Living April 22, 2024

Hosting on a Budget

SOURCE: Windermere

There’s nothing better than spending time with family and friends. When we’re sharing memories—or making new ones—we feel close to our loved ones and reaffirm our bonds to each other. If you’re the one hosting a get together though, the expenses of feeding and entertaining everyone can quickly add up.

Whether you’re inviting family over for a holiday celebration, hosting a birthday or graduation party, or just want to hang out with a few friends, we’ve got some tips to keep costs down while ensuring everyone has a good time.

Plan a Potluck

Perhaps the simplest, and most obvious, way to keep food expenses down when hosting is to ask your guests to contribute. Consider splitting up assignments by first letter of last names. For instance, last names starting with A-H bring beverages, I-P bring sides, Q-V bring salads, and W-Z bring desserts. This works well for holiday gatherings, but only use the letter assignment system if you’re not hosting a lot of family members who share the same last name!

Gather for Games

Board games, charades, or Pictionary using an easel are fun for all ages, and no one expects a full meal while you’re playing. Games can create a fun theme for birthday or anniversary parties, too. Provide a few snacks, beverages, and the games themselves and you’re all set.

Make It a Movie Night

With streaming services and inexpensive rentals like Redbox, having friends over to watch a flick is an easy and affordable way to spend time together. Supply the popcorn (and maybe a few of your favorite kinds of candy) and you and your guests are in for an evening of fun for only a few dollars. Movie nights are a fun idea for older kids and teens as well. Whether you want to turn it into a slumber party is up to you!

Bake up Brunch

There are a million ways to use the relatively inexpensive grocery items like eggs, potatoes, and pancake mix to whip up a delicious brunch. Egg casseroles or quiches with fresh veggies are easy to make ahead of time and can expand how many people a few eggs can feed. Hashbrowns or home fries are instant crowd pleasers. And who doesn’t love pancakes?

The best thing about brunch is that you can serve it anytime. Whether your invitation list consists of early risers or sleepy heads, anytime between 9:00 AM and early afternoon is perfectly appropriate.

Shop Your Own Supply

Using what you already have stocked in your fridge and pantry is not only less spendy than a big store run, but it’s also handy if a party comes together at the last minute. Fruit, crackers, and cheese can quickly turn into attractive and tasty appetizers. Any kind of protein, rice, some beans, tortillas, and cheese can turn into a make-your-own taco bar.

Scope out the Sales

If you’ve got enough of a head start, planning the food and beverages you’re going to offer at your shindig around weekly or seasonal sales can save a pretty penny. Keep an eye out for grocery store circulars, coupons, and online ads that offer special deals on party favorites like soda, chips, and crackers. Shopping early can also pay off for big holiday meals. For example, many stores sell frozen turkeys weeks before Thanksgiving for a fraction of what you’ll pay for a fresh turkey the week of.

Serve a Signature Cocktail (or Mocktail)

Stocking a bar can easily become your party’s biggest expense, especially if your guests expect premium booze. Instead of purchasing all the bar staples and several varieties of beer and wine, create a signature cocktail (or mocktail) that only calls for a few ingredients and that you can make in advance. Sangrias, mojitos, and margaritas are great in big batches. A simple sorbet punch is a sure winner for the mocktail inclined.

Leave the Music to Us

Setting the tone with music is key to a great time. Windermere Real Estate has several playlists ready-made for your event. Choose one based on the vibe you’re going for from dinner to pool parties.

Follow us on Spotify

We hope these ideas help inspire you to host a gathering of your loved ones soon!

SOURCE: Windermere

Design March 19, 2024

Pantone 2024 Color of the Year: How to Use Peach Fuzz in your Home

SOURCE: Windermere

The global color experts at Pantone have spoken, announcing the 2024 Color of the Year to be “Peach Fuzz.” Leatrice Eiseman, the Executive Director, Pantone Color Institute shared this explanation on the website, “in seeking a hue that echoes our innate yearning for closeness and connection, we chose a color radiant with warmth and modern elegance.”

