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Tips for Choosing Color Schemes in Your New Home

So you’ve bought a new home and now it's time to make it your own. Whether it's picking a color scheme or choosing furniture, your personal taste should be at the forefront of your color scheme decision making. You don’t want to go through all this trouble only for it to not feel like home to you. Communities with charm is at your service and ready to share a few ways to go about getting the decorating process started.

Have an anchor item. Whether it is a couch,  your bedding, rug or artwork. Usually it is a piece that is large and sticks out. Now based off of the item that is acting as your anchor you would pick a color from your anchor item if it is not one solid color already and proceed to choose colors that will match and compliment it. 

Virtual decorating! There are websites and apps available that allow you to take a photo of your home and virtually decorate it. Whether it be with furniture or testing out a color of paint, it is now available at your fingertips.

Turn to the Color wheel. A little research into color relationships goes a long way. A simple color wheel will be a great ally, but of course if you want to go with a wheel with more color options by all means go for it. You will find that there are a variety of color schemes you can choose from. To name a few you have Monochromatic: Sticks to one color and varies in shade, Analogous: three colors that are adjacent to one another, and Triad: Three colors that are evenly spaced throughout the color wheel. 

Find inspiration: You can always look to nature for color inspiration, watching the sunset with the beautiful pink and blue intertwining and creating a hint of purple. Or you can see the color of the autumn leaves the way the orange, red, brown, and yellow pair well together, or you can look at a simple fruit like a watermelon, the two pretty shades of green that compliment the white and pink inside. You could also turn to the internet for inspiration. There are countless blogs, instagram accounts, and youtube videos with examples that can make their way into your home. 

Start with formal areas of the home, when you have the room you chose decorated you can use a color from it as your signature color to then decorate the rest of the house which will allow you to flow color throughout your home. Using this technique helps it to feel more spacious. 

Don’t neglect your small areas, highlight them. It is best to go with something safe that you know you’ll love, such as your favorite color.

The simple rule of three: Choose no more than 3 colors to decorate your space. It is simple and never fails. 

60-30-10: This color rule requires you to have the dominant color of your choice take up 60 percent of the room, so perhaps the color of your couch, the walls, the rug, etc. It is to act as the background/backdrop for the room. Your secondary color will then take up to 30 percent of the room, you could use it for chairs or coffee tables or a night stand or even dedicate a single wall to the color. Lastly the 10 percent of your color scheme would be dedicated to decorative pieces like a lamp, or pillows. 

DIY is fun but if you would rather intrust an interior designer whose work you admire to take this task off your hands that option always still stands as well.

For more fun home tips and advice on real estate, email us at communitieswithcharm.com or give us a call at 240-432-4705.

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What is a Buyer’s Market

If you’re in the market for purchasing a new home, you might be wondering: when is the best time to buy? The answer to this question can vary based on your time restraints and the climate of your local real estate market and the real estate market of your potential new home. One of the most significant factors in helping to determine this is evaluating the supply and demand of homes on the market. A buyer’s market takes place when the amount of available homes for sale exceeds the number of buyers wanting to purchase one  home, prices are low, and interest rates are lower than usual. A seller’s market is the reverse scenario in which the number of homes available is exceeded by the number of interested buyers. 

Understanding the caveats of a buyer’s market as a buyer or a seller can make sure that you have the ultimate negotiating power when it comes to buying or selling a new home in a buyer’s market. it’s also important to evaluate your financial situation before buying a home. For example, you want to ensure you have a stable job so you don’t fall on financial hardship and can’t afford your mortgage payments. Any extreme swings in the housing market can almost guarantee an impending and equal extreme in the opposite direction. Highly volatile economic times can be a risky time to purchase a home, so be sure that you are in a strong financial position to invest. 

Characteristics of A Buyer’s Market

In a buyer’s market, home values will tend to decrease, real estate may stay listed on the market longer, and seller’s may increase incentives like helping with closing costs, more room for price negotiation, and increased flexibility with other closing requirements. In a buyer’s market, sellers are forced to compete to attract buyers, and increase their marketing costs for attracting buyers like buying ad space and hosting frequent open houses. In a buyer’s market, you’ll also notice a decrease in the amount of new build homes popping up in your area. While the lower prices are bad for seller’s and new home developers, it creates a buyer’s market that can be very advantageous, especially for first time home buyers who won’t be selling to buy.

