Current house trends: The top home, interior and decor trends for 2023
The top home, interior and decor trends for 2023
Looking for some inspiration to decorate your home this year?
We’re harking back to the past for 2023, with many of this year’s major interior trends putting a modern twist on much-loved classics in a bid to conjure up optimistic vibes in a time of uncertainty. You may be surprised, but 70s decor is back, infiltrating many of this year’s key trends.
But before you lay down the shag-pile rug and dust off your lava lamp, this modern take on the 70s style has a fresher, grown-up twist – sunset hues, groovy shapes and mushroom motifs are all big for 2023, with a fun nod to the decade of disco. Vintage elements are also being incorporated into bright, contemporary spaces to create characterful, personalised interiors now we’re spending more time at home post-pandemic.
Soho Home
Alongside these bright and bold interior trends sit calmer spaces, but still following the feel-good interiors theme, promoting wellbeing and escapism. Slow living, sustainability, “spathrooms” (think a bathroom with spa elements, like aromatherapy oil diffusers and ambient lighting) and biophilic design are central to this, as we desire relaxing spaces to retreat to and time to curate, collect, reuse and waste less, mindful of looking after ourselves and the planet.
Read on for the experts’ take on these top interior trends for 2023…
Incorporating antiques
Last year we saw a shift towards maximalism, experimenting with pattern clashes and rich colour schemes, but this year the focus is on introducing antique pieces into bold, contemporary interiors to create fresh, eclectic spaces that merge self-expression and nostalgia. Pinterest has made ‘Hipstoric homes’ one of its top trends for 2023, with searches for ‘eclectic interior design vintage’ up 850%.
What the experts say…
“Breathing new life into furniture is going to be extremely popular next year.
People are looking at ways to allow antiques and modern touches to co-exist together in harmony. Whether that’s bringing in vintage elements such as Persian rugs into contemporary schemes, or upcycling furniture that has a story to tell. If you aren’t keen on any DIY yourself there are lots of independent businesses sourcing second-hand items and giving them a new lease of life.” Avalana Simpson of Avalana Design
The Rug Seller
“Nostalgic interiors will be moving away from the popular kitsch and retro designs of the 50s and going more chintzy; think granny-chic with lace details, soft florals and dark lacquered furniture. Incorporate items into your usual style that give a nod to times gone by – vintage photos in colourful picture frames on a gallery wall, or a studded leather sofa adorned with bright jewel-toned pillows.” Shanade McAllister-Fisher, award-winning interior designer
Carpetright
Sunset shades
This year it’s all warm and vibrant sunset shades, with WGSN’s Digital Lavender, Pantone’s Viva Magenta, Benjamin Moore’s Raspberry Blush and Sherwin-Williams’ Redend Point dominating 2023 colour of the year predictions.
Inspired by the energy of the 70s, earthy hues like terracotta and paprika will take centre stage, while soft shades of pink and ochre tones will continue to feature as a neutral alternative to white.
What the experts say…
“Sunset hues are predicted to be a big interior trend in 2023, and it’s one that we are willing to embrace. Golden yellows, burnt oranges and earthy reds are calming yet uplifting tones, which create a welcome warmth to any home. We particularly encourage using sunset hues in living areas to breathe life and energy into these well used, sociable spaces.” Alex Keith, director at Otta Design
Lust Home
“In 2023 we’re continuing to see a huge spike in the popularity for these warming sunset shades, which encompass everything from reds and oranges to golden yellows and pale blues – all of which work to instil an equal measure of calmness and vibrancy into a space.
For the ultimate on-trend look there is no better way of bringing the golden hour to life than opting for the 70s-inspired tones of earthy browns, terracotta reds and oranges symbolic of the decade.” Helen Shaw, director at Benjamin Moore
Benjamin Moore
Fired Earth x M&S Casablanca Collection Kubba Tassel Cushion
Now 20% Off
£28 at Marks & Spencer
Credit: M&S
Anthropologie Luxe Linen Blend Curtain, from £98
Shop at Anthropologie
Credit: Anthropologie
Monica Vinader Nesting Dishes – Island Yellow
Now 13% Off
£65 at Monica Vinader
Credit: Monica Vinader
Curves and wiggles
If 2022 was all about the scallop, this year it’s about the wave. Flowing curves, soft arches and wavy lines are all set to be popular for 2023. Look for more free-flowing squiggles and wiggles than structured scallops, with wavy and cylindrical lighting designs especially hot right now.
