For many seniors, the thought of leaving their homes to move into a senior living community is unsettling. It’s widely assumed that the only other option when moving out of one’s home is to move into a nursing home. Adult children, also unaware of the range of choices, often put off discussions of moving parents into a senior living community due to the misconceptions associated with nursing homes. However, this doesn’t have to be the case. Never before have there been so many choices and solutions for retired seniors looking to make a move. People often overlook one of the fastest-growing options in senior living: independent living communities. Independent living communities offer a solution for seniors looking to simplify their lives but who don’t need the individual attention found in nursing or assisted living homes. These independent living communities feature a variety of resident options, from studios and roomy two-bedroom apartments to cottages and other stand-alone structures. Management staff generally keeps a watchful eye over residents, and most communities have 24-hour staffing and building security. In an independent living community, residents maintain their independence, living in a private home, apartment or suite, coming and going as they please and making the choices that are right for them. Sometimes known as retirement homes or 55 and over apartments, these communities do not offer health or nursing care or assistance with activities of daily living such as bathing, dressing and medication management. People who require that level of assistance may want to consider an assisted living community instead. Who Should Move to an Independent Living Community? Independent living communities are often the best senior housing option for active adults who want built-in community and privacy and do not require active levels of assistance. Independent living community staff will take care of the grounds and common areas, and housekeeping may be an option in some locations, but you won’t receive assistance with daily living such as ensuring medications are managed, help with bathroom or bathing needs or regular assistance with mobility. At the same time, these aren’t always simple retirement communities that gather seniors in a like-minded neighborhood. They are a bit more formal than that, so you can expect services such as meals and dining, scheduled social activities and transportation to events or appointments if needed. You may want to consider a move to an independent living community if the following are true: You like the idea of being surrounded by other seniors and taking part in social activities planned by others You want to ensure some additional security and the ability to reach out to staff or others for emergency needs, but you don’t need daily assistance You want to protect your privacy and independence, but your current home simply feels too big, isolating or difficult to maintain You enjoy your independence but wouldn’t mind giving up some daily obligations such as housework or cooking every meal for yourself What Are Some Services and Amenities Provided in an Independent Living Community? When you think about moving out of your home, worries come naturally. Who wouldn’t feel trepidation when considering so many options and weighing so many priorities? Here’s the thing, though, every independent living community is different, and what’s a new idea in one may be the most popular option in another. You can find the choice that’s right for you. The best thing to do first is understand what types of amenities and services you want so you can look for independent living communities that meet those needs. This list of seven common benefits of independent living communities help you understand which types of services and amenities you might want to look for. 1. Social and Entertainment Opportunities One reason folks often hesitate before making a move into an independent living community is worry over potential isolation. First, they may worry that they’ll be removed from their existing neighborhoods or social structures. Second, they may mistakenly believe a facility or community for seniors will be either limited or depressing. Nothing could be further from the truth when it comes to most independent living communities. They’re set up to promote active, social lifestyles, but you’re still in control of that lifestyle. ​Here are just some of the social and activity benefits you can get from many independent living communities. You can invite guests to spend time in your residence. You can come and go as you please, even driving, if that is applicable to you, to take part in your regular lifestyle. Community staff provide planned events both on the premises and in the nearby town or city, making it easy for you to engage with new friends, learn new hobbies or attend local events. Many independent living communities have common areas and extra amenities, making it easy to socialize or stay active on your own time. This might include options such as exercise rooms, computer rooms, libraries, television and entertainment areas, salons or barber shops and restaurants or coffee shops. Some communities are near clubs or parks, letting you engage in outdoor activities including walking, golfing, tennis, frisbee golf or swimming. Not sure how you feel about these options or what you really want out of a community when it comes to socializing? Consider visiting a few independent living communities near you. Talk to residents, spend an evening in a group activity, such as attending a lecture or concert, or tour the facilities. You’ll quickly see how social and active you can be and learn which communities bet fit your interests. 2. Plenty of Meal Options, including DIY Meal options vary with each community. Some senior living communities including three meals in a common dining hall as part of the cost of living there. Others have meal options in facility dining halls that you can opt into on a regular, semi-regular or as-needed basis, and some independent living communities have more than one restaurant, cafe or coffee shop on-site to serve a variety of dining and snacking needs. But you don’t have to eat out all the time just because you opt to live in one of these communities. Many independent living facilities include residences with full or partial kitchens so you can cook for yourself or guests right in your own space. You may also be able to use communal kitchen areas to cook larger meals or host family for events. It’s important to understand what you want when it comes to meals and food because the options can vary. Ask yourself the following questions: Will you ever want to cook for yourself? How much variety and choice do you want in your meal options? How often will you want to invite guests for meals, coffee or tea times? The answers to those questions should help you determine the type of dining amenities you want from an independent living facility so you can pick the right community. It may seem like a small thing to consider, but you likely eat a meal at least three times a day. You want to ensure the community you choose offers the right services for each of those times. 3. The Ability to Have a Pet This one might be surprising to many seniors, but independent living communities are about setting you free from what might be holding you back from enjoying retirement years to the fullest. They aren’t about creating nonstop rules to limit that enjoyment, and the ability to have pets is one way many communities ensure that. Obviously, you do have to follow some guidelines for sharing space with others in the community, and the size of the pet may matter. Most facilities allow cats and small to medium-size dogs. Communities with more space may allow larger dogs, but unless you’ve found a specifically farm or agricultural community, you’re unlikely to be able to have a horse. Some communities do have community animals, though. That may include dogs, cats and even livestock, depending on the location of and type of community. These animals are often cared for by staff in conjunction with residents and enjoyed by all within the community. If animals are important to you, this is definitely a question to ask as you consider independent living situations. Each community may have its own restrictions or requirements. 4. Housekeeping Services to Free Your Schedule Senior experts say that independent living typically provides people more independence because it frees them from the bulk of household chores and maintenance. According to a survey conducted by AgeWave consultants, adults 65 and older who live in their own homes typically spend almost three hours a day on household chores such as cleaning, shopping, gardening and home maintenance. Women, on average, spend considerably more time than men, which may be why women often initiate the move to independent living. Meanwhile, on average, those same seniors reportedly spend just 30 minutes a day socializing with friends and family and just 15 minutes a day exercising or participating in a sport or physical activity. By contrast, those who choose independent living report spending upwards of three hours a day socializing and two hours a day taking a class or participating in an activity, with just one hour a day spent on chores. If continuing to participate in life outside an independent living community is your concern, that’s not a problem, either. Coming and going should be as easy to do as it is from your existing home. In fact, getting around may be easier if you prefer not to drive because transportation is often provided and many independent living communities in metro areas are purposefully situated for easy access to public transportations. And you can take advantage of all these opportunities for activity when you settle in an independent living community that offers housekeeping options. As with every other benefit on this list, the mileage varies depending on the community. Service options might include: Cleaning floors, dusting and cleaning bathrooms and kitchenette areas a few times a week “Resetting” bathrooms with clean linens Providing clean linens and changing/making beds Cleaning windows or conducting deep cleaning periodically Laundry services General tidying up is left to you, which enhances your independence. You know where your things belong, and you can choose to put them there. Decide how much help you want with household chores, and look for an independent living community that provides those services. 