Key signs of a buyer’s market;

Lower and Decreasing Real Estate Prices

When first starting your search to buy a new home, ask your real estate agent for historical data on recent home sales in your desired neighborhoods. Your realtor should be able to provide you with comparable properties in your budget so you can compare the quality and modernity of the home in respect to the price it sold for. You can then compare the previously sold lists of homes from your real estate agent with a list of homes currently for sale in the area. If the home prices were higher in the past than what they are listed for now, this may mean that sellers are having a hard time selling their property and this could be a sign of an upcoming buyer’s market. 

Properties Remaining On The Market 

During your historical research of your desired market, you and your realtor may notice that some houses that were listed in the past may have been removed from the market without being sold and in some cases have been relisted more than once. When the demand for homes lessens, houses on the market may see increased time listed on the market. Although there is no definite number of days that defines a buyer’s or seller’s market, the longer the house is on the market, can also indicate the presence of a buyer’s market. Recent polls have shown that as of August 2020 homes have sold almost 8% faster than they did in 2019, indicating a possible seller’s market in 2020.

Sellers Adding Incentives 

In a buyer’s market, sellers have to work harder to attract interested parties to their home listing. Seller’s may offer incentives to increase the appeal of their home such as closing costs assistance, agreeing to make certain updates and renovations prior to closing, and sometimes even throwing in certain furniture pieces and transferring ownership of extended warranties. Ultimately, some seller’s may even come down on their initial asking price or accept an offer below asking price during a buyer’s market when there aren’t many people shopping for homes.

Decrease in New Housing Developments

During a buyer’s market, home developers tend to slow down construction and make cutbacks in response to the lack of demand for new housing. You may notice progress on local new developments in your neighborhood slowing as a result of the swing in market from a seller’s to a buyer’s advantage. For buyer’s this means that the pricing for new developments may decrease as well as they try to reduce their inventory of houses available. 

Don’t lose Hope as a Seller in a Buyer’s Market

A buyer’s market doesn’t mean you won’t be able to sell your home for a good price for more than you purchased it for, and your realtor will be able to provide you tips on how to get your home sale ready to increase your chances of selling your home within a reasonable amount of time. As a buyer in a Buyer’s market, ask your real estate agent about any home buying incentives and spend some time researching the federal government’s interest rates on your own as well. It’s equally as important to speak with a mortgage professional when looking into financing for a new home. Your real estate agent should be able to refer you to several mortgage professionals to help you make an educated decision during your home buying experience.

For information and advice on Buyer’s Markets, email us at communitieswithcharm.com or give us a call at 240-432-4705.

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Homes of Today: Smart Homes

What is a “smart” home?

A smart home is any residence equipped with technology that automates tasks normally performed by humans. The technology can either be added onto existing structures or is built into the home. Smart homes simplify life, save time and energy.

Why have a smart home?

You might ask yourself “what is the point to having a smart home? ” , “why or how is it beneficial to me as a homeowner to make my home smart? ” By investing in a smart home you are able to take advantage of many technologies that may have the potential to save you money, increase home security and overall make life at home easier and more enjoyable.

Smart Home Entertainment:

Digital assistants like amazon's “Alexa” and Google’s home assistant coupled alongside smart in-home speakers allow you to entertain throughout your home, allowing you to play music, broadcasts and keep you up to date with news and sports scores. 

Smart Homes Can Save Money:

One of the biggest points for those looking into turning their home into a “smart home” is the potential to save money and energy. This is possible with the help of automated heating and cooling systems within a home, smart thermostats are an example of an innovative technology within the home that allows for homeowners to save on heating and cooling within the home under the direction of a smart thermostat system.

Increase Security with Smart Homes:

Although some people may opt for in home security systems you can never be too safe when it comes to in-home security, connected lights, cameras and doorbells can add a new layer of security to your home. Smart doorbells paired with motion detecting lights allow you as the homeowner to remain connected and aware of what is going on at home even when you aren’t there.

