Top Design Ideas for a New Decade, Part 2
Dusty Rhodes • February 24, 2020
We're Back! Recently we discussed the latest design trends that are making an appearance in the new decades. We talked about the first 6, now here's the finale!
7. Remodeling Before Listing
Many homeowners don’t want to take on the work and extra cost of fixing up their home before they list. Yet many buyers don’t want to invest in a home where they know there are walls to paint, countertops to replace, and floors to resand. Consider the latest trend that helps remove buyer objections: a contractor who tackles the work and fronts the cost or who partners with a firm that provides financing. Sellers then pay back the funds at closing. The big reward usually is a higher price and speedier sale, says Mike Valente, a licensed general contractor who works with many homeowners through his Renovation Sells firm in Chicago. Compass, a national real estate firm, has established its Compass Concierge service to deliver a similar revamp option. A calculator on the company’s website helps suggests how much sellers might spend.
8. Living Walls
For homeowners downsizing to a property with a smaller yard—or for those who have trouble bending down—living walls offer a way to connect to greenery by growing plants, vegetables, and herbs along the walls of a home, garage, or outbuilding. Landscape designer Michael Glassman of Michael Glassman & Associates in Sacramento, Calif., says, “Gardening is going up rather than out for aesthetics and consumption.” He recommends vines like star jasmine and creeping fig, edibles such as tomatoes and cucumbers, and herbs like rosemary and basil. “Plant walls” resembling art are also showing up inside, especially when homeowners don’t have an outdoor space, says David Dynega, CEO of Detail Renovations in Great Neck, N.Y.
9. Better Looking Performance Fabrics
Instead of looking only at fabrics that appeal for color, pattern, or texture, homeowners want materials that will last and perform—hence, the name they’ve earned: performance fabrics. Originally, they were designed for outdoor spaces, where the sun, wind, water, or inclement weather took their toll. But as the fabrics have become more attractive, designers and homeowners have started using them indoors, where they can withstand the wear and tear of pets and people, says Chicago designer Rebecca Pogonitz of GOGO Design Group, who’s a big fan of the trend. Greg Voorhis, executive design director of Sunbrella, well-known for its performance fabric designs, says his firm is seeing the rise of more textured chenilles, boucles, and chunky wovens. “They bring new energy into familiar spaces without sacrificing comfort or durability,” he says.
10. Downsizing Homes, Rooms, and Ornate Features
The McMansion craze has been dead for years, resulting in more homeowners looking to downsize and millennials never planning to go big. “They favor experiences over owning large high-maintenance, high-cost homes filled with lots of stuff,” says Ames. “It’s the Marie Kondo version of shedding stuff.” Many home shoppers are also looking for simpler architectural detailing that pares maintenance and cost, as well as fewer rooms that will go unused, Ames says. Lendlease, a development company that created the new Cirrus building in downtown Chicago, heeded this mantra when it planned its range of scaled-down units and beefed up its many shared amenity spaces, says Ted Weldon, executive general manager. Sheri Koones’ new book, Downsize: Living Large in a Small House (The Taunton Press, 2019), offers an abundance of information for homeowners looking to pare down.
11. Deeper Hues
You can read into the emerging palette of deep hues a desire to counter global unrest, as some designers speculate, or you can take the colors as an antidote to years of pale grays. Either way, the darker hues are coming on strong. Pantone anointed “classic blue”—a very royal tone—as its color of the year. Could it be a nod to the Sussexes or appeal of The Crown? Sherwin-Williams’ Sue Wadden, director of color marketing, touts her company’s “naval” (SW 6244), “anchors aweigh” (SW 9179), “ripe olive” (SW 6209), and “dard hunter green” (SW 0041) as choices to visually mitigate stress. Another emerging trend: monochromatic rooms, donning a single paint color on the walls, trim, and ceiling.
12. Hipsturbia
Live/work/play has become a way of life for millennials who aren’t willing to compromise when they have children. As they move to the suburbs for more space, they choose communities with urban amenities—thriving walkable downtowns with dining, shopping, entertainment, public transportation, and jobs. “Success has a way of spreading,” the Urban Land Institute noted when it coined the term “hipsturbia” in its Emerging Trends in Real Estate 2020 report, says Mary Cook, founder of Chicago-based Mary Cook Associates. “Every development we work on today is located in areas that fit this formula and foster community interactions,” she says. One example is Toll Brothers’ Apartment Living Oleander building outside Atlanta, which offers residents flexible community spaces equipped with state-of-the-art technology to accommodate events, co-working spaces, and more. The building sits on Emory University’s expanding Executive Park campus near new medical complexes designed to attract health care professionals.
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NAR says introducing competition into the credit scoring process has the potential to lower costs, improve efficiency and open the door to more qualified home buyers. The Federal Housing Finance Agency, Fannie Mae and Freddie Mac are moving forward with updated credit scoring models for all forms of mortgage lending. The announcement was made by Federal Housing Finance Agency Director William J. Pulte. The FHA followed suit announcing it would accept Vantagescore and a new FICO score beginning in 2027. The move builds on Pulte’s announcement last year that Fannie Mae and Freddie Mac would begin testing VantageScore 4.0 as part of the mortgage underwriting process. The National Association of REALTORS® welcomed the change, saying a more modern approach to evaluating credit could broaden access to mortgage financing. The updated models may be particularly helpful for consumers with limited traditional credit histories, giving more prospective buyers an opportunity to qualify for a mortgage. “The Federal Housing Finance Agency’s announcement marks an important step forward in modernizing the mortgage marketplace,” says NAR Executive Vice President and Chief Advocacy Officer Shannon McGahn. “For years, the National Association of REALTORS® has advocated for a more competitive and innovative credit scoring system, one that better reflects how consumers manage their financial lives today.” VantageScore 4.0 was created by Equifax, Experian and TransUnion and is designed to evaluate credit behavior over time. The model can also incorporate certain payment information that has historically received less consideration in credit scoring, including rental, utility and telecommunications payments. Consumers who consistently make those payments on time could benefit from having that information reflected in their credit profiles. The Fair Isaac Corporation, commonly known as FICO, is working to implement its own modern score. “Introducing competition into the credit scoring process has the potential to lower costs, improve efficiency and open the door to qualified borrowers who may have been overlooked under older models,” McGahn says. “By allowing multiple credit scoring models that consider rent, utility and other payment histories, this policy can provide a fuller picture of a borrower’s creditworthiness and open the door to homeownership for more Americans.” NAR says the availability of additional credit scoring models could increase competition within the credit reporting industry while potentially improving accuracy and reducing costs. NAR will also continue to monitor the mortgage market and the experiences of lenders and consumers as these models are implemented to help ensure they are working as intended. This includes evaluating how the models affect access to credit, accuracy and consistency in mortgage underwriting and the broader homeownership market. For more information, visit fhfa.gov/policy/credit-scores.
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