The gentle color brings to mind an embrace that’s calm and nurturing. Reminiscent of the sun on the horizon, or a fruity drink that promises refreshment, Peach Fuzz has a lot of potential in our homes this year.

Pantone Color of the Year: Peach Fuzz

Peach Fuzz is a light pink-orange hue and is described by Pantone Color Institute as subtly sensual, calm, and comforting. Chosen because of its ability to conjure feelings of tenderness, community, and collaboration, PANTONE 13-1023 Peach Fuzz is as modern as it is vintage and “reflects the past yet has been refashioned with a contemporary ambience,” making it accessible for homes and décor of any decade.

How to Use Peach Fuzz in Your Home

While recent trends have leaned into the monochrome look, Peach Fuzz is versatile in palettes that range from earthy to colorful to neutral. The warm hue can be integrated with a variety of existing décor styles and is only restrained to the homeowner’s preferences.

Using Peach Fuzz with an Earthy Aesthetic

If you’ve already developed a warm palette in your space using earthy browns, greens, and blues, Peach Fuzz can offer warmth and interest. Similar to that pink-orange golden hour that casts a warm light across the landscape, this color of the year can bring sunshine to your space through glass elements like candle sticks, vases, and pendant lights.

Consider lighting your space with tapered candles in transparent orange candle stick holders, or tea lights in short peach hurricanes. Or hang a light with an orange pendant to diffuse the lightbulb and bring that sunset look inside your home all evening. Peach vases are another option to combine your love of nature with the sunny warm hue. Consider a translucent glass vase, or maybe one shaped like a mushroom.

Adding Peach Fuzz to a Colorful Room

Do you prefer a colorful approach to your home’s décor? Peach Fuzz can add a lovely backdrop to help gemstone colors pop out even more. Any good palette is a balancing act, and this peach color can sway that balance supporting your jewels and highlighting their rich shades. Add PANTONE 13-1023 Peach Fuzz to your background pieces, like throw blankets, rugs, and walls, then layer your gemstone pieces atop.

Peach Fuzz in a Neutral Room

Many homeowners find that a neutral palette of light and warm off-whites, beiges, and natural woods is more pleasant and easier to maintain. If your home enjoys this minimalist simplicity, and you would like to add another warm color to your aesthetic, Peach Fuzz may be the right one for you.

Adding throw blankets and pillows is a great way to add color to your neutral room, as is replacing your rug with one that includes the pink-orange color in the design. You may also consider swapping out some decorative pieces like coffee table books, vases, and figurines for Peach Fuzz colored replacements.

SOURCE: Windermere

Buyers March 5, 2024

Buying with Your Pets in Mind

SOURCE: Windermere

For many of us, pets play a central role in our home life, so taking into account what is best for them when buying a home is important for both their happiness and that of your entire household.

Is the Neighborhood A Good Match For Your Pet?

When looking for homes that are well suited to both you and your furry companion, consider the area surrounding the home. If your pet is an indoor/outdoor animal, it’s important to examine the hustle and bustle of the neighborhood. If your pet spends time outside, a busy neighborhood could be dangerous, and depending on the level of traffic, he or she may need to be on a leash at all times.

How conducive is the neighborhood for taking your pet on walks? If you frequently walk your pet, look for neighborhoods with sidewalks. If your pet enjoys being off-leash, consider prioritizing homes with green belts, parks, trails, or designated off-leash areas nearby. It’s also a good idea to identify where the local emergency pet centers and veterinarian clinics are to insure there is sufficient medical care for your pet in proximity to where you live.

 

Does The House Meet the Needs of Your Pet?

