4 Ways to Make a Small Space Feel Bigger

Expand your close quarters with just a few cosmetic changes.

Square footage determines how big a home is, but painting, furnishings and decorating can affect how big a home feels. Looking to make a small space feel bigger?  A few simple cosmetic changes can help.

Consider these four ways to make any small space in your home appear more, well, spacious.

1. Incorporate mirrors

Create the illusion of expansive walls with the addition of a mirror. This elegant touch can save a room from art-overload, which happens when too much pattern and color collide in a small space. A mirror also creates depth, which is always a plus.

Best of all, mirrors reflect natural light, potentially doubling the amount of sunlight streaming into the room. That alone will make the space feel bigger.

2. Try lighter colors

Especially in small spaces, lightness means brightness. A fresh coat of light-colored paint in a cramped room creates an inviting atmosphere by mimicking natural light. For those who enjoy brighter colors, white walls are a fresh blank canvas for other elements.

If repainting needs to stay on the to-do list for the time being, try adding pops of light color on decor around the room. In a small living room, for example, give the sofa a makeover with white linen throw pillows and a neutral throw blanket - or opt for other quick fixes like bright new lampshades.

3. Streamline furniture

If you're looking to make a bigger change to a small space, reconsider the size of the current furniture. When every piece is chunky, a room tends to look crowded. A few sleek pieces of furniture will open up floor space and let you showcase larger items like an heirloom hutch or statement coffee table. Aim to make your furniture proportionate to the size of the room.

And, don't underestimate the impact of window accessories. Long drapes are popular for making ceilings look higher - hang them well above the window frame to show-off the full length of the wall. Sometimes, simply replacing old, heavy curtains with unobtrusive shades can make a major difference.

4. Get rid of clutter

While purging clutter around the house benefits your well-being in multiple ways, it also makes your rooms appear bigger and less stuffy. Go minimalist and simplify surfaces like walls, bookshelves and end tables, reserving those areas for a select few favorite pieces.

In the end, making a small space feel bigger is mostly about the balance between personal flair and a clean, uncluttered ambiance.

Leah Curtis, REMAX Blog 7/21/2020

How To Safely Tour A House for Sale

Added precautions help protect you - and those around you - as you search for the perfect home.

After a tumultuous spring changed the course of many homebuyers' plans, the summer selling season is in full swing with in-person showings and, in some places, live open houses. Erring on the side of caution is key when touring houses for sale during the COVID-19 pandemic - for your safety and that of the homeowners.

To start a safe search, hop online before heading out the door. Right now is the perfect time to use virtual home search tools to narrow down the properties you're most serious about. After doing so, here's how to stay safe - and what to expect - while touring a house you may end up calling home.

Come Prepared

Many homes listed by Portland metro Realtors will provide booties, hand sanitizer and possibly gloves for you to use while touring the home. This will allow you to open closets, cupboards and doors while exploring what features and storage space the home has to offer.  However, there may be a time when those items are not available in a home, so it may be best to bring your own wipes/hand sanitizer/gloves to use both before and after touching any surfaces.  In all cases, it is best to bring your own mask to wear while touring the home.

Abide by Safety Measures

Drive to the property yourself rather than in the Realtor's car. This will reduce the amount of time spent together in confined spaces. And keep a safe, six-foot distance between yourself and anyone else in the home. 

At most homes, the showing appointment times are being scheduled so there is only one buyer at at time viewing the home.  There may be times when you will need to wait outside due to local orders, or seller requests, to limit the number of people inside the home at one time. Abiding by the requests makes for a swift, hassle-free process and helps keep everyone safe.

During this time of uncertainty, all Sellers will request that you not enter the home if you have felt ill during the last 2 weeks or been in the presence of someone who is exhibiting flu-like symptoms.

Respect the Agent's Wishes

The listing agent is responsible for communicating the wishes of the seller - especially under unusual circumstances like COVID-19.  Remember, you are entering a home - someone's safe space - during unsettling times. 

Unusual times call for unusual rules. Your agent may have special instructions, like asking you to drive by the property first before arranging for a home showing, or having you ask for assistance before touching doorknobs or pulling open cabinets or drawers. If you seem to be feeling under the weather, stay home and contact your agent to set a different time, access a virtual tour, or use a platform like Zoom or FaceTime to tour you through the home.

In my experience, since the beginning of this pandemic, both buyers and sellers are being very conscientious about safety and respecting each others needs under these unusual circumstances.