Arched doorways are also big in the architecture world as a way of breaking up box-like spaces in a playful, creative way. The trend also taps into another buzzword – ‘comfortcore’ – with cocooning, oversized furniture and colour-drenched walls becoming popular this year as homeowners look to invest in spaces that promote comfort, security and togetherness.
What the experts say…
“In 2023 we’ll start to see a move away from sharp lines and edges and lean towards luxurious curves and waves. These impactful design choices will enhance interiors while presenting an elegant and playful feel – providing a softness without banishing luxury. The rise in the popularity of waves has taken over scalloped edges, as homeowners begin to favour more free-flowing shapes in the home, from fluid-form rugs to wave-edged tables, allowing for an incorporation of contemporary with traditional decadence. Curvaceous furniture, especially sofas and armchairs, will be popular this year, bringing a welcome softness to living spaces.
These will be adorned in light colours and textured fabrics like shades of white and cream, with bouclé remaining a favourite.” Juliette Thomas, Founder and Director of Juliettes Interiors
Jonathan Adler
“Soft shapes not only tap into the 70s aesthetic but are ultra comfortable and have a cocooning effect, which ties into creating a happy and enjoyable interior. We are seeing customers buying sofas with deeper seats and plumped-up cushions for a real ‘sink-in’ experience.” Kelly Collins, interior designer at Swyft
Sofology
houseof Drop Curve Wall Light
£129 at H&M
Credit: H&M
The White Company Milfield Scallop Edge Cushion Cover, from £35
Shop at The White Company
Credit: The White Company
H&M Ceramic vase
£23 at H&M
Credit: H&M
Y2K decor
Another good-vibes-only trend, the #y2kaesthetic has had a staggering 2 billion views on social media platform, TikTok.
Taking its inspiration from late 90s/early 00s fashion, Y2K (which stands for Year 2000) decor is all about experimenting with psychedelic colours – think Myland’s colour of the year FTT-006, a hot Barbie pink, bright cobalt blue, aqua, yellow and lilac. While you can go the whole hog with crochet flowers, neon signs, cherry motifs and animal print, it might be better to inject one element of this dopamine decor trend into your existing scheme for longevity… as it’s not for the faint-hearted.
What the experts say…
“We love how pop culture is becoming more intertwined with the way we live in our homes, but we find it’s best to cherry pick your favourite elements from different trends and iconic cultural moments in order to create the best space to facilitate your lifestyle. Years ago we wrote about how much we avoided lilac and purple, but it is undoubtedly having a moment and we are totally here for it when paired with camel or on-trend shocking pink.
Lilac with khaki or malachite green is also a win. Strong statements can last if they come from the heart, so be selective. The best parts of the dopamine hit are where creativity has been used to make statements and layers are built over time with meaning.” Russell Cluroe, TV presenter and co-founder of 2LG Studio (@2LGStudio)
Homesense
Oliver Bonas Love Concrete Base Neon Sign
£75 at Oliver Bonas
Credit: Oliver Bonas
H&M Tufted Cushion Cover
£25 at H&M
Credit: H&M
Safari Square Tray
£50 at Jonathan Adler
Credit: Jonathan Adler
Slow living spaces
Wellness is huge for 2023, with a real focus on designing spaces that promote self-care and revelling in the simple things in life. ‘Spathrooms’ and biophilic design are key to this overarching trend as people are looking to draw the line between work and home life, upgrading self-care habits and indulging in more ‘me time’.
Pinterest has had a 460% increase in searches for the perfect ‘shower routine aesthetic’ and the term ‘home spa bathroom’ is up 190% over the last two years.
What the experts say…
“The ‘slow living’ trend is about disconnecting from our hectic lifestyles and technology and taking the time to relax, so it’s no surprise we’ve seen a rise in biophilic designs and ‘spathrooms’. Biophilic design draws on our love of nature, and how immersing ourselves in greenery, organic shapes and natural textures such as wood, stone and linen is good for our wellbeing. The spathroom trend also focuses on creating soothing environments, with an emphasis on luxurious spa-like experiences at home through heated floors, soaking tubs, and rainfall showers. These growing trends reflect how we’re starting to prioritise our health and comfort, recognising that our interiors should serve to truly enrich us, not be purely aesthetics based.” Rudolph Diesel, founder of Rudolph Diesel London
Dobbies
“There’s an influx of green right now, which likely stems from us seeking to strengthen our connection with nature.
