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The Best Bold Kitchen Trends for Your Orange County Home

They say that the kitchen is the heart of the home. It’s where traditionally families come together to cook and eat the majority of their meals. Now, due to the recent trend of open concept in Orange County homes, it has become one of the focal points of the home and a place where people spend much of their time, serving as the hub of the home. While all white has dominated the kitchen decor market for some time, there seems to be a recent trend to the opposite side of the spectrum in darker colors. Recently, homeowners are getting bolder in their choices of design features and even bringing back some vintage trends. Whether on the hunt for a new home in Newport Beach or making updates before putting your Laguna Beach home for sale, we’re sharing some of the latest bold Orange County kitchen design trends that could give your cooking space a whole new style.

Get Creative With Backsplash

Backsplashes have been popular for a while now, but the way homeowners are using them to vamp up their kitchen is evolving. Rather than just a small slab behind the counter, people are becoming adventuresome by extending them all the way up the wall. The portion of the wall in which tiles are used isn’t the only thing increasing in size — we now see larger slabs of tiles as well as a variety of textures and patterns taking over. If you’re looking to add a pop of color to your cooking space, this may be the way to do it, as you can pick from virtually any color tile to complement your kitchen area. Large slabs, such as quartz, marble, wood, glass, and stainless steel, are also becoming increasingly popular. With the endless amount of color, texture and material options, it’s no surprise that backsplashes are causing such a big, well, … splash.

Darken the Mood

Another decor trend that provides a multitude of options to be creative and have a little fun with is with paint colors. Slowly we see homes doing away with all traditional beige or grey walls, instead leaning towards more darker, moodier colors like navy, black and dark green. Check out our recent blog post about some of the hottest paint color trends to help spur your inspiration. Although pristine white kitchens are still popular at the moment, we’re seeing more and more people get in touch with their darker side, as well. If you’re looking for a bold update to your kitchen space, try a dark green wall or navy cabinets with gold hardware. It’ll surely make your space pop.

Add a Pop of Color

Remember the days that having all stainless steel appliances was the new, modern craze? Though their popularity still remains high, as they provide a sleek, modern look, some homeowners are becoming a bit more daring and opting for bold colored appliances such as red or blue. This 70’s era trend may not be for everyone, but for those looking to liven up their kitchen area a bit, going with one or even a few bolder appliances may provide the pop that you are looking for. Have fun with it a little and start with a blue or green toaster. If you find you like it then take the next step by replacing one of your larger appliances. One thing to remember, though, is that you want to ensure that your love for that red refrigerator will remain intact for the life of the appliance!

What are your thoughts on where kitchen trends are going? Do you like the bolder, more textured and patterned designs that are taking place or do you prefer the sleek, white, clean kitchen aesthetic? Whatever your preference, here at the Stavros Group, we aim to locate the perfect home for you, complete with either the kitchen of your dreams or a space you can envision once you add your personal touch. If and when the time comes for you to buy or sell, we would love to be of service!

When Is the Best Time to Buy a Home in Newport Beach?

As an Orange County real estate professional, I am often asked when the best time to buy or sell a home in Newport Beach is. It is no secret that the Spring and Summer months are when the real estate market booms — with, statistically, the most homes being purchased and sold in the month of May. There are many reasons for this, including the warmer weather, longer days and kids being out on summer break, that lead to a spike in real estate in these months. While these ‘prime’ months are no doubt a great time to make your big move in the real estate arena, this time of year isn’t the only good time to put your Laguna Beach home on the market and even purchase one of the beautiful Newport Beach oceanfront homes for sale you’ve been dreaming of. There are a variety of considerations that you should factor into your decision that are specific to each family, before determining when is the appropriate time to embark on the next chapter of your lives. We’re breaking down a few of the notable factors you should take into account before making this big life decision.

Finances

Thinking about where you are financially may be one of the biggest driving forces in determining when the right time for you to buy or sell is. When thinking about buying a new home in Newport Beach, some of the questions you may want to ask yourself are:

-Do I have the income and credit score I need to qualify for the loan I want?

-Do I have a down payment saved?

-Can I afford the extra costs that come with homeownership, like property taxes and maintenance?

Another thing to consider are the costs that come along with moving. You may want to take into account whether you’re just moving from one home in Newport Beach to another, or if you’re moving cross-country to a new home in Orange County. According to the American Moving and Storage Association, the average cost of a move within the state is $2,300, while moving across states costs, on average, around $4,300. Buying a home is a major life decision that should carefully be thought out so that you’re not starting out the new chapter of your life on the wrong foot.

