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9 Mistakes To Avoid When Buying New Furniture, According To Designers

April 15, 2024 by rebecca2 Leave a Comment

PHOTO: EMILY FOLLOWILL; DESIGN BY WYETH RAY INTERIORS

Expert advice to thwart uncomfy sofas and buyer’s remorse.

Much to the consternation of our wallets (and our better judgment), a little impulse shopping is hardly the end of the world. That is, unless you’ve gone and made a major, spontaneous purchase. Then, you just might find yourself facing an over-extended budget and buyer’s regret.

Furniture is one thing that should never be bought on a whim. This is one impromptu purchase that is far too expensive, heavy, and burdensome to replace if you decide to return it as quickly as you bought it.

Instead, interior designers recommend taking your time when shopping for furniture, and putting some serious thought and planning in before making any decisions. For example, designer Caroline Agee advises furniture shoppers to consider functionality, style, durability, and cohesiveness before taking anything home with them.

When shopping for new furniture, keep notes with you about ideal dimensions and bring fabric swatches with you while you shop. Anything you can do to feel more confident in your choice will lead to less buyers remorse.

— WHITNEY RAY

To make the smartest furniture buying decisions possible, we’ve compiled a list of mistakes to avoid. Interior designers say that ignoring these oversights may lead to disappointing furniture that’s improperly scaled, low quality, or not meant for the long haul.

Buying First, Planning Later

Before you even begin browsing, a planning stage is essential, designers reveal. Shopping unprepared might just be the biggest furniture woe yet.

“Purchasing furniture isn’t like purchasing artwork,” says Ray. “With art, you can almost always find a home for it. Artwork doesn’t need to necessarily work with anything else in the space. With furniture, it needs to be the right size, color scheme, and style to fit in with your space.”

Agee agrees, sharing her strategy to bypass this miscalculation: “I always determine what dimensions would work best before I begin looking for a piece of furniture,” she says. “It’s best to have a furniture layout for a space so you have a long-term plan. Having a plan not only helps determine what dimensions will work best, but also helps to coordinate the style, fabric, and finishes of multiple pieces. It also helps to avoid ending up with pieces that don’t end up working.”

Overlooking Function

Considering function before shopping is top priority, designers say. With some foresight, you’ll surely save yourself lots of time shopping around and ultimately settle on a more fitting piece of furniture.

“Think about functionality for a space,” says Agee. “For instance, you may have room for a console table, a chest with drawers, or a cabinet with doors. Having an idea of what will function best helps you spend less time searching for the right piece.”

This rule applies to both choosing what kind of furniture you’re on the prowl for, as well as critical details. Agee also says that one common mistake she sees furniture shoppers make is not putting enough thought into what kind of fabric will best suit their functional needs for an upholstered piece. Consider your durability needs, she says, and  interior designer Sarah Brannon recommends that shoppers consider whether or not they wish to choose a performance fabric.

Living Solely In The Moment

When shopping for furniture, think long-term. Interior designers agree that considering longevity is critical—both from a quality and design perspective. Ray recommends avoiding short-lived trends and asking yourself the questions: “Will I love this in 5 years? 10 years?”

At times, thinking long-term might even mean making sacrifices in the short term. These days, furniture can take what feels like ages to arrive, but Agee reassures that timeless, quality furniture will be worth the wait.

“I think people often want what’s available the soonest or they want to save money by buying a less expensive piece of furniture,” she says. “The best way to be happy with furniture for a long time is by carefully weighing the options and being okay with spending a little bit more or waiting slightly longer for it to arrive. Of course, if you spot a one-of-a-kind piece that you love, you should go for it!”

Buying To Fill A Gap

Like decor, furniture shouldn’t be purchased only for the sake of closing a gap. Just because you’re in the market for a new coffee table, doesn’t mean that you should settle for the first one you see.

“Furniture shouldn’t be purchased simply because you have a hole to fill,” says Ray. “It should be something that caught your eye compared to all of the other options. Something that drew you in.”

