By: Jessica Rosato, Luxury Broker Associate, Nestler Poletto Sotheby’s International Realty Special to the Boca and Delray newspapers
Pantone’s color of the year is a princely purple, ultra violet to be exact. It is said to communicate originality, ingenuity, and visionary thinking that points us towards the future. The color forecast for 2018 is bright and bold with hues of purple, high contrast palettes and bold patterns making a stand, but what are some other trends we are seeing in 2018?
When looking at decorative home trends, natural elements with shades of green (olive and sage) are popular and timeless while brass accents, artisan fixtures and textures, warm colors, mixed metallics, and even terrazzo, are coming in strong. Lose the barn door and word wall art and replace these old fads with big art, velvet furnishings, tropical/botanical patterns, decorated ceilings and spa-like/resort type aesthetics— and while you’re at it, throw in some fringe too!
Sprucing up your home can be so much fun. Put a new twist on your home. It will certainly help when it comes time to sell your home this year!
Speaking of selling, the market is strong here in South Florida and if you’re still thinking of selling in 2018, it’s not too late. Often people think the summer slows to a turtle’s pace, but that’s not the case. The east coast of Florida stays vibrant all year, and don’t forget about all of the families that are looking to relocate before the new school year starts in the Fall. If your house shows well and is priced realistically in the current marketplace, it is sure to sell with the help of a great agent.
With Florida’s tax advantage, buyers are flocking to Florida, which is great for sellers of course. We are still seeing a lack of quality inventory, although better than 2017, but sales are up. According to the National Association of Realtors, this year the number of existing-home sales is expected to increase about 3.5 percent, to 5.64 million. The NAR predicts that existing-home purchases will rise another 2.8 percent in 2018, to 5.8 million.
Mortgage rates are a bit higher than last year, but still historically low. Rates are said to close out the year around 4.5 percent on average, dipping under 4 percent at times and over 4.5 percent at others. Millennials’ home ownership desires are rising as they get married and have children, and this trend is expected to continue. We are also seeing an influx of buyers who experienced a foreclosure in the past and are now able, after a 7-year waiting period, to purchase again.
All in all, we see a strong, competitive market. The real estate market in the South is hot, and other cities such as Charlotte and Dallas are seeing it too. Temperate weather, strong economic growth, new construction and a desirable place to bring your businesses will keep the trend in South Florida on the upswing.
About Jessica Rosato
Jessica Rosato is a Luxury Broker Associate for Nestler Poletto Sotheby’s International Realty of Delray Beach. As a concierge realtor, she utilizes her superb customer service skills, attention to detail, honesty, stellar work ethic, negotiating skills and keen understanding of the luxury real estate market in Palm Beach County to create experiences of a lifetime. Visit her website at www.bocadelrayluxury.com.