Design Trends for 2023

What is in and what is out for 2023. Here’s what I’ve been reading about and seeing for the coming year

What are some of the new design trends for 2023? It’s always fun to predict what the New Year will bring.

Hey everyone, I’m McKee Smith. I am a Senior Real Estate Specialist® and REALTOR® with Competitive Edge Realty. I am coming to you Facebook Live today to talk about some of the trends that I have been reading about that are likely to become more popular in 2023. A lot of these have been going for a little while, but these are the ones that I think are going to be really popular.

NUMBER 1 – Floor plans will be less open!

In 2023, something that we are almost certain to see will be less open floor plans. Doesn’t mean that open floor plans are gone, but let’s face it, we learned a lot during Covid. One of the things we learned is that when they built a house with one office space and then the entire rest of the ground floor is one big room, that doesn’t work if you’re having more than one Zoom meeting going at the same time.

During the lockdown, I knew of parents who were on individual Zoom meetings. Their three kids were also taking classes at the same time by Zoom. That was five zooms happening at the same time with people talking and they were trying to find places for everybody. And that’s just hard in a completely open concept house.

There were other issues with Open Concept houses. People in one room watching a movie while the rest of the house is hearing the movie because the large doorways just don’t control sound. If someone is watching in an open area upstairs, Open Concept houses often are open all the way into the downstairs area! Parents don’t really want to listen to the TV their kids are watching upstairs!

That doesn’t mean we’re going to close everything off and go to tiny little matchbox group mocks rooms again, but we are going to see a trend toward less total floor opening.

Number 2 – Funky kitchens will replace minimalistic white.

Okay, any comments yet? I don’t see any. So let’s move on to our second content, second trend. And that is funky Kitchen designs are going to be replacing the minimalist white minimalist light has been around for a long time and it has a certain appeal. It’s so clean and so such stark lines and it’s a very appealing, however, if you have a totally open kitchen that is totally white with nothing out visible, how do you cook? And if you’ve got, if you’re preparing dinner, yes, in a totally open kitchen, you can watch the kids in the other room. But if people surprise you and come by, if you’re cooking, you’re totally empty kitchen, your minimalist white kitchen, you’re going to have stuff out.

You’re going to have pots and pans, you’re going to have things. It is very difficult to actually cook in a totally minimalist kitchen. So I have been looking at things and all the designs I am seeing now from the big designers are funky kitchens. That’s the word that I would use to describe it. And it’s actually the word that Architectural Digest used. I’m not going to put up the picture that was in Arch in the Architectural Digest article, but I am going to add a comment here and put in there in the comments is a link to a great article in Architectural Digest. You can get a free account by just signing up. And the picture in that free account gives you an idea of what some of the new designing kitchens are with. You still have white walls, but you have a blue trim. You have color, color, color everywhere.

Because again, after the lockdowns, people wanted more color, more variety in their environment. And these kitchens are practical. You can actually cook in them.

Number 3 – Accent walls are back!

Well, let’s move on to our third design trend for 2023. Accent walls are back. Yes, accent walls actually are making a return. Right before Covid, people were moving away from accent walls. They didn’t want, they just wanted the room to be the same. It was sort of that stark clean look, which is very nice and very clean. But if you’re in the room for any extended period of time, you don’t want stark and clean people that discovered that they like having some variety. Something to look at besides just a plain stark wall. And the accent walls that I’ve have seen in various magazines, including Architectural Digest, they aren’t just a different color. They are wallpaper with incredible intricate designs on it.

They are not just one accent color, but three complimentary accent colors. There’s a lot more going on with the accent wall and it is definitely making a big return for 2023.

Number 4 – Bold color tiles, especially in bathrooms.

Okay, let’s move on to our fourth design trend. Bold colored tiles in the bathroom specifically, but bold colored tiles everywhere. You’re gonna have to put up tile in a bathroom. And let’s face it, you are probably going to put tile up in a bathroom. Bright, bold colors are the trend. Now the stark white can be there, but the pure white subway tiles are now mixed in, at least Again, one wall is going to have some very bright colors. One of the more interesting designs I saw had, uh, toraso marble vanity with bright firetruck, red firetruck, red backsplash on it. And that was one by one of the top designers in the country. So bold colored tiles coming back.

Number 5 – Free standing bathtubs.