5. Areas for Hosting Gatherings Kings and queens of hospitality don’t have to abdicate their thrones simply because they move into an independent living community. In fact, many of these communities are designed to promote additional socialization. ​Amenities might include: Large common-area kitchens you can use to create meals for guests Dining areas, meeting spaces or party rooms you can reserve when hosting birthday or other events with family and friends Small nooks, seating rooms and libraries where you can sit with one or two friends or loved ones Gardens or other outdoor areas where you can gather for social opportunities Outdoor grilling and dining spaces for additional party hosting options If having family and friends stay for the night or a few days is important to you, it shouldn’t be hard to find an independent living situation where that’s not only possible but comfortable. In terms of space, it’s pretty much up to you — it’s going to be easier to have houseguests in a detached unit or apartment than in a studio, but the rules typically allow it either way. If you cook for yourself or eat in on-site restaurants, hosting family for meals is easy, even if they’re spending a few days. If you usually eat in community dining rooms, most offer a guest meal payment option so your loved ones can opt in to your normal meal routine. Whether you’re used to hosting 20 people for dining extravaganzas or like the option of your children or grandchildren spending a few days with you throughout the year, you can find an independent living community that offers the right options to support your lifestyle. 6. Groundskeeping and Maintenance Just as housekeeping removes inside chores from your to-do list and frees you up for socialization and activity, groundskeepers and maintenance staff take outdoor chores off your shoulders. This can be a huge benefit for seniors, who may not be physically able to handle jobs such as gutter cleaning or spring yard work or don’t want to pay someone regularly to do those things. And if you live in an area where winters regularly get white, residing in an independent living community could get you out of snow shoveling duty for the rest of your life. Some seniors may not want to give up all outdoor jobs, though. Gardening, for example, is a favorite hobby and stress reliever for many. Often, senior communities have shared garden spaces where you can cultivate and grow flowers, herbs or vegetables to share with your neighbors. General maintenance is another task that is typically taken on by community staff. Plumbing, electrical and other woes are no longer something seniors need to worry about when they opt for independent living in a retirement community. They can usually call the front desk or dedicated staff number to request someone attend to an issue, and the matter will be handled from there. Again, in the search for the right independent living community for you or your loved one, it’s important to know exactly what you want. Ask about maintenance, workflow and gardening at potential facilities to find a community with the services that will best support you. 7. Staff on Hand for Peace of Mind Finally, most independent living communities do have someone on staff or on call at all times of day. Unlike in assisted living facilities or nursing homes, the staff isn’t always going to be medically trained or licensed nurses. They will likely know basic first response techniques such as CPR, though, and certainly be trained to respond to urgent situations and facilitate calling and communication with EMTs. Plus, staff are available to ensure that residents’ questions are answered and that they know how to make use of amenities and arrange for work orders as needed. How Much Does Independent Living Cost and How Can I Pay? The annual cost of residence in an independent living community ranges widely depending on the type of services provided, the size and type of the accommodations, location and amenities. On average, annual costs can range from $12,000 to $42,000. Compared to costs for assisted living or skilled nursing homes, which can range from $28,800 to $66,000 and $86,000 to $90,000 annually respectively, independent living communities are generally more affordable options. You also may have some control over the costs of your independent living residence. Many of the services and amenities described above are optional add-ons in some communities, which means you can take an a la carte approach. By understanding what’s important to you, you can choose a facility that caters to your needs and build a selection of meal, dining, housekeeping, transportation and other services that work with your budget. Choosing a studio or one-bedroom apartment over a three-bedroom apartment or cottage is also a way you can control costs. While medical insurance doesn’t cover life in an independent living community (medical treatment is never involved in these situations), long-term care insurance often does cover some services in these facilities. If your long-term care insurance would help cover the costs of someone coming into your home to prepare meals, run errands or provide transportation assistance, it may also cover those same types of services performed by independent living community staff. Typically, this wouldn’t cover the total costs of rent or buy-in, but it could offset those costs. The same is true for Medicaid and veterans benefits that cover these same types of costs. Your existing home can be a great way to fund time in an independent living community. You can sell your property outright and use the proceeds to cover independent living community expenses. If you’re not ready to part with the home or don’t believe there’s enough equity in it to cover several years of life in a community, you might consider renting your residence instead. The monthly rental proceeds could cover a large portion, if not all, of your community costs. Another option related to your home may be a reverse mortgage, which lets you borrow against equity. This might be an option if you want loved ones to continue living in the home, but make sure you consult with a financial professional and understand all the requirements related to the reverse mortgage. Other options for covering the cost of an independent living community include: Cashing out value in a whole life policy Using proceeds from long-term investments Using regular retirement income that you won’t need for housing, food or transportation costs if you opt for a community where those things are included How Do I Find an Independent Living Community? To find an independent living community near you, search by zip code here in the Caring.com Independent Living Directory. Be sure to look for reviews of independent living communities written by other residents or their loved ones. Once you’ve narrowed your choices, take a tour so you or your loved one can see the amenities firsthand. Ask for a complete cost analysis with every charge detailed, and be wary of extra fees or hidden costs. Many independent living communities also let you or your loved one stay as a guest for a night or two to get a better idea of what the lifestyle really feels like. Remember that this probably isn’t an emergency situation, and taking time to find the community that best meets you or your loved one’s needs is the best way to ensure long-term success and contentment with an independent living situation. For information about finding an independent living community for couples, please visit our Independent Living for Couples Guide . ---------------------- Source: caring.com