  • Size: Is the house big enough? Depending on the type of pet, or breed of animal, space may be the most important factor in picking a pet-friendly home. If you are moving into a bigger space than you were in previously, understand your pet will likely take to the additional room differently. On the flip side, if you are downsizing, be mindful of how it might impact your pet.
  • Yard: If you have a pet that spends time outside, it’s important to pay particular attention to the yard. Is it large enough? Does it have a secure fence? Is there easy access between the home and the yard?
  • Flooring: Pet-friendly flooring can be tough. Surfaces that can be repaired or refinished when scratched are typically the best options for homes with pets. Sealing additional layers will build up the resistance to damage from paws, claws, and general pet wear and tear.
  • Carpet: Cats are notorious for clawing and scratching at carpet, and dogs are infamous for bringing the outdoors in with them. Consider carpeting of a lesser quality in the area where your pets spend most of the time, or search for carpets that are stain resistant and easy to clean.
  • Stairs: Older pets and multileveled homes are at odds. Consider the age of your pet and how active you expect them to be so that you don’t find yourself in a position where you’re having to carry your pet between floors.
  • Additions: If you’re comfortable with doing a little work on your potential home, you can consider adjustments that might make it a little more safe and comfortable for your pets. Adding an enclosed outdoor space for your cat called a catio or carving out space in the yard for a dog run can be just what your fur babies need.

 

What Does the HOA Say About Pets?

When looking at a home, ask whether or not it is a part of a Homeowners Association and what restrictions may apply to the property. For instance, certain HOA developments limit the number and/or type of pets per household.

Most pet owners take the needs of their pets seriously. In fact, in a recent Realtor.com survey, 95% of pet owners said that their pets needs were an important consideration when finding the right home to buy. When it comes down to it, prioritizing your pet when buying a home not only insures your pet’s well-being, but that of your household, as well.

SOURCE: Windermere

Sellers February 20, 2024

Minimize Stress While Selling Your Home

SOURCE: Windermere

After years of collecting furniture, plants, and memories, the thought of preparing your home to sell and moving to a new one can be daunting and stir up a lot of emotions. But selling your home doesn’t have to be stressful; here are a few tips to help make it easier.

Involve your agent early

The earlier you involve your Windermere Real Estate agent, the better they can set you up for success. When you reach out to them, they’ll be able to evaluate your home with their expert opinion based on their experience, and determine what needs to be done.

You and your agent will come up with a plan and timeline that works for you. After they do a comparative market analysis, they’ll have a good idea of what it will take to get the best price for your home. They may suggest you move out so the home can be professionally staged and easily accessed by potential buyers, or if that’s not an option, they will provide insights on what you can do yourself so you can live there while it’s on the market.

They may also see opportunities that are easy to implement, like improving the landscaping for curb appeal or minor projects that can increase your home value.

Working with a real estate agent will help move you through the process of selling your home more efficiently.

Get an inspection & make necessary repairs

Some sellers may be concerned that their property isn’t in the best condition and that this will impact their home’s value. While some repairs may need to be done before putting your home on the market, you might be surprised that you don’t have to fix everything.

By getting a pre-inspection you’ll know what all needs to be done right away and what can wait. Your Windermere agent will be able to help you understand the inspection report and make decisions based on the condition of your home and the current market. Some repairs will be more important than others, things like a new roof or water heater can help new buyers feel more comfortable in their purchase while a trending remodel may interfere with the buyers own plans for the space.

Split up the selling process into approachable pieces

Once you have a vision for everything that you need to do to get your home prepared to sell, it’s a good idea to split the full project into smaller pieces that you can tackle one by one. You’ll want to determine what needs to be done first, like an inspection or small remodel, and what items can be done at the same time, like moving out and staging. If you take this approach, the final preparations will feel less overwhelming.

When you prepare well ahead of time, the actual process of selling will be less overwhelming, and you’ll have the confidence that you’ve done everything you can to make the most of the investment you put into your home.

SOURCE: Windermere

Living February 6, 2024

Simple Ways to Conserve Energy at Home

SOURCE: Windermere

Whether you want to use less energy to reduce your carbon footprint or your monthly costs, there are plenty of easy ways to conserve the electricity and natural gas you’re using in your home. Energy conservation can be as simple as closing your curtains, changing a light bulb, turning down your thermostat, or closing the fireplace damper. Many of the most inexpensive solutions quickly pay for themselves in conservation, which you ultimately benefit from when you get your power bill.