It helps to channel a sense of wellbeing within our homes, welcoming the benefits of the great outdoors into our own personal sanctuaries to create a sense of calm and restfulness. In 2023 I think it will take on a bigger role; whether it’s royal green or Dulux’s colour of the year Wild Wonder, the 50 shades of green are here for the long haul.” Rachel Hall, head of Octagon Interiors
Prodoto Ltd
The White Company Spa Restore Wellness Basket, £65
Shop at The White Company
Credit: The White Company
Linear Floral Framed Wall Art Set of Three
£95 at Oliver Bonas
Credit: Oliver Bonas
Cowshed Replenish Uplifting Diffuser 100ml
£32 at Feelunique
Credit: Cowshed
Sustainable design
Sustainability is still a hot topic, with the phrase ‘circularity’ on everyone’s lips. The design industry is focusing on products that are ‘made to be re-made’ endlessly, ranging from rugs made from old plastic bottles to baths made from recycled steel.
It’s not just about buying new and better; there’s a real ‘make do and mend’ mentality, especially given the recent cost of living crisis, with upcycling set to remain a strong trend for yet another year. Adopting this approach means we’re injecting more character into homes, making them less ‘show-homey’ and more personal, especially now we’re spending time in our homes more than ever.
“In the interior industry’s bid to become more sustainable, designers and consumers are looking for ways to design against global waste, rather than add to it. We all want to be more mindful of our design choices and decorate our homes with materials that positively benefit our mental wellbeing, as well as our planet. From rattan and bamboo to cane and linen, there are plenty of materials that are considered sustainable. But it’s cork and aluminium that we predict will become increasingly popular in households in 2023 and beyond – not only for their eco credentials, but also for their aesthetic appeal.
” Matilda Martin, trend specialist at Lick
Carpetright
“I think ‘legacy design’ is taking precedence – this idea that homeowners should pick items, colours and styles that they genuinely like and will work for their space in the long run. The future of interior design is shifting to make better products and not more, so trends for 2023 will be underpinned by a sense of value and longevity.” Saskia Taitt is Creative Director of Studio Taitt
Dulux
Jungle Culture Coconut Shell Tea Light Holder Set
£16 at jungleculture.eco
Credit: Jungle Culture
Friendly Turtle Glass Carafe With Active Charcoal Filter & Glass Tumbler
£29 at friendlyturtle.com
Credit: Friendly Turtle
Jungle Culture Bamboo Snack & Dip Bowl
£10 at jungleculture.eco
Credit: Jungle Culture
5 trends to incorporate easily
Aside from this year’s top themes, these are the five key buys for injecting a bit of ‘nowness’ into your home.
..
Statement hardware
With IKEA hacks and upcycled furniture all over Insta and TikTok, it’s no surprise there’s been an uptick in striking hardware to add the finishing touch to these mini makeovers. Bamboo handles are particularly hot right now – look at celeb interior designer Sophie Paterson’s new collection for Armac Martin and Matilda Goad’s latest hardware range for inspo. “I love the soft and organic silhouette of bamboo; it works so well at softening joinery such as wardrobes or kitchen cabinets,” says Sophie Paterson. “It’s a timeless shape too – since Princess Diana wore a Gucci bamboo handle bag in the 90s, I’ve loved its use in fashion and always wanted to bring that to my interiors.”
H&M Rattan Hanging Rack
H&M Rattan Hanging Rack
£30 at H&M
Credit: H&M
Portable lighting
“Rechargeable lights are steadily growing in popularity due to the combination of form and function.
With many of us wanting to display our favourite trinkets and embracing shelf styling, portable lamps are a great way to illuminate and create a focal point in those areas. They are the perfect centrepiece for a dinner party or meal for two, easily creating restaurant romance at home.” Jo Plant, head of design at Pooky
Pooky Phileas Rechargeable Table Lamp
Pooky Phileas Rechargeable Table Lamp
£120 at pooky.com
Credit: Pooky
Checks, stripes and harlequin prints
“As we look to bring more joy into our everyday lives as an antidote to the news, pattern is a failsafe and fabulous way to achieve this. One of the biggest trends we’re predicting this year is the arrival of quirky stripe, check and harlequin patterns. Introducing a playful take on these classic, timeless prints, the trend will see graphic checkerboard patterns, playful harlequin prints and sexy stripes in bold colour combos, from black and white to hot hues and soft pastels.
