Homeownership

Top 10 Home Design Trends to Take into 2022

The pandemic has changed the way many of us think about our home spaces. Between Tiktok and Instagram, the stream of ideas and inspiration is endless. From trendy plants to new kitchen cabinets, many of us have replaced small items or renovated entire rooms from floor to ceiling. With the year ending, it’s no wonder we want to revisit some of the best home décor trends of 2021:

Detail in the ceilings

The ceiling or the “fifth wall” became the show stealer this year.  Many opted for neutral-colored walls and a characterized ceiling. If you’re looking to update your master bedroom or living area, try adding wood detailing or beams.

Home offices were light and neutral

A lot more people are working from home these days and we can officially say that calming colors, smooth textures and bright lighting were the necessary component this year for offices.

Thank Tiktok for the “cottagecore” trend

What the internet has named “cottagecore”, is the accumulation of warm colors, soft textures and lived-in pieces like repurposed coffee tables and bookcases. If you’re looking to bring some cottagecore to your home, try incorporating floral printed pillows and repurposed furniture.

Vintage furniture is here to stay

If you’re looking for a unique twist to your home there’s no better place to look than your local flea markets. Last year, Chairish – a vintage retailer – had a 60% increase in sales, and Statista reported that the “furniture resale market” will most likely see an increase of 70% by the year 2025. Vintage isn’t going anywhere any time soon, so next time you want to add some bookends or a new armchair for the living room, try opting for a vintage piece.

Maximalist is the new minimalism

“Maximalist design is all about expressing your individuality and unique perspective. Maximalists don’t care what the ‘Joneses will think; they design for their own joy,” said award winning designer, Courtney McLeod. If you have an eye for unique design, try incorporating a colorful couch, bold lamps and fun lighting to bring a little maximalist to your life and into your home.

Bringing the outdoors inside

The old farmhouse style of plants that have taken over our houses for the last decade are slowly going out of fashion. Instead, they are being replaced with a “less is more” approach that balances between trendy and functional. If you’re looking to up your plant game, try incorporating potting options that are sculptural and have a design life of their own.

Shaker cabinets have been all the rage

If you still have the early 2000s, cherry or walnut cabinets that you are desperate to get rid of, look no further than shaker cabinets. Shaker cabinets are narrower than your typical kitchen option and feature more streamlined edges. It’s a classic style that isn’t going anywhere soon, so you can invest your money without feeling wasteful.

Modern country design has been the best of both worlds

This is for the homeowners that can’t decide what home décor is for you. The combination of modern and southern lifestyle has taken on a life of its own. It’s an idyllic classic that meshes warm, homey vibes with neutral tones and simple lines.

Bringing vacation home

There’s nothing worse than walking into a friend’s bathroom and seeing truly awful stylings of anchors, starfish and seashell-shaped towel hooks. When we say coastal décor trend, we are thinking more on the side of open and airy décor that invokes the feeling of sitting near the seaside.

Open shelving provided a fresh kitchen style

Raise your hand if you have loathed putting away the dishes simply because of the opening and closing of the cabinets. Turns out there’s a solution that just so happens to be a trending décor option. Open shelving in the kitchen has been noted by HGTV as a trend that “doesn’t seem to be showing any signs of slowing down.” If you aren’t sold on the idea, HGTV suggests taking the doors off your cabinets to “ease” into it.

 

Source: TheList.com

What the New Year Will Bring for the Real Estate Market

Why It Just Became Much Easier To Buy a Home

Since the pandemic began, Americans have reevaluated the meaning of the word home. That’s led some renters to realize the many benefits of homeownership, including the feelings of security and stability and the financial benefits that come with rising home equity. At the same time, many current homeowners have decided their house no longer meets their needs, so they moved into homes with more space inside and out, including a home office for remote work.

However, not every purchaser has been able to fulfill their desire for a new home. Here are two obstacles some homebuyers are facing:

  • The ability to save for a down payment
  • The ability to qualify for a mortgage at the current lending standards

This past week, both of those challenges have been mitigated to some degree for many purchasers. The FHFA (which handles mortgages by Freddie Mac, Fannie Mae, and the Federal Housing Administration) is raising its loan limit for prospective purchasers in 2022. The term used to describe the maximum loan amount they will entertain is the Conforming Loan Limit.

What Is the Difference Between a Conforming Loan and a Non-Conforming Loan?

Investopedia explains the difference in a recent post:

“Conforming loans are the only loans that meet the requirements to be acquired by Fannie Mae and Freddie Mac. Jumbo loans, which exceed the conforming limit, are the most common type of nonconforming loan.”

What Difference Does It Make to Me as a Home Buyer?

A Forbes article earlier this year explains the benefits of a conforming loan and why they exist:

“Since lenders can’t sell non-conforming loans to Fannie Mae or Freddie Mac to free up their cash, they’re a bit riskier for the lender. This is especially true for jumbo loans, which aren’t backed by any government guarantees. If you default on a jumbo loan, it’s a huge blow to the lender.

Thus, lenders generally charge higher interest rates to compensate, and they can have even more requirements. For example, lenders who give out jumbo loans often require that you make a down payment of at least 20% and show that you have at least six months’ worth of cash in reserve, if not more.”

What Happened Last Week?

The FHFA has significantly increased its Conforming Loan Limits for 2022. Sandra L. Thompson, FHFA Acting Director, explains in the press release that:

“Compared to previous years, the 2022 Conforming Loan Limits represent a significant increase due to the historic house price appreciation over the last year. While 95 percent of U.S. countie​s will be subject to the new baseline limit of $647,200, approximately 100 counties will have conforming loan limits approaching $1 million.”

This means that more homes now qualify for a conforming loan with lower down payment requirements and easier lending standards – the two challenges holding many buyers back over the last year.

The Federal Housing Administration (FHA) also increased its Conforming Loan Limits for 2022. That could also mean an easier path to homeownership for many prospective buyers. As the Forbes article explains:

“FHA loans can be very beneficial if you don’t have as much savings, or if your credit score could use some work.”

Bottom Line

Buying your first or your next home may have just gotten much easier (less stringent qualifying standards) and less expensive (possibly lower mortgage rate). Let’s connect to discuss how these changes may impact you.

Resources:
  1. To get more information on the new FHFA Conforming Loan Limits, click here.
  2. To get more information on the new FHA Conforming Loan Limits, click here.

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