 

Do Your Chores During “Off Peak” Hours

One of the biggest ways you can conserve energy is to take advantage of “off-peak” hours. This is a step that everyone can take because it simply involves shifting your use of major appliances, such as ovens, washing machines, dryers, and dishwashers, to a time when the demand on the power supply is lower.

Check with your power company to see if they have peak hour rate changes and adjust your schedule as you can to do your laundry and dishes during the off-peak times.

And when it’s time, upgrade your large appliances to Energy Star products for the most efficient and use of your power.

 

Small Changes in Your Laundry Cycle

Another way you can save energy is by washing your clothes in cold water and only running full loads. This reduces the need for your machine to heat the water and has the double benefit of keeping your clothes in good condition for longer, further reducing your textile waste when you don’t have to replace your clothes as often.

To speed up the clothes drying process, add a dry towel or two to your machine to soak up excess moisture. Another option is wool dryer balls which not only help clothes dry faster, but you can also add drops of your favorite essential oils in place of single-use dryer sheets, which cause dust build up in your dryer vents and add to the landfill.

It’s also important to keep to a maintenance schedule with your washer and dryer. Clear out the lint trap after every load and make sure the dryer hose and vent are clear. Clean the filter on your washer once a month to keep things running efficiently.

 

Heating and Cooling Tips

Heating and cooling systems account for almost half of home energy consumption but luckily there are several easy ways you can reduce your home’s demand.

Conventional measures, such as setting back your thermostat, are effective at lowering your energy use and costs. In fact, the Department of Energy estimates you can save 10 percent on your power bill if you turn your thermostat temperature down by 10 degrees for eight hours a day. Here are a few ways you can reduce energy consumption and save money:

  1. Experiment with the temperature that you’re most comfortable with to determine if you can keep your thermostat set to a lower temperature.
  2. Set a schedule on your thermostat to change the temperature of your home when you’re asleep or not home, in the winter set it lower, in the summer set it higher.
  3. Close your blinds and shades to keep the air from escaping through the windows, and to keep the sun from heating up the air inside your home.
  4. Keep the fireplace damper closed unless you have a fire burning. Leaving the damper open can cause drafts and heat loss throughout your house.

It’s also important to keep your HVAC system clean and maintained. Change your furnace filter frequently, clear out any dusty ducts, and keep the air in your home clean with air purifiers. Doing so will enable your heating system to run more efficiently and be more cost-effective.

 

Update Your Lighting

It’s estimated that lighting accounts for 15 percent of your overall home energy bill, so another way you can conserve, other than turning the lights off when you leave a room, is by using energy-saving light emitting diodes (LEDs).

LEDs use about 90% less energy and last up to 25x longer than incandescent lightbulbs. They’re available in a number of shapes, sizes, and tones, making it an easy replacement for almost any bulb in your home. When shopping for LEDs, look for those with the Energy Star label on them—this ensures that you’re purchasing a product that has been approved by the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy (DOE).

SOURCE: Windermere

Windermere Community January 23, 2024

Windermere Foundation Brings Cheer, Laughter, and Basic Needs in the Final Months of 2023

Windermere Real Estate offices throughout the Western U.S. brought holiday cheer and laughter to their local communities during the holiday season of 2023, wrapping up a year of giving that raised over $2.9 million for the Windermere Foundation, bringing the total raised since 1989 to more than $53 million.

Here are a few examples of the support provided by Windermere offices through the Windermere Foundation in the fourth quarter of 2023.

 

Bringing Holiday Cheer

Under Cover Elves in Central Washington

Windermere Group One continued a tradition and brought some holiday cheer to 21 deserving local families with their “Under Cover Elves” program. Since 2010, they have worked with the counselors at local schools to find and “adopt” families who were not able to buy gifts due to their financial situations. This year, some of the families were homeless, others were struggling after layoffs.