Expect to see them everywhere this year, from the kitchen to living spaces and even the garden.” Jane Rockett, founder of Rockett St George
H&M Velvet Cushion Cover
H&M Velvet Cushion Cover
£18 at H&M
Credit: H&M Home
Mushroom mania
“2023 it’s the year of the mushroom! The fungi is everywhere, from cushions and throws to mushroom-shaped lamps and vases. On TikTok, I’ve seen a rise in DIY crafters using mushroom motifs hand-painted onto walls and ceramics, as well as embroidered onto fabrics or appearing in art. This trend goes far deeper than quirky wallpaper or trippy mushroom art. The fungi’s influence can also be found in the earthy tones we’re using to bring the natural world into our homes, and there’s also sustainable ‘mushroom leather’ increasingly being used as a vegan alternative.” Maxine Brady, interior stylist, blogger and TV presenter
Oliver Bonas Red Wax Toadstool Candle Small
Oliver Bonas Red Wax Toadstool Candle Small
£14 at Oliver Bonas
Credit: Oliver Bonas
Bold borders
The wallpaper border is having a resurgence right now – tastemakers Salvesen Graham, Susie Atkinson, Ottoline and Parker & Jules are all on board, creating modern interpretations of this decorative classic.
“Wallpaper borders are often associated with the 80s and 90s, but they started making a comeback in 2022 and are definitely here to stay,” says Susie Atkinson of Studio Atkinson. “Traditionally they were used below cornices, however they’re now being used in a more experimental way, such as making panel frames, under the tread of a staircase, or on furniture for a contemporary twist. That’s the fun of borders – there are no rules, plus they’re a hassle-free way of adding a visual accent without committing to top-to-toe wallpaper.”
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When Will Home Prices Be Affordable Again? – Forbes Advisor
Updated: Jun 15, 2023, 12:51pm
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
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Despite being well into the spring homebuying season, the housing market is still experiencing a winter chill.
The national average 30-year fixed mortgage rate increased by 18 basis points in May, while pending home sales were flat and existing home sales sagged in April. A basis point is one-hundredth of one percentage point.
Though the median existing-home sales price edged lower year-over-year for the third consecutive month—a promising sign for home shoppers—experts don’t expect substantial, nationwide price declines anytime soon.
Home prices remain stubbornly elevated, perpetuating affordability challenges for many, especially first-time homebuyers. For one, the nation’s housing supply remains limited—and probably will remain so for at least the near future—due, in part, to those who purchased homes in recent years at record-low interest rates staying put.
Though home prices are not as high as the record prices of June 2022, data suggest that where home prices dip or climb this year remains heavily region-specific.
Housing Market Forecast for June 2023
The buyer-seller stalemate held steady in May thanks to an uptick in mortgage rates and elevated home prices that together continued to perpetuate the housing affordability crisis, as fears of ongoing inflation, bank sector volatility, debt ceiling drama and an impending recession hang in the air.
Mortgage rates remain high partly as a consequence of the Federal Reserve voting to raise its key interest rate by 25 basis points on May 3 in its aggressive efforts to tamp down inflation. The May 3 hike was the central bank’s 10th consecutive interest rate increase since March 2022. A Fed rate hike has an indirect impact on long-term home loans, such as 30-year, fixed-rate mortgages.
Since their May meeting, Fed policymakers have expressed divided opinions on raising interest rates at their upcoming June 12-13 meeting. At one point Fed Chair Jerome Powell suggested the tightening credit environment resulting from the recent bank turmoil would function similarly to a rate hike. Yet, Fed watchers are sensing that recent, stronger-than-expected jobs and personal consumption expenditures data along with still-high inflation could prompt the Fed to move forward with yet another rate hike rather than a pause.
These circumstances continue to put a strain on the housing market, which remains a mixed bag.
On the one hand, home shoppers received good news, with the median existing-home sales price declining 1.7% to $388,800 in April compared to a year ago, according to the National Association of Realtors (NAR). This is the third consecutive month of year-over-year national home price declines after a 131-month streak of record increases.
On the other hand, the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI) shows home prices rose 4.3% in Q1 2023 compared to Q1 2022, culminating in the index reaching a record high of 398.0 in March. The FHFA HPI is a collection of home price indices that measures single-family home values across all 50 states and over 400 cities with data extending back to the mid-1970s.
In the wake of already high-priced homes in most areas of the country still rising in value, it’s no surprise that total existing-home sales dipped 3.4% from March to April and are down 23.2% from a year ago, per NAR. However, picking up the slack was new home sales, which recorded an estimated 4.
1% monthly increase, according to the U.S. Census Bureau and U.S. Department of Housing and Urban Development (HUD).
“Home sales are bouncing back and forth but remain above recent cyclical lows,” said Lawrence Yun, chief economist at NAR, in a report. “The combination of job gains, limited inventory and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand.”
Some Experts Foresee a Sluggish Housing Market Recovery
In the meantime, mortgage rates and the overall housing market continue to have their ups and downs.