Adapted from Leah Curtis, RE/MAX LLC Blog 7/28/2020

                                                                                                                                                                              

A Remarkable Recovery for the Housing Market

For months now the vast majority of Americans have been asking the same question: When will the economy turn around? Many experts have been saying the housing market will lead the way to a recovery, and today we’re seeing signs of that coming to light. With record-low mortgage rates driving high demand from potential buyers, homes are being purchased at an accelerating pace, and it’s keeping the housing market and the economy moving.

Here’s a look at what a few of the experts have to say about today’s astonishing recovery. In more than one instance, it’s being noted as truly remarkable.

Ali Wolf, Chief Economist, Meyers Research

"The housing recovery has been nothing short of remarkable...The expectation was that housing would be crushed. It was—for about two months—and then it came roaring back.”

Fannie Mae

“Recent home purchase measures have continued to show remarkable strength, leading us to revise upward our home sales forecast, particularly over the third quarter. Similarly, we bumped up our expectations for home price growth and purchase mortgage originations.”

Javier Vivas, Director of Economic Research for realtor.com

"All-time low mortgage rates and easing job losses have boosted buyer confidence back to pre-pandemic levels."

James Knightley, Chief International Economist, ING

"At face value this is remarkable given the scale of joblessness in the economy and the ongoing uncertainty relating to the path of Covid-19…The outlook for housing transactions, construction activity and employment in the sector is looking much better than what looked possible just a couple of months ago."

Bottom Line 

The strength of the housing market is a bright spark in the economy and leading the way to what is truly being called a remarkable recovery throughout this country. If you’re thinking of buying or selling a home, maybe this is your year to make a move after all.

10 Reasons Your Home May Not be Selling

When you first put your house on the market, you might be hopeful for a quick sale - especially in the current market where many homes are receiving multiple offers within days of going up for sale. While you shouldn't panic if the house doesn't sell the moment you list it, you should begin to worry if weeks, or months, start flying by without any real offers.  

If this is the case, here are 11 reasons why your house maya not be selling.

1. You overvalued your property.  An overpriced home is simply not going to sell.  An experienced real estate agent can give you a good estimate of value of your home. 

2. Your listing is poor.  A poor description and/or a lack of photos or blurry photos will not attract buyers to want to consider your home. Ensure your REALTOR® creates a description that attracts the attention of buyers, highlighting unique features of the home and property, and be sure to have high quality photographs that best represent what your home has to offer.

3. You're always present at showings.  Buyers don't want to have the seller lurking over their shoulder during showings.  They want to freely chat with their agent about the home without feeling uncomfortable or fear possibly offending the seller.  Always 'present' also includes having video/audio recording devices in the home which limit comfortable conversation during the showing.

4. You're too attached. Your emotional attachment to the home may impact your willingness to negotiate price or terms, thereby making it difficult to come to agreement on an offer with a potential buyer.  

5. You haven't had your home professionally cleaned. Even when we're pretty diligent about cleaning, as homeowners we often will overlook things such as dusting ceiling fan blades, vacuuming the return vent screen, or even washing windows. A dirty house is going to leave a bad impression on buyers. Professionally cleaning the carpets, windows and home interior will create a better impression for potential buyers.

6. You haven't staged your home. A vacant home makes it difficult for some buyers to visualize how they would place their furniture or get a sense of the comfort of the home. Staging with furniture and decor gives buyers an idea of how to use the rooms and a sense of each rooms' size.  If you're still living in your home, a Stager can assist with using your current furniture and decor to best represent the available space and give the buyer a feeling of home when they are taking the tour.

7. Your home is too personalized. A wall of family portraits, the collage wall of vacation photos, or the fairytale princess decor in a child's bedroom may make Buyers feel uncomfortable while touring your house. If your home decor is too personalized, it can distract buyers from seeing what features your home has to offer and may prevent them  from imagining themselves living there.

8. Your home is too cluttered. Too much furniture in one room or an extensive collection of figurines may make the rooms or available counter space feel smaller than they actually are.

9. Your home is in need of too many repairs. The more repairs that are needed, the less likely a buyer will want your house. Many buyers simply don't want to deal with the cost or effort of doing repair work, even if it's just a bunch of small repairs, such as tightening a handrail or replacing a broken tile.

10. You chose the wrong real estate agent.  Working with a great real estate agent makes all the difference in selling your home, for the best value, within a reasonable time.

All these things can be fixed. One of the best ways to avoid making these common mistakes is by working with a professional real estate agent.                                 