The school counselors mentioned too, that many support programs were not happening this year for families in need and they were grateful that the local Windermere offices were making this happen with Windermere Foundation funds.

More than 40 Windermere Real Estate agents and staff volunteers went shopping with the kids to buy presents for their parents and siblings. Many of the kids didn’t ask for things themselves, most lists consisted of everyday essentials like food, clothing, and cleaning supplies. But the volunteers were determined to add a few surprises too, so they did some digging while they shopped to find toys that they could add to the presents under the tree.

“The families were blown away from this event, so many thank you’s and tears of gratitude,” said Mikaya Blossner-Hill, the Marketing Director for the Windermere Group One offices.

 

A large group of people pose smiling in the Windermere Bozeman, MT office with a giant check made out to Greater Gallatin United Way for $5,000.

Image Sources: Windermere Bozeman, MT on Facebook

Giving Back in Bozeman, Montana

The team at the  Windermere Bozeman-Downtown office is fully devoted to supporting their neighbors in need and have a collective commitment to bettering the community they call home. One example of this is the $5,000 donation they made from the Windermere Foundation to the during the Greater Gallatin United Way weeks leading up to the holidays. The Greater Gallatin United Way raises funds from the community in order to invest in local non-profits working in four impact areas: basic needs (shelter, food security, transportation, and childcare), early learning, youth success, and behavioral health and mental well-being. The members of the Windermere Bozeman-Downtown office say that they feel incredibly fortunate to have the Greater Gallatin United Way looking out for their neighbors and their community.

 

2 photos lined up horizontally showing different angles of the "Dogs of Windermere Calendar" for 2023-2024. On the far left is the calendar open to May with a black french bulldog. The center shows the calendar open to may and a calendar closed with the front cover showing. On the right is a photo of the front page with a chocolate lab, the center

Image Source: Melissa Freels, Director of Marketing Windermere Services, Oregon

Raising Funds with a Crowd Favorite in Portland, Oregon

The Windermere Johnson office in Portland, Oregon held a fundraiser that made many people smile and raised money for the Windermere Foundation. At the end of 2023 they put together a “Dogs of Windermere” calendar for the year 2024. This adorable fundraiser earned over $1,100 for the Windermere Foundation by selling copies of the calendars and with submissions from agents who sent in the cutest photos of their dogs they could muster; it wasn’t that hard. With such a successful first run they plan to do it again next year.

 

Windermere For Kids in Bellevue, Washington

Continuing their yearly tradition, Windermere East, Inc. helped deliver holiday spirit to low-income and homeless families from in and around Bellevue, Washington with their “Windermere for Kids” event. In December, they invited over 100 local children to the Marketplace at Factoria to do their holiday shopping with 250 agents from six Windermere offices.

Each child and their families received $250 to buy gifts at Target, which were then wrapped by the Windermere Real Estate agents while the families enjoyed snacks and took photos with an elf. And as an added treat, the agents who helped them shop added a surprise gift for each “Little Shopper.”

 

A group of Windermere agents pose smiling by paper bags full of food from their annual Can the Cats Food Drive benefiting Missoula Food Bank and Community Center.

Image Sources: Windermere Missoula, MT on Facebook

 

Can the Cats in Missoula, Montana

The agents in the Windemere Missoula office continued their tradition of collecting and donating food to the for their annual “Can the Cats Food Drive”. Now in its twenty-fourth year, the Can the Cats Food Drive is held every November leading up to the University of Montana vs. Montana State University “Griz-Cat Brawl of the Wild” rivalry football game. Missoulians are encouraged to donate food and cash which benefits thousands of households experiencing food insecurity in Missoula County. The Windermere Missoula team collected over 2,000 pounds of food from their local community which was delivered in bags donated by WinCo Foods Missoula. This was the eighth year Windermere Missoula participated in this event which Managing Broker John Brauer says is great fun and an incredible team-building experience.

