Author: yajneshkw

More Sellers, Buyers Say: We Need an Agent | Realtor Magazine

Fewer home sellers and buyers are opting to navigate their home sale or purchase on their own, according to the National Association of REALTORS®’ 2015 Profile of Home Buyers and Sellers report. Nearly 90 percent of respondents surveyed say they worked with a real estate agent to buy or sell a home.

That has pushed for-sale-by-owner transactions to the lowest share ever, according to the survey.

Eighty-nine percent of sellers said they sold their home with an agent, while for-sale-by-owner sales only accounted for about 8 percent of transactions (down from 9 percent the last three years).

“Although the Internet and digital technology have created several channels for sellers to market their listings to a wider cast of potential buyers, the preference to use a REALTOR® to sell a home has never been stronger,” says Chris Polychron, NAR’s president.

The majority of home buyers reported that the Internet was their first step in their home search. Still, 88 percent of buyers who searched for homes online ended up purchasing through a real estate agent.

“Although buyers between the ages of 18-24 were the most likely to use an agent (90 percent), over 85 percent of buyers in each of the other age categories also used an agent during their home search,” Polychron says. “With tight inventory conditions leading to stiff competition in several parts of the country and what’s found online sometimes not entirely accurate, buyers are turning to REALTORS® for expert advice and assistance in navigating today’s fast-moving housing market.”

The home search resources that are gaining the most popularity lately are mobile and tablet applications, increasing from 45 percent in 2013 to 61 percent use among buyers this year.

Credit, Mortgages and Your Ability to Buy a Home: It Doesn’t Have to Be Scary | U.S. News Real Estate

The subprime mortgage crisis is still a wound that hasn’t fully healed for many Americans, serving as a cautionary tale against buying a home. The fact that millions of people lost their homes is hard to forget, and many who witnessed the tragedy are leery of entering the market for fear of another housing bubble just waiting to burst.

Margaret McNeal, a housing counselor for ClearPoint Credit Counseling Solutions, a national financial counseling organization based in Atlanta, says many homebuyers didn’t understand their mortgages, which became a major contributor to the housing crisis. “Primarily, people weren’t educated,” she says.

While the economy has largely returned to pre-recession levels, and the real estate market has recovered, many consumers are still a little gun-shy to close on a home.

John Sulzbach, a financial and housing counselor for LSS Financial Counseling in Minneapolis, likens lending to a pendulum, swinging back and forth over time, reacting to market events and borrowers. “It went from greed in 2007 to fear in 2008, ’09 and ’10. Now I see that pendulum is coming back to a more neutral position,” Sulzbach says, adding that lenders are doing their due diligence when considering a loan and want borrowers to do the same.

Buying a home shouldn’t be scary. The key is understanding your financial situation and what you are able to afford, as well as the kind of lending you sign on for. Following the steps below will not only make buying a home possible, but a positive financial move.

Know your credit score. Potential homebuyers should know their credit score and any problem areas in their credit history, which can be obtained through a number of free providers like AnnualCreditReport.com.

With your credit report, you can spot errors and areas that require additional effort to improve your credit score, which could help get you better mortgage rates.

While a mortgage may have seemed hard to come by unless you had stellar credit during the recession and immediately following it, that’s not the case today. Those with credit scores below the good rating of 700 can potentially show their creditworthiness through nontraditional credit scores, which factor in nontraditional lines of credit, such as utilities payments and rent that aren’t included in a FICO score.

Sulzbach recommends using a nontraditional credit score to see what actions might best improve your credit history, rather than to actually get a home loan. He says he advised one interested homebuyer with little credit history who couldn’t receive a FICO score. In that case, the buyer used a nontraditional score to see what credit areas he should work on.

Though less common, nontraditional lines of credit are used by some lenders to determine the best possible loan for a borrower, like with BECU, a credit union based in Seattle that primarily serves residents and workers in Washington. Lorraine Stewart, vice president of mortgage lending at BECU, says nontraditional sources of credit can be helpful for finding the right type of financial assistance for a member with a weak credit history.

“Many people out there today – especially first-time homebuyers – a lot of them haven’t established a lot of credit, and so we have to look at alternative sources of credit,” Stewart says.

Educate yourself and get organized. All homebuyers, whether it’s their first house or fifth, should take the time to educate themselves on their finances and changes to government regulations on lending.

McNeal says homebuyer workshops are a great way to learn the process step by step. Many local state and city governments set up free or low-cost workshops that include conversations with real estate professionals so consumers can better understand each group they will work with, from loan representatives to home inspectors.

Banks want you to be more educated as well, McNeal says. “They’re in some cases requiring that you go through some type of workshop – whether it’s online, over the phone, in person – so that you have some knowledge of what’s going to happen throughout this process,” she explains.

Stewart adds that all homeowners should have the necessary documents in order to give the lender during the application process. “You’re going through the biggest transaction in your life – buying a home, especially for the first time – and then there’s someone asking for a bunch of information on top of it,” she says. Pay stubs, W-2 forms and bank statements are among the required documents. You should also be prepared to explain any anomalies in your past, like a significant gap of time between jobs.

Shop the loan before the home. Meet with multiple loan representatives the same way you would meet with multiple real estate agents before choosing one. Explain your needs and get a feel for how well you fit with the lender, especially when you might be tied to the lender for up to 30 years.

When it comes to deciding between a major bank and a smaller, local lender, it ultimately comes down to personal preference. The smaller you go, the more personal experience you could have over a larger lender that might offer more online features to meet a consumer’s immediate needs quickly.

Whichever lender you choose, know that their goal is to make “sound credit decisions,” Stewart says. “All lenders are now tasked with the responsibility to determine if a borrower has an ability to repay the mortgage,” she says.