Major Life Changes

However hard you try, it’s not always possible to precisely calculate when you plan to buy a home in Newport Beach. Life often gets in the way, and sometimes plans get disjointed. But what is the right homebuying process or timeline for one family might not be the perfect one for you, which is why it’s critical to take all matters into account and think through if your family may be going through any major life changes in the near future. Some such life events include:

-A new baby: do we need more room to accommodate a growing family? (Or on the flip side, do we want to downsize for the retirement phase?)

-A new job: will I be required to move to be closer to my new job and if so, will this be my forever home or just a temporary position?

-Relocating to provide better schooling opportunities for my children

-Relocating to be closer to relatives in need

Seasonality of the Real Estate Market

As mentioned before, the Spring and Summer months are statistically when most people tend to buy and sell homes. The days are longer, the weather is generally warmer, you’ve recently been issued your tax returns, and kids are out on summer break. Due to these reasons, there is typically a flock of buyers on the hunt during these months, making it a slight seller’s market. However, the fact that sellers may have a slight advantage shouldn’t dissuade buyers from coming out during these months, as there are also numerous benefits to buying during this time. Because of the high demand, there, in turn, are also generally more homes on the market, as well. Depending on the market you’re in, buyers could actually have some bargaining power if the saturation of homes is great enough.

Generally speaking, the winter months tend to be a slight buyer’s market, as there is not as much demand during this season, giving the buyer a bit more advantage. If you are extremely flexible about when you are able to sell your home and/or buy a new home in Orange County, then taking these seasonal trends into account might be key for you. However, life typically makes things a bit more complicated, so while it may be beneficial to take note of these trends, it shouldn’t be your driving force.

Local Market Trends

One of the final factors a potential seller or buyer should take into account is what the real estate market looks like in your area. Interest rates are unpredictable and are a factor you should probably not make your decision based solely on, however, can be a beneficial (or unfavorable) factor in your decision, so should be considered in the process. Are interest rates at an all-time low and expected to rise in the next year? If so, it might be the time to buy property in Orange County! Or vice versa. Interest rates may be extremely high and are predicted to improve over the next year or two, so you’ve been holding off on your home purchase dreams.

Whatever considerations you take into account, the best time to begin house hunting will be unique to each potential homebuyer. If you find that now is the best time for you and your family to buy or sell a home in Newport Beach, Laguna Beach or Corona del Mar, then I’d love nothing more than to help you accomplish your real estate goals, obtaining the best profit on your home and placing you in the new home of your dreams. Please contact me today so we can discuss a plan that best fits your family.

5 Reasons To Sell Your Orange County Home in 2019

32 N La Senda Dr

The world of real estate can be confusing to those on the outside who don’t spend every day studying the latest trends. When it comes to selling something as valuable as a home, however, it’s important to make as informed of a decision as possible, because a mistake can cost you dearly in your final sale price. If you’re considering selling a home in the near future and you want to know what the real Orange County real estate market is saying, it’s very simple — the time to sell is now! We are currently in a slight seller’s market, but there are signs that a change is not too far off. We’ve broken down a few of the top reasons why it may be a good idea to put your Orange County home for sale sooner rather than later.

1) The Room For Profit Remains High

At the end of the day, the goal in real estate is a pretty basic one: You want to sell your home for a healthy profit over what you paid for it and invested in improvements. The good news is, for current homeowners, it is highly likely that there is a great deal of profit waiting for you if you sell your home. Over the past decades, there has been a great deal of growth in Orange County real estate. The market has been strong since recovering from the latest recession, as well, which means your home is likely worth a good deal more than you paid for it, even if you’ve only owned it a few years.

2) Mortgage Rates Are Down

At the end of 2018, interest rates were on the rise, and it looked like the buying market was beginning to cool. Since then, there’s been a surprising turn of events in Orange County real estate: So far in 2019, rates have crawled their way back down. That means that house hunting is more appealing to potential buyers, who can now make a higher offer while getting the same practical cost over the course of their loan. While the year started off as a slight buyer’s market, lower rates pushed the market back into balance by the end of February, and into what the slight seller’s market we have today.

3) The Competition Is Coming

As of now, the inventory of homes on the market in Orange County is not currently keeping up with the demand. While interest rates remain low, new homes on the market are getting scooped up in bidding wars fast, and the competition among sellers is low. In such an appealing selling market, however, this trend will not continue forever. More and more homes will be listed in the months to come, as more sellers realize the time is right. Acting now lets you beat the rush of competition in the Orange County real estate market.

4) Millennials Are Ready to Boost the Buyer Pool

There are few consumer groups more misunderstood than Millennials, and that often leads to missed opportunities by those in sales. While it’s often reported that Millennials are not interested in a lot of the traditional rites of adulthood prior generations have been known to pursue, the reality is that the economic landscape they entered following the recession simply moved them behind schedule. Now, not only are young Millennials ready to own their first homes, but older Millennials who were hit hardest by the recession are also in a position to shop, meaning an influx of new buyers will hit the market in 2019.