Taking Furniture At Face Value

Looks aren’t everything. Like for people, beauty has to come from the inside. In fact, if something must slip through the cracks, it should be design over quality. While falling for a short-lived furniture trend isn’t advisable, it’s much easier to fix the look of a piece than its foundation.

“I have consigned pieces that no longer work with my aesthetic,” Agee admits to her own past furniture mistakes. “Quality pieces can be transformed with paint, a new finish, or new hardware too.”

To avoid such missteps, Ray recommends researching a piece rather than simply being satisfied with the look of it online or in a showroom. Once you find a piece of furniture you’re interested in, take a step back and do your due diligence to make sure it’s right for you.

“Do your research on the quality of the piece,” Ray advises. “What materials is the piece made from, for instance is it real wood, and what kind of cushion content does it contain? Even if something is inexpensive, you’re throwing away money if it isn’t going to last you but a year or two.”

Coastal Lowcountry Living Room
PHOTO: LAUREY W. GLENN

Bony Upholstery

Having selected many pieces of furniture in her days as a designer, Ray reveals that there’s a sure-fire way to tell if a piece of upholstery is quality enough to consider buying.

“If you push on the arm or back of upholstery and can feel the wood through the fabric, it’s going to be a no,” she says. “Look for thicker upholstery with plenty of cushion. Remember, when viewing furniture in a store or showroom, you are seeing the best that a piece of furniture is going to look, so you need to feel it’s of good quality.”

When you sit and sample on a showroom piece, if it demonstrates this red flag, then the furniture is immediately out of the running, Ray says—not even worth moving on to the research phase.

One-Stop-Shopping

“Do not one-stop-shop for your room,” Brannon pleads. “Mix it up from various places and select colors, patterns, and textures that are interesting!”

In addition to building a space that’s layered and appealing, considering multiple stores is a reliable way to avoid making an impulsive purchase. Agee recommends shopping around for the best piece to suit your needs, style, and budget before coming to any decisions.

“Once I have an idea of the style and dimensions of the piece I’m looking for, I like to look at multiple stores for similar pieces that I like,” she says. “Then I can compare them based on a number of criteria, like price, finish options, and lead time. Comparing multiple pieces helps me eliminate which ones aren’t my favorite. This helps me feel like I’m making the best decision and prevents buyer’s remorse.”

Pigeon-holing Pieces

When shopping for multiple pieces of furniture, another way to shop for furniture to build an interesting and layered space is to push the boundaries of design. Rather than feeling limited by a strict color palette, design style, or any other constraints (apart from space), creativity is encouraged.

“I love when various design styles are used cohesively in one space,” Agee says. “My favorite rooms incorporate old and new pieces in various finishes. It’s fun to mix a neoclassical antique with a mid-century modern piece, and sleek current upholstered pieces. Mixing styles and finishes helps a space feel collected and personal to the homeowner.”

Bad Bones

A reliable and beautiful piece of furniture that’s in it for the long haul begins with good bones. Cushions can be replaced, wood can be restrained, and fabric reupholstered, but if the foundation of a piece of furniture fails, you’ll be back at square one of the furniture shopping dilemma.

“It’s important to pick furniture pieces with good lines,” says Agee. “A new coat of paint or fabric can’t fix a bad silhouette. I look for silhouettes that are sleek and timeless.”

By

Hallie Milstein

Filed Under: Uncategorized

How 50 years of equal credit spurred women’s homeownership

March 30, 2024 by rebecca2 Leave a Comment

New Inman contributor Bobbie Wasserman writes that in the 50 years since passage of the Equal Credit Opportunity Act, women have become an intergenerational economic powerhouse.

This January marks Inman’s fifth annual Agent Appreciation Month, which culminates at Inman Connect New York in a celebration of agents at the end of January. Plus, we’re rolling out the coveted Inman Power Player Awards, as well as the New York Power Brokers and MLS Innovators awards.