As the year winds down, you may have decided it’s time to make a move and put your house on the market. But should you sell now or wait until January? While it may be tempting to hold off until after the holidays, here are three reasons to make your move before the new year. Get One Step Ahead of Other Sellers Typically, in the residential real estate market, homeowners are less likely to list their houses toward the end of the year. That’s because people get busy around the holidays and sometimes deprioritize selling their house until the start of the new year when their schedules and social calendars calm down. But that gives you an opportunity to get one step ahead. Selling now, while other homeowners may hold off until after the holidays, can help you get a leg up on your competition. Start the process with a real estate agent today so you can get your house on the market before your neighbors do. Get Your House in Front of Eager Buyers Even though the supply of homes for sale did grow compared to last year, it’s still low. That means there aren’t enough homes on the market today. While some buyers may also delay their plans to move until January, others will still need to move for personal reasons or because something in their life has changed. Those buyers are still going to be active later this year and will be seriously motivated to make their move happen because they need to. Unfortunately, the challenge they’ll face is a shortage of available inventory to meet their needs. A recent article from Investopedia says: “. . . if your house is up for sale in the winter and someone is looking at it, chances are that person is serious and ready to buy. Anyone shopping for a new home between Thanksgiving and New Year’s is likely going to be a serious buyer. Putting your home on the market at this time of year and attracting a serious buyer can often result in a quicker sale.” Use Your Equity To Fuel Your Move Keep in mind that homeowners today have record amounts of equity. According to CoreLogic, the average amount of equity per mortgage holder has climbed to almost $290,000. That means the equity you have in your house right now could cover some, if not all, of a down payment on the home of your dreams. And as you weigh the reasons to sell before year-end, it’s important to remember the reasons that sparked your desire to move in the first place. Maybe it’s time for a new home in a location that suits you better, one that offers the perfect space for you and your loved ones, or maybe your needs have evolved over time. A local real estate agent can help you determine how much home equity you have and how you can use it to achieve your goal of making a move. Bottom Line Listing your home before the new year can offer unique benefits. Less competition, motivated buyers, and your equity gains can all play to your advantage. Reach out to a local real estate agent to achieve your goals before winter sets in. ----------- Source: Keeping Current Matters

It’s that time of the year when everyone is releasing their 2024 home design predictions — and these prognosticators may or may not be right. However, when Houzz released its top 10 predictions, I took notice. That’s because Houzz has 65 million homeowners and design enthusiasts in its community, along with 3 million residential construction and design professionals. So, Houzz might know a few things about how people are designing their homes. These are the Houzz top 10 home design trend predictions for 2024. Blending Backsplashes Tile backsplashes have long been popular in kitchens. However, Mitchell Parker, Houzz home design expert, tells me that designers on Houzz are visually breaking up those expanses of tile. “Some designers are now installing a slab of stone or quartz behind the range or cooktop, while keeping the surrounding backsplash areas tiled,” he says. The slab is often the same material as the countertops. “This gives the kitchen a vertical display of graphic veining or other interesting details to create a striking focal point that’s easy to wipe clean,” Parker explains. Heather Mastrangeli, principal designer at Innovatus Design in Downers Grove, Illinois, also believes that blending backsplashes will be a hit in 2024. “You can also expect that the accent material, tile or otherwise, will be used in other parts of the kitchen as well,” Mastrangeli says. “Wine bars, dry bars, and even the back of glass door cabinets will have a splash of the accent tile.” Timeless Style It’s called a ‘‘timeless’’ style for a reason. While other trends may come and go, some are enduring. “We continue to see many homeowners on Houzz who prefer more traditional details and materials that create a timeless style,” Parker says. Even in modern homes, he says homeowners want the quiet luxury created by using brick, handmade clay tiles, arches, and rustic wood elements. In fact, opting for a timeless style is one of the easiest ways to achieve longevity in a remodel. “Many of my clients want their investment to stand the rest of time, and weaving in timeless elements is a great way to achieve this,” Mastrangeli says. However, be sure to integrate functional elements in this quiet luxury style. “On the surface, a kitchen may look timeless, but under the hood, rollouts, secret power outlets, upgraded lighting, sustainable features, and high-performance materials are making these spaces better than ever,” Mastrangeli explains. Herringbone Everything The angular shape of herringbone creates interest in any space. And Parker points to it as another classic design element that is experiencing a renaissance. “It’s becoming the go-to pattern for kitchens, bathrooms and more,” he says. “But the typically horizontal zigs are beginning to zag in new directions — diagonally or vertically — to create an updated look with visual interest, movement and texture.” It's a trend that Mastrangeli is already seeing, and she agrees it will be hot in 2024. “Herringbone creates visual texture and adds sophistication to a space, so expect to see herringbone tile, flooring, fabric patterning and more, since this is classic and timeless.” Warm Neutral According to Houzz, there’s already a shift from stark whites and cool grays toward shades of beiges, rich browns, creamy off-whites, and other warmer neutrals. “We first predicted this infusion in the kitchen, but the look is beginning to dominate throughout the home to offer a calmer, more welcoming environment,” Parker explains. “Designers on Houzz recommend incorporating different tones, textures and patterns to create a more layered look that gives a room seasonal versatility.” Although cooler tones have run their course, Mastrangeli believes the color palette will still be light and bright. “However, you’ll feel like you’re getting a warm hug walking into the space, as these warm neutrals create a cozy feeling — and cozy is in for 2024,” she says. Especially when you’re trying to create a luxury hotel bedroom at home. Blues In Focus Credit: Brittany Lyons Interiors. Photographer: Mike Healey Photography PHOTO PROVIDED BY HOUZZ Some colors may increase your home’s selling price, but always expect to see blue in any reputable color collection. In fact, Parker says many paint companies are choosing blue as the color of 2024. “Whether it’s a sky-inspired hue or a deep watery color, look for an array of blues to be featured more prominently in decorative materials and housewares in the coming year,” he says. Mastrangeli has always incorporated blues in her home designs, and expects them to be more popular among clients next year. “Deep saturated navy blues are moving over to make way for tranquil ocean blues, and by the end of 2024, expect to see more sea glass green too,” she says. Mud-Laundry Rooms Few spaces combine as well as a laundry room and a mudroom — especially when family members tend to track dirt into the home. “This setup is growing in popularity, especially among families with kids who play sports, but even for muddy boots and sand-laden swimwear and beach towels,” Parker says. And there are ways to make the combo space even more functional. Parker recommends a utility sink to soak dirty clothes or delicates, and a pull-down faucet to rinse muddy footwear. “Also, a bench makes it easy to take off and stores shoes and boots, while cabinets, hooks, and cubbies provide practical storage solutions,” he says. Handmade Features Custom features and personalized elements initially gained prominence at European design shows, but Parker says this trend is showing up in the most popular U.S. photos on Houzz. So, what does this design trend entail? “Handmade tiles, custom bathroom vanities, and other bespoke elements, create a feeling that the homeowner has something truly unique and special,” he says. In addition, homeowners are customizing their homes with bespoke lighting, custom window treatments, architectural detailing, and handmade rugs, according to Mastrangeli. “People are done with having the same thing as everyone else and there’s value in having a unique space,” she says. Appliance Garages You have a place to store your vehicles and clothes when they’re not in use, so it makes sense to also have a place to store your kitchen appliances. “Countertop appliances such as blenders, coffee makers, and toasters can be concealed, while keeping them easily accessible and organized,” Parker says. Admittedly, appliance garages have been around for years, but they’re experiencing a resurgence in popularity. “Homeowners seek to declutter their homes and incorporate more gadgets into their kitchens — and better-looking and harder-working options are being designed,” he explains. For example, Mastrangeli says appliance designers are getting quite creative in appliance concealment solutions. “If a space is large enough, entire walk-in pantries become appliance garages, while in smaller spaces, appliances will be hidden in garages and cabinets,” she says. “And appliance garages also include power outlets, so appliances don’t have to move far to be used.” Plantings Between Pavers Whether it’s driven by aesthetics or as a byproduct of maintaining on-site drainage, Parker says there’s increased interest in greenery tucked between pavers. “Garden paths and patios made of pavers separated by ground cover have gained popularity on Houzz due to their natural look, permeability, and design versatility.” It’s a design trend that certainly adds interest to any outdoor space. “This approach softens pathways, breaks up large expanses of hardscape, and generally makes a walkway or patio feel more like a lush, living part of a garden,” he says. Fluted Cabinets And Details The last home design prediction is an increase in fluted details. “This trend has been on display at design shows throughout the year, accenting everything from kitchen islands to bathroom vanities to living room furniture,” Parker says. “The aesthetic creates a thick, often rough statement-making detail beneath island countertops, bathroom vanities, and dining room tables, adding visual texture and interest.” ------------------------ Source: Forbes

