name used to pursue equity in home purchases,” said Mr. Smith, adding, “My grandfather instilled in my father that the way to have freedom is to have land and for people in that era, it was freedom.”

Since launching in November 2021, Windermere has contributed $80,237 to the fund through donations from our agents, offices, and company leadership, including a personal donation of $50,000 from the Jacobi family to help seed the fund. Windermere Co-President, OB Jacobi, said that the goal is for Windermere to raise $250,000 annually. Darryl Smith, Executive Director of HomeSight, adds that the fund has already helped three families realize their dream of homeownership and there are currently four additional families in the process of looking for homes.

HomeSight identifies borrowers that qualify for the Sam Smith fund and grants up to $12,000 to use towards their home purchase costs. The loans can be layered on top of the buyer’s existing mortgage loans or work in conjunction with other HomeSight purchase assistance programs. Sam Smith deferred loans are repayable in thirty years, when the homeowner refinances, or when they sell. Once the loans are paid off, HomeSight resolves the funds, ensuring availability to future borrowers.

For more information on our commitment to diversity, equity, and inclusion, visit windermere.com/dei.

Design • February 16, 2022

What is Spanish Style Architecture?

by Windermere Staff

The front exterior of a Spanish colonial style home with green grass and several plants in the flower beds.

The Spanish style of home design and the architecture from which it originates goes by many names but is commonly known as “Spanish Eclectic” or “Spanish Revival.” This distinct style has a long history that has helped to shape the residential aesthetic of certain parts of the United States, predominantly the Southwest. By digging into the history and design elements of this unique look, we can understand a bit more about why these homes are so special.

Spanish Eclectic

The Spanish Eclectic aesthetic is an amalgam of Native American, Mexican, and Spanish missionary styles. The first appearances of this housing style on American soil trace back to the days of the earliest Spanish settlers as they began to build out their dwellings. These homes were built with the materials that have become defined by their appearance: adobe, stucco, and clay. In this way, Spanish Eclectic shares some similarities with the Mediterranean style of architecture. Over time, this style saw periods of revival, during which construction of these homes experienced an uptick. Throughout these revival periods, additional features were added to the homes to accommodate the needs of modern living at the time.

The front exterior of an orange-tinted Spanish colonial style home with plants and trees in the front yard.

Image Source: Getty Images – Image Credit: felixmizioznikov

What is Spanish style architecture?

The Spanish Eclectic style has several distinct characteristics in both its interior and exterior design. The thick stucco walls provide the backdrop for their unique look, but also help to keep the home cool during hot days and insulated at night. These homes typically have low-pitched terracotta roofs, exposed wooden support beams, and arched entryways and corridors, reflecting the features of their missionary origins.

Additional design details include wrought iron, colorful tile, and small windows. Though they may not be present in every Spanish Eclectic home due to limited space, courtyards are a common feature of this house style. You’ll often see a courtyard in the center of the home for a plaza-like arrangement, on the side of the home, or in the back.

For more information on the different home styles, read our blog post on cottage homes:

What is a Cottage Home?

Buying • February 14, 2022

The Different Types of Home Loans for Buyers

by Windermere Staff

A woman sits down with her mortgage broker to look over different types of home loans.

Financing terms are the nuts and bolts of a successful home purchase. Once you’ve decided you’re ready to buy a house, it’s a matter of making the numbers work. So, which home loan is the right one for you? Knowing the different types of mortgage loans available to you will allow you to pinpoint the one that best fits your needs and is financially viable.

The Different Types of Home Loans for Buyers

Conventional Loans

Conventional loans are the most popular type of home loan issued to borrowers. Offered by private lenders, they are not backed by the government. Conventional mortgages divide into two subsets: conforming loans; which adhere to Federal Housing Financing Agency (FHFA) guidelines, and non-conforming loans; which do not. Due to the added risk taken on by the lender, non-conforming loans typically have higher rates. A jumbo loan is an example of a non-conforming loan, due to its loan amounts being higher than the amount limits laid out in the underwriting guidelines. The two most common conventional loans are 30-year and 15-year fixed-rate mortgages.

15-Year and 30-Year Fixed-Rate Mortgages

The terms of your loan will drastically impact all aspects of your mortgage. With a 30-year mortgage, you’ll have lower monthly payments and a higher interest rate than you’d have with a 15-year mortgage, meaning you’ll pay more in interest over the life of the loan. With a 15-year mortgage, you’ll pay less interest, but you’ll have a higher monthly payment. Compared to a 30-year mortgage, a 15-year mortgage can save you money over the life of the loan, simply because you’re in debt for half the time; however, the higher monthly payments may be unaffordable for some.

