Life @ Home eNewsletter: November 2022 [Buyers]

» Postponing your purchase? Here’s why it’s still worth it to buy a house now
» How to re-do the living room like a designer
» 2023 housing forecast – at a glance

Just a year ago, buyers had to decide to buy on the spot and scrambled to pull together offers that would stand out in a crowd. Though interest rates and home prices are still elevated, consider the advantages of buying now.

More time to look

Unlike a year ago, there’s no rush. With fewer buyers and less competition, you can spend more time browsing properties and getting a feel for what you can get for your price point. When you do find something you like, you can sleep on your decision rather than feeling pressured to deciding on the spot.

Get great deals

The upside to taking your time in the market? You have a shot at getting a great deal on a property. Perhaps you’ll find a perfect-for-your-family home that offers great value for the price point, with features like a wooded lot or a large garage. With a growing number of homes on the market for 30 days or longer, you have an opening to negotiate for a lower price.

You’re in the driver’s seat

Instead of having to focus on what you’re willing to give up to get the house — home inspection, the ability to sell your house before closing — you’re now empowered to ask the seller for contingencies. You can negotiate for closing cost coverage and upgrades. You can even ask that they include any furnishings and equipment with the purchase.

Better price predictability

When looking at eligible properties, you don’t have to calculate for the above-asking offer. For the first time in years, homes are selling below asking price, making it easier to plan your finances.

Achieving a smart, polished look can be intimidating, but not if you think like a designer and break it down into the core elements. Start with a mood board to capture how you want to feel in your remade living room. Once you have captured the look you’re after, you can get started, piece by piece.

Color scheme: Begin with a color trio, focusing on shades that complement each other. Broaden your color wheel by adding softer shades and neutrals.

Walls and floors: Focus on the foundation of the room: flooring, walls and entryways.

Furniture: Start with the sofa and other key high-use furniture pieces, with a focus on quality of construction and materials. Once selected and placed, fill in the spaces using secondary pieces, such as end tables and lamps. If you’re on a budget, you can save money with lower-priced end tables, lamps and the shelves.

Textiles: Once you have the color and layout of your room, add rugs, curtains and throw pillows.

Light fixtures: Lighting needs change depending on time of day and your activity. Open curtains and a large wall mirror will make the most of your natural lighting. By night, layer in lighting fixtures that provide the right lighting for the mood. Ambient lighting for brightness, focused task lighting for reading and other cozy tasks, and accent lights to soften dark corners and emphasize focal points.

Personalization: Now that you have the basics, here’s where you can unleash your personality and preferences: Wall art, books, photographs, plants and special objects.

• Nationally, home prices will gain 0.7% in 2023
• 39% of metropolitan markets will see price declines
• Areas with the largest corrections: Denver, Phoenix and Southern California
• Cities forecasted for largest gains: Philadelphia, New York, Washington, D.C., and St. Louis

Source: Goldman Sachs