Mid-Century Modern vs. Contemporary
There has been a great deal of excitement in the design field concerning the Mid- Century Modern style. This ’50s and ’60s home décor trend is evidenced in every furniture store as more brands are incorporating the vintage look with modern lines. Yet what differentiates a Mid-Century Modern style from one that is merely Contemporary?
Both styles tend toward the minimalist look, but Mid-Century often features more color. Colorful carpets, walls, and furnishings—as well as vibrant wall trims and wallpaper—are all signs of a Mid-Century room while Contemporary styles lean toward neutral tone-on-tone elements with limited design extras, such as pillows or rugs.
Another common design element is the clean lines of cabinets and furnishings. Sharp corners and minimal finishings link the two styles together. Mid-Century Modern, however, often includes natural elements such as wood; furniture often includes graceful curves. Contemporary pieces are often colder by comparison and emphasize a sleek design that can fade into the overall look of the space; no single element commands attention.
Finally, the flow of Mid-Century Modern homes differs from that of a Contemporary home. The trend toward open floorplans and great rooms is a new concept and Mid-Century homes include multiple spaces for specific purposes. For instance, it’s common to find an eat-in kitchen walled off from the living spaces, perhaps with a pass-through window or wet-bar area for serving.
Mid-Century Modern design introduces some beautiful options for homes. With thoughtful design concepts, it’s possible to introduce some of these elements to any home. Merging eras and styles is one way to create a unique home environment that is both functional and beautiful.
Tips for the First-Time Home Seller
There is a lot of attention paid to first-time homebuyers. Most real estate agents and lenders have some kind of guide to help first-time homebuyers navigate their first home purchase, but what about the first-time seller?
Selling your home for the first time can be just as confusing as a home purchase, so here are a few things to remember as you navigate your home sale.
Before that first showing, it’s important to prepare. This involves not only cleaning, decluttering, and staging the home, but also learning about your local real estate market and finding the best agent for your needs.
Interview more than one agent and ask lots of questions. Learn about the services they offer: do they include professional photography, video, or virtual tours? Ask for a comprehensive market analysis (CMA) and ask each agent their suggestion for the listing price and their method for arriving at that number. Use this information to determine the best agent to assist you.
Once you have an agent, stay involved. Discuss the plan for showings and open houses. Try and be flexible to allow for as many potential buyers as possible viewing your property. Review the listing online for accuracy and stay in touch with your agent for feedback from showings.
Once you start getting offers, respond as quickly as possible. It’s not just about the price; watch for terms, such as length of escrow and contingencies, when evaluating these offers. Be prepared to move so that you can take advantage of a good offer, such as all-cash.
The most important aspect of a successful home sale is the relationship you have with your agent. Be transparent about your needs, concerns, and goals; insist that your agent do the same, and working together you will navigate through your first home sale successfully.
After Forbearance – Now What?
Covid-19 has impacted homeowners across the country. With job losses and income reductions, many have taken advantage of the ability to enter a forbearance program with their lenders. During the forbearance program, the agreements state that no late fees will be assessed, and the balance of missed payments will be deferred to the end of the loan.
As a result, many homeowners have been able to keep their homes during this time of economic upheaval.
Some of these affected may now have stabilized incomes and are ready to exit forbearance. They might be wondering if they will be penalized for this if they choose to refinance or buy a new home. Fortunately, there is good news for these homeowners. Part of the program is that the lender will not report these late payments to the credit bureaus so the borrower will not have that issue to contend with when they are ready to find a new loan.
Lenders understand that this is a unique situation and that it is not representative of the way a borrower will remit payment in the long run. Additionally, some potential homebuyers may need to relocate to take advantage of new employment opportunities—requiring them to sell their homes and buy new ones. The good news is that homeowners who exit their forbearance plans can apply for a refinance or new loan after 3 consecutive, on-time mortgage payments.
Covid-19 has impacted our lives in many ways. Fortunately, the lending community has taken unprecedented steps to ensure the long-term damage to individuals and housing is minimized as much as possible.