Photo by MyDomaine
At the end of a long day, your bedroom should be a sanctuary of comfort that welcomes you in. But, as a room that guests rarely see and in which homeowners spend most of their time with their eyes closed, its upkeep frequently gets pushed to the bottom of the to-do list. Thankfully, there are some little design tricks that can make a big difference. Turn your bedroom into a restful retreat when you up its coziness factor with a few of these easy ideas.
- Layer textures. Sheepskin rugs, a down comforter, plush pillows, and knit blankets can add a softness to the room that will make you want to sink right in. Lift these textures upward, with a canopy, tufted headboard, billowy curtains and hanging textiles (like a weaving) so even the walls and ceiling feel snuggly.
- Pick the right paint. Dark, saturated colors make a room feel like it’s embracing you, which is ideal for setting a sleepy environment. But if you’re nervous to commit to a dark color on the wall, choose a pale dusty blue, sage green or another light natural color for a soothing tone (just steer clear of energetic hues). Have you ever wanted to sleep on a cloud? Go with all-white paint and decor which makes even a basic bedroom feel soft and spa-like.
- Personalize it with reminders of the places and things that make you feel at home. Do you have a fondness for flowers? Bring floral patterns in on your textiles. Do you dream of vacation at the lake? Frame a photo of your favorite spot! Photos or paintings of uncluttered natural landscapes—like a sunset reflecting on water or a hammock under the shade of an oak—can rekindle memories of relaxation and are perfect for creating a sense of calm.
- Add mood lighting. Soften the light to mimic dusk for an intimate mood with dimmer switches, lamps, lanterns or even string lights. Just make sure you can reach the switch from bed, so you don’t have to disturb your peace to get up and turn it off when you’re ready to roll over and fall asleep.
- Skip metallic finishes. Choose warm natural decor options like wood and fabric instead of cold, manufactured metallics. This goes for everything from your bedroom furniture to window treatments. Faux wood blinds, especially when paired with floating curtains, fit with a cozy aesthetic and let you filter out harsh sunlight and maintain privacy for a truly sheltered slumber.
- Bring on the books! Stacks of good reads invite you to snuggle in and get lost in another world. A true retreat is a room with plenty of books that begs you to stay.
- Fix up—or fake—a fireplace. If your bed sits hearthside, embrace this romantic accent with styled logs and a decorated mantle. If you don’t have such a luxury, create a faux fireplace to add comfort and warmth through your décor: Arrange oversized candles and lanterns safely within a homemade hearth to bring in that cozy fireside feeling without changing the structure of your home.
- Keep the room uncluttered. When you want to settle in, a mess distracts you from finding comfort, to minimize the amount of stuff that makes it to your bedroom. Watch your nightstand, which often becomes a catch-all, by making a point to rehome any wandering wares now, and put things away as soon as they enter the room in the future. If you’re apt to let laundry pile up, keep it behind the closed doors of your closet so it doesn’t crowd your peace.
- Create a sense of timelessness. Tuck clocks and electronics away so they’re nearby if you need them, but their wires and harsh silhouettes aren’t reminding you of life outside your sanctuary. The hush that falls in a room devoid of gadgets will allow you to easily disengage from the stresses of reality.
- Rethink your bedding. Add a pillow-top pad to your mattress so it feels like your bed is hugging you when you climb in. Or, bring in a contoured body pillow which actually can hug you! Linen sheets feel luxe compared to cotton and are a simple swap to boost your bower. Many people also swear by skipping the top sheet while dressing their beds, which allows them to burrow directly into a fluffy comforter.
- Appeal to your sense of smell. Aromatherapy can have a huge impact on your perception of a space, so find some soothing essential oils or a sweet candle to blanket the room with an ambiance you adore. As soon as you open the door, you’ll be eager to plunge into your little oasis.
- Nestle into nooks. A window seat, a reading nook or an upholstered seating area are all inviting spaces that can draw you in from the doorway. The more intimate alcoves you can create, the cozier your bedroom will feel!