Simplify life with Smart Home Controls:

Generally speaking smart homes are incredibly convenient, remote access of home functions allows for the user to be at home even when they aren’t there. Imagine being able to preheat your oven while you’re on your way back from work or being able to control the air conditioning within your home so that your home is not affected by the sweltering heat that is felt on a hot day, the smart home would enable you to perform such a tasks and many more. 

Smart homes are the future of the (IoT) or the “Internet of things”, this is just the tip of the iceberg, the most exciting thing about smart homes is what is to come in the future. Smart home technology is a market that has generated a lot of consumer interest because of this tech companies are constantly trying to out-do each other in a race to develop the most sophisticated and convenient technologies for smart home use. 

For more information on smart houses, or to tour some smart homes for sale in the Frederick, MD area, email us at communitieswithcharm.com or give us a call at 240.432.4705.

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HOAs Worth it or Not

HOA: Pro’s and con’s of  HOA’s

Homeowners Association serves to make rules and regulations, as well as to be responsible for the upkeep of a particular community or subdivision. The responsibility of an HOA, However, will vary depending on the type of housing as well as form one neighborhood to the next. These rules and regulations are within a document known as the Declaration of Covenants, Conditions and Restrictions (CC&R). The Homeowners Association collects a monthly fee from each household in order to fund the execution of these rules and responsibilities.

Pro: Amenities

Homeowners Association provides certain amenities for the convenience and enjoyment of its residents. These amenities vary, but include facilities such as, Club houses, Pools, basketball courts, tennis courts, racquetball courts, bike trails, walk trails, tot lots, dog parks, and more. When looking for the home of your choice ask your realtor about the amenities provided by each community that is on your viewing list. Your knowledgeable real estate agent will be happy to provide this information for you as this will aid in your decision making.

Pro: Takes care of neighborhood services

Homeowners association negotiates and makes the necessary arrangements with various contractors for taking care of issues such as landscaping, trash removal, recycling and, where applicable, snow removal. These ministrations are included in your monthly HOA fees and can be well worth the price as it saves its residents from having to figure these services out all on their own. When you find the home of choice your realtor should ensure that this information is provided for you.

Pro: Enforces and Maintains community Law and order 

Homeowners Association works to ensure that residents adhere to the rules and regulations that are set forth in the CC&R. This includes noise, uniformity and any other unreasonable disturbances in the neighborhood by residents or non-residents. This could be in relations to music, fireworks, barking dogs, erratic driving, scooping up after pets and littering. This also includes the type of changes that can be done to the exterior of a house or the upkeep of the property and the grounds, and even where things such as receptacles and basketball rings can be placed on the property.

Pro: Arranges communal activities

Homeowners Association also often arrange and host neighborhood activities such as block parties, Halloween parties, Cinco de Mayo celebrations, fireworks, concerts and a host of other entertainment for residents. Apart from just plain fun, this makes it much easier to meet and get to know your neighbours and to open up the possibilities of forming friendships and meaningful relationships within the neighborhood.

Con: Lack of Freedom

In spite of all the luxury that comes with HOA’s there is a downside because you have to give up something. What is that something? Freedom to fully control the how, what, and where of the outside of your house and yard. When choosing to do things such as painting the outside of your house or changing the roof, you are restricted to only those colors or type, in the case of the roof, that are approved by the HOA. They also dictate things such as where in your yard you are not allowed to place things such as your garbage bin, recycle bins, basketball rims and anything else you might want to place in your yard, and even if certain things such as pools or type of pools (In-ground vs. above ground) are allowed. Other restrictions include things such as how late or the volume at which you can play music outdoors or even indoors if it can be heard by the neighbors ; this can put a damper on your parties which more likely than not you will have once-in-a-while. Then there are the nosy neighbours who are just looking for any violation in order to report you or call the HOA or call the cops, in the case of what they perceive to be violation or disturbances. Both of these can have unfavorable outcomes as you can be fined by the HOA for any violation or your party can be shut down by the cops or community security. I myself have experienced more than once, where my neighbor calls the cops at 10pm sharp just for folks talking and laughing in an ordinary manner on my deck. Luckily for me, each time the cops were amazed that they got a call for something so petty, as what they witnessed was not worth the call. 