Mortgage rates were down the first week of May only to rise for the rest of the month, according to Freddie Mac. Yet, even with all the movement, rates remain stuck between 6% and 7%. Rates reached 6.79% on June 1—the highest they’ve been since November 2022—before dipping down again to 6.69% on June 15.
“If current economic conditions persist, with elevated mortgage rates and home prices amid scarce inventory, the market is likely in for a long, slow climb and a few bumps along the way,” said Danielle Hale, chief economist at Realtor.
com, in an emailed statement.
One of those bumps includes the new mortgage fee rules imposed by the FHFA. As of May 1, conventional mortgage borrowers who place between 5% and 25% down will pay more in fees—also known as loan-level price adjustments (LLPAs)—than those who put down less than 5%.
Though the Biden-Harris administration revamped the existing mortgage fee rules to make homeownership “more attainable and affordable for more low- and middle-income borrowers” the change has drawn criticism from some housing experts as the higher fees will hit people considered less risky.
While it remains to be seen how the mortgage fee changes will affect home shoppers, mortgage application activity at the moment remains low.
“Since rates have been so volatile and for-sale inventory still scarce, we have yet to see sustained growth in purchase applications,” said Joel Kan, vice president and deputy chief economist at Mortgage Bankers Association.
Considering mortgage rates are currently well over 6%, and 97% of borrowers have mortgage rates below 6%, according to CoreLogic, a significant, sustained uptick in mortgage applications is not likely to materialize anytime soon.
“Dampened affordability remains an issue for interested homebuyers and homeowners seem unwilling to lose their low rate and put their home on the market,” said Sam Khater, chief economist at Freddie Mac, in a press statement. “If this predicament continues to limit supply, it could open up an opportunity for builders to help address the country’s housing shortage.”
Housing Inventory Outlook for June 2023
Low housing inventory has been a challenge since the 2008 housing crash when the construction of new homes plummeted. It still hasn’t fully recovered—and won’t in 2023.
Housing supply holding steady at near historic lows has propped up demand compared to other downturns, consequently sustaining higher home prices.
“Inventory is approximately 46% below the historical average dating back to 1999,” says Jack Macdowell, chief investment officer and co-founder at Palisades Group.
At the current sales pace, unsold inventory of existing homes is at a 2.9-month supply, according to NAR.
Though up from 2.2 months a year ago and 2.6 months in March, supply is low by historical standards, especially in the face of pent-up demand.
With reportedly 85% of homeowners sitting on mortgage rates below 6%, industry experts have a gloomy outlook on when inventory will eventually normalize.
“We think that it is highly unlikely that the inventory problem will be resolved in 2023,” says Macdowell.
Housing Starts Forecast 2023
At the same time, there are some mixed signals in the homebuilding realm.
Single-family construction starts rose for the third consecutive month, increasing 1.6% in April as applications for building permits ticked down 1.5% from the previous month, according to the Census Bureau and HUD.
Yet, even with building permits edging down, builder confidence continues to grow, though cautiously.
The most recent National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) that tracks builder sentiment jumped from 45 to 50.
This is the fifth month-over-month increase following 12 consecutive months of declines, and the first time since July 2022 that the index touched 50.
Hitting the 50-point mark is a significant milestone. A reading of 50 or above means more builders see good conditions ahead for new construction.
“New home construction is taking on an increased role in the marketplace because many homeowners with loans well below current mortgage rates are electing to stay put, and this is keeping the supply of existing homes at a very low level,” said Alicia Huey, chairman at NAHB.
Nonetheless, even as builders work to meet the demand, they continue to face headwinds, including costlier supplies, a shortage of construction workers and tighter credit conditions due to the Federal Reserve’s aggressive interest rate hikes.
“Homeowners, homebuyers, lenders, as well as builders, are trying to adapt and predict interest rates, home prices, supply, demand and the potential for a Fed-induced recession,” says Macdowell.
“As a result, builders may be reluctant to start new projects that would bring needed housing product to the market.”
Will the Housing Market Crash in 2023?
Due, in part, to the ongoing inventory crunch keeping home prices elevated, many economists predict the housing market is more likely to correct itself from the double-digit percentage jumps in home prices we’ve seen over the past few years rather than crash.
S&P CoreLogic Case-Shiller Home Price Index posted a month-over-month national price growth reading of 1.3% for March before seasonal adjustment. After a seasonal adjustment, the month-over-month increase was 0.4%.
This is the second consecutive month of modest national increases following seven months of consecutive decreases. Experts consider this latest trend an indicator that home price declines are now a thing of the past.
“Two months of increasing prices do not a definitive recovery make, but March’s results suggest that the decline in home prices that began in June 2022 may have come to an end,” said Craig J.