                                                                                                                                                                                     Adapted from a RISMedia's Housecall article

Americans Rank Real Estate Best Investment for 7 Years Running

Some Highlights

• Real estate has outranked stocks, savings accounts, and gold as the best long-term investment among Americans for the past 7 years.
• The belief in the stability of housing as a long-term investment remains strong, despite the many challenges our economy faces today.
• Of the four listed, real estate is also the only investment you can also live in. That’s a big win!

June 2020 Real Estate Market Statistics

The following is the latest Real Estate Market Statistics for June 2020.
Click here for the full report

• Sales:   2,709 in June 2020 vs 2,756 last June:  -1.7%
• Up 38.0% from May 2020

• Pending Sales:   3,654 in June 2020 vs 3,083 last June:  18.5%
• Up 17.4% from May 2020

• New Listings:   3,658 in June 2020 vs 4,281 last June:  -14.6%
• Up 7.0% from May 2020

• Average Year to Date Sales Price:   $468,500 in June 2020 vs $456,700 last June:  2.6%

• Total Market Time: 42 days in June 2020 vs 42 days last June:  0.0%

• Inventory in Months: 1.5 months in June 2020 vs 2.4 months last June

Inventory by Area:

• NW Washington County   1.53 months
• Beaverton/Aloha               0.82 months
• Hillsboro/Forest Grove     1.40 months

Are New Homes Going to Be Available to Buy This Year?

In today’s economy, everyone seems to be searching for signs that a recovery is coming soon. Many experts agree that it may actually already be in motion or will be starting by the 3rd quarter of this year. With the housing market positioned to lead the way out of this recession, builder confidence might be a bright spark that gets the recovery fire started. The construction of new homes coming right around the corner is a huge part of that effort, and it may drive your opportunity to make a move this year.

If you are hoping to buy a newly built home in the Washington County, Oregon area, here is a quick video of home construction sites, actively underway, in various locations throughout the county. Take a drive along with me to check them out.  Once you have viewed the video, read below to learn more about builder confidence about the coming year.

According to the National Association of Home Builders (NAHB): 

“New home sales jumped in May, as housing demand was supported by low interest rates, a renewed household focus on housing, and rising demand in lower-density markets. Census and HUD estimated new home sales in May at a 676,000 seasonally adjusted annual pace, a 17% gain over April.”

In addition, builder confidence is also rising, opening up opportunity for newly constructed homes in the market. The NAHB also notes:

“In a sign that housing stands poised to lead a post-pandemic economic recovery, builder confidence in the market for newly-built single-family homes jumped 21 points to 58 in June, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Any reading above 50 indicates a positive market.”

As noted above, this upward trend is supported by builders reporting an increase in demand for single-family homes in suburban neighborhoods with lower-density populations, a result of the COVID-19 health crisis.

Moreover, the most recent Monthly New Residential Construction Report from the U.S. Census indicates that authorized building permits for new residential construction increased by 14.4% month-over-month from April to May, and housing starts were also up 4.3% over the same time period. (See graph below):

Although housing permits and starts are both considerably lower than they were at this time last year, indicating the new construction market is still working on building its way back up, the trends are moving in the right direction when it comes to having an impact on the U.S. economy. They’re also poised to create the much-needed new homes for Americans to purchase in a time when inventory is so scarce.

Dean Mon, Chairman of the NAHB notes:

“As the nation reopens, housing is well-positioned to lead the economy forward…Inventory is tight, mortgage applications are increasing, interest rates are low and confidence is rising. And buyer traffic more than doubled in one month even as builders report growing online and phone inquiries stemming from the outbreak.”

The gap between homes to buy and the high demand from purchasers may be narrowed by new construction, and the data shows that these homes are on their way into the housing market.

So, if you’ve debated whether or not to sell your house this year because you’re not sure where to move, a newly-built home – designed to your specific liking – may be your answer.

Bottom Line

With new residential construction right around the corner, you can feel confident about selling your house and having a place to move into. Maybe it’s time to finally design the home you’ve always wanted. Let’s connect today to discuss selling your house while demand from eager buyers is high.

Taking Advantage of Homebuying Affordability in Today's Market

Everyone is ready to buy a home at different times in their lives, and despite the health crisis, today is no exception. Understanding how affordability works and the main market factors that impact it may help those who are ready to buy a home narrow down their optimal window of time to make a purchase.

There are three main factors that go into determining how affordable homes are for buyers:

1. Mortgage Rates
2. Mortgage Payments as a Percentage of Income
3. Home Prices

The National Association of Realtors (NAR), produces a Housing Affordability Index, which takes these three factors into account and determines an overall affordability score for housing. According to NAR, the index:

“…measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent price and income data.”

