Tips For Turning A Patio Into A Living Room

 An outdoor living space should feel like an extension of your home. This extra living space should be a place that welcomes you with a cozy feel. Here are some tips from the pros for turning your patio into a living room.

1. Add an Awning for a Retractable Ceiling

A retractable ceiling or awning will let you enjoy your outdoor living space rain or shine. This will also allow your space to be a place to go and beath the heat. A retractable awning can make a statement along with giving UV protection. A Sunbrella Shade Fabrics awning is low maintenance. They are water-repellent, mildew resistant, mold resistant, and stain resistant.

2. Pick Patterns that Pop

A patio area is a great place to add colors to make the area pop. Mix and match stripes with solids and go bold. Different patterns and textures can create both dimension and visual interest. To do this, use pillows, or an awning to add color to your outdoor living space.

3. Up the Plushness

Soft areas are a great place to relax and read a book. Invest in soft plush cushions for your patio furniture which will make your seating area cozy. Couches and daybeds make an outdoor area livable. This space will make you want to take your shoes off and relax!

4. Make Space for Your Favorite Hobbies

Listening to music, drinking morning coffee, or reading a book are perfect hobbies to enjoy outdoors. These activities can be easily done in your outdoor living space. You can have different zones with different purposes on the blueprint of your patio. For example, you can have a grilling zone that has an outdoor kitchen, a sitting area with a sofa and coffee table, or a book nook with a nice comfy daybed. To make the area enjoyable you will want to add an awning to the space.

5. Pull it All Together With a Rug

A rug is a great focal point in almost any space. It can anchor a space and create visual interest. Remember you will need an outdoor rug that is made of synthetic materials such as acrylic, nylon and polypropylene.

Remember it is fun to mix up your fabrics and pieces to make a great outdoor space. The summertime is the perfect time to go and relax outdoors.

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 A drop in growth pushed the housing share of the economy up at the beginning of 2022. The overall GDP dropped at a 1.4% annual rate. This was due to the increased inventories and a jump in imports. The housing's share of GDP rose to 16.7%.

The beginning of the year also saw a 4.8% increase in GDP in terms of residential fixed investment. There will be challenges this year for home construction. There will be a higher interest rate due to tightening monetary policy. RFI added 10 basis points to the headline GDP growth rate at the start of 2022.

Housing activities add to the GDP in two ways. First through RFI which stands for residential fixed investment. This measures how home building, multifamily development, and remodeling contribute to GDP. It can do this through the construction of new single-family and multifamily structures, residential remodeling, production of manufactured homes, and brokers’ fees.

Second is the measure of house services and how it affects GDP. This includes gross rents (including utilities) paid by renters, owners’ imputed rent (an estimate of how much it would cost to rent owner-occupied units), and utility payments. In the first quarter of 2022 housing services made up 11.9% of the economy, totaling $2.9 trillion on a seasonally adjusted annual basis.

This year the recent interest in housing has definitely affected the economy in a positive way. The shares are near historic norms.

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If You Want To Make Your Space Look Bigger, Avoid These Paint Color Trends

 Most people want their spaces to look bigger than smaller. There are some ways you can make a space seem bigger and it really is. There are many colors that are trendy this year, but this does not mean you should use them in your small spaces. If you want to make your space look bigger, choose white paint. Make sure to use an eggshell or satin finish which will reflect light. When light is reflected, it creates the appearance that a space is larger.

Even if you pick white, not all white shades are the best. It can be a challenge to pick which hue is right. A perfect choice is white paint in a soft shade that has warm undertones. This hue will add brightness to any space. Remember to test your white paint in your space to see how it reflects the light. If white is too sterile, then a pale lavender or cooler tones can also make a space feel open and airy.

A trend that has become very popular is painting the ceiling a dark color. You do not want to do this if you want your space to look larger than it really is. If your walls are in a light tone, paint the ceiling the same color which will make the room seem bigger.

A larger room nowadays looks great with dark trim on lighter walls, but this does not deem true for a smaller space. Painting the trim the same color as the walls can trick the eye to help the space look bigger. You do not want any visual distractions. Another example is not to paint one wall a different color than the others in a small space.

Remember strong bright bold colors will always make a space feel smaller. Go for light, airy tones to make your space feel open and bright.

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A Golden Opportunity For Sellers This Spring

 The current housing market is booming for sellers. Timing is crucial with the sale of your current home and the purchase of a new one. As a seller, you will want to get the best of both worlds. Listed are four reasons why this is the best time for you to sell your home.

1. The Number of Homes on the Market Is Still Low

The past year and currently the housing inventory is low, low, low. This is great news if you are a home seller. Buyers are fighting for what little is currently on the market. Buyers are waiting for homes to go on the market in order to get to them first. Your home will be the center of attention when it comes on the market. Realtors will price your home according to the market value and will get your home sold quickly.

2. Your Equity Is Growing in Record Amounts

CoreLogic's Homeowner Equity Insight reports that current  homeowners are sitting on record amounts of equity thanks to recent home price appreciation. The report finds that the average homeowner has gained $55,300 in equity over the past year. With this amount of equity, you will be able to make a move in this hot market.