Lazzara, managing director at S&P DJI, in the report. “That said, the challenges posed by current mortgage rates and the continuing possibility of economic weakness are likely to remain a headwind for housing prices for at least the next several months.”
Nonetheless, experts say whether home prices rise or fall in the coming months will likely depend on where you’re looking.
For instance, southeast metros, such as Miami, Tampa and Charlotte, North Carolina saw year-over-year gains ranging between 4.7% and 7.7%, but it’s a different story in other areas, most notably in cities such as Austin, Texas; Boise, Idaho; Salt Lake City and West Coast areas that saw big price booms during the pandemic.
“The farther west we look, the weaker prices are, with Seattle (-12.4%) now leading San Francisco (-11.2%) at the bottom of the league table,” said Lazzara. “It’s unsurprising that the Southeast (+5.4%) remains the country’s strongest region, while the West (-6.2%) remains the weakest.
”
Despite some areas seeing price declines, experts point out that today’s homeowners stand on much more secure footing than those coming out of the 2008 financial crisis, with many borrowers having positive equity in their homes. Consequently, the likelihood of a housing market crash is low.
“Homeowner equity is at the highest level it’s been in the past several decades, so homeowners have a lot of value in their home,” says Nicole Bachaud, an economist at Zillow.
Will There Be a Lot of Foreclosures in 2023?
In April, foreclosure filings were down 10% from March but up 8% from last year, according to ATTOM, a property data provider. Foreclosure completions were down 39% from the previous month but increased 3% from a year ago.
“Foreclosure activity continues to stabilize and even correct itself in 2023, with April showing a 10% decrease in overall activity after a 20% increase [in March],” said Rob Barber, chief executive officer at ATTOM.
Even so, Barber noted that a decline in foreclosure activity is a typical trend for April and that ongoing foreclosure declines are not a foregone conclusion.
It’s also worth noting that while foreclosure rates are up year-over-year, experts do not expect to see a wave of foreclosures in 2023, even where home values are depreciating, as many homeowners have substantial equity due to progressive home price appreciation in recent years.
When Should I Buy a Home in 2023?
Buying a house—in any market—is a highly personal decision. Because homes represent the largest single purchase most people will make in their lifetime, it’s crucial to be in a solid financial position before diving in.
Use a mortgage calculator to estimate your monthly housing costs based on your down payment and interest rate.
Trying to predict what might happen this year is not the best homebuying strategy. “Buyers sitting on the sidelines today in anticipation of lower prices tomorrow may end up disappointed,” says Neda Navab, president of the U.S. region at Compass, a real estate tech company.
“The housing market—like so many other markets—is almost impossible to time,“ says Orphe Divounguy, senior macroeconomist at Zillow Home Loans.
“The best time for prospective buyers is when they find a home that they like, that meets their family’s current and foreseeable needs and that they can afford.”
Divounguy says “getting on the housing ladder” is worthwhile to begin building equity and net worth.
Instead of waiting for much lower prices, experts suggest buying a home based on your budget and needs. If you find a home you love in an area you love, and it also fits your budget, then chances are it might be right for you. However, if you make too many sacrifices just to get a house, you may end up with buyer’s remorse, potentially forcing you to offload the house.
Tips for Buying in Today’s Housing Market
Even as prices soften, you may realize that the area where you want to buy a home is still out of reach, so it’s important to be flexible.
“If you badly want a house and can work remotely or switch jobs, moving to lower-priced housing markets is a good idea to consider,” says Robert Frick, corporate economist at Navy Federal Credit Union.
“Millions of Americans have done that already.”
Also, get all your ducks in a row in advance—review your financial situation, gather required documents, shop multiple lenders and strengthen your credit score. That way, when you find your dream home, you’ll be in a better position to act fast in a tight market.
“Only the best prepared, with their financing lined up, a solid understanding of what they can afford, and constant checking of prices and listings will be successful in today’s highly-competitive market,” says Frick. “Know how much your monthly payment will be—complete with taxes—and how well that fits into your budget.”
Getting to know a local realtor where you’re hoping to buy can also potentially give you a crucial edge in a tight housing market.
“Find out what your options are with a reputable, experienced agent,” says Divounguy. “A lack of inventory means buyers should expect plenty of competition, especially in more affordable areas and for more affordable houses.
However, if you’re a first-time homebuyer you should be especially careful when choosing an agent.
“With the market’s shift, you want to hire an expert who’s been there before, has a pulse on all the changes happening in your desired neighborhood and works well with your loan officer.”
Tips for Selling in Today’s Housing Market
“Sellers should make sure to work with an agent in order to get their pricing right,” says Divounguy.
