Michelle Hrin
Executive Broker/REALTOR
Realty Executives of Hickory
World events and government spending has led to soaring inflation. The Federal Reserve has only one tool in its arsenal to curb and reduce this trend – raising interest rates. While contemporary home buyers are accustomed to interest rates in the 2-4%, older homeowners remember being excited to get one as low as 8%. As yet, we have no indication such a drastic increase is necessary, home mortgage interest rates are creeping up and potential home buyers may be asking if they should still try to buy a home.
One of the first things to consider is affordability. A higher interest rate will impact the amount of the loan each buyer can qualify for, potentially reducing their spending power. Yet, home prices are also beginning to soften, so it’s possible that this correction will reduce any possible impact from rising rates.
Secondly, home ownership has been a strong hedge against inflation historically. Buying a home locks in the cost of the largest budgetary portion of your expenses – your housing cost. As the cost of living continues to increase, rents will also rise, continuing to add pressure to an already strained household budget.
Finally, things change. Recessions do not last, home prices eventually rise, and home mortgages can be refinanced. Most homeowners move every 5-7 years and so potential home buyers should plan for this timeframe when making decisions. Is this still the right time to buy a home? Inflation does have an effect, but it does not necessarily mean that one needs to hold off on a good home purchase.
Does it seem like you do everything possiblEnergy Vampires – Why Your Electric Bill Is So High | Hickory NCe to lower your electric bill and still see no measurable difference in your bill? The simple reason is you may have energy vampires in your home. The good news is these creepy creatures do not require a visit from your local ghostbusters team, these energy suckers are hiding in plain sight and easy to remove. An energy vampire is any device that uses energy when not in use. Consider anything that is plugged in and ready to use instantly. Good examples include televisions, home printers, gaming consoles, coffee makers, lamps, and the list goes on. Think about your smart devices and anything that has a digital clock is an energy vampire. Even a sleeping computer or laptop can be sucking energy all day and night, causing your bill to soar, and putting strain on the public grid. The good news is there is no need to smear garlic on these vampires or pepper your walls with crosses, the easiest way to kill off these energy suckers is to simply unplug them. Don’t want the hassle of unplugging and plugging back in? Consider attaching multiple plugs into a power strip and activate the entire room at once. Unplug coffee makers, phone chargers, fans, and lights in rooms that aren’t used every day. Vampires are real – energy vampires. Fortunately, you can pull the plug on these monsters and send them back to the haunted houses where they belong.
Over the past few years, most of the US has been in a strong seller’s market. Historically low interest rates coupled with rising incomes resulted in buyers who were ready and able to buy a new home. It was a crazy time when sellers needed to do little more than put a sign in the yard to attract multiple offers. However, the post-Covid housing market is quite different. The uncertainty in the economy has slowed the pace and rising interest rates have caused buyers to reconsider their purchase, and the amount they are willing to pay. As a result, sellers must go back to the tried-and-true methods of selling a home, debunking the myths of the past few years. 5 “New” Realities for Sellers
In previous decades, a warm, cozy home required dark colors and heavy materials. One can envision sitting in front of a roaring fire in a dark room filled with pillows and wood paneling. Contemporary homes are brighter, with clean lines and light colors and textures. The challenge is how to create an inviting, cozy space that everyone wants during the cooler months. Fortunately, it’s not necessary to choose between the claustrophobic styles of the past and warm inviting rooms. The first tip is lighting. Soften the lighting and consider swapping cold, metal fixtures for ones using natural materials, such as willow or linen. Next, layer blankets throughout the home. Imagine the luxury of falling into a soft bed with layers of cozy white blankets and quilts.
Neutral colors gain dimension by contrasting subtle hues of the same palate. We change our lifestyle during colder months as well. Lifestyle shifts from our outdoor spaces to interior rooms. Create a warm beverage station to invite guests and family members to relax and unwind. Add pillows to sitting areas to build comfort in living rooms.
