THE HOME CONNECTION Volume 14 | Issue 1
JANUARY 2023
EYE ON THE MARKET
The new year brings with it a new wave of optimism regarding the real estate market. Industry experts report we are experiencing a leveling of the playing field as the housing market has entered a somewhat neutral territory in recent months, with neither buyers nor sellers having the upper hand outright. Buyers have more selection as inventory continues to rise. With this increase in market competition, brokers report sellers are more willing to negotiate to get their property sold. Fluctuating mortgage rates have at times trended downward, nevertheless, the cost of a home loan continues to constrict buyers’ purchasing power. To take advantage of interest rates when they do fall, brokers are advising buyers to have all their documentation in order so they can move quickly should a home come on the market meeting their needs. In those parts of our market where it remains solidly a seller’s market, properties in good condition and priced properly are quickly going under contract. Sellers who decided to delist their homes during the holiday season are shoring up plans to bring them back online in the coming weeks as new qualified buyers enter the market. Most recent Northwest MLS stats show median closed sale prices for single-family homes are up slightly year-over-year in many counties. In King County up by 0.85%, in Snohomish County up by 0.72%, in Pierce County up 1.94%, unchanged in Thurston County, in Chelan County down -2.61% and in Douglas County up 0.12%. In Spokane County prices are up 4.7% (Spokane Association of Realtors).
FOCAL POINT: Feature Wall
Give your home some personality and create visual interest in your space with a fabulous feature wall. Your feature wall can simply be for aesthetics or it can be functional and fashionable. Here is some inspiration to make your feature wall stand out from the rest. •
Picture Rail. Hang family portraits or framed artwork from a picture rail to add a modern look to your wall. Picture rails are great for those who want to continually change the sizes and arrangement of the photos on their wall without adding additional nail holes.
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Wallpaper. Easily add interest to a wall in your room by installing a vibrant wallpaper. Moody wallpaper is trending.
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Shiplap. Give your space a modern farmhouse feel with a white shiplap feature wall.
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Texture. Use applied molding for a classical or modern look, wainscoting for a traditional look, or plaster for an urban feel.
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Live Wall. Bring the outdoors inside with a live wall using plants in water or potted herbs, greens, or flowers.
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Tile. Do you love your bathroom floor tile? Continue it up one wall to make a tile mosaic feature wall.
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Open Shelves. Create a modern, artistic and functional wall of shelves. Add art, pictures, dishes, or dry goods in mason jars.