And now let’s move on to our next one, which is free standing bathtubs. Yes, I’ve heard that 2022 was considered the year of the shower. People were having very, very intricate showers and they’re still going to be building big showers. Literally, my wife and I in the last year did a remodel and put in a very nice, very large shower. But this year, free standing tubs are the featured points that people are going to. And these aren’t just your basic clawfoot tub. These are soaker tubs. These have many, many different designs. This is not just your great-grandfather’s bathtub. These have lots of style and many, again in our trend have color something to keep an eye out. Keep glancing over to see if there are any extra comments. Don’t see any yet. But hey, if you’re watching the recorded version of this, again, please make a comment and everybody will be able to see it on the recorded version.

Alright, let’s move on to our next trend. Yes, here we go. The color of the year is called Red Point. You notice the background here on all of my slides. It is red Endpoint. That is Sherwin Williams 9 0 81, the Sherwin Williams Color of the Year. It is darker than some of the colors of the year have been in the past in a lot of things on the Sherwin Williams page. And let me give you the link to that because I don’t want people to not be able to see the link. Here we go. This is the link to the Sherwin Williams Color of the Year page. So you can see the various, if you click around on that page, you will see lots of design ideas for this darker than a lot of people would’ve thought color. But you don’t have to stick with this if this is the made color.

They have developed an entire palette, very earth town, but very mixed that goes along and fits with all of these. So let’s just see real quick if we have any extra comments. Yes. What are your favorite and least favorite design trends? I know one of my personal least favorites is there has been at least consideration of a returning toward brass fixtures as somebody who has spent years of my life at multiple places replacing the brass with something that was usually a more silverish color. I always dread when brass comes back in. Although the brass now that they are talking about bringing back is a more of an unlaced that’s sort of a raw brass. So if you have any comments, please drop them in the comment box and I hope to see more comments. Well, that pretty much wraps up where we were for today.

I’m going to hang around just a little bit to see if we have any more comments, live comments from people, but I’m not seeing any yet. So I hope you will watch this. I hope you will follow the links and look at some of the pictures. I work for years for a company that created copy written materials. So I hate to violate anyone else’s copyright and broadcast their material. But there are the links so you can go and see it for yourself. I will be doing more of these Facebook Live, not certain that it will always be at 10 o’clock on a Tuesday. I’m now thinking 10 o’clock on a Thursday is a better time, but we shall see. In the meantime, there is a link at the top. If you have any questions about real estate or just want to chat with me, there is a link for a no obligation consultation and I will be happy to talk to you about any of your real estate needs. So in the meantime, I hope everyone has a terrific Tuesday. Bye for now.

McKee Smith, REALTOR®, has years of experience in the DFW area housing market. He knows the many unique features of Dallas and Fort Worth area home sales. He works out of his home in Coppell, Texas. He is a Senior Real Estate Specialist® (SRES®) and new home construction buyer representation certified.  Remember – McKee has the keys to selling your home!

What Are Your Real Estate Goals for 2023?

Lots of people set new goals for the New Year. What are YOUR real estate goals for 2023?

Follow this link to get a no obligation consultation https://bit.ly/McKeeRealEstateGoals2023

We’ve officially welcomed another New Year, and it’s time to check in on what that means for you!

Hey there, McKee Smith, realtor and senior real estate specialist with competitive edge realty here.  

For many, the new year is a chance to get back on track and set our sights on creating better lives for ourselves. 

It’s when we start thinking about the goals we want to tackle – from health-related habits to picking up a new hobby. 

One often overlooked resolution is focusing on real estate ambitions. So I’m here today to ask… What are YOUR real estate goals for 2023? 

Are you ready to build that dream home you’ve always wanted? 

Would you like to downsize to something smaller or settle into that “forever home”? 

Or are you ready to put your hard-earned money to work by investing in a rental property? 

Whatever your goals are, now is the time to create a plan of action. I’m here to help you do it! 

All you need to do is click this link and answer three quick questions, so I know best how to serve you this new year. I look forward to hearing about your real estate plans for the year! I’m excited to help you achieve them! Let’s chat and make it a year to remember! 

McKee Smith, REALTOR®, has been selling and buying homes in Dallas and Fort Worth for many years. He knows and understands the intricacies of the DFW housing market. He works out of his home in Coppell, Texas. He is a Senior Real Estate Specialist® (SRES®) and new home construction buyer representation certified.  Remember – McKee has the keys to selling your home! 