5) The Next Recession Is Coming

While there are many reasons that the Orange County real estate market is so appealing to sellers right now, perhaps the strongest reason to think about selling your home in Newport Beach is what the market is shaping to look like in the not-too-distant future. All good things must come to an end, and economic experts believe that the current strong economy is ready for a downturn—sooner rather than later. While there’s no knowing exactly when it will happen, it’s widely believed that another recession will hit within a few years. If you’re not planning to stay in your current home long enough to ride out the next downturn, 2019 may be the last chance you get to sell in a hot Orange County real estate market.

If you’re a local to Newport Beach, Laguna Beach or Corona del Mar and you’ve considered putting your Orange County home for sale in the next few years, then there is simply no time like the present. The current market is a great one for sellers, and it is likely to become less lucrative the longer you wait to sell. As your dedicated Orange County real estate professional, it’s my honor to help navigate you down a pathway to profit. Don’t hesitate to reach out to discuss how I can help you today!

What Are The Tax Benefits of Buying a New Home in Orange County?

Tax season might be over this year, but it’s never too early to start thinking about how events in your life now may affect your tax benefits for next year. Purchasing a new home in Orange County could arguably be one of the biggest financial decisions in your life. It’s also one that is known to potentially come along with multiple tax breaks. We’re breaking down a few of these potential benefits, along with changes under the recent tax reform, that you should familiarize yourself with before buying a new home in Newport Beach or putting your Laguna Beach home for sale.

Aside from the obvious gains of mere pride and joy that come with owning your own property, home ownership can offer multiple financial benefits, such as home tax deductions, tax credits and other breaks that shouldn’t be overlooked. If you plan to purchase a new home in Orange County this year, it would be wise to familiarize yourself with current tax laws, as they have undergone changes in the past few years, which may affect how that house purchase benefits you.

As a recap, the federal Tax Cuts and Jobs Act (TCJA) underwent a significant tax reform, which Congress enacted in December 2017 and is currently scheduled to go through December 2025. Below we have broken down a few of the tax benefits that you may receive if becoming a first-time homeowner this year, as well as changes implemented by the new TCJA that you should be aware of if buying or selling a home for the first time since January 2018.

Mortgage Interest Deduction

One of the biggest benefits of owning a home is the fact that mortgage interest expenses are deductible. Under the TCJA, homeowners can deduct the interest you pay on a loan on up to $750,000 from your income taxes. Although this limit used to be $1 million (the TCJA reduced the limit and made modifications on how a home equity line of credit could be used), this benefit should not be overlooked. This deduction could still provide you with massive returns come tax season next year. Homeowners with new loans could especially benefit from this, as interest charges on mortgages are normally higher at the beginning of the mortgage’s term.

Homeowners should keep in mind that this tax deduction limit only applies to those who itemize their personal deductions. For those that choose not to itemize deductions, the standard deduction for individuals or married couples filing individually is $12,000, if you’re the head of household it’s $18,000, and for those married filing jointly it’s $24,000. It is worth speaking with a financial advisor to determine which method of filing is ultimately most beneficial for you.

Tax-free Capital Appreciation

One benefit that is going unchanged even with the TCJA is the capital gains you receive tax-free after the sale of your home. Homes appreciate in value during the life of your ownership, so when it is time to part ways with that Newport Beach home you’ve lived in for years to move to one up the road in Laguna Beach, you can relish in the profits of your sold home without worrying about being taxed. Under the TCJA married homeowners can retain up to $500,000 in home appreciation profits from the sale of their home, or $250,000 for single filers. There is a catch, though. You have to have used your home as your primary residence for at least two years out of the five years before the sale date to qualify for this exclusion.

Property Tax Deductions

Another tax benefit from being a homeowner is the ability to be able to deduct portions of your property taxes. Although prior to the TCJA you could deduct the entirety of your property taxes, all is not lost, as you are still able to deduct up to $10,000 ($5,000 if married filing separately) under the new law. Under the TCJA, the deduction was changed from solely property taxes to a combination of property taxes and either state and local income taxes or sales taxes under the $10,000 limit.

While being a homeowner in 2019 offers a variety of tax benefits, with the overhaul of tax laws in the past few years, it is wise to evaluate your choices to determine what is best for you and your family. It is worth noting, as well, that many of these recent changes may end in 2025, so it’s always good to be knowledgeable about how tax changes could affect your returns. Whether looking for a new home in Newport Beach or thinking of putting your Laguna Beach home for sale, we would love to help you with whatever Orange County real estate needs you may have. Please do not hesitate to give us a call here at The Stavros Group!