Divounguy adds that homes that are priced right are the ones that get the competition while others linger on the market.
She also advises sellers to take steps sooner rather than later to get their houses ready to sell.
“The top regret we hear from sellers year after year is that they wish they started prepping their home for sale sooner,” says Divounguy. “And don’t neglect your online curb appeal.”
Divounguy also advises sellers to include a 3-D home virtual tour or an interactive floor plan in their listings. She reports that listings that utilize these virtual tools on Zillow get 69% more page views and 80% more saves.
Frequently Asked Questions (FAQs)
Will rising interest rates lower home prices?
Historically, rising mortgage rates don’t always lead to lower home prices. Rising interest rates tend to cause increases in home values to shrink. However, given that interest rates rose so quickly in 2022, it might still force home prices to come down further in 2023. Home price trends also depend on whether supply can keep up with demand.
What will happen if the housing market crashes?
Most experts do not expect a housing market crash in 2023 since many homeowners have built up significant equity in their homes. The issue is primarily an affordability crisis. High interest rates and inflated home values have made purchasing a home challenging for first-time homebuyers.
Is it smart to buy real estate before a recession?
If you’re in a financial position to buy a home you plan to live in for the long term, it won’t matter when you buy it because you will live in it through economic highs and lows.
However, if you are looking to buy real estate as a short-term investment, it will come with more risk if you buy at the height before a recession.
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Robin Rothstein is a mortgage and housing writer at Forbes Advisor US. Prior to this, Robin was a contractor with SoFi, where she wrote mortgage content. Additionally, she has freelanced as a health and arts writer. Robin, located in New York City, is also a published playwright. Her writing has been produced internationally and she worked as an operations specialist in the Broadway touring industry.
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Modern trends in the decoration of a country house
The interior of the house is not just a decoration of living quarters, but a real reflection of the temperament of the family living in it, their hobbies and cultural traditions. Another thing is that fashion trends are constantly changing, and current styles become obsolete in a few years. That is why many eminent designers in the interiors of country houses are advised to use, first of all, rational and comfortable types of finishes. In addition, in interior design it is very important to pay attention to the size of the cottage, as well as its appearance. For example, a facade decorated in a classical style will look simply strange against the background of interiors decorated in a modern style. That is why when designing an interior design, you must either contact professional specialists in this field or follow the generally accepted rules for combining styles of shades and accessories.
Eco-style and its features
Modern designers in the decoration of a country cottage leave a lot of room for imagination and any creative ideas of their clients. To date, the main relevant elements of the design of residential premises are the so-called eco-materials, that is, those that are natural elements or imitate them. Eco-style is characterized by the following factors:
- bright, natural shades and color accents;
- preference in the decoration of a country house is given to natural materials; g
- environmentally friendly materials used for home decoration.
In this regard, designers recommend using various bright accents intertwined with natural ones, welcome the presence of a variety of designs and fabrics, and also use decorative panels and plasters with might and main. A similar style can be traced in the decoration of the floor and ceiling, in particular, various hanging and tension elements, as well as natural wood, stone, cork materials, etc.
are most often used for their design.
The same trends persist in wall decoration, especially reed or bamboo wallpapers, cotton and silk fabrics, as well as other natural, environmentally friendly materials. As bright accents on the walls, designers everywhere use canvas, leather, as well as processed burlap, which allows you to create a special atmosphere of elegance and naturalness. Moreover, due to the use of natural materials in such rooms, a special microclimate is preserved, which guarantees the owners good health and a subtle pleasant aroma in the house.
Eco-style accents
Naturally, like any other interior design, eco-style requires accents. In particular, this style is characterized by various plasterboard constructions, as well as bright textile elements or colored applications on the walls. If we talk about the tones in which the decoration is performed, then the pastel has gone into oblivion – the most relevant this year are the bright colors inherent in field and garden flowers.
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Modern trends and technologies in the design and construction of houses and plots
The construction of houses, thanks to the pandemic and the reassessment of values, does not stop either in winter or in summer. At the same time, every potential homeowner wants his estate to be different from that of his neighbors. Of course, the construction of private houses within one cottage village can be carried out according to one or several projects. But this does not mean that each house will be an exact copy of the others. After all, a lot depends on the design! The WOODGRAND brand offers products that are perfect for implementing the most daring design ideas. We are talking about a WPC terrace board, which has the widest scope!
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Trends in construction: what kind of houses are being built now?
The trends in construction in 2021 are significantly different from the fashion trends of past years.