Flooded with soft lighting, plush textures, and other comfy touches, your bedroom environment will envelop you at day’s end. And, perhaps even better than the idea of your bedroom refresh itself, is knowing that none of these tips take longer than a weekend to complete! So, slide into your slippers as you settle on which cozy updates you’ll select for your new favorite room of the house.
This post originally appeared on the Windermere.com Blog.
The following analysis of the Western Washington 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 us!
Washington State employment jumped back up to an annual growth rate of 2.4% following a disappointing slowdown earlier in the spring. As stated in the first quarter Gardner Report, the dismal numbers earlier this year were a function of the state re-benchmarking its data (which they do annually).
The state unemployment rate was 4.7%, marginally up from 4.5% a year ago. My current economic forecast suggests that statewide job growth in 2019 will rise by 2.6%, with a total of 87,500 new jobs created.
Home Sales Activity
- There were 22,281 home sales during the second quarter of 2019, representing a drop of 4.8% from the same period in 2018. On a more positive note, sales jumped 67.6% compared to the first quarterof this year.
- Since the middle of last year, there has been a rapid rise in the number of homes for sale, which is likely the reason sales have slowed. More choice means buyers can be more selective and take their time when choosing a home to buy.
- Compared to the second quarter of 2018, there were fewer sales in all counties except Whatcom and Lewis. The greatest declines were in Clallam, San Juan, and Jefferson counties.
- Listings rose 19% compared to the second quarter of 2018, but there are still a number of very tight markets where inventory levels are lower than a year ago. Generally, these are the smaller — and more affordable — markets, which suggests that affordability remains an issue.
Year-over-year price growth in Western Washington continues to taper. The average home price during second quarter was $540,781, which is 2.8% higher than a year ago. When compared to first quarter of this year, prices were up 12%.
- Home prices were higher in every county except King, which is unsurprising given the cost of homes in that area. Even though King County is home to the majority of jobs in the region, housing is out of reach for many and I anticipate that this will continue to act as a drag on price growth.
- When compared to the same period a year ago, price growth was strongest in Lewis County, where home prices were up 15.9%. Double-digit price increases were also seen in Mason, Cowlitz, Grays Harbor, and Skagit counties.
- The region’s economy remains robust, which should be a positive influence on price growth. That said, affordability issues are pervasive and will act as a headwind through the balance of the year, especially in those markets that are close to job centers. This will likely force some buyers to look further afield when searching for a new home.
Days on Market
- The average number of days it took to sell a home matched the second quarter of 2018.
- Snohomish County was the tightest market in Western Washington, with homes taking an average of only 21 days to sell. There were five counties where the length of time it took to sell a home dropped compared to the same period a year ago. Market time rose in eight counties and two were unchanged.
- Across the entire region, it took an average of 41 days to sell a home in the second quarter of 2019. This was the same as a year ago but is down 20 days compared to the first quarter of 2019.
- As stated above, days-on-market dropped as we moved through the spring, but all markets are not equal. I suggest that this is not too much of an issue and that well-priced homes will continue to attract attention and sell fairly rapidly.
The market in our region appears to be moderating. Inventory is up, prices are relatively stable and homes are taking a bit longer to sell. However, with less than two months of available inventory, supply is still far short of demand. Steady buyer activity, low interest rates and a thriving economy are making for a strong summer in the housing market.
The median price of a single-family home on the Eastside was $950,000 in June, down 3% from the same time last year and up $21,000 from May. Many buyers are looking to take advantage of the Eastside jobs boom with Amazon announcing plans to build a 43-story tower in Bellevue and Google expecting to reach 1 million square feet of office space in Kirkland.
There was good news for buyers in June as a growing supply of homes helped boost inventory close to 2012 listing levels. The median price of a single-family home in King County was $695,000. That figure is a 3% drop from a year ago and virtually unchanged from May. 33% of homes sold above list price; another sign prices are moderating when compared to 52% of homes sold over list price this time last year.