 

Bringing Laughter and Raising Funds in Portland, Oregon and Seattle, Washington

Comedy Night

The Windermere Foundation expanded the annual comedy night held in Portland, OR for the last 22 years to bring even more laughter and raise more money with another event in Seattle, WA.

Both events in 2023 featured Saturday Night Live comedian, Colin Jost. Together they raised over $1.1 million for local organizations supporting youth and families in need.

The annual Steve Allen Comedy Show in Portland, OR was founded by Windermere and benefits non-profit organization New Avenues for Youth, which is dedicated to the prevention and intervention of homelessness for Portland-area young people. The event helps New Avenues for Youth provide programs and services to young people in Portland that focus on the individual – their experiences, identities, needs and goals—and helping them make positive changes in their lives.  From meals and counseling to job training and housing, their equity-based services address the many barriers to stability and well-being that young people face.

The inaugural Windermere Foundation Comedy Night in Seattle was organized by and benefited the Windermere Foundation, which has been giving back to the local communities where Windermere Real Estate agents live and work for 35 years. More than 400 people came together for a laughter-filled evening that included dinner, drinks, and an amazing amount of generosity. The money raised from ticket sales and the paddle raise will support organizations in the Seattle area that provide services to low-income and homeless children and families.

SOURCE: Windermere

Design January 10, 2024

5 Features of Traditional Interior Design

5 Features of Traditional Interior Design

SOURCE: Windermere

There is perhaps no other home décor style as comforting as traditional interior design. Rooted in the masterfully crafted Chippendale and Thomas Sheraton furniture designs and classic Queen Anne colors, traditional décor is one vintage style that stood the test of time. Here are five distinct features of traditional interior design.

5 Features of Traditional Interior Design

1. Dark Wood Finishes

Part of the reason for traditional design’s timeless appeal is its use of woodworking. With woodwork as a foundation, this design style feels classic but not dated. The dark, bold colors resemble the Victorian style, but traditional interiors are simpler and less ornate. The dark tones of the wood create a foundation for a more colorful decorative palette.

2. Traditional Design Color Palette

Traditional design can handle a heavier color palette while still providing comfort. The darker wood tones allow for darker color to be used elsewhere throughout a space, such as dark window coverings. Floral, plain colors, and muted plaids are all common color schemes. Walls are often covered with patterned wallpaper, floral designs, or damask. In terms of designs, traditional interiors pair well with geometrics and small, striking yet understated patterns.

3. Hardwood Flooring

This design style is classic from the floor to the ceiling. You won’t find laminate or tile flooring in the common areas of a home that adheres to the principles of traditional interior design. Complimenting the surrounding woodwork, homes designed in this style have solid hardwood flooring.

4. Traditional Decorations

The decorations used in traditional design help to reinforce its unique, classic-yet-comfortable ambiance. Table lamps and vases are typical of a traditional interior, often displayed in pairs to create symmetry. Though these accessories are bold, they are never too ornate or over-the-top enough to dominate the room.

5. Design Philosophy

Traditional design is calm and orderly. Whereas a more eclectic interior design style may offer more surprises throughout its spaces, a traditional interior is more predictable. Even the textiles used are subtle, with typical materials ranging from cotton and fur to velvet and silk.

SOURCE: Windermere

Buyers December 20, 2023

What Does DOM Mean in Real Estate?

As you start searching for homes, you’ll likely come across different terms that describe the status of different listings. One term, “Days on Market” (DOM), can play a role in your strategy for making an offer. Knowing what this term means will help to inform your discussions with your agent as you go about finding the right home for you.

What is Days on Market (DOM)?

Days on Market (DOM) is a metric used by real estate professionals (and home buyers) to measure the time that a certain property has been listed for sale. In other words, it’s the running total number of days since a home hit the market. Different factors contribute to how long a home is on the market, including the home’s features, its location, and the local market conditions. Brush up on seller’s and buyer’s markets to understand how these market conditions affect days on market.

Why does DOM matter?