The Equal Credit Opportunity Act was enacted on October 28, 1974.  In this compelling two-part series, Bobbie Wasserman, founder and CEO of SingleLadyEstates, delves into the surging trend of single women in the housing market. In our first article, we unravel the journey that has led to this significant shift. The upcoming second part is a must-read exploration, offering valuable insights into capitalizing on this emerging intergenerational economic force.  

Since the early 1980s, a quiet revolution has been unfolding in the real estate market. Women, once sidelined, are now leading the charge in homeownership. Legislative advances, increased demand for skilled workers, the narrowing wage gap and changing societal views and lifestyles have helped women harness new financial opportunities like never before.

Women’s homeownership has moved from a niche market to an essential segment with growing influence and potential.

The real estate industry’s attention to this trend is crucial for its own growth, adaptation to changing market dynamics, and to meet the evolving needs and preferences of women homebuyers.

Buy the house. Don’t wait for a spouse

In a 2021 Bank of America survey, 87 percent of single women agree that “it’s an outdated idea that someone must be married to buy a home.” Furthermore, 92 percent of single women “agree that it would be a great accomplishment [to purchase a home on their own].”

Women are reaching that goal. According to the National Association of Realtors 2023 Home Buyers and Sellers Profile, the typical homebuyer is more likely than before to be a single woman.

Breaking barriers

Younger, single professional women have continually faced greater challenges in purchasing an affordable home compared to their male counterparts, primarily due to lower wages than their male peers, which can lead to lower credit scores and financing issues.

Yet, even with these barriers, younger women purchase homes at a higher rate, 19 percent, than their male counterparts at 9 percent, according to the National Association of Realtors Profile of Home Buyers and Sellers.

Younger women’s increasing homeownership rates can be partly attributed to a shift in generational advice, with a new emphasis on financial self-reliance passed from mothers to daughters.

Before 1974, women were often denied legal access to fundamental financial tools like credit cards and bank accounts. The Equal Credit Opportunity Act revolutionized this landscape, yet women remain with the slowly dissipating remnants of a societal bias against women’s financial abilities that goes back centuries.

Homeownership gains across ages and races

Older women are also making significant financial strides that are shifting the landscape of homeownership. According to the Urban Institute, the ranks of married women who have become heads of households over the past 30 years has soared, increasing to 43 percent in 2021 compared to just 8 percent in 1990.

Women are earning more and paying for more than half the household expenses. And, when it comes to the “gray divorce,” women opt to forge a new life on their own, purchasing new homes and investing in real estate in their 50s, 60s and 70s.

What’s more encouraging for women is that this trend, though at different percentages, reaches across all racial groups. Continued societal shifts in how women choose to live their lives are accelerating homeownership toward unmarried women.

Sheconomy

Coined in 2007 in China, the term “Sheconomy” recognizes the surge in female consumers around the globe. In the U.S. alone, women’s economic impact reached $8.95 billion in 2023 according to IMB.org. Higher levels of education (39.1 percent of women have a college degree compared to men at 36.6 percent); delayed marriage (28.6 years old compared to 20.2 years old in 1960);  and fewer children (1.3 compared to 3.5 in 1960) have bolstered women’s economic standing.

Yet younger women’s purchasing power has yet to peak. A 2019 study by Morgan Stanley shows the full impact of the Sheconomy will not be felt until 2030, the year that could see the generational swell of prime working-age women (defined as ages 25-45) in the labor market.

The forecast is that 45 percent of those women will be single and childless. Millennial and Gen-Z women need a home and can purchase that home independently of traditional family planning.

In general, these women are tech-savvy and confident, do their homework and ask a lot of questions. They also expect to be treated with the respect and sophistication they have earned.

The Great Wealth Transfer

On the mature end of the age scale, women are also experiencing significant lifestyle shifts as The Great Wealth Transfer is underway. Approximately $30 trillion in U.S. assets that baby boomers currently possess is currently transitioning to the next generations, with women poised to inherit a significant portion through inheritance, widowhood and divorce.

These women are forging new lives, buying their first homes and investing in real estate in their 50s, 60s and 70s. McKinsey estimates that women will hold more than two-thirds (67 percent) of wealth by 2030.

