Welcome to the January 2024 edition of our Real Estate Newsletter!
In this month’s issue, we will explore real estate trends and insights, provide some tips on redecorating as well as some tips on creating a home gym.
Whether you’re a seasoned real estate investor or a first-time homebuyer, our newsletter provides valuable information to help you make informed decisions.
Thank you for joining us, and we hope you find this issue both informative, inspiring and entertaining.
Top Redecorating Tips for the New Year
As we usher in a new year, it’s the perfect time to refresh your living space and infuse it with renewed energy and style. Redecorating doesn’t always mean a complete overhaul; sometimes, small changes can make a significant impact. Here are some top tips to revitalize your space in the coming year:
- Embrace Earthy Tones: Incorporate nature-inspired hues like soft greens, warm browns, and serene blues into your décor. These colors create a calming and inviting atmosphere, bringing a touch of the outdoors inside.
- Mix Textures: Experiment with textures to add depth and visual interest. Combine different materials like wood, metal, glass, and textiles to create a harmonious yet diverse aesthetic.
- Statement Wall: Consider creating a statement wall using wallpaper, a bold paint color, or even a gallery of art pieces. This focal point can instantly transform the room and set the tone for the entire space.
- Functional Décor: Choose furniture and décor pieces that not only look good, but also serve a purpose. Multifunctional furniture, such as storage ottomans or coffee tables with built-in shelves, maximizes space while adding style.
- Personal Touches: Infuse your personality into your home décor with personal touches. Display cherished items, family photographs, or handmade crafts to make your space uniquely yours.
- Lighting Makeover: Upgrade your lighting fixtures to enhance ambiance and functionality. Incorporate a mix of task lighting, ambient lighting, and accent lighting to create layers and set different moods.
- Indoor Plants: Bring the outdoors in by introducing indoor plants. Not only do they add a fresh, natural element to your space, but they also contribute to improved air quality and overall well-being significantly.
Did You Know …
… The world’s tallest and largest private home Is in Mumbai, India. It’s 27 stories tall and has a total living floor area of 400,000 square feet.
Coldest Month in the Northern Hemisphere: In many parts of the Northern Hemisphere, January is considered the coldest month of the year, with temperatures often dropping to their lowest points.
Named After Janus: January is named after Janus, the Roman god of beginnings and transitions. Janus is often depicted with two faces, looking both to the past and the future, symbolizing the transition from one year to the next.
Weird but True …
The people of NY are required to disclose if their house is haunted, thanks to a case popularly known as the Ghostbusters Ruling.
South Carolina residents do not have to disclose if their home is haunted
Birthstone: Garnet is the birthstone for January. It is often associated with friendship, trust, and loyalty.
New Year’s Resolutions: January is widely associated with the tradition of making New Year’s resolutions, where people set goals and aspirations for the coming year.
“Snowflakes are one of nature’s most fragile things, but just look what they can do when they stick together.” – Vesta M. Kelly
“What good is the warmth of summer, without the cold of winter to give it sweetness.” – John Steinbeck
Top 5 Tips for Creating a Home Gym
You made your New Year’s resolution and are now considering building a home gym. Here are some top tips to consider when designing your space.
- Assess Your Goals: Determine your fitness objectives and the types of workouts you enjoy. This will help you choose equipment and design a space that aligns with your fitness needs.
- Space Consideration: Measure the available space in your home before buying any equipment. Consider the dimensions of the machines when assembled and ensure they fit comfortably in your designated workout area.
- Versatility: Choose equipment that offers versatility. Multipurpose machines or adjustable weights can save space and offer a broader range of exercises.
- Storage and Portability: If space is limited, consider equipment that can be easily folded or stored when not in use. Portability is also beneficial if you plan to move the equipment around your home.
- Noise and Maintenance: Some gym equipment can be noisy when in use. If you live in an apartment or have noise concerns, choose machines known for their quiet operation.
Myrtle Beach Area Real Estate Market Conditions
Most Recent Data from December 2023
U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the previous month and breaking a five-month streak in which sales declined, according to the National Association of REALTORS® (NAR).
Despite the increase, sales were down 7.3% compared to the same period last year, as affordability challenges continue to hinder prospective buyers. Most of this period’s closed sales went under contract in October, when mortgage rates were at a two-decade high. With rates having dropped more than a full percentage point since then, existing-home sales may continue to pick up in the months ahead.
Closed Sales decreased 7.1 percent for single-family homes and 3.2 percent for condos.
Pending Sales increased 18.0 percent for single-family homes but decreased 14.3 percent for condos.
Inventory decreased 2.4 percent for single-family homes but increased 48.7 percent for condos.
The Median Sales Price was down 3.5 percent to $361,750 for single-family homes but increased 3.4 percent to $248,000 for condos.
Days on Market decreased 6.9 percent for single-family homes but increased 11.2 percent for condos.
Months Supply of Inventory decreased 2.9 percent for single family homes but increased 72.0 percent for condos.
Low levels of inventory continue to impact U.S. home sales, offering few options for aspiring buyers to choose from.
Going into December there were 1.13 million units for sale, down 1.7% from the previous month but up 0.9% from the same period last year, for a 3.5 months’ supply at the current sales pace. As a result, sales prices remain high nationwide, with NAR reporting the median existing-home price rose 4% annually to $387,600 as of last measure, the fifth consecutive month of year-over-year price gains.
Homebuyer demand is picking up, and without a significant increase in supply, experts believe home prices will likely remain elevated for some time to come.
All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®.
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Published by Childs Real Estate LLC • Mike Childs, Broker In Charge