Borrowing costs have dropped for the fifth-straight week and are expected to go lower through the end of the year. Falling mortgage rates are bringing holiday cheer to home buyers. The 30-year fixed-rate mortgage, which has been backing away from its near-8% high in October, dropped to 7.22% this week, marking the fifth consecutive week of declines, Freddie Mac reports. “Market sentiment has significantly shifted over the last month, leading to a continued decline in mortgage rates,” says Sam Khater, Freddie Mac’s chief economist. “The current trajectory of rates is an encouraging development for potential home buyers, with purchase application activity recently rising to the same level as mid-September, when rates were similar to today’s levels. The modest uptick in demand over the last month signals that there will likely be more competition in a market that remains starved for inventory.” Housing activity is sensitive to any fluctuation in mortgage rates: In October, as borrowing costs soared to a 20-year high, pending home sales plummeted to their lowest level on record, the National Association of REALTORS® reported this week. But since rates have fallen in recent weeks, more home buyers appear to be coming back to the market. The latest report from the Mortgage Bankers Association shows mortgage purchase applications—a gauge for future homebuying activity—rose 5% last week. “It seems clear mortgage interest rates hit a peak in late October and are now headed south,” says Jessica Lautz, NAR’s deputy chief economist. The latest drop in rates compared to the Oct. 26 peak of 7.79% translates into a monthly savings of $125 on a $400,000 home, Lautz says. That “is significant for many home buyers who may be able to use the savings to cover a monthly utility bill or commuting costs,” she says. The drop in mortgage rates may encourage more first-time home buyers to enter the market, and they may have more success getting ahead of competing buyers despite low housing inventory, Lautz says. “First-time buyers may have more success with a multiple-offer situation without the intense competition of spring and early summer—especially now, since housing inventory remains tight and even lower mortgage interest rates are expected this spring.” Freddie Mac reports the following national averages with mortgage rates for the week ending Nov. 30: 30-year fixed-rate mortgages: averaged 7.22%, dropping from last week’s 7.29% average. A year ago, 30-year rates averaged 6.49%. 15-year fixed-rate mortgages: averaged 6.56%, also falling from last week’s 6.67% average. Last year at this time, 15-year rates averaged 5.76%. ------------------ Source: NAR

Design experts see more color, metallics, and tech coming to kitchen and bath appliances. Kitchens and bathrooms are the most renovated rooms in American homes—and keeping up with the latest home appliance innovations tells us a lot about national design trends. Whether color, sustainability, size, or technology, appliance choices can often show us where home design is headed. "It’s a fascinating world that we have ahead of us,” says Daniel Germani, an architect and designer who advises companies like Brown Jordan and Cosentino on their creative direction. Germani has seen technology developing fast, with innovation reaching households much more quickly than it did in the past. And nowhere is that more true than in home appliances. We spoke to some of the industry’s top trend forecasters and authorities to see what they think lies ahead in the world of home appliances. The results may surprise you. Multifunction Appliances The Bimby kitchen robot (known in America as the Thermomix), which combines blending, cooking, and chopping all in one device, is already a hit in Europe. But Germani thinks that these multifaceted kitchen appliances will be the space-saving, multi-tasking wave of the future. And he’s not the only one. "Multi-function capabilities, especially when in conjunction with specialty kitchen appliances, are a plus," says Jeanne Chung, a designer with Cozy Stylish Chic and a member of the National Kitchen and Bath Association (NKBA). "The ranges and wall ovens that have air fry capabilities are also a win, as they take another small appliance off the counter and free up more space." A Smarter, Bigger Kitchen Sink Both Germani and Danielle DeBoe Harper, Moen's senior creative style manager, see more innovation centered around the kitchen sink. "I'm doing a project right now where I'm installing a 5-foot-long sink," says Germani, noting that this mega-sink will have two faucets. "One of the areas that is embracing the smart home trend is the kitchen sink," says Harper. "With different styles of smart faucets, or Moen’s motion control technology with our smart faucets expanding, this is continuing to grow with updated designs and functionality. We understand that the sink is the workhorse of the kitchen, so we’ll continue to see innovations in faucets and other kitchen gadgets." Sustainable Materials and Appliances Harper says that green living is one of the top trends for 2024, whether in terms of using recycled materials in kitchen and bath appliances or low-water usage appliances. For instance, Moen’s Verso Showers with Infiniti Dial shower heads feature a dock that integrates recycled ocean plastic. And American consumers may soon take a cue from Europeans, who have already seen washing machines that cut down dramatically on water usage by companies like Miele, says Germani. Double Appliances That Maximize Food Prep Double ovens, double kitchen islands, double refrigerators, and two wine fridges, says Germani, are already popular with high-end homeowners and will continue to gain broader acceptance. Walk-In Refrigerators Germani has been seeing restaurant-style walk-in refrigerators in some high-end homes where everything is accessible and visible, and storage is supersized. More Minimalism in Kitchens and Baths Harper thinks concealed refrigerators and dishwashers will continue to trend upward, reflecting a desire for a sleeker, high-end look. "Minimalism is a great design choice for those who find greater peace in simplistic environments and hiding appliances, either behind panels that blend in with cabinetry or in so-called 'appliance garages' that reduce visual clutter," says Harper. Pops of Color in Appliances While not all designers love the trend, colorful appliances are on a roll. "I think that color is going to keep being center stage" in home appliances, says Germani—although the love of color may often break down by age. Older, wealthier consumers still prefer the sleek elegance of refrigerators hidden behind panels, but Germani thinks younger consumers will continue to embrace color in home appliances. Green Shades Will Grow In particular, Germani predicts green will grow in popularity in kitchen appliances. He is seeing a rise in "the whole gamut of greens" from the deep, timeless forest greens of the English countryside to happier, lighter greens. Metallic Finishes Trend forecasters see the limited range of stainless steel options expanding in home appliances, with a variety of metallics on the rise keeping with the mixed metals trend. "When it comes to appliances and fixtures, matte black and bronzed gold are among a couple of the finishes that are becoming increasingly more popular," says Harper. Both options are "not only aesthetically pleasing but also approachable, seamlessly complementing a variety of design aesthetics," she says. Smaller Home Appliances While some may opt for larger appliances, compact washers and dryers are already big in smaller European spaces. Germani thinks the trend for smaller appliances will rise in popularity stateside. A Rise in Induction Ovens Not everyone is sold on trying to phase out gas cooktops and ovens. "I still like my fire,” says Germani of his gas range. However, because of indoor air pollution and other environmental concerns, there has been a slow movement away from gas and toward induction, which Harper has noticed. "More and more influencers in the design space have opted for induction stoves," says Harper, because they are "more environmentally friendly than traditional gas. This certainly signals to their audience that this is an acceptable option for design lovers, and we anticipate we’ll see a spike in people making this switch each year." Luxury, High-End Kitchen Appliances As kitchens become more of a focal point and gathering place in the home, Germani sees luxury appliances gaining greater prominence. Much like people might splurge on an expensive, high-performance car if they have a long work commute, paying big bucks for that Wolf or La Cornue range is making more sense to consumers. Germani advises his clients to spend more of their renovation budget on appliances "because those are the ones you are going to use daily, constantly," he says. A Trend for Quiet Luxury "Nobody wants to hear the dishwasher running," says Germani, who thinks manufacturers will continue to innovate with quieter appliances. "From dishwashers and washing machines to