Finally, add scent to the home. Candlelight not only sets a relaxing mood but fills the space with soothing smells of the season. Cozy, inviting spaces do not have to mean dark colors and heavy materials. Layering is the easiest way to create a softer, warmer room. Combine this with a few seasonal candles and touches, and any room can be cozier this weekend with only a few small changes.
What are your tips for creating a cozy space? Where do you like to shop for great blankets, candles, pillows, lighting, etc? I love Home Goods in Hickory but also think it is great to check out boutique stores or even consignment shops around town.
Why Working from Home May Mean It's Time for a New Home
One of the biggest changes 2020 brought was a major switch to working from home. More and more employees are working remotely, either temporarily, or even permanently. But with this lifestyle change come other things that may no longer fit, like your house.
Your home may have suited your needs when you were working in an office, but if you’re suddenly having to bring your work home, you might find that you no longer have the space or the comfort you crave. Here’s why it may be time to buy a new home.
Your Home Needs to Be Multi-Functional
If you’re working from home 8 hours a day or studying remotely, then an office space is in order. You can use your kitchen counter, your sofa, your bed, or your coffee table, but your productivity is probably not going to be the same as it would be in a dedicated space. Plus, this kind of improvised arrangement tends to lead to blurred lines between work and home life.
Having a separate office space not only helps you physically contain and separate your work from your personal life, but it can also act as an effective psychological barrier. You know that when you step into that space, you’re in “work mode” and at the end of the day, you can lock the door behind you and allow yourself to transition back to a “home” mental space.
Your Home Needs to Be Conveniently Equipped
If you’re going to be spending time at home and relying on your own amenities for work, then you might need to step up your devices and plans. Since you’re relying on Wi-Fi for all your work needs, it’s a good idea to check who covers your area and what your best options are. You might be surprised to realize that you’re stuck in an area with spotty coverage, in which case, a move may be imminent.
There’s also the issue of cost – you have to make sure you’re getting the best deal, since you’re paying for your own internet, phone, electricity, etc. You may be also thinking about upgrading other aspects of your home, like your lighting, thermostat, or even your security cameras. Smart devices can save you a lot of money in the long run, so it makes sense to prioritize that feature when looking for a new home.
You Could Use Some Outdoor Recreation
If you were living in an apartment before, or in a home with a small backyard, you are probably craving a patch of grass and some sunlight, and with good reason. Most employees who work from home want that outdoor space for recreation purposes – or even working outside in the sun.
A yard with some space to lounge in and some fun amenities like a pool and some lounge chairs turns your backyard from a drab suburban space to your personal party pen. Imagine being able to go out for a swim and a cold coke on your lunchbreak – that’s taking full advantage of the remote work lifestyle.
Add a grill in a corner and you can cook your own homemade burgers and hotdogs, whether it’s for your family or a group of your friends. You just have to finish sending that last email, head out, and you’re already at your cookout.
You Feel the Need for More Entertainment
Since you’re spending so much time at home, you probably feel the need to have more entertainment within reach. Especially if you’re moving away from the city, where you’re a stone’s throw away from restaurants and cinemas, you’ll want to bring some of those experiences home with you.
A new home can accommodate exciting amenities like a hot tub in your backyard for those late summer nights when you want to relax with a drink after work with your partner or friends. Add a rustic wooden table and a string of fairy lights and you can create a dreamy entertaining space.
A lot of people like to invest in a huge living room, home cinema, or outdoor firepit and conversation lounge. If you’re keen on inviting your friends over to hang out, then you’re going to need the space. Bring in a big screen TV, and some smart speakers, and you can replicate the best parts of going out with your friends right at home.
What’s the Bottom Line?
A lot of us have made the big switch in 2020 and started working from home. However, you may come to realize that it’s not as comfortable as advertised, and you feel the need for more space – for work and entertainment. That’s why the best solution might be to look for a new home.
Any major lifestyle change comes with its specific requirements, and when you’re working from home, your space has to suddenly accommodate a lot of different activities. From work to hanging out with friends or relaxing, a new home can meet all your needs.