Home Owners Need Resources

I want to be your “go to” person for anything related to real estate! If you’ve got a question, I have or can find the answer!

Managing an asset worth hundreds of thousands of dollars is a responsibility that requires attention to details such as timely payment of the mortgage, home repairs and maintenance, upkeep, and oversight of financial issues including taxes, insurance, and other things.

Depending on how long you’ve been a homeowner, you may have faced some of the decisions common to homeownership.  Occasionally, there could be something new that you haven’t had to deal with in the past.  This is where having a resource you can rely on becomes valuable.

During the buying or selling process, it is natural to turn to your agent for information and advice but during those periods in between where do you go for counsel?  Sure, you can turn to the Internet but that may not be the best place to get advice for your situation.

We encourage you to think of us as your “source of real estate information”; someone you’re comfortable with asking a question and confident that you’ll get good advice.  We not only want to be there for you when you buy or sell, but all the years in between.

By helping you with the day-to-day decisions of homeownership, we believe we can develop relationships that will lead to future sales when you move again, as well as recommendations to your friends who need the services of a trusted real estate professional.

Whether you simply need the recommendation of a service provider, a trustworthy mortgage professional, an estimate of your current market value, or advice on what kind of improvements are best to consider, we’re happy to share that information with you.

Just a few of the kinds of questions we get almost every week:

  • Can you recommend a good (plumber, painter, handyman, etc.)
  • What is the current value of my home?
  • How do I challenge a property tax assessment?
  • When should a homeowner refinance?
  • How often should we update our personal home inventory?

I want to be your “go to” person for everything to do with real estate.  If you have a real estate question, please call me at (972) 333-8638.  If I don’t have the answer, I’ll find it for you or point you in the right direction.

McKee Smith, REALTOR®, has been selling and buying homes in Dallas and Fort Worth for many years. He knows and understands the intricacies of the DFW housing market. He works out of his home in Coppell, Texas. He is a Senior Real Estate Specialist® (SRES®) and new home construction buyer representation certified.  Remember – McKee has the keys to selling your home!

High Country by First Texas Homes – first video

High Country is the newest development by First Texas Homes. It is in Burleson, an easy commute to Fort Worth. This development has all the things we have come to expect from First Texas Homes, plus a few new things!

This is the first of at least three videos I’ll be posting about High Country.

As with ANY new home development, please let me come with you on your first visit! Please contact me for more information on High Country by First Texas Homes!

McKee Smith, REALTOR®, has years of experience in the DFW area housing market. He knows the many unique features of Dallas and Fort Worth area home sales. He works out of his home in Coppell, Texas. He is a Senior Real Estate Specialist® (SRES®) and new home construction buyer representation certified.  Remember – McKee has the keys to selling your home!

Are Home Prices and Rates Going To Continue To Rise

Make an appointment with your real estate professional to get the facts on what your home is worth, the mortgages available, and the logistics to put it together for your best advantage.

One of the most talked about questions in the real estate market has to do with “Will prices continue to rise now that interest rates have increased dramatically this year?”

It is understandable to think that if the Federal Reserve is using interest rate increases to slow consumer demand, that it would also slow homebuyer demand to moderate prices.  Unfortunately for would-be homebuyers, it isn’t the case.  High inflation, strong economic growth, low unemployment, and increased wage growth have been associated with high home price appreciation.

In a recent newsletter from First American, Chief Economist, Mark Fleming stated that historically, 90% of total inventory is from existing homes and homeowners are not moving as often as in the past.  Prior to 2007, the average tenure was five years.  After the housing crisis, between 2008 and 2016, the length of time spent in a home went to eight years.

Lawrence Yun, Chief Economist with the National Association of REALTORS® when talking about the May 2022 statistics: “Nonetheless, homes priced appropriately are selling quickly and inventory levels still need to rise substantially … almost doubling … to cool home price appreciation and provide more options for home buyers.”  Median sales price rose to a new high of $403,800, up 10.8% from July 2021, while sales are down 20% year over year and inventory increased slightly to 3.3 months from 2.6 months in July of 2021.

In the beginning of 2022, Fannie Mae, Freddie Mac and NAR predicted home price appreciation would be 7.6%, 6.2%, and 5.1% for the year.  Their revised forecast has been increased to 16%, 12.8%, and 11.5%.  Buyer demand still exceeds inventory levels which is driving prices higher.