Needless to say, living within HOA’s has its benefits as it creates and maintains order and uniformity.  On the other hand however, it can at times seem like someone is always watching your every move and that you have little control over how to govern your property for which only you are responsible for  paying the mortgage. For more information on HOAs email us at communitieswithcharm@gmail.com .

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Homeowner’s Insurance: Everything You Need to Know

What is homeowners insurance and why it's important

Homeowners insurance ensures the protection of your home and personal property, the purpose of the insurance is to provide protection from liabilities in the event that your property is destroyed or damaged. Homeowners insurance is a necessity in today's real estate market, you don’t even need to own a home to pay insurance as some landlords even require tenants to pay renters insurance. 

What is typically covered in a homeowners policy

Homeowners insurance typically covers damages to the interior or exterior areas of a property, loss or theft of personal possessions and personal liability in the event that other individuals are harmed or injured on your personal property. Property protection coverage is basic in a sense that it is exactly what it sounds like. Personal property is also covered in homeowners policies so any furnishing, appliances or clothing that is destroyed in the event of a disaster would also be covered, if you are an owner of unique items of value such as fine art, antiques or designer clothing you may have to consider purchasing additional riders to your policy or an entirely separate policy for these possessions. Liability insurance covers any legal fees you may incur in the event that someone is injured on your property, if someone were to slip and fall in your home and they decided to file a claim for pain and suffering and or lost wages the insurance company would make the payout to cover her medical expenses and additional charges.

Levels of Coverage

Insurance is covered and paid out on different levels, all policies are not created equal. There are essentially 3 standard levels of coverage that are standardized by the insurance industry 

Actual Cash value: Actual cash value covers the cost of your home alongside the value of your lost belongings after their calculated depreciation. 

Replacement Cost: Policies that specifically cover replacement costs are similar to actual cash value policies however depreciation is not taken into account, when a claim is filed the total value of the home and lost possessions is covered.

Guaranteed replacement cost value: Guaranteed replacement cost value is the policy that is the most comprehensive as it covers all the replacement costs of your property and then some, in the event that damages add up to something over the current value of what was lost you will be covered for the additional losses as well.

Policy rates and what to do when shopping for insurance

Insurance rates are determined by the policyowners chance of filing a claim, it can be thought of as “risk” for insurance companies. The risk of the policyowner can be determined by the location of their property and the claim history the home has faced in the past. How the property is structured and maintained are also determining factors companies take into consideration when calculating the premium for homeowners insurance policy owners.

Final Tips for insurance shopping : ensuring you receive the best rate possible

Look for multiple policy discounts: Most insurance companies offer discounts for policyholders that maintain more than one insurance contact under their company. Staying close to the company who provides insurance for other types of insurance you may already have may end up saving on more than one type of insurance.

Do your research: Believe it or not shopping around online and obtaining quotes from multiple insurance companies is never a bad option when weighing your options as to who to partner with when hunting for insurance.

Pay off the Mortgage:  Insurance companies figure that anyone who owns their property is likely to take care of it, it is a low risk investment.

Communities with Charm and affiliates are not and do not claim to be insurance experts, and this post should not be considered facts to base insurance decisions upon. For information regarding homeowners insurance, speak with your current insurance provider, or visit our resources page for local insurance providers!

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What is a Seller’s Market

If you’re in the market for buying or selling a home, you may hear your real estate agent toss around terms like a Seller’s Market or a Buyer’s Market. Depending on which end of the deal you’re on, the market may be leaning in your favor. In the real estate world, the term seller's market indicates a rise in demand for homes for sale that surpasses the supply of move-in ready homes. When the demand for homes is higher than the supply, you see an increase in the price of available homes. So, as a person listing a home for sale, a seller’s market plays to your advantage and subsequently home buyer’s are at a disadvantage. In other words, there are many interested buyers, but the real estate inventory is low. A seller’s market makes it so that buyers not only have little room to negotiate price, but that there is a high level of competition for homes that requires buyers to sometimes compete with each other, resulting in a bidding war for the home, and the seller likely getting more than they listed the home for.