Home inventory in Seattle inched slightly higher in June. However, with less than two months of supply, the city is still a solid seller’s market. Apple’s plan to turn Seattle into a key engineering hub can only add to demand. The median price of a single-family home in Seattle was $781,000, down 4% from a year ago and nearly unchanged from May.
After hovering around $500,000 since March, home prices in Snohomish County crept up in June. The median price of a single-family home was $515,500, as compared to $511,500 last June. Snohomish County continues to attract buyers priced out of the King County market, putting an additional strain on supply which stands a just 1.5 months of inventory.
This post originally appeared on the GetTheWreport.com.
The pace of the housing market gained momentum in May, bringing an uptick in open house traffic and offers. A drop in interest rates and increased inventory were great incentives for buyers. Despite the increase in supply there is less than two months of inventory available – half the national average and far short of what is considered balanced. Industry experts are predicting a strong market as we segue into summer.
The median price of a single-family home on the Eastside was $928,800 in May, down 3% from the same time last year and virtually unchanged from April. With a booming economy that continues to grow, news of Amazon’s expansion in Bellevue, the latest Microsoft acquisition and plans for a $1.2 billion office park in Redmond, demand for housing on the Eastside is unlikely to decrease any time soon.
In May, the median price of a single-family home in Snohomish County was $499,950. That number remains unchanged from a year ago, and also unchanged from March and April. Despite a 44% increase in inventory, the supply of homes for sale in this area is even tighter than in King County. Brokers report that buyers are being drawn from King County and willing to trade a longer work commute for more affordable housing.
Home sale activity in King County was brisk in May. According to a Windermere analysis, 7 out of 10 properties sold last month had 15 or fewer days on the market. More than half of the homes sold at or above list price. The median price of a single-family home was $700,000. While down 4% from the same time last year, that price was up about $22,000 from the previous month. Home to the fastest growing economy in the country, King County is expected to draw even more buyers to the area this year.
Seattle employment continues to grow faster than in most of the country. This has made the city a top location for workers, particularly millennials. Demand has put a strain on available homes, reducing the supply to just seven weeks of inventory available. May home prices in Seattle were lower than they were a year ago, but showed a healthy increase from the previous month. The median price of a single-family home was $784,925 in May, down 5% from a year ago and up $30,000 from April.
This post originally appeared on getthewreport.com.
April brought good news for homebuyers. Inventory increased, prices continued to moderate and mortgage rates remained low. While buyers have more choices, there is still less than two months of inventory on the market. Demand is expected to remain strong as we head into the prime spring real estate season.
The median price of a single-family home on the Eastside was $927,500 in April, down 2% from the same time last year. The economy here remains robust, particularly in the tech sector. After snapping up substantial real estate in Bellevue earlier this year, Amazon announced in April it would lease two more towers. Buyer demand and scarce inventory are keeping the Eastside market competitive.
In Snohomish County, the median price of a single-family home fell by 1% from a year ago to $500,000, the same figure posted in March. A 57% increase in inventory combined with low interest rates have created a strong beginning to the spring market.
With the number of homes for sale in King County up 78% over last year, buyers have more choices and a bit more time to make a decision. However, there is still less than two months of inventory, half the national average. The median price of a single-family home in April was $690,000. That figure was down 5% from the same time last year, but up from the $677,725 median price in March.
With one of the strongest economies in the nation, demand here remains solid. While the number of homes for sale continued to rise, there is just five weeks of available inventory, far short of the four to six months that is considered balanced. The median price of a single-family home in Seattle hit $754,000 in April, down 8% from a year ago and up slightly from the prior month.
This post originally appeared on GetTheWReport.com
After months of softening, home prices began to rise in February. That trend continued in March. While prices in most areas were down from the same time last year, they increased over the prior month. New listings rose as well, offering buyers more options and more time to make the right choice. Despite the uptick in listings, inventory is still under two months of supply, far short of the three to six months that is considered balanced.