Today, roughly 70 percent of US affluent-household investable assets are controlled by baby boomers … As men pass, many will cede control of these assets to their female spouses, who tend to be both younger and longer lived. In the United States, women outlive men by an average of 5 years, and heterosexual women marry partners roughly 2 years older than they. By 2030, American women are expected to control much of the $30 trillion in financial assets that baby boomers will possess. 

As for homebuyers, older women generally demonstrate financial acumen but may feel less assured in financial matters. Most likely, their first house was purchased with a spouse, and this is their first purchase alone. However,  they are unlikely to tolerate any patronizing education from men or women.

The combination of the Sheconomy and the Great Wealth Transfer is transforming women into an intergenerational economic powerhouse. As the real estate industry adapts to these shifts, understanding the motivations and preferences of women homebuyers becomes critical for future success.

BY BOBBIE WASSERMAN

Bobbie Wasserman is the founder and CEO  of Single Lady Estates, a company that empowers women through the entire homeownership journey – buying, selling and life in between. 

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New Listings and Pending Sales

February 20, 2024 by

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Inventory

February 20, 2024 by

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Weekly Market Report

February 20, 2024 by

For Week Ending February 10, 2024

Seller profits declined for the first time since 2011, according to ATTOM’s Year-End 2023 U.S. Home Sales Report, which found that home sellers made a $121,000 profit on the sale of a median-priced single-family home in 2023, resulting in a 56.5% return on investment year-over-year. This is a slight drop from 2022, when home sellers made $122,600 on the sale of a typical single-family home, for a 59.8% return on investment. Despite the decline, however, seller profits and profit margins remained near record levels last year.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 10:

  • New Listings increased 18.4% to 1,061
  • Pending Sales increased 6.1% to 760
  • Inventory increased 3.5% to 6,355

FOR THE MONTH OF JANUARY:

  • Median Sales Price increased 3.2% to $353,035
  • Days on Market decreased 8.2% to 56
  • Percent of Original List Price Received increased 0.7% to 96.7%
  • Months Supply of Homes For Sale increased 21.4% to 1.7

All comparisons are to 2023

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

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January Housing Market Report

February 20, 2024 by

Year off to promising start with gains in listings and sales

  • The median sales price increased 2.3% to $350,000
  • Signed purchase agreements rose 8.0%; new listings up 18.0%
  • Market times fell 8.2% to 56 days; inventory up 1.7% to 6,288

(Feb. 15, 2024) – According to new data from Minneapolis Area REALTORS® and the Saint Paul Area Association of REALTORS®, both buyer and seller activity rose in January. Sales rose from low levels as mortgage rates softened making sellers more confident about listing their homes.

Sellers, Buyers and Housing Supply
Sellers listed 18.0% more homes than last January. That marked a third consecutive month of year-over-year gains in new listings. Sellers are more optimistic about listing their homes and about getting stronger offers. They’re also feeling better about their payments on the next house. On the demand side, pending sales rose 8.0%, suggesting demand could be stabilizing. That second consecutive gain in signed contracts again was helped by lower rates but also reflects a low baseline period. Three consecutive monthly increases in listings and two consecutive monthly sales gains aren’t enough to lift activity levels back to where they were before mortgage rates rose.

The number of active listings statewide stood at 6,288, or 1.7% more than last January. Aspiring buyers planning on shopping during spring market should expect more competition from pent-up demand and will also face stubbornly low inventory levels. Monthly mortgage payments are of top concern when it comes to household budgets. The increase in mortgage rates combined with higher prices has pushed the monthly payment on the typical home up to $2,700 compared to around $1,800 in 2021. Sellers accepted offers at about 96.7% of list price compared to 96.0% flat last January. “While too early to say for sure, we might look back at December and January as a turning point,” said Jamar Hardy, President of Minneapolis Area REALTORS®. “The easing of rates combined with an increase in listings and inventory should mean somewhat smoother sailing for buyers.”