A woman sits at a table signing her mortgage paperwork.

Image Source: Getty Images – Image Credit: guvendemir

Government-Backed Loans

Whereas conventional loans are not backed by a federal entity, there are several unconventional loans that are backed by the U.S. government. These unconventional loans can often provide a path to homeownership for borrowers who don’t have the credentials to qualify for a conventional loan.

FHA and USDA mortgages are two common types of government-backed loans. Instead of having to make a 20% down payment on a conventional loan to avoid private mortgage insurance (PMI), an FHA loan allows buyers to qualify for a mortgage with a down payment as little as 3.5%. USDA loans enable buyers to purchase a home with reduced interest rates. VA loans offer several benefits for active service personnel and veterans looking to buy a home, including not having to purchase mortgage insurance.

Home Monthly Payment Calculator

To get an idea of what you can afford, use our free Home Monthly Payment Calculator by clicking the button below. With current rates based on national averages and customizable mortgage terms, you can experiment with different values to get an estimate of your monthly payment for any listing price. By using the Home Monthly Payment Calculator, you can make a well-informed estimation of whether it’s the right time to buy.

Fixed-Rate vs. Adjustable-Rate Mortgages

Fixed-rate mortgages allow you to lock in a specified interest rate for the life of the loan. With an unchanging monthly mortgage payment, a fixed-rate mortgage makes financial planning easier. Adjustable-rate mortgages’ interest rates will go up and down based on market conditions. Many ARMs will start with a fixed-interest rate period followed by a variable interest rate until the loan amount is paid off. Keep in mind that a sudden change in your financial situation could make your monthly ARM payments unaffordable, which could result in a loan default.

Other Home Loans

There are other more niche financing options available for prospective home buyers. For example, a construction loan can be useful if you’re planning on building a home. Balloon mortgages and sub-prime mortgages can make homeownership feasible for those who aren’t financially prepared for the typical repayment structure of a mortgage. These loans, however, come with greater risks. Talk to a mortgage broker to understand the terms of these agreements before making a final decision.

For more information on financing your next home purchase, connect with an experienced, local Windermere agent:

Selling • February 9, 2022

Working with a Real Estate Agent to Sell Your Home

by Windermere Staff

A real estate agent enters her clients’ home with a folder in her hands.

A real estate agent is an invaluable asset. They will work with you to get your home sold for the best price and in a timely manner. Before you find the right agent to sell your home, it’s important to understand how you can work together toward a successful sale. The following information will help you prepare for your discussions with your agent.

Working with a Real Estate Agent to Sell Your Home

Before you choose a real estate agent, determine your wants and needs and create realistic goals. Even though your agent is the one with the expertise, the tools, and the know-how, no one knows your home like you do, and the clearer you can communicate your aspirations, questions, and concerns to your agent, the more you’ll inform their decision-making process. Even something seemingly small, like sharing your preferred method of communication, can help them understand how you can best work together.

A great first step is to determine your pricing goals for your home. Your agent will conduct a comparative market analysis (CMA) to determine the value of your home, which will allow them to price it accurately. If there is a large discrepancy between what you were hoping your home would sell for and its actual value, your agent will be able to explain the factors that influence home prices and clarify whether it’s the right time to sell.

Prepare a list of all remodels and renovations you’ve completed on the home so your agent can understand how much you’ve invested in the property and the scope of work it took to get it in its current condition.

You should also set expectations for open houses and showings. Your agent will go to great lengths to effectively market your home, but by understanding your schedule ahead of time, you’ll be able to better communicate your availability when it comes time to engage with buyers. Talk to your agent about how to prepare your home for open houses and tours, the process for screening potential buyers, and which safety precautions to take before conducting walkthroughs.

Once you’ve found a buyer for your home, your agent will work with you through the purchase and sale agreement. This contract will outline the terms of the agreement between you and the buyer, spelling out the finer points of the transaction, such as the receipt of earnest money, any addendums and/or contingencies, inspection terms, etc. Your agent will also negotiate with the buyer’s agent to determine a closing date and will communicate which settlement fees you may incur, if any.

A real estate agent talks to a client on the phone while working on their laptop.

Image Source: Getty Images – Image Credit: shironosov

Benefits of Working with a Real Estate Agent

Working with an agent is the best way to ensure that your home is accurately priced. Incorrect pricing can be one of the costliest mistakes in selling a home. Beyond their talent for number crunching, your agent will be there to hear your ideas, answer your questions, and allay your fears. Selling a home can be an emotional roller coaster but having an agent by your side through it all can make it a much smoother ride.