But if a person wants to become the owner of a chopped wooden hut, a two-story brick house or a giant stone mansion, then he can decide on the construction, guided only by personal preferences. But at the same time, it is necessary to take into account modern trends in construction. Because technologies and materials change. For example, now frame houses are in high demand, which differ significantly from objects built 20 years ago.
Right now, the architectural style of the barnhouse is in trend. Such objects are valued for the simplicity of forms and clarity of lines, the absence of the need to build a powerful foundation. By the way, the insulated Swedish stove is a multifunctional structure that can play the role of a foundation! An excellent addition to such houses is an open terrace, which can have a heated floor made of WPC decking. Now the houses are built of aerated concrete and wood. Moreover, planed timber was replaced by glued and profiled timber. It is noteworthy that country houses can be built from modules and house kits.
But their appearance largely depends on the design!
Trends that remain at their peak
Fashion tends to change, but if in the recent past multi-story “palaces” were relevant, then at the moment, one-, two-, and less often three-story houses are in trend. High plinths are no longer equipped, therefore, the entrance groups have become less solemn. There may be no steps at all, or their number is minimal. As for the area of residential buildings, there are also changes in the direction of decrease. Why? This can be explained by the rise in the cost of building and finishing materials. In addition, the extra space will have to be maintained and heated, and taxes are also paid taking into account the footage of the building.
What other trends in the arrangement of a country house exist? Minimalism and ergonomics. Layouts have become more functional, ergonomic and minimalist because it makes the home more liquid. If necessary, selling such an object is much easier compared to a house whose interior and exterior are too individualized.
There are a few more important points:
1 Natural lighting.
A house with panoramic windows, where the windows are floor-to-ceiling, is a reasonable solution. The higher the percentage of glazing, the better! Do not be afraid that panoramic glazing will make the house less energy efficient. After all, modern double-glazed windows are among the energy-saving ones, and are designed for harsh climatic conditions.
2 Flat roof.
It corresponds to the maximum to the fashion trend – eco-style. In addition, the exploited roof is an additional usable area, where a recreation area is most often equipped. Flat roofs are easier to maintain than pitched roofs, and air conditioning units can be transferred to them.
3 Energy efficiency.
High energy efficiency indicators are achieved through the use of modern materials, energy-saving technologies and heating systems. The energy efficiency class of a house is an indicator that gives an idea of how rationally an object consumes heat and electricity during operation.
Increasing the energy efficiency class means reducing heat loss!
4 Smart home system.
This system includes a control hub and sensors. Smart home technology makes it possible to remotely control lighting, heating, conduct video surveillance, open doors and gates, etc. The use of smart devices for the home increases comfort and contributes to energy saving! Remote control extends to curtains, furniture, appliances, lighting fixtures and even faucets!
Interior trends
A country house can be completely new, just built, bought, inherited, donated. And each of its new owners seeks to adapt the interior for themselves! Decor design is chosen individually, but “with an eye” on modern trends. The interior of the house is a continuation of the exterior, and it must contain things made by yourself or on an individual order! But at the same time, you should not litter the space with useless objects.
It is noteworthy that modern trends in interior design exclude the use of “pure” interior styles (minimalism, hi-tech, modern classics, etc.
). Because a certain eclecticism is in fashion now. For example, Scandinavian style can coexist peacefully with boho, and modern baroque can coexist with neoclassicism. Elements of eco-style are obligatory in all cases, for which we must say thanks to eco-trends that have literally swept the world! What interior design ideas are relevant now?
1 Emphasis on intense colors – red, purple, green, yellow, orange.
2 Use for interior decoration of natural materials or “closer” to them. These are: glass, stone, wooden panels, lining, decking, Venetian plaster.
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3 Furniture-transformer, with which you can quickly transform the space and make the interior more dynamic.
4 Curved upholstered furniture. Yes, corner and straight sofas are a thing of the past, but don’t throw them away! You can make such furniture more relevant with the help of velvet covers and capes.
Because velvet is now at the peak of popularity!
5 Terrazzo. This finishing material is made on a cement or lime basis and contains granite or marble chips. Terrazzo is finished not only on the floor, but also partially on the walls.
6 Vintage lamps. They give little light, but they are valued for their decorative effect!
Modern trends in the design of plots
Landscape design is a whole science that involves the creation of small architectural forms, lawns and gardens, the construction of objects that perform practical functions, but at the same time are decorative elements. A suburban area is designed based on the habits and needs of the family, including aesthetic ones! On the territories adjacent to private houses, you can find:
1 Low maintenance gardens.
2 Raised beds that are much more comfortable than regular beds.
3 Patio areas designed for relaxing in comfort.