If you are listing your home in a seller’s market, your real estate agent may advise you to price your home at a higher value than you would in an equilibrium market or a buyer’s market. Homes usually sell faster in a seller’s market but if you price your home too high, you may see your home sitting for sale for months. In my neighborhood, there are two move-in ready homes that have been priced at or above the price for new build homes that have sat on the market for months now. The longer your home sits on the market for sale, the less likely you are to sell for your asking price, and the fewer potential buyers you’ll attract.

A seller’s market usually occurs when the economy is in good standing and the housing inventory available in the area is low. Recently, the turbulent state that the covid-19 pandemic has inflicted has affected all industries and in very different ways. Despite the high rates of unemployment, many real estate markets are reporting a high demand for move-in ready homes and a strong seller’s market. One way that experts recommend determining whether the market is a buyer’s market or a seller’s market is to calculate the absorption rate. You can easily calculate the market’s absorption rate by dividing the number of homes sold in a month by the number of homes available for sale at the end of that same month. An absorption rate of around 20% or more can generally be considered a seller’s market.

One of the greatest things about real estate is the fact that the market is constantly changing, so no one entity or group ever has complete control over the market. The real estate market usually tends to tilt from one extreme, a buyer’s market for example, to another, a seller’s market, and oftentimes hangs out somewhere in the middle creating an equilibrium market. Building homes isn’t like the production of other products, and so it takes a while for suppliers to catch up to demand, and sometimes once they’ve caught up to demand, the demand for homes falls, marking the end to a seller’s market and either the entering of an equilibrium market for a period of time or the beginning of a buyer’s market. For home builder’s it’s important to watch the market and make adjustments once you see a seller’s market coming to an end because there is no guarantee as to when and how long the equilibrium phase will be. Home builders who find themselves with more inventory than supply, can end up selling their homes for much less than they anticipated and this could be bad for business, but good for home buyer’s who will be getting their homes at a great price. Home builder’s usually slow down new build projects during the equilibrium phase, and continue to slow through the buyer’s market, and then continue to slow down when the market swings back to equilibrium again. At this time new builder’s will prepare for an increased demand with the rise of a new seller’s market and subsequently, the rise of housing costs as well.

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House Selling During a Pandemic

Selling your home at any point in time can be a difficult endeavor. The coronavirus pandemic of 2020 has not made this task any easier. This pandemic has required rapid change in both, business lives and personal lives of millions, at Communities with Charm we understand that the process of buying and selling your home can be stressful. We put together a list of 3 things you should consider while beginning the process of listing your home.

Staging

Home staging may be more important than it has ever been in previous years, social distancing is becoming a new social norm in the midst of the pandemic. Making sure your home is prepared for a showing is critical, when done properly home staging can bring the best out of any property, by emphasizing its strengths and minimizing weak points. Anyone who has purchased a home can attest that the process is a very personal experience, by having the home look both presentable and professional you are leaving potential buyers with a good first impression of their new potential home.

Virtual Touring

New technology has made it possible for touring to be done on a virtual level for potential buyers that are interested in your home. Some potential home buyers may be unable to visit the property for a range of reasons, virtual touring is an engaging form of content that allows home buyers to engage and interact with the property without physically being there. Virtual tours can also increase the total number of people that get to view your property which in turn increases the overall chances of finding a home buyer that will put down an offer on the property if it interests them.

Practice Safety

Stopping the spread by social distancing has been one of the many common phrases we have heard throughout the duration of the coronavirus pandemic. While some may prefer to maintain their social distance and keep interactions online there will still be people who prefer to see the property for what it is themselves. When scheduling private showings of your property be sure to take the proper safety precautions into consideration, keeping masks, hand sanitizers and disposable gloves at the property will ensure the safety of not just the potential home buyers but yourself as the home seller.

The global health crisis does not have to affect all of your life plans. If you’re interested in listing your home for sale during the COVID-19 pandemic, give us a call today to speak with a licensed real estate agent!