garbage disposals and more, we’re seeing sound-minimizing features being included in these designs," says Harper. "When specifying a dishwasher, ultra-quiet is important, as the open concept kitchen is usually near the family room, where the sound may fight with the TV," says Chung. Bolder Outdoor Kitchen Appliances Since 2020, outdoor kitchens have become more of a focus. Bold colors on outdoor stoves will rise in popularity, along with kitchen dishwashers, televisions, sinks, and even refrigerators moving outdoors to allow for more outdoor living. The Rise of the Scullery With the kitchen becoming more of an on-display social space, designers are figuring out ways to keep appliances and gadgets out of the way in the form of a scullery kitchen. Scullery kitchens are smaller, secondary kitchen spaces that act as overflow for the main kitchen and often provide storage for appliances. "A scullery is the biggest trend we are including in our designs right now," says Vicky Serany, NKBA member and Southern Studio designer. "Our clients enjoy this hardworking space that maximizes efficiency." Beverage Centers Will Be Bigger As consumers ask for more from their kitchens, home appliances will spread beyond its borders. Chung says consumers are looking for refrigerators and drawers or bins for snacks closer to the breakfast table or seating area for quicker access. Beyond the main kitchen space, more homeowners will have dedicated areas for coffee, tea, and smoothies, says Elizabeth Valentina, NKBA member and designer with Nar Design Group. "Beverage centers now include coffee/tea service, water dispensers, under-counter refrigeration, and frozen goods storage for smoothies, shakes, and acai bowls, which have become a big part of what people commonly consume." --------------------------- Source: Martha Stewart

Global wealth is on the upswing following a post-pandemic fall, billionaires have bounced back from 2022’s net loss of $1.4 trillion, and the global luxury market was projected to hit $1.6 trillion in 2023, a new high. The second Gilded Age shows no sign of retreat. In the U.S., the bull market prevailed with the S&P 500 rising nearly 25% —despite political brinkmanship over the debt ceiling and a banking crisis that felled five banks. Globally, the wars in Ukraine and the Middle East added to the turmoil. As the effect of higher interest rates continues to percolate through the economy, with inflation falling and unemployment at 3.7%, many forecasters see a bullish 2024—if the nation’s and indeed the world’s economic clockwork continues to move in the right direction. Although the global economy has proved to be stable, and perhaps even sturdy, the World Bank has projected slower output growth in coming months. The Billionaire Wrap-up The number of the world’s billionaires rose by 7% in the 12 months leading to April 2023. They now total 2,544, which is smaller than the group’s peak of 2,686 in 2021, when their worth totaled $13.4 trillion. The net loss of $1.4 trillion the group experienced in 2022 was erased by a $1.5-trillion gain in 2023, according to Bloomberg. Today the world’s richest have an aggregate worth of $12 trillion, according to the World’s Billionaires List published by Forbes. The group’s recovery is due to the fortunes of European billionaires in the consumer and retail sectors, according to the Billionaire Ambitions Report 2023, compiled by UBS, which provides financial advice and solutions to private, institutional and corporate clients worldwide. The world’s largest concentration of wealth is in the Americas, but France has the largest share of billionaire wealth in Europe, the Middle East and Africa. “But the number of billionaires increased more in other Western European countries,” which includes Germany, the United Kingdom, Italy and Switzerland, according to UBS’ Billionaire report. The rising fortunes of the wealthy class tracked tech stock performance, which experienced record ascents in 2023. The zeal about artificial intelligence helped boost tech-savvy investor portfolios by $658 billion, or nearly 50%, according to Bloomberg. Private and Concierge Services Soar “There’s such a tremendous generation of wealth, a continuing sense of aspiration for finer things,” says Sherry Dewane, a UBS certified financial planner who has advised athletes and entertainers since 1997. The current rise in wealth creation has spurred the popularity of private and concierge services. “It’s really unprecedented; I personally have never seen it to this extent,” she says. The short list of blue-chip services that cater to the moneyed: concierge health care; education consulting, spa, wellness and fitness services; aviation; travel; cuisine; and business coaching. Exponential Wealth Generation In her work with elite entertainment professionals, Dewane observes an overlap in the generating of wealth within industries. For example, she cites the surging gaming industry, a behemoth with annual revenue of $187.7 billion, according to a Forbes report. “Games have been made from television or movies, and movies have been made from games,” Dewane says. “It’s a huge market.” A lot of cash has been made by the gaming industry and digital designers in the niche market for virtual fashion, Dewane says. The purchase of gamer “cosmetics” (which includes fashion, accessories and “skins” that clothe avatars) adds up to a multibillion-dollar market in itself—$40 billion according to one account. Incorporeal leopard-print capri pants paired with blazing heels that are literally on fire might seem frivolous when it comes to creating wealth (Gucci, Louis Vuitton and other luxury brands would disagree, given their gamer collabs and partnerships). But Dewane says the subject points to a larger truth. “There is tons of money, seemingly endless money, being poured into the catchall phrase known as ‘content,’” she says. “The delivery methods have changed and contracts have changed, especially in terms of name, image and likeness. That becomes quite valuable, given that money is generated each time it’s used,” including digitally. The ripple effects are felt through numerous industries. “Consider Shohei Ohtani who just signed with the Dodgers for $700 million,” Dewane says. “He’s not the only one making money. All of the attorneys, agents, business managers and the handlers involved in that deal also have cash generation.” The Wealthy Think Differently The wealthy, along with the experts and handlers who surround them, “think in a different way,” says Ranjeet Guptara, a senior vice president, certified financial advisor and senior portfolio manager at UBS. “They think across generational lines: the grandparents, parents and the succeeding generations beyond. That requires multiple and layered perspectives as well as strategies.” Inherited wealth across generations has increased in what the UBS Billionaire Ambitions Report calls “a great wealth transfer.” And it’s gaining momentum. For the first time in the report’s nine editions “… billionaires have accumulated more wealth through inheritance than entrepreneurship.” It’s a trend that UBS experts see as an “increasingly material factor in the creation of new billionaires.” Different generations have different views about philanthropy, investing and business. “As they inherit their parents’ businesses, investments and foundations, heirs look to focus more on today’s major economic opportunities and challenges, such as innovative technologies, the clean-energy transformation and impact investing,” according to the report. The report found that all generations, however, have their eye on the opportunities and risks of generative artificial intelligence. “Around two-thirds surveyed saw AI as offering one of the greatest commercial opportunities to their operating business over 12 months,” the report found. The affluent also think in international terms. “Many of our clients work in multiple jurisdictions, and different parts of a family will reside in various countries,” says Guptara. “A whole team can be required to help people think in different currencies and to navigate varying interest rate regimes.” Realtors Are Part of the Planning Team In the U.S., the regime includes a marked interest rate escalation that began in March 2022, which “although fascinating and unprecedented,” Guptara says, “is not really something that should derail people from long-term planning.” Such planning includes focusing on mortgage interest rates, especially adjustable-rate mortgages, which are always a ticking clock, Guptara says. “People are also staying in homes too long, unaware of the effect of interest rates when they come to re-mortgage,” he notes. “There’s this wonderful invention for family reunions called Airbnb; the reunion doesn’t have to be held in the family mansion.” Dewane mentions a sometimes forgotten reality: “Realtors are part of the planning team, especially at the higher end of incomes,” she says. “Decisions must be made about the most favorable time to sell, and what shape a house is in, among other factors. Those who’ve lived in a house for a long time will likely have a multitude of embedded gains. Determinations need to be made about how to manage that property as well as the taxes—choices that can result in benefits for the family.” Both Dewane and Guptara agree that Realtors who finesse high-end deals must realize that they are negotiating for value and, indeed, “have the burden to prove value,” Guptara says. That’s especially crucial as the National Assn. of Realtors battles numerous legal challenges to its policies. “With