In Snohomish County, the median price of a single-family home grew 5.3% over last year to $500,000. That was an increase of $25,000 over February. A new passenger terminal at Paine Field is expected to provide a boost to the local economy and also lift demand for housing.
Unlike most of King County, home prices on the Eastside grew over the prior year. The median price of a single-family home on the Eastside rose 3% to $950,000. That represents an increase of $50,000 over February. Amazon’s plans to relocate its worldwide operations team to Bellevue is expected to add thousands of employees to their Eastside campus and put even more demand on what is already tight inventory.
The median price of single-family home in King County in March was $667,725. That figure was down 3% from the same time last year, but up from the $655,000 median price in February. The two areas that showed price increases year-over-year were the most expensive area in the county – the Eastside – and the least expensive – Southeast King County. The number of homes for sale was more than double that of a year ago, but still far short of enough to meet demand.
The median price of a single-family home in Seattle hit $752,500 in March, down 8% from a year ago, but up $22,500 from February. Inventory rose 136% over last year. Despite the increase, new listings that were competitively priced saw many multiple and contingency-stripped offers.
This post originally appeared on GetTheWReport.com.
The spring home buying season started early this year. Open houses had increased attendance and bidding wars returned. After months of softening, home prices in most of the region jumped significantly from the prior month. With just one month of data, we’ll have to wait and see if this is the start of a longer upward trend.
The median price of a single-family home in Snohomish County reached $474,947 in February. Although that is a 2 percent decrease from last year, it is $5,000 more than January. As buyers push outside of King County to search for more reasonably priced homes, Snohomish County continues to struggle to find enough inventory to meet growing demand.
The Eastside was one area of King County that continued to see prices moderate. The median price of a single-family home on the Eastside was $900,000 in February, a drop of 5 percent from a year ago and down slightly from last month. However, supply here isn’t nearly enough to meet demand, a fact that most likely won’t change any time soon. Amazon’s latest expansion in Bellevue is expected to bring a significant wave of new employees to the city.
The median single-family home in King County sold for $655,000 in February. While up slightly less than 1 percent year-over-year, it was an increase of $45,000 over January. Southeast King County, which includes Kent, Renton and Auburn, saw the greatest gains with prices rising 4.5 percent over the previous year. While inventory has grown, it is less than half of the four to six months that is considered balanced.
More inventory and low interest rates helped bring buyers back into the market. The median price of a single-family home in Seattle hit $730,000 in February, down 6 percent from a year ago, but up $18,500 from January. With just six weeks of available supply, Seattle continues to have the tightest inventory in the county. Seattle’s record development boom shows little signs of easing, so we can expect strong demand to continue.
This post originally appeared on the WindermereEastside.com Blog.
Few topics cause more division among economists than the age-old debate of whether you’re better off paying off your mortgage earlier, or investing that money instead. And there’s a good reason why that debate continues; both sides make compelling arguments.
For many people, their mortgage is the largest expense they will ever incur in their lives. So if given the chance, it only makes logical sense you would want to pay it off as quickly as possible. On the other hand, a mortgage is also the cheapest money you will ever borrow, and it’s generally considered good debt. Any extra money you obtain could be definitely be put to good use elsewhere.
The reality is, however, a little less cut and clear. For some homeowners, paying off their mortgage earlier is the right answer. While for others, it would be far more advantageous to invest their money.
Advantages of paying off your mortgage earlier
- You’ll pay less interest: Each time you make a mortgage payment, a portion is dedicated towards interest, and another towards principal (we’ll ignore other costs for now). Interest is calculated monthly by taking your remaining balance, the length of your amortization period, and the interest rate agreed upon with your lending institution.
If you have a $300,000 mortgage, at a 4% fixed rate over 30 years, your monthly payment would be around $1,432.25. By the time you finish paying off your mortgage, you would have paid a total of $515,609, of which $215,609 were interest.