Not only are real estate agents licensed professionals who possess a wealth of knowledge about the process of selling a home and how to navigate your local market conditions, but they are also well-connected. Selling a home requires looping in multiple professionals from a variety of disciplines. Whether it’s a lawyer, home inspector, appraiser, remodeling contractor, etc., your agent can help you find the professionals you need throughout your home selling journey.

To begin the process of selling your home, connect with an experienced Windermere Real Estate agent today:

Market News • February 8, 2022

Q4 2021 Nevada Real Estate Market Update

by Windermere Economics

Q4 2021 Nevada Real Estate Market Trends

The following analysis of the greater Las Vegas real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere Real Estate agent.

Regional Economic Overview

The Las Vegas labor market continues to recover from the pandemic, but the question is whether the latest variant of COVID-19 will slow the job recovery. The area has recovered over 204,000 of the more than 280,000 jobs that were lost in early 2020, which means Las Vegas is still 76,000 jobs shy of pre-pandemic levels. As jobs return, the unemployment level drops. The latest data shows that 6.3% of the workforce is still unemployed. This is a high number given that the pandemic started over 22 months ago, but it is still a significant improvement over the pandemic peak of 33.3%. The employment picture is one of a somewhat slow, but steady, recovery. The question remains as to what impacts, if any, the rise of the Omicron variant of COVID-19 will have.

nevada Home Sales

❱ A total of 10,222 homes sold in the final quarter of 2021—an increase of 2.1% compared to the same period a year ago, but 4.4% lower than the previous quarter.

❱ Pending sales, which are an indicator of future closings, fell 11.3% compared to the third quarter of the year, suggesting that closings in the first quarter of 2022 may not be robust.

❱ Sales were a mixed bag, rising in nine neighborhoods but falling in six. Spring Valley and Downtown saw significant increases. Where sales fell, the drop was modest. Compared to the third quarter, sales fell in all markets other than Northeast Las Vegas, Spring Valley, and Queens Ridge, but this can be attributed to seasonality as well as remarkably low supply levels.

❱ There were 34.9% fewer homes for sale in the quarter compared to the previous year, which likely impacted closed and pending sales.

nevada Home Prices

❱ Home prices rose 19.7% from a year ago to an average of $459,151. Prices were also 4.6% higher than in the third quarter of 2021.

❱ Mortgage rates notched up last fall, but the impact was not enough to significantly slow price growth. Additionally, fewer homes for sale meant that the market remained hot.

❱ Prices rose by double digits in every sub-market compared to the same quarter last year and rose in all markets other than Henderson and Queens Ridge compared to the third quarter.

❱ The labor market continues to improve, and mortgage rates have yet to get to a point where they could have a tangible impact on prices. That said, I expect them to rise as we move through 2022, which will likely act as somewhat of a headwind to price appreciation.

Days on Market

❱ The average time it took to sell a home in the region dropped 14 days compared to the fourth quarter of 2020.

❱ It took an average of 23 days to sell a home in the quarter, which was 5 more days than in the third quarter of the year.

❱ Days-on-market dropped across the board compared to a year ago but rose in all areas other than Downtown and Queens Ridge compared to the prior quarter.

❱ The greatest drop in market time was in the Aliante market, where the length of time it took to sell a home fell 31 days compared to a year ago.

Conclusions

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

The job market continues to improve and, despite rising mortgage rates, there appears to still be significant demand from home buyers. Listing prices leveled off last summer, which might have led some to believe that the market was cooling off, but they started rising again in the fall. This was probably disappointing for home buyers who have been in a highly competitive market for quite some time.

Given all the data, and even in the face of mortgage rates that will continue rising for the foreseeable future, I have moved the needle a little more toward sellers as they are still in control.

About Matthew Gardner

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

Market News • February 8, 2022

Q4 2021 Northern California Real Estate Market Update

by Windermere Economics

Q4 2021 Northern California Real Estate Market Trends

The following analysis of the Northern California real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere Real Estate agent.