VIP homes, one faces an even more difficult task in terms of finding exclusive properties and dealing with very complex and sophisticated portfolios,” he says. “Quality is something such advisors continue to prioritize, and they’re rewarded commensurately.” Changes in Tax Codes Shift Strategies Strategies include using charitable remainder trusts, which enable donors to place cash or property in an irrevocable trust that pays a fixed annual income to the donor or a designated beneficiary. A charity receives the remainder of the trust once the donor dies. “With changes in the tax code, we’re seeing far more of these,” Dewane says. “Not-for-profits are marketing them far more than they used to. In certain parts of the country, tax rates have increased, and so it can be a viable alternative for those who are charitably inclined to fulfill those desires while receiving a tax benefit.” As tax rates change and, indeed, as overall change is constant, Dewane and Guptara envision a dynamic future for today’s Gilded Age. “The pace of change will increase,” Dewane says. “No one has a crystal ball, but I don’t see quite the same thing” in terms of adjustments to current peak wealth generation, as compared with the first unprecedented round from the late 1870s to the Great Depression. Guptara, in fact, believes that “we’re on the cusp of something even more exciting.” Given the rising impact of artificial intelligence, related manufacturing digitization and big data, “we’re now in the fourth industrial revolution,” he says. “It’s only just starting to impact a majority of industries. Legacy processes are going to see a creative disruption and repurposing. That can only be a good thing. Hopefully there will be cross-fertilization wherein everybody benefits.” ----------------- Source: Forbes

A recent surge in construction of single-family homes could offer more opportunities for home buyers in the new year. Existing-home sales posted a slight gain last month, breaking a streak of five consecutive monthly declines and foreshadowing what is expected to be a more favorable real estate market in 2024. The National Association of REALTORS® reported Wednesday that existing-home sales, which are completed transactions for single-family homes, townhomes, condos and co-ops, rose 0.8% in November. That figure is likely to grow in the coming months as borrowing costs fall, says NAR Chief Economist Lawrence Yun. Mortgage rates averaged 6.95% last week after reaching nearly 8% earlier this fall. Still, November existing-home sales were down 7.3% from a year earlier, NAR reports. Home prices, which are still rising due to low inventory, are pressing on buyers’ budgets. Prices were up 4% year over year in November, reaching a median of $387,600. “Only a dramatic rise in supply will dampen price appreciation,” Yun says. More Supply Could Be Coming Home buyers continue to face limited options on the market, and many homeowners who locked in ultra-low mortgage rates in recent years remain reluctant to sell. That’s helping to keep housing inventory at historical lows. Total inventory in November was down 1.7% month over month but was up 0.9% year over year. With existing inventory so low, homebuilders are ramping up construction to woo more buyers. Single-family home construction surged 18% in November compared to the prior month and was up 42% compared to a year earlier, the Commerce Department reported this week. New-home sales have risen this year despite higher mortgage rates this fall. Builders have been offering more incentives, such as buying down interest rates or offering co-op commissions to buyer’s agents, Yun says. “Lower interest rates and a lack of resale inventory helped to provide a strong boost for new-home construction in November,” says Alicia Huey, chairperson of the National Association of Home Builders. “And while these higher starts are consistent with our latest builder survey, which shows a rise in builder sentiment and future sales expectations, home builders continue to contend with elevated construction and regulatory costs.” Still, home builders are forecasting a 4% increase in single-family starts in 2024, banking on expectations that mortgage rates will fall lower and inflation will drop in the new year, says Robert Dietz, the NAHB’s chief economist. “Even more homebuilding will be needed with the housing shortage persisting in most markets,” Yun says. “Another 30% rise in home construction can easily be absorbed in the marketplace, especially in light of the plunge in mortgage rates in recent weeks.” Resilient Buyers Are Standing Ready Despite higher home prices and mortgage rates, bidding wars continue as consumers compete for limited inventory on the market. Homes are selling fast: 62% of properties sold in November were on the market for less than a month, NAR reports. Properties typically remained on the market for 25 days in November. First-time buyers are reemerging, comprising 31% of existing-home sales in November, up from 28% a year ago, according to NAR’s data. Also, more consumers are buying a home with cash, leveraging the proceeds from a previous home sale and bypassing higher mortgage rates altogether. Twenty-seven percent of transactions in November were cash sales. Individual investors and second-home buyers tend to make up the biggest bulk of cash sales, comprising 18% in November, up from 14% a year earlier, according to NAR’s data. Home sales remain strong, particularly in the South and Midwest. NAR has identified several markets in the South and Midwest as having the most pent-up homebuyer demand heading into 2024. Leading its list of top 10 markets to watch in 2024 were the metro areas of Austin and Dallas–Fort Worth, Texas; Dayton, Ohio; and Durham–Chapel Hill, N.C. Here’s a closer look at how existing-home sales fared across the country in November, according to NAR’s latest housing report: Northeast: Sales fell 2.1% compared to October, reaching an annual rate of 470,000. Home sales were down 13% compared to a year earlier. Median price: $428,600, up 4.8% from the prior year. Midwest: Sales increased 1.1% from the previous month, reaching an annual rate of 940,000. Existing-home sales were down 8.7% from one year ago. Median price: $280,800, up 4.9% from November 2022. South: Sales rose 4.7% from October, reaching an annual rate of 1.77 million. Existing-home sales decreased 4.3% compared to the prior year. Median price: $351,500, up 3.4% from last year. West: Sales fell 7.2% from a month ago, settling in at an annual rate of 640,000. Sales were down 8.6% from one year ago. Median price: $603,200, up 5.3% from November 2022. -------------------- Source: NAR

If your listing has expired and your house didn’t sell, it’s completely normal to feel a mix of frustration and disappointment. Understandably, you’re probably wondering what may have gone wrong. Here are three questions to think about as you figure out what to do next. Did You Limit Access to Your House? One of the biggest mistakes you can make when selling your house is restricting the days and times when potential buyers can tour it. Being flexible with your schedule is important, even though it might feel a bit stressful to drop everything and leave when buyers want to see it. After all, minimal access means minimal exposure to buyers. ShowingTime advises: “. . . do your best to be as flexible as possible when granting access to your house for showings.” Sometimes, the most determined buyers might come from far away. Since they’re traveling to see your house, they may not be able to change their plans easily if you only offer limited times for showings. So, try to make your house available as much as you can to accommodate them. It’s simple – if no one’s able to look at it, how will it sell? Did You Make Your House Stand Out? When you’re selling your house, the old saying matters: you never get a second chance to make a first impression. Putting in the work to make the exterior of your home look nice is just as important as how you stage it inside. Freshen up your landscaping to boost your home’s curb appeal so you can make an impact upfront. As an article from U.S. News says: “After all, if people drive by, but aren’t interested enough to walk through the front door, you’ll never sell your house.” But don’t let that impact stop at the front door. By removing personal items and reducing clutter inside, you give buyers more freedom to picture themselves in the home. Plus, a fresh coat of paint or thorough floor cleaning can work wonders in sprucing up the house for potential buyers. Did You Price Your House at Market Value? Setting the right price is key. While it might be tempting to push the price higher to maximize your profit, overpricing your house can actually turn off potential buyers and slow down the selling process. Forbes notes: “Pricing a home too high could lead to a slower sale or force the seller to drop their price.” If your house is priced higher than others like it, it may discourage buyers, resulting in increased time on the market. Pay attention to the feedback people give your agent during open houses and showings. If lots of people are saying the same thing, it might be a good idea to think about lowering the price. For all these insights and more, rely on a trusted real estate agent. A great agent will offer expert advice on relisting your house with effective strategies to get it sold. Bottom Line It’s natural to feel disappointed when your listing has expired and your house didn’t sell. Connect with a reliable real estate agent to determine what happened, and what changes you should make to get your house back on the market. ----------------- Source: KeepingCurrentMatters