While the Fed does not set mortgage rates, it does determine the Fed Funds Rate which is charged by banks to each other for overnight funds.  The increases often affect the U.S. Treasury rates to increase and there is generally a reaction when the 10-year U.S. Treasury Note yields increase for the 30-year mortgage rates to increase also.

The National Association of REALTORS®, on their website, states “The Housing Affordability Index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent price and income data.”  The Index uses the 30-year fixed rate mortgage as provided by Freddie Mac’s Primary Mortgage Market Survey (PMMS).

Mortgage rates have gone up over 2% in the first half of 2022.  That dramatically affects the affordability of the home even if the price didn’t increase, which it did.  A $360,000 mortgage at 3.05% in December 2021 would have a principal and interest payment of $1,528 for 30-years.  At 5.22% as of August 11, 2022, the P&I payment is $1,981 or a difference of $453 dollars or a 30% increase.

As of May 2022, homeowners are now staying in their homes 10.6 years.  Part of the reasons can be contributed to the pandemic, but a large degree is attributed to the lack of inventory.  Existing homeowners can sell their home for premium prices and in unusually short time frames, but the problem is finding a home to replace it.

The demand for housing still exceeds the supply and price are continuing to rise, although, maybe not as the same pace as 2021.  Many economists predicted that price appreciation would slow but CoreLogic reported “Home prices nationwide, including distressed sales, increased year-over-year by 20.9% in April 2022 compared with April 2021.  In the same report, CoreLogic predicted “…home prices are forecast to increase on a year-over-year basis by 5.6% from April 2022 to April 2023.”

Another frequent question homeowners have is whether to wait to see if prices moderate and interest rates decline.  The probability is more likely for prices to continue to increase along with mortgage rates.  The consequences of waiting, in hopes of lower prices and rates, could totally price a person out of the market for the home they want.

Using a $400,000 home that could be purchased today at 5.22% on a 90%, 30-year mortgage, the P&I payments would be $1,981.  If the price appreciated only 5% in the next year and the mortgage rates were to go up by 1%, the payment would increase by $339 a month.  If a person stayed in the home for 7 years, the increased cost would be $28,458 and if they stayed for full term, it would cost them $121,965 more by waiting.

Increases in rates and prices have forced some people out of the market, at least temporarily.  For the fortunate ones, who can still afford to buy, even with the increases, acting now could save them tens of thousands and maybe hundreds of thousands depending on the price of the home.

Make an appointment with your real estate professional to get the facts on what you home is worth, the mortgages available, and the logistics to put it together for your best advantage.

McKee Smith, REALTOR®, has years of experience in the DFW area housing market. He knows the many unique features of Dallas and Fort Worth area home sales. He works out of his home in Coppell, Texas. He is a Senior Real Estate Specialist® (SRES®) and new home construction buyer representation certified.  Remember – McKee has the keys to selling your home!

Green Meadows Development in Celina with Pacesetter Homes

On Aug. 8, 2022, I visited the Pacesetter Homes in the Green Meadows development in Celina, Texas. If you’re looking for a newly built home in a highly rated school district like Celina, you should consider one of these!

This development has some special features for everyone:

  • HOA includes front yard mowing
  • Prices from $550,000 to $700,00
  • In the highly rated Celina ISD
  • Master planned community
  • Incredible amenities including pool with slides, trails, community garden, sports complex, and more
  • 10 minute drive (according to Google maps) to a grocery store
  • Much, much more!

Watch the video to see this great development. For extra fun, count how many times I said “great” in the video!

For more information on the Celina ISD, here is a link to their ranking information on Niche.com.

This video is just a tease of all that is available. Contact me for more information on these or any newly built homes in DFW.

Become A Victim Of Inflation Or Benefit From It

Inflation is here. How you react and what you do will make a difference in how it affects you!

In inflationary times like these, currently, the highest in 40 years, the purchasing power of your money diminishes each day; essentially, buying you less.  The biggest threat is to be without capital assets, like a home, that is benefiting from the increase in prices. 

Your money buys less gasoline now, than it did a year ago, by close to 50%. Beef prices are up about 20% since last year.  Used cars are about 35% more expensive than they were a year ago. Mortgage rates are near 5% after reaching their lowest of 2.65% in January 2021.

And then, there is the price of houses.  CoreLogic reports that home prices increased year over year by 20% in February 2022.  Their Home Price Index indicates an annual five percent increase in prices from 2014 to 2021.