If you wanted to lower the total amount you pay on interest, you don’t need to make a large lump sum to make a difference. If you were to increase your monthly mortgage payment to $1,632.25 (a $200 a month increase), you would be saving $50,298 in interest, and you’ll pay off your mortgage 6 years and 3 months earlier.
Though this is an oversimplified example, it shows how even a small increase in monthly payments makes a big difference in the long run.
- Every additional dollar towards your principal has a guaranteed return on investment: Every additional payment you make towards your mortgage has a direct effect in lowering the amount you pay in interest. In fact, each additional payment is, in fact, an investment. And unlike stocks, bonds, and other investment vehicles, you are guaranteed to have a return on your investment.
- Enforced discipline: It takes real commitment to invest your money wisely each month instead of spending it elsewhere.
Your monthly mortgage payments are a form of enforced discipline since you know you can’t afford to miss them. It’s far easier to set a higher monthly payment towards your mortgage and stick to it than making regular investments on your own.
Besides, once your home is completely paid off, you can dedicate a larger portion of your income towards investments, your children or grandchildren’s education, or simply cut down on your working hours.
Advantages of investing your money
- A greater return on your investment: The biggest reason why you should invest your money instead comes down to a simple, green truth: there’s more money to be made in investments.
Suppose that instead of dedicating an additional $200 towards your monthly mortgage payment, you decide to invest it in a conservative index fund which tracks S&P 500’s index. You start your investment today with $200 and add an additional $200 each month for the next 30 years. By the end of the term, if the index fund had a modest yield of 5% per year, you will have earned $91,739 in interest, and the total value of your investment would be $163,939.
If you think that 5% per year is a little too optimistic, all we have to do is see the S&P 500 performance between December 2002 and December 2012, which averaged an annual yield of 7.10%.
- A greater level of diversification: Real estate has historically been one of the safest vehicles of investment available, but it’s still subject to market forces and changes in government policies. The forces that affect the stock and bonds markets are not always the same that affect real estate, because the former are subject to their issuer’s economic performance, while property values could change due to local events.
By putting your extra money towards investments, you are diversifying your investment portfolio and spreading out your risk. If you are relying exclusively on the value of your home, you are in essence putting all your eggs in one basket.
- Greater liquidity: Homes are a great investment, but it takes time to sell a home even in the best of circumstances. So if you need emergency funds now, it’s a lot easier to sell stocks and bonds than a home.
Misael Lizarraga is a real estate writer with a passion for teaching real estate concepts to first time buyers and investors. He runs realestatecontentguy.com and is a contributing writer for several leading real estate blogs in North America.
This post originally appeared on the Windermere.com Blog.
January brought more good news for homebuyers. Prices were down, inventory was up and interest rates hovered near a nine-month low. Those factors drove more buyers into the market and resulted in an uptick in sales for the month. We’ll see how this transitioning market evolves as we head into the prime Spring home buying season.
The median price of a single-family home in January inched up 1 percent from last year to $455,000. That price is down from the median of $470,000 recorded in December. Snohomish County also saw a surge in inventory with the number of homes on the market double of what it was last year at this time.
The most expensive region in King County saw prices soften in January. The median price of a single-family home on the Eastside dropped 3 percent over last January to $910,000. It’s an excellent time for buyers to leverage the cooling market and negotiate terms that work best for their needs. Last January, 39 percent of the homes in this area sold for over asking price. This January, that figure dropped to 12 percent. With its favorable business climate and high rankings for both economic growth and technology capabilities, demand on the Eastside is projected to remain strong.
January marked the first time home prices in King County decreased year-over-year in seven years. The median price of a single-family home was $610,0000, a drop of 3 percent over the prior year. Inventory more than doubled. Unlike recent months, this was due primarily to more people putting their homes on the market, as opposed to homes taking longer to sell. Despite the surge in listings there is just two months of available inventory, far short of what is needed to meet demand.
The median price of a single-family home in the city was $711,500 in January, a decrease of 6 percent year-over-year. Despite a 107 percent increase in homes for sale compared to a year ago, Seattle continues to have the tightest inventory in King County with less than two months of supply. A booming economy that shows no signs of slowing continues to draw more people to the city. The area will have to significantly add more inventory to meet that growing demand.