Prices, Market Times and Negotiations
Supply levels are too low for prices to fall but rates are too high for prices to rise much. The median sales price was up 2.3% to $350,000, which amounted to $199 per square foot. Homes lingered on the market for an average of 56 days, which is actually 8.2% faster than last year. In that time, sellers accepted offers at 96.7% of their asking price, which was up from 2023 but down from 2022. “The market activity is rising from the lows of 2023 and the mood is definitely different,” said Amy Peterson, President of the Saint Paul Area Association of REALTORS®. “As we head further into the spring market, the numbers show it’s still a seller’s market in most areas of the Twin Cities and buyers can position themselves for success by being ready to make a strong offer.”

Affordability, Rates and Payments
The Federal Reserve paused the rate hikes, but the impact of higher mortgage rates on monthly payments is hard to ignore. Mortgage rates hit a 23-year high in October 2023 but have retreated since. Recent data suggests the Federal Reserve may not be as willing to start cutting rates in March. The Housing Affordability Index reached its lowest level for January since at least 2004. Affordability is now at roughly 2006 levels. Using some assumptions around taxes and insurance, the monthly payment on the median priced home stood at $2,680 in 2023 compared to $1,760 in 2021. That additional cost can impact savings rates and discretionary spending in the economy.

Location & Property Type
Market activity always varies by area, price point and property type. New home sales rose at ten times the rate of existing home sales. Townhome sales rose at twice the rate as single family homes. Cities such as Medina, Monticello, New Prague and Rogers saw among the largest sales gains while Oak Grove, New Hope, Maplewood and Belle Plaine all had notably weaker demand.

January 2024 Housing Takeaways (compared to a year ago)

  • Sellers listed 3,942 properties on the market, an 18.0% increase from last January
  • Buyers signed 2,780 purchase agreements, up 8.0% (2,186 closed sales, up 3.2%)
  • Inventory levels rose 1.7% to 6,288 units
  • Month’s Supply of Inventory rose 21.4% to 1.7 months (4-6 months is balanced)
  • The Median Sales Price was up 2.3 percent to $350,000
  • Days on Market was down 8.2% to 56 days, on average (median of 39 days, down 9.3%)
  • Changes in Pending Sales activity varied by market segment
    • Single family sales rose 7.5%; condo sales were down 8.9%; townhouse sales were up 14.9%
    • Traditional sales increased 7.6%; foreclosure sales rose 22.6% to 38; short sales were up 250.0% to 14
    • Previously owned sales were up 3.3%; new construction sales increased 33.8%
    • Sales under $500,000 rose 6.3%; sales over $500,000 were up 14.6%


From The Skinny Blog.

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Mortgage Rates Rise

February 15, 2024 by

February 15, 2024
On the heels of consumer prices rising more than expected, mortgage rates increased this week. The economy has been performing well so far this year and rates may stay higher for longer, potentially slowing the spring homebuying season. According to Freddie Mac data, mortgage applications to buy a home so far in 2024 are down in more than half of all states compared to a year earlier.

Information provided by Freddie Mac.

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New Listings and Pending Sales

February 12, 2024 by

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Inventory

February 12, 2024 by

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Weekly Market Report

February 12, 2024 by

For Week Ending February 3, 2024

U.S. single-family rent growth was up 2.7% year-over-year as of last measure, according to Corelogic’s January 2024 U.S. Single-Family Rent Index, keeping in line with the annual rate of growth recorded prior to the pandemic. Attached singlefamily rents increased 3.3% year-over-year, while detached single-family rents rose 2.3%. Nationally, rent growth was highest in the lower-priced rental tiers, climbing 2.9% year-over-year.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 3:

  • New Listings increased 17.9% to 942
  • Pending Sales increased 4.2% to 720
  • Inventory increased 2.6% to 6,446

FOR THE MONTH OF DECEMBER:

  • Median Sales Price increased increased 1.4% to $353,900
  • Days on Market increased 2.0% to 51
  • Percent of Original List Price Received increased 0.4% to 96.7%
  • Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2023

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Filed Under: Uncategorized

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