  • Buyer Hesitancy: Just like contingent and pending listings, a home with a longer Days on Market may make buyers think there is something wrong with the property. The right buyer may very well come along, not swayed in their decision by the DOM number, but for some, it raises questions about why the home hasn’t sold yet.
  • Market Value: Over time, Days on Market can impact the home’s listing price and how much it ultimately sells for. If a property stays on the market for an extended period, the seller may need to reduce the price to prevent it from going stale. On the other hand, the longer the DOM, the more leverage a buyer potentially has to negotiate a more favorable offer.
  • Local Market Conditions: Looking at trends in DOM can give both buyers and sellers a better understanding of local market conditions. If homes are flying off the market left and right with low DOM, it’s a competitive market that favors sellers. Buyers will be more likely to remove contingencies to make their offer stand out amongst the competition. If DOM is high across the board, the market is not as competitive, and buyers have more leverage.
  • Negotiations: The leverage created by Days on Market flows through to negotiations. If you have leverage on your side, you can expect that the seller will be more willing to negotiate on price or repairs than they would if the tables were turned. Make sure you and your agent are on the same page regarding how the DOM figures you’re seeing locally will affect your strategy for making an offer on a house.

Connect with me for more information about Days on Market (DOM) and how long homes are staying on the market near you. This one statistic could alter your strategy for approaching the market and, when the time comes, how you put together your offer on a home.

Market NewsMatthew Gardner December 5, 2023

Matthew Gardner’s Top 10 Housing Predictions for 2024


This video shows Windermere Chief Economist Matthew Gardner’s Top 10 Predictions for 2024. Each month, he analyzes the most up-to-date U.S. housing data to keep you well-informed about what’s going on in the real estate market. See more market insights on our blog here. 


Matthew Gardner’s Top 10 Predictions for 2024

1. Still no housing bubble

This was number one on my list last year and, so far, my forecast was spot on. The reason why I’m calling it out again is because the market performed better in 2023 than I expected. Continued price growth, combined with significantly higher mortgage rates, might suggest to some that the market will implode in 2024, but I find this implausible.

2. Mortgage rates will drop, but not quickly

The U.S. economy has been remarkably resilient, which has led the Federal Reserve to indicate that they will keep mortgage rates higher for longer to tame inflation. But data shows inflation and the broader economy are starting to slow, which should allow mortgage rates to ease in 2024. That said, I think rates will only fall to around 6% by the end of the year.

3. Listing activity will rise modestly

Although I expect a modest increase in listing activity in 2024, many homeowners will be hesitant to sell and lose their current mortgage rate. The latest data shows 80% of mortgaged homeowners in the U.S. have rates at or below 5%. Although they may not be inclined to sell right now, when rates fall to within 1.5% of their current rate, some will be motivated to move.

4.Home prices will rise, but not much

While many forecasters said home prices would fall in 2023, that was not the case, as the lack of inventory propped up home values. Given that it’s unlikely that there will be a significant increase in the number of homes for sale, I don’t expect prices to drop in 2024. However, growth will be a very modest 1%, which is the lowest pace seen for many years, but growth all the same.

5. Home values in markets that crashed will recover

During the pandemic there were a number of more affordable markets across the country that experienced significant price increases, followed by price declines post-pandemic. I expected home prices in those areas to take longer to recover than the rest of the nation, but I’m surprised by how quickly they have started to grow, with most markets having either matched their historic highs or getting close to it – even in the face of very high borrowing costs. In 2024, I expect prices to match or exceed their 2022 highs in the vast majority of metro areas across the country.

6. New construction will gain market share

Although new construction remains tepid, builders are benefiting from the lack of supply in the resale market and are taking a greater share of listings. While this might sound like a positive for builders, it’s coming at a cost through lower list prices and increased incentives such as mortgage rate buy downs. Although material costs have softened, it will remain very hard for builders to deliver enough housing to meet the demand.