No other phrase has defined the 2023 housing market as much as the “mortgage rate lock-in effect” – a phenomenon that brought the industry to a standstill, putting downward pressure on everything from inventory levels to home sales. The pandemic-era sub-5% mortgage interest rates that 85% of mortgage holders are locked in to kept homeowners from selling their home and buying another at elevated interest rates, which peaked at 7.79% the week ending Oct. 26, according to Freddie Mac. But will things change this year? There are signs that market conditions will be improving. Mortgage rates dropped steadily over the past seven weeks, averaging 6.61 % for a 30-year fixed mortgage, the week ending Dec. 28. The lower mortgage rates provided a boost to existing-home sales which grew in November, up 0.8% from October and breaking a streak of five consecutive monthly declines, according to the National Association of Realtors. Year-over-year, sales fell 7.3% (down from 4.12 million in November 2022). “A marked turn can be expected as mortgage rates have plunged in recent weeks,” says National Association of Realtors Chief Economist Lawrence Yun. Housing shortages will continue One thing most experts don’t expect to see is an end to shortage of homes for sale. Danielle Hale, chief economist for realtor.com “Despite this, households will have more options in 2024 from a small uptick in single-family home construction, and the completion of the large number of multifamily units that are under construction, the vast majority of which are destined to be rental homes,” says Danielle Hale, chief economist for Realtor.com . The additional inventory of new construction homes and apartments will curb the uptick in home and rental prices even as long-running shortages keep prices from slipping too far. Today’s acute supply shortage will be hard to undo, says Odeta Kushi, deputy chief economist at First American. "While single-family housing starts have steadily increased throughout 2023, it will take years of accelerated new home construction to narrow the supply shortage gap from more than a decade of underbuilding," she says. Home price growth will vary from market to market Against this backdrop, nationwide sales are expected to see only a modest uptick in 2024 over 2023's long-term low. Real estate activity will vary significantly from market to market with some top-growth areas expected to see double-digit increases, according to Hale. Combined sales and price activity are expected to be highest in two major groups of markets. The first are affordable markets in the Midwest and Northeast like Toledo, Ohio, Rochester, New York, says Hale. The second set are in Southern California where a reduction in mortgage rates could help the area bounce back from a particularly slow 2023. The median existing-home price for all housing types in November was $387,600, an increase of 4% from November 2022 ($372,700). All four U.S. regions posted price increases. “Home prices keep marching higher,” Yun says. “Only a dramatic rise in supply will dampen price appreciation.” Mortgage rates and affordability Most experts predict the average 30-year mortgage rate to linger anywhere between 6.1% to 7% range in the first quarter, then decline throughout the year. “Mortgage rates are likely to remain well above pandemic-era record lows because financial markets increasingly believe the country will avoid a recession in 2024,” says Redfin Chief Economist Daryl Fairweather. “Mortgage rates will fall to about 6.6% by the end of 2024. The gradual decline in rates combined with the small dip in prices will bring homebuyers some much-needed relief.” Election year volatility will make mortgage rates jumpy, so 30-year fixed rate estimates range would be in the mid 6% range, according to Jeff Taylor, founder and managing director at Mphasis Digital Risk. At a 7.125% rate and current median home prices, it takes $111,000 and $107,000 in household income to buy newly built and existing homes, respectively, with 5% down, says Taylor. If mortgage rates fell 1% to 6.125% and home prices rose a modest 4% as projected by the Federal Housing Finance Agency in 2024, it would take $105,000 and $99,000 to buy newly built and existing homes, respectively, with 5% down. New home construction With a decline for mortgage interest rates and an ongoing housing deficit, Robert Dietz, the chief economist for the National Association of Home Builders is forecasting a gain for single-family housing construction starts in 2024. This will be the first year of increase after declines in 2022 and 2023. “Due to low existing inventory, new construction has increased to approximately one-third of total single-family inventory in recent months when historically it was only 10% to 15%,” Dietz says. Multifamily construction will experience a significant decline. Financing conditions are very tight and there are approximately one million apartments under construction, the highest total since 1973. The level of remodeling activity will be approximately flat in 2024 compared to 2023. The housing stock is aging and requires reinvestment (the typical home in the U.S. is near 40 years old). ------------------------ Source: USA Today

The 2024 Consumer Electronics Show brought more than 135,000 attendees together to share innovative ideas centered around the future of technology. Several themes emerged around technology for the home. Research group Parks Associates hosts a day of sessions at CES called the CONNECTIONS Summit, which identified some of those hot home technology trends. Two of the most popular home technology advancements center around smart home innovations and energy management. Parks Associates collects and publishes data that validates those trends. For example, smart home devices are now staples in 42% of U.S. internet households, and the average household now has 17 connected devices. Home Energy Management Is At The Forefront One trend that is now at the top according to Parks Associates is new advances in home energy management and efficiency, driving the adoption of smart home solutions. Innovations in this area, such as the introduction of advanced control and integration products, are set to redefine home energy management. One of those technologies is the DELTA Pro Ultra whole-home generator that can deliver the highest output power ever by one single unit with up to one month of power backup. Launched by EcoFlow, an energy solutions company, it also offers a plug and play home solar system that can be added to create a completely energy-independent home. EcoFlow also announced the Smart Home Panel 2 that can fully integrate DELTA Pro Ultra with any home to optimize energy use, reduce costs and extend backup efficiency with intelligent analysis and solar utilization all controlled via an app. The DELTA Pro Ultra can be charged through AC power, solar panels, and gas generators, offering maximum flexibility and extended backup time. This creates a highly resilient energy solution that is increasingly desired with today’s more chaotic and damaging weather events. The DELTA Pro Ultra is available now on the company’s website and on Amazon.com . Energy Tracking At Any Price Point Some people have been shying away from smart energy solutions, assuming they will be too expensive to implement. But global home and building management solutions leader Nice has identified options that match any budget. “Consumers can take action to lower their environmental footprint by using technology to gain the knowledge needed to understand their energy consumption,” said Paul Williams, who is the managing director of Nice’s home management business unit. Williams explains that there are tiered solutions that hit multiple price points, starting at just a $200 investment, with a fast pay back from the subsequent energy savings. The intelligent information these systems provide arm a consumer to take action on their behavior and energy use. Some solutions are DIY and others require an electrician to do the work. Williams says that sometimes the systems lead to finding surprises like an ill-running appliance. “Refrigerators at the end of their life cycle consume more power because motors and compressors start to be less and less efficient,” he said. “Just by replacing devices, homeowners can get a significant payback. Plus, with a little research, they can find the normal consumption of a refrigerator or HVAC to see if they are outside of the norm and if the appliance just needs to be serviced.” The next level of home energy management is a smart panel that integrates with car charging, battery storage and solar power to then regulate and optimize how power is being utilized in the home. These systems are closer to $10,000 with a 10-year payback but also can get the home to net zero energy. Wi-Fi is becoming a significant technology for how systems are communicating, Williams said. It’s allowing utilities to enter the space with intelligent monitoring driven by wireless protocol Zigbee sensor that connects a USB stick to the meter to look at what is being consumed at a granular level, including by device. This technology is evolving and is currently limited to fewer than 15 utility companies, but is less intrusive, costs less, and is easy to install. “Finally, generative AI pays a huge role as we move forward,” Williams said. “There are so many variables that go into energy use that have an impact on what goes into the