This post originally appeared on the WindermereEastside.com Blog.
The following analysis of the Western Washington 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 us.
The Washington State economy continues to add jobs at an above-average rate, though the pace of growth is starting to slow as the business cycle matures. Over the past 12 months, the state added 96,600 new jobs, representing an annual growth rate of 2.9% — well above the national rate of 1.7%. Private sector employment gains continue to be quite strong, increasing at an annual rate of 3.6%. Public sector employment was down 0.3%. The strongest growth sectors were Real Estate Brokerage and Leasing (+11.4%), Employment Services (+10.3%), and Residential Construction (+10.2%). During fourth quarter, the state’s unemployment rate was 4.3%, down from 4.7% a year ago.
My latest economic forecast suggests that statewide job growth in 2019 will still be positive but is expected to slow. We should see an additional 83,480 new jobs, which would be a year-over-year increase of 2.4%.
Home Sales Activity
- There were 17,353 home sales during the fourth quarter of 2018. Year-over-year sales growth started to slow in the third quarter and this trend continued through the end of the year. Sales were down 16% compared to the fourth quarter of 2017.
- The slowdown in home sales was mainly a function of increasing listing activity, which was up 38.8% compared to the fourth quarter of 2017 (continuing a trend that started earlier in the year). Almost all of the increases in listings were in King and Snohomish Counties. There were more modest increases in Pierce, Thurston, Kitsap, Skagit, and Island Counties. Listing activity was down across the balance of the region.
- Only two counties—Mason and Lewis—saw sales rise compared to the fourth quarter of 2017, with the balance of the region seeing lower levels of sales activity.
- We saw the traditional drop in listings in the fourth quarter compared to the third quarter, but I fully anticipate that we will see another jump in listings when the spring market hits. The big question will be to what degree listings will rise.
With greater choice, home price growth in Western Washington continued to slow in fourth quarter, with a year-over-year increase of 5% to $486,667. Notably, prices were down 3.3% compared to the third quarter of 2018.
Home prices, although higher than a year ago, continue to slow. As mentioned earlier, we have seen significant increases in inventory and this will slow down price gains. I maintain my belief that this is a good thing, as the pace at which home prices were rising was unsustainable.
When compared to the same period a year ago, price growth was strongest in Skagit County, where home prices were up 13.7%. Three other counties experienced double-digit price increases.
Price growth has been moderating for the past two quarters and I believe that we have reached a price ceiling in many markets. I would not be surprised to see further drops in prices across the region in the first half of 2019, but they should start to resume their upward trend in the second half of the year.
Days on Market
The average number of days it took to sell a home dropped three days compared to the same quarter of 2017.
- Thurston County joined King County as the tightest markets in Western Washington, with homes taking an average of 35 days to sell. There were eight counties that saw the length of time it took to sell a home drop compared to the same period a year ago. Market time rose in five counties and was unchanged in two.
Across the entire region, it took an average of 51 days to sell a home in the fourth quarter of 2018. This is down from 54 days in the fourth quarter of 2017 but up by 12 days when compared to the third quarter of 2018.
I suggested in the third quarter Gardner Report that we should be prepared for days on market to increase, and that has proven to be accurate. I expect this trend will continue, but this is typical of a regional market that is moving back to becoming balanced.
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. I am continuing to move the needle toward buyers as price growth moderates and listing inventory continues to rise.
2019 will be the year that we get closer to having a more balanced housing market. Buyer and seller psychology will continue to be significant factors as home sellers remain optimistic about the value of their home, while buyers feel significantly less pressure to buy. Look for the first half of 2019 to be fairly slow as buyers sit on the sidelines waiting for price stability, but then I do expect to see a more buoyant second half of the year.
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 Unversity of Washington where he also lectures in real estate economics.
This post originally appeared on the Windermere.com Blog.