3. Mortgage Rates Are Increasing

While mortgage rates have been slightly rising this year, they are still lower than they have been. Freddie Mac shows that the current 30-year fixed mortgage rate is at 3.85%. “For homebuyers, we believe that borrowing costs will likely rise with the increase in mortgage rates,” according to Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae.

4. Home Prices Are Climbing Too

With the demand from buyers and lack of inventory, home prices are skyrocketing. It is predicted they will keep rising if this imbalance continues. If you are thinking of selling, now is the time to sell. Get ahead of the curve by selling and purchasing now before the prices climb even higher.

Remember if you are thinking of selling, contact your local Realtor. A local Realtor can help you price your home right and get it sold in no time.

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Millennials Win When It Comes to Buying Homes

 The National Association of Realtors revealed in the most recent buyers' report that millennials make up 37% of the homebuyers. Millennials (22-40 years old) make up the largest share of homebuyers in 2021.

The report breaks up the millennial generation into two groups. The older millennials who make up 23% of homebuyers range from 31-40 years old and the young millennials (ages 22-30) make up 14%. Combined this makes up the 37% reported and has not changed since 2014.

This year the report also includes Gen Z buyers for the first time. These buyers are between 18 and 21 years old and only make up around 2% of home buyers and sellers. Gen X (ages 42 - 57) comes in at 24% when it comes to buying a home. Gen X has the highest median income of $113,300 and they usually purchase the largest houses (2,100 square feet).

The oldest generation reported was the Silent Generation which is from 74 - 95 years old. This generation just purchased 5% of the homes this year. This is a small group which probably is due to the fact that this age bracket is retired. The largest group for selling homes was the Baby Boomers (ages 56 - 74) which consisted of 43% of home sellers.

If you would like to view the NAR's report which also includes characteristics of home buyers and sellers click here.

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2022 Tax Deductions For Homeowners

 Everyone in America will be filing for taxes if they earned any money in 2021. Current homeowners have tax incentives that will help protect their investment and make homeownership easier for everyone. If you are a homeowner then you will want to understand how these tax incentives will benefit you.

Mortgage interest deductions are one of these incentives. This will reduce your taxable income. A homeowner can deduct mortgage interest on the first $750,000 of their mortgage. Premiums paid on qualified mortgage insurance and home equity loans that are specifically used to buy, build or improve your home can also be itemized under deductions. If you are married but filing separately, the maximum deduction will be $375,000 for each.

A homeowner can also deduct state and local taxes. You can deduct up to $10,000 in state and local taxes. In fact, this includes property taxes! Remember again, if you are married and filing separately you will receive $5,000.

Another tax incentive for a homeowner is residential energy credits. There are two kinds, residential energy credit, and non-business energy credit. For residential energy credit, a homeowner can get 26% of the cost of residential energy property equipment plus labor. This includes solar, wind, and geothermal equipment. Examples of geothermal equipment are solar panels, advanced circulation fans, or natural gas water heaters. Non-business energy credits will give homeowners 10% of the cost of qualified energy efficiency improvements and 100% of residential energy property costs. There is a maximum of $500 from the time the credit was created in 2006 to 2022.

Homeowners have many financial benefits when it comes to owning a home. During tax season you need to add up your tax breaks. Speaking to a tax professional will help you with potentially getting thousands of dollars in tax deductions.

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Thinking About Moving To A New City?

 Moving to a new city is a fun and exciting adventure, but take the time to get to know the area before you do it. Here are five tips to do before getting to know a new city.

1. Explore like a local.

This is the perfect way to become emersed in an area from the get-go. The tourist parts of town are always the best features for some, but to get a real feel for an area, you will want to visit the areas where residents live work, and play. A good way to get to know the area is from a local's perspective. When in town, ask a local such as a barista, bartender, or concierge. An example would be to ask where do locals frequent on the weekends?

2. Gather info as you get around.

Having to travel through a city will get you familiar with the lay of the land. You figure out quickly if there is public transportation, and how accessible and well-connected the city is. Take the time to take public transit or see how easy it is to get a taxi or Lyft.

 

3. Find a connection.

You always know someone through six degrees of separation. Social media is an easy way to find someone who knows someone in the city you are interested in. It is much easier to find connections to almost any place with social media. A good idea is to get out on social media and let others know you are interested in moving to a certain city and ask if  they know anyone who might live there.

4. Reach out to the experts for help.

Cities and chambers of commerce are finding creative ways to get people to move to their cities. Towns and cities across America are competing for new residents. A good idea is to contact the local chamber of commerce to see what assistance they might offer. For example, in Iowa City/Cedar Rapids, new residents can get connected with job opportunities and a local resident to help them make friends in the area.

5. Get lost.

What does this mean? Sometimes how a place makes you feel is more important than the black and white information and the pros and cons. Visit the area and just go with the flow and get lost in the city. This is a great way to see if the place feels like home.

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