Their methodology states:

“To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment.”

So, the higher the index, the more affordable it is to purchase a home. Here’s a graph of the index going back to 1990:

The green bar represents today’s affordability. We can see that homes are more affordable now than they have been at any point since the housing crash when distressed properties (foreclosures and short sales) dominated the market. Those properties were sold at large discounts not seen before in the housing market.

Why are homes so affordable today?

Although there are three factors that drive the overall equation, the one that’s playing the largest part in today’s homebuying affordability is historically low mortgage rates. Based on this primary factor, we can see that it is more affordable to buy a home today than at any time in the last seven years.

If you’re considering purchasing your first home or moving up to the one you’ve always hoped for, it’s important to understand how affordability plays into the overall cost of your home. With that in mind, buying while mortgage rates are as low as they are now may save you quite a bit of money over the life of your home loan.

Bottom Line

If you feel ready to buy, purchasing a home this season may save you significantly over time based on historic affordability trends. Let’s connect today to determine if now is the right time for you to make your move.

Prepping Your Home for Sale

Maximize Curb Appeal

Getting them through the front door starts at the curb. Manicure the lawn, trim the trees and shrubs. Pull weeds and plant some colorful flowers. Clear the walkways. Fix peeling paint and wind up that hose. Paint the address number on the curb.

Make Repairs to Visible Blemishes
Is there something that’s an eyesore, but an easy fix? If looking at it bothers you, it could bother a potential buyer and reduce the appeal of your home. Replace burnt out light bulbs, fix that loose door handle, make needed paint touch-ups.

Make a Buyer’s Entrance Inviting
Freshly paint the front door with a color that contrasts the house. Add a new welcome mat. Hang a fresh wreath on the door.

Let the Light Shine In
Removing heavy window coverings to let in the natural light we all crave. Add lamps to brighten up darker areas to add more cheer.

Remove the Clutter
This serves two purposes. First, you want your home to have an open and inviting appearance. Removing clutter will make rooms appear larger and more appealing. Second, it helps YOU prepare to move. Going through the clutter and getting rid of what you don’t need will make your move much easier.

Remove Personal Items
It will be much easier for a potential buyer to imagine your home as theirs when they can envision their own items in it.

Highlight Special Features
Use accents and color to draw eyes to special features that you want potential buyers to notice—throw pillows, plants or other eye-catching accessories.

Add Mirrors
Use mirrors to make rooms look larger and lighter. Position opposite windows for best effect.

Clean Out Cabinets and Closets
Buyers are nosy and they WILL open the cabinets. Make sure your contents are orderly and organized.

Eliminate Odors
Clean to remove any odors and do not cook any meals with heavy, lasting smells before a showing.

Add Aromas
You can easily add appeal by quartering an orange and adding it to a pot of water with a cinnamon stick. Simmer on low for an inviting aroma. Or bake a fresh batch of cookies (and leave a plate of them on the counter for visitors).

A Historic rebound for the Housing Market

Pending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors (NAR) started tracking this metric in January 2001. So, what exactly are pending home sales, and why is this rebound so important?

According to NAR, the Pending Home Sales Index (PHS) is:

“A leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.”

In real estate, pending home sales is a key indicator in determining the strength of the housing market. As mentioned before, it measures how many existing homes went into contract in a specific month. When a buyer goes through the steps to purchase a home, the final one is the closing. On average, that happens about two months after the contract is signed, depending on how fast or slow the process takes in each state.

Why is this rebound important?

“This has been a spectacular recovery for contract signings and goes to show the resiliency of American consumers and their evergreen desire for homeownership…This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.”

But in order to continue with this trend, we need more houses for sale on the market. Yun continues to say:

“More listings are continuously appearing as the economy reopens, helping with inventory choices…Still, more home construction is needed to counter the persistent underproduction of homes over the past decade.”

As we move through the year, we’ll see an increase in the number of houses being built. This will help combat a small portion of the inventory deficit. The lack of overall inventory, however, is still a challenge, and it is creating an opportunity for homeowners who are ready to sell. As the graph below shows, during the last 12 months, the supply of homes for sale has been decreasing year-over-year and is not keeping up with the demand from homebuyers.Bottom Line

If you decided not to sell this spring due to the health crisis, maybe it’s time to jump back into the market while buyers are actively looking for homes. Let’s connect today to determine your best move forward.