Regional Economic Overview

The job recovery in Northern California picked up its pace last fall, which was good news given the lackluster job growth last summer. Total employment has now risen to 2.94 million, and the markets covered by this report have recovered all but 106,000 of the 474,900 jobs that were lost during the pandemic. Year over year, total employment rose 125,800, causing the unemployment rate to drop from 6.5% to 4%—a far cry from the pandemic peak of 14%. By county, the lowest jobless rate was in Santa Clara County (3.2%), and the highest was in Solano County, where 5.4% of the workforce remains unemployed. The latest data does not cover the period when the Omicron variant of COVID-19 came to light, so we will not see any of its impacts until the January data becomes available. It is also worth noting that the region’s labor force has not been increasing at the expected pace, which can actually slow the job recovery as businesses have a hard time finding workers. Of note is that there are currently more than 78,000 fewer working-age people in the workforce than before the pandemic started.

northern california Home Sales

❱ In the final quarter of 2021, 14,218 homes sold—a drop of 10.6% compared to a year ago and 14.2% lower than in the third quarter. Seasonality is at least partially responsible for the quarter-over-quarter drop, but it’s also because inventory constraints are limiting sales.

❱ Year-over-year, sales fell in all the counties contained in this report, with a modest drop in Solano County and fairly significant decreases across the rest of the region.

❱ Listing activity fell 32% compared to the same period a year ago, which certainly played a part in the lower sales numbers.

❱ Pending home sales were also lower, suggesting that sales in the first quarter of 2022 may slow further.

northern california Home Prices

❱ The average home price in the counties contained in this report rose 16.2% year over year to $1.168 million. Of note is that prices fell 2.1% from the third quarter but this may simply be due to seasonality.

❱ The most affordable county relative to average sale prices was Shasta. Santa Clara remains the most expensive market.

❱ Average prices in all counties rose double digits compared to a year ago, but fell in all counties other than Alameda, Santa Clara, and San Luis Obispo compared to the third quarter of the year.

❱ Affordability continues to be an issue in all areas, but the pace of price growth has been slowing as mortgage rates rose .3% in the quarter. I anticipate that rates will continue to trend higher as we move through the year, which is also likely to act as somewhat of a headwind to price appreciation.

Days on Market

❱ The average time it took to sell a home dropped five days compared to the final quarter of 2020.

❱ The amount of time it took to sell a home dropped in every county compared to the previous year, but the average days on market rose across the board compared to the third quarter of 2021.

❱ In the fourth quarter, it took an average of 33 days to sell a home, which was 4 more days than it took during the third quarter.

❱ The greatest drop in market time was in San Luis Obispo County, where it took 19 fewer days to sell a home than it did the prior year.

Conclusions

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

While the pace of price growth slowed in the fourth quarter, appreciation remains very strong. Those wondering what it will take to cause the market to slow down must consider two factors: supply and financing costs. It’s unlikely that there will be any significant increase in inventory in the coming year, but mortgage rates are on the rise. Even though I do not expect them to breach 4% until 2023, higher rates are likely to take some of the heat out of the market.

I have decided to leave the needle in the same position as in the third quarter. As rising mortgage rates are offset by low housing supply, it remains a seller’s market.

About Matthew Gardner

Design • February 7, 2022

Simply Luxury: A Guide to Curating Artwork in Your Home

by Windermere Staff

A man hangs a piece of art on a wall while a woman behind him gives him instructions.

The following is an excerpt from Windermere’s Simply Luxury magazine – Winter 2021.

Though stylish furniture can add to the design aesthetic of your home, its role is largely functional. Art, on the other hand, is where you can make the biggest impact on your home’s character and warmth. A gallery wall with pieces you’ve hand selected can influence the mood of an entire room while adding a personal touch to a home’s overall feel. The following information will help inspire you to curate sculptures, paintings, prints, and photographs that will add to the beauty and personality of your home.

A Classic: Gallery Wall

An eye-catching way to display art in your home is with a gallery wall. The best part of curating a gallery wall is choosing exactly what speaks to you. This design element can influence your mood and add character to your everyday space. Try playing with texture, type, or styles to create a personalized collection of décor elements that are perfect for your home.

A young woman hangs a painting on her living room wall.

Image Source: Getty Images – Image Credit: DjordjeDjurdjevic

Unexpected Texture

Don’t be afraid to think outside the picture frame and get creative with your pieces. A good art installation is about more than just color and content. Texture and depth can take your artwork to the next level. Try incorporating an intricate frame, sculptural elements, or a piece with varying textures into your display. This is the perfect option if you’re trying to create a focal point for an entire room, especially in larger spaces like the living room or dining room.

Make it a Reminder of Your Travels

Curating your artwork can entail more than simply hanging a few personal photographs. Because this is a space you will pass by and look at every day, it should feel special and personal. Consider collecting mementos and art pieces from different places where you’ve traveled and incorporating them into your display. This will not only add a unique touch to your artwork, but it will also give you an opportunity to reflect on pleasant memories.

A man smiles standing in his hallway lined with framed photos.

Image Source: Getty Images – Image Credit: TommL

Get Personal and Keep it Crisp

If you’re looking for a classy, timeless look, invest in a set of frames that are similar in shape and size. A crisp black-and-white gallery wall will make a powerful statement in any space. When set in a symmetrical grid, the monochrome display reads clean and fresh and doesn’t overwhelm the accompanying décor in the room. This is also a great opportunity to add a personal touch by incorporating family photographs.

Stick to a Color Scheme or Style

Frame a mix of photography, illustrations, and collages in shades you’d like to incorporate into your art collection. This is the simplest way to create something that feels cohesive without straining for a complex design. If you have a certain artistic style you feel drawn to, consider filling your entire display with it. The common elements inherent in that style will direct the eye and bring a sense of unity to the space.

For more information on curating the spaces in your home, read about these vintage design elements that have stood the test of time:

7 Vintage Design Elements That Are Still Popular Today

Market News • February 7, 2022

Q4 2021 Utah Real Estate Market Update

by Windermere Economics

The following analysis of select counties of the Utah real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere Real Estate agent.

Regional Economic Overview

Utah closed 2021 strongly with solid employment gains and an annual growth rate of 4.7%. It has been almost a year since the state recovered all the jobs lost due to the pandemic—a remarkable statistic. Even more impressive is that the employment level is now more than 61,000 jobs higher than before COVID-19 hit. The counties covered by this report have added almost 50,000 new jobs over the past year, representing a growth rate of 3.8%. Such robust growth has driven the unemployment rate down to just 2.1%, a level not seen since the Labor Department started keeping records back in 1976. Utah’s economic growth continues to impress. I believe it could be even better if the number of people in the workforce was rising significantly, which isn’t the case. But all in all, the employment picture is extremely positive.

utah Home Sales

❱ In the final quarter of 2021, 9,158 homes sold, representing a 13.2% drop from a year ago and 11.6% lower than in the third quarter.

❱ Year-over-year, sales dropped in all areas except for Morgan County. Sales slowed in all counties other than Weber compared to the third quarter of 2021.

❱ The drop in sales between the third and fourth quarters doesn’t concern me and can be attributed to seasonal factors. Lower sales compared to a year ago may be due to the number of homes for sale, which was 11.2% lower than in the same quarter of 2020.

❱ Pending sales, which are an indicator of future closings, were down 4% relative to the third quarter, suggesting that sales in the first quarter of 2022 may not rise significantly.

utah Home Prices

❱ Given Utah’s strong economy, it’s not surprising that home prices continue to rise significantly. Year over year, prices rose 17.3% to an average of $602,369. Prices were also .3% higher than in the third quarter of 2021.

❱ Compared to the third quarter, prices rose in Salt Lake, Utah, and Summit counties, but were down in the balance of the market areas.

❱ All areas contained in the report except for Summit and Wasatch counties saw prices rise by double digits. Morgan County’s rise was particularly impressive.

❱ The pace of price growth has slowed, but only very modestly. Whether this was a function of mortgage rates, which started rising in the quarter, is unclear. I expect rates to continue rising as we move through the year, which may have a compressing effect on price growth.

Days on Market

❱ The average amount of time it took to sell a home in the counties covered by this report dropped five days compared to the final quarter of 2020.

❱ Homes sold fastest in Davis County, with all but two counties seeing average time on market drop. Relative to a year ago, the greatest decline in market time was in Summit County, where it took 29 fewer days to sell a home.

❱ During the quarter, it took an average of 28 days to sell a home in the region. Although this is lower than a year ago, it was up 6 days compared to the third quarter of the year.

❱ The modest increase in market time is not very surprising given the frenetic market in 2020. The question is whether the pace of sales will increase as we move into the spring selling season.

Conclusions

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Utah’s rock-solid economy has been a major boost to the housing market. Prices continue to increase at a very impressive pace, but we will have to wait and see if this is sustainable given that mortgage rates are expected to continue rising in the coming months.

My current 2022 forecast suggests that, despite a very modest decrease in the pace of price growth compared to 2021, prices will rise by more than 10% in all the counties in this report. A few may even rise by close to 20%.

To say that it is a seller’s market in Utah would be an understatement. In the coming year, I don’t expect the housing supply to satisfy demand, which will cause prices to rise higher even in the face of rising mortgage rates. As such, I have moved the needle a little more toward sellers.

About Matthew Gardner