house, and AI will be able to look at the variables, make sense about them and then make changes based on them, then be able to make predictions based on that information.” He is excited to see models evolve that provide collective data to understand at a regional level, and even globally, to more intelligently use power within homes. Home Electrification In the kitchen, home appliance inventor Impulse launched its first product at CES, a battery-integrated cooktop. After getting obsessed with making a pizza fast and delicious more than a decade ago, Impulse CEO Sam D'Amico, realized the broad implications and possibilities of having appliances that are easier to install. “If you install an induction stove, the building may not be wired for it because it already had gas and then doesn’t have the right amperage,” he said. “Then it is about a $4,000 expense, plus the wire to the street has to be upgraded, which can be $10,000, and can also take a lot of time waiting for the utility to do the upgrade.” As the industry is pushing away from natural gas to electrification, he has identified some of the stress in that, while also removing the environmental hazards, and delivering more power with his product launch. “It’s the highest performance stove ever,” D’Amico said. “We did that because the battery is integrated and charging all day and can pull three times more power. We can bring a liter of water to a boil in 40 seconds. You need 6 cups of water for macaroni and cheese and that can boil in 1 minute, where a gas stove is like 10 minutes.” The stove also has more precise sensors that deliver more consistency that hasn’t existed with electric stoves that have numeric dials that don’t necessarily provide clarity to the user. The Impulse stove takes in all the external factors, such as different types of pans, to essentially give cooking the precision of baking. The product will start at $5,999 and be available in the fourth quarter of 2024. It requires a 120-volt outlet to be installed and has a built-in bidirectional inverter. Pumping Innovation Throughout The Home Heat pumps are definitely having a moment, but some homeowners are resistant to try them and question the performance in colder weather climates. At CES, Bosch revealed the IDS Ultra Heat Pump that performs at colder temperatures as low as negative 13 degrees Fahrenheit. The new Bosch heat pump promises to be three to five times more energy efficient than gas furnaces and consume only about half as much electricity as electric furnaces. Bosch also announced heat pump technology innovation in a different climate. In Las Vegas, it launched its most efficient electric hot-water heater, improving its current efficiency by four times. In one more step for more efficient energy use, Bosch also updated its latest dishwashers with a “MySchedule” function that can be used to automatically schedule the start of the wash cycle to be during the lowest electricity price or when the most renewable energy is available. In addition, France-based LANCEY Energy Storage launched an energy independent heat pump. The system converts air to water and incorporates a battery and an inverter with a hybrid compressor that has AC and DC power. So, it can connect directly to solar panels. According to LANCEY’s CEO and Cofounder Raphaël Meyer, combining solar and storage with an air-to-water heat pump has never been done before. The heat pump pulls from two power supply modes—it can access AC power from the grid during off-peak hours and then can use DC power to pull directly from solar energy, with the option of storing any unused solar energy. Homeowners will be able to track the usage with a cloud-based energy management system. This carbon neutral HVAC system will help reduce reliance on fossil fuel heating. Smart Home Services Home technology expert Tim Costello says that the permanency of robotic home services is the top takeaway from CES. Those robotic home services stretch from lawn mowers to home companions, and from pet management to robotic chefs. He says that this new wave of innovation is creating the “Zero Labor Home,” a phrase coined from LG’s vision for its robotic services. As smart home systems grow more complex with or without robot services, the need for professional support is growing. Parks Associates tracks the challenges in device integration and management. It sees the rise of Smart TVs as central control hubs and the adoption of interoperability standards like the Matter protocol as the next part of the evolution to simplify very complex smart home ecosystems. All these technologies are destined to make leaps and bounds in progress before the 2025 CES, which is scheduled for January 7-10 in Las Vegas. Any bets on what the trends will be next year? ------------------- Source: Forbes

Have you ever heard the term “Silver Tsunami” and wondered what it’s all about? If so, that might be because there’s been lot of talk about it online recently. Let’s dive into what it is and why it won’t drastically impact the housing market. What Does Silver Tsunami Mean? A recent article from HousingWire calls it: “. . . a colloquialism referring to aging Americans changing their housing arrangements to accommodate aging . . .” The thought is that as baby boomers grow older, a significant number will start downsizing their homes. Considering how large that generation is, if these moves happened in a big wave, it would affect the housing market by causing a significant uptick in the number of larger homes for sale. That influx of homes coming onto the market would impact the balance of supply and demand and more. The concept makes sense in theory, but will it happen? And if so, when? Why It Won’t Have a Huge Impact on the Housing Market in 2024 Experts say, so far, a silver tsunami hasn’t happened – and it probably won’t anytime soon. According to that same article from HousingWire: “. . . the silver tsunami’s transformative potential for the U.S. housing market has not yet materialized in any meaningful way, and few expect it to anytime soon.” Here’s just one reason why. Many baby boomers don’t want to move. Data from the AARP shows over half of the surveyed adults ages 65 and up plan to stay put and age in place in their current home rather than move (see chart below): Clearly, not every baby boomer is planning to sell or move – and even those who do won’t do it all at once. Instead, it will be more gradual, happening slowly over time. As Mark Fleming, Chief Economist at First American, says: “Demographics are never a tsunami. The baby boomer generation is almost two decades of births. That means they’re going to take about two decades to work their way through.” Bottom Line If you’re worried about a Silver Tsunami shaking up the housing market, don’t be. Any impact from baby boomers moving will be gradual over many years. Fleming sums it up best: “Demographic trends, they don't tsunami. They trickle.” -------------- Source: Keeping Current Matters

The Federal Reserve signaled possible rate cuts to come, which could influence lower mortgage rates and spur housing activity. Mortgage rates, which averaged 6.63% this week, according to Freddie Mac, are likely to feel downward pressure after the Federal Reserve on Wednesday held its key short-term interest rate steady and indicated possible rate cuts to come, housing analysts say. Economists expect a more robust real estate market this year if rate predictions hold true. Although the Fed’s rate does not directly impact mortgage rates, it often influences them Jessica Lautz, deputy chief economist at the National Association of REALTORS®, anticipates mortgage rates to remain in the 6% range for most of the year. “While this is certainly higher than the historic lows seen in 2020 and 2021, this is lower than the historical norm of 7.74%,” Lautz says. With less volatility in mortgage rates, consumers may feel more confident to resume house hunting. Last fall, mortgage rates surged to nearly 8%, shaking buyer confidence and causing home sales to dip. This week’s 6.63% average translates to about $251 less for a typical monthly mortgage payment compared to fall when rates hit a peak, Lautz says. Mortgage rates have held relatively stable for nearly two months, which is bringing more buyers back into the housing market, says Sam Khater, Freddie Mac’s chief economist. Further, “the economy continues to outperform due to solid job and income growth, while household formation is increasing at rates above pre-pandemic levels,” he says. “These favorable factors should provide fundamental support to the market in the months ahead.” Lower mortgage rates are helping to improve housing affordability, adds NAR Chief Economist Lawrence Yun. Pending home sales rose 8.3% in December and are now higher than a year ago, NAR’s latest housing report shows. Homeowners also may find more incentive to sell. “Many delayed home sellers may be willing to give up 3% to 4% rates as life circumstances have changed, thereby boosting inventory,” Yun says. “Home sales will no doubt rise this year.” NAR is forecasting a 13% increase in existing-home sales compared to 2023. That rising trend is expected to continue into 2025, with another 15.8% uptick, NAR notes. Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 1: 30-year fixed-rate mortgages: averaged 6.63%, dropping from last week’s 6.69% average. Last year at this time, 30-year rates averaged 6.09%. 15-year fixed-rate mortgages: averaged 5.94%, falling from last week’s 5.96% average. A year ago, 15-year rates averaged 5.14%. --------------- Source: NAR