7. Housing affordability will get worse

With home prices continuing to rise and the pace of borrowing costs far exceeding income growth, affordability will likely erode further in 2024. For affordability to improve, it would require either a significant drop in home values, a significant drop in mortgage rates, a significant increase in household incomes, or some combination of the three. But I’m afraid this is very unlikely. First-time home buyers will be the hardest hit by this continued lack of affordable housing.

8. Government needs to continue taking housing seriously

The government has started to take housing and affordability more seriously, with several states already having adopted new land use policies aimed at releasing developable land. In 2024, I hope cities and counties will continue to ease their restrictive land use policies. I also hope they’ll continue to streamline the permitting process and reduce the fees that are charged to builders, as these costs are passed directly onto the home buyer, which further impacts affordability.

9. Foreclosure activity won’t impact the market

Many expected that the end of forbearance would bring a veritable tsunami of homes to market, but that didn’t happen. At its peak, almost 1-in-10 homes in America were in the program, but that has fallen to below 1%. That said, foreclosure starts have picked up, but still remain well below pre-pandemic levels. Look for delinquency levels to continue rising in 2024, but they will only be returning to the long-term average and are not a cause for concern.

10. Sales will rise but remain the lowest in 15 years

2023 will likely be remembered as the year when home sales were the lowest since the housing bubble burst in 2008. I expect the number of homes for sale to improve modestly in 2024 which, combined with mortgage rates trending lower, should result in about 4.4 million home sales. Ultimately though, demand exceeding supply will mean that sellers will still have the upper hand.

 


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.

Sellers November 30, 2023

High ROI Upgrades for Equestrian Properties

SOURCE: Windermere

High ROI Upgrades for Equestrian Properties

For equestrian homeowners who are thinking about selling, there’s a long list of to-dos to get to. Not only do you need to spruce up the home itself, but your surrounding property should be in prime condition as well. To maximize your return on investment and drive buyer interest, consider making strategic upgrades that enhance both your home and your land. Improvements like these will add value to your home and cater to the equestrian enthusiasts.

Boost Equestrian Property Value

Equestrian Facilities

What truly matters to equestrian buyers? Their horses. Knowing that their horses have access to high-quality facilities will be the key to attracting serious buyers. Focus your upgrading efforts on the stables and barns. Proper ventilation, spacious stalls, and easy access to the surrounding pastures on the property.

Buyers also want to know that their horses will be safe, so secure fencing is a must. Consider investing in durable fencing materials like vinyl, wood, or pipe fencing depending on the area that needs fixing and/or upgrading. Make sure all paddocks are fenced off appropriately. This is certainly a factor equestrian buyers will consider as they compare your property to other listings.

Depending on what discipline you’ve trained on your property, your riding arena will have different footing. Talk to an equestrian real estate specialist about best practices for upgrading and cleaning up your arena as you prepare to sell, they’ll be aware of any recent buyer trends and patterns you might want to lean into. What’s most important is that your riding arena look professional and clean, ready for buyers who are looking to train or compete.

Equestrian Property Value: Landscaping

Maintaining an equestrian property is more time consuming than caring for a typical single-family home, but as you prepare to sell, your land maintenance will kick into high gear. Well-kept landscaping will not only increase your home value, but it will also provide a safe environment for the eventual buyer’s horses. This is especially important if your property has scenic trails; landscaping features like these are a selling point and should be treated with care accordingly.

Home Improvements

The typical high ROI remodeling projects like upgrading your bathrooms, bedrooms, and kitchen apply for equestrian homeowners as well, but there are certain equestrian-specific upgrades that will apply uniquely to home buyers with horses. A remodeled mudroom or tack room will help you differentiate your listing, as will sustainable upgrades like solar panels or renewable energy capabilities throughout the property. Sustainability continues to grow in importance for homeowners of all types, equestrian included. Now more than ever buyers are mindful of ways they can sustainably manage their property. If you invest in eco-friendly improvements, your property could appeal to a wider pool of buyers.

By making upgrades like these, you’ll present your equestrian property in the best light, and you’ll significantly increase your chances of engaging buyers who are willing to pay a premium.

SOURCE: Windermere