For many people, the American dream of owning a home is slipping away.  Adjusting your expectations for the perfect home and when you expect to achieve it, can be a legitimate, long-term strategy for making the dream come true.  Delaying the gratification of getting everything you want in a home now and making compromises that would allow you to stair-step your way into the “forever home” could be the plan to incrementally reach your goal.

Owning a home in today’s market, even if it isn’t the ultimate home, provides a significant hedge against inflation.  Not only is the home appreciating faster than the rate of inflation, but the mortgage on the home also produces leverage that increases a homeowner’s return on their equity.

Homeowners have both the home’s appreciation and its amortization working in tandem to increase their equity.  Money in a bank account or the stock market can’t compare to the potential.

$40,000 invested in a certificate of deposit earning 1% would be worth $42,040 in five years.  If the same amount was invested in the stock market that earned 6% annually, it would be worth $53,529.  However, if the $40,000 were invested in a $400,000 home, with a mortgage at 5% for 30 years, that appreciated at 5% annually, the equity would be close to $180,000 at the end of the same five-year period.

Connect with me and let’s put together a plan to help you benefit from inflation.

McKee Smith, REALTOR®, has been selling and buying homes in Dallas and Fort Worth for many years. He knows and understands the intricacies of the DFW housing market. He works out of his home in Coppell, Texas. He is a Senior Real Estate Specialist® (SRES®) and new home construction buyer representation certified.  Remember – McKee has the keys to selling your home!

When Are Negotiations Over?

Experienced agents know negotiations continue through inspections, repairs, financing, contingencies and much more!

The primary negotiation in a home purchase takes place when the contract is agreed upon which includes the price, closing and possession.   With inventory down over 19% in the past year and multiple offers being more of the norm than the exception, the first round of negotiations can be challenging.

Buyers and sellers alike feel relieved once it has resulted in an agreement, but experienced agents know there is more to come if there are contingencies for financing, inspections, or other things.  The competition for the home may be so tough that the buyer waived their rights for what would be normal contingencies.

Financing is one of the most common contingencies in normal situations but when multiple offers are involved, the cash offers tend to have the advantage.  If you don’t have the resources to make a cash offer, the next best position is to be pre-approved with a commitment letter from the lender.  Arrange for the lender to confirm the pre-approval directly with the listing agent prior to the listing agent presenting the offer.

There have been buyers who know they don’t have the cash to close and apply for a mortgage anyway and try to reinsert the provision outside of the contract.  Experienced listing agents will advise the seller to have the buyer provide proof of funds necessary to close and verify that they do indeed exist.

The purpose of an inspection is for the buyer to receive an objective evaluation of the condition of the home and its components to identify existing defects and potential problems.  The expense for inspections can be several hundred dollars and it’s reasonable for buyers not to want to spend the money before they find out if they can come to terms with the seller.  From a different perspective, sellers want to know quickly if the buyer is going to reject the home due to the inspections because they could be losing time.   For that reason, inspection time frames are limited to a few days from acceptance of the offer.

Sometimes, buyers will expect sellers to make all the repairs listed on the report and this is where the second round of negotiations begins. If the seller refuses, the negotiations can go back and forth until the other party accepts the offer on the table.

When purchasing a new home from a builder, it is expected for everything to be in working order; after all, it is new.  However, it is reasonable to expect that existing homes, that are not new, have a different standard.  While it’s understandable that buyers would want to be aware of major items that are not in “working order”, normal wear and tear of components based on their age should be expected.

In a highly competitive seller’s market, buyers might do whatever they can to get their contract accepted, realizing that there is another place to negotiate when they’re not competing with other buyers’ offers to purchase.

The negotiations involved in a home purchase are not complete until the buyer and seller have signed the papers and the title has passed to the buyer.  Up until the closing is finished, any item that comes up could prolong the negotiations.

For this to be a WIN-WIN situation, both seller and buyer must feel good about the negotiations that led to the transaction closing.  Neither party should feel that the other party had an unfair advantage over them.

McKee Smith, REALTOR®, has years of experience in the DFW area housing market. He knows the many unique features of Dallas and Fort Worth area home sales. He works out of his home in Coppell, Texas. He is a Senior Real Estate Specialist® (SRES®) and new home construction buyer representation certified.  Remember – McKee has the keys to selling your home!