Buy the home you can afford. While everyone has their own version of a dream home, it’s imperative you stay realistic while house hunting – going after a home you can’t afford or would struggle to keep up with financially can turn that dream into a nightmare.

Before actually stepping into the world of owning a home, Sulzbach recommends that you ?pretend you’re buying a house. If you think you can afford a certain amount in monthly mortgage payments, and the amount is more than your rent now, put the difference into savings each month. Take into account the cost of utilities and maintenance that are currently included in your rent and put that away, too. The exercise will give you a realistic view of the cost of owning a home before taking the plunge.

The additional savings will be put to good use, Sulzbach says: “Now you’re saving up for that down payment.”

Reyne Stapelmann: Why Sell Your Home Over The Holidays? – Noozhawk.com

The holidays are upon us and, yet, there are motivated buyers out there looking for just the right property.

For many companies, January marks the beginning of their fiscal year and there may be new positions to fill. These new hires are motivated and are already searching online, through our very limited inventory.

Some buyers have been looking for quite a while, and have just not found the property of their dreams, but still want to take advantage of the fantastic low interest rates. Your home may just be what they are looking for.

Some investors are being dealt with a tax deadline and really need to identify and close on a property to avoid tax consequences. This may be the perfect time to get your property on the market.

To see if this holiday season is the right time for you to sell, contact your REALTOR® and discuss your situation. It is important that your home is priced to sell, shows well (staging may be recommended) and high-quality photos are used to maximize the marketing power of your home.

Keep a general tone while decorating for the autumn or winter seasons. With fewer properties on the market, your home will shine, and with less competition, it won’t be lost in a sea of inventory.

The holidays may very well be a strategic time for you to market and sell your home

How to Clean Your Washer and Dryer | Home Matters blog | ahs.com

Taking the time to clean your washer and dryer can help make your machines more efficient and even prevent scary fires. See what you can do to keep your laundry room mildew and danger free.

Photo by: Shutterstock

We all know how to clean a load of laundry, but did you know that your washing machine itself needs to be cleaned at least once a year, if not monthly? You may be thinking, “Doesn’t the washing machine get clean while it does laundry?” Sadly, the answer is no. After each load, your machine still stays wet inside, which can turn it into a breeding ground for mold and mildew. Don’t worry—it’s simple to clean and maintain the inside of your washing machine.

If you’ve got a front-loader, you should clean it once a month, especially if your clothes aren’t coming out as fresh as you’d like. Set your washer to the hottest, longest wash setting, add two cups vinegar and a quarter-cup of baking soda and start the cycle. Once the cycle is complete, scrub around the inside of the drum with a quarter-cup of water and scrub sponge. Give it a quick dry, and you’ll be all set for at least a month.

Cleaning a top-loading machine is much the same, though it takes a little longer. Set your washer to its longest cycle and fill it with hot water. Add four cups of bleach and let it swirl around in there for a bit. Then shut the washer off and allow the bleach and water to sit for an hour. After an hour, turn your washer back on and let it complete its cycle. Once complete, repeat the process using four cups of vinegar instead of bleach. Just before the hour-long soak is over, dip a scrub sponge into the vinegar water and clean in and around all exposed surfaces, including the softener cup and the outer lip. Then start the cycle and allow it to finish. Once it’s done, dry the interior.

Next up: your dryer. It’s frightening to think about, but clothes dryers accounted for more than 90% of fires in the home in 2010. Failing to clean the dryer vent was the No. 1 source of the fires. So if you’ve never checked your lint trap or dryer duct, now’s the time to do it. The interior vent is simple to check, and most of us already know to clean it after every load. There’s usually a vent flap on or inside the dryer—simply pull that flap and clean out the screen after each load.

Now it’s time to clean the dryer duct. First, disconnect the dryer from its power source and pull the dryer away from the wall. Then you’ll need to disconnect the dryer vent from the dryer and look inside. If the walls of the dryer duct are completely coated in lint, replace the vent with a new one from your local hardware store. If you just see a little lint buildup, grab your vacuum cleaner hose and suck out as much debris as you can. You can also purchase a vent cleaning brush that will help you brush away any lint still caught inside the duct.

A clean washer and dryer can help make the laundry process much more efficient and pleasant. Be sure to take the time to clean your washer and dryer. Your clothes will thank you!

First Time Home Buyers Tips: Understanding How To Calculate Property Taxes And How Payments Work : Home : Realty Today

    If you are about to buy your new house or condo, this may be the first time that you will need to take a deeper dive in understanding property taxes. Here is a summary on how property taxes work, how to determine property rates, and how to calculate property taxes.

    First of all, it is worth noting that the property taxes are assessed by local governments as a means for paying for public services such as fire fighting, road maintenance, and police works. Whether you are buying a condo or a house, the property where your home is positioned, is inside an ‘assessment area’. As your local government comes up with your local tax rate, they will calculate your property rate basing on the market value of similar homes in your community. To determine how much property tax you owe, multiply your tax rate by your home’s assessed value.

    Next thing you need to understand about property taxes is that it can be part of your closing costs. When you close on your new home, property taxes should be paid. Your agent will help you understand the amount and terms needed to pay for your property taxes. Usually, you will have to pay a pro rated amount of your property tax that will cover the whole time from your purchase to the end of the year. After that time, you will need to pay for your assessed rate in full.

    Lastly, keep in mind that these taxes can be factored in to the rest of a person’s overall tax picture. You may need a financing expert to help you determine if you can write your property taxes off against your income tax so as to save some extra cash. Home ownership comes with some tax benefits, so using them from day one would be a smart step. And as a conclusion, all taxes including property taxes are part of living that all home buyers have to face. When you are about to buy a home, understanding property taxes is very important. So if you have a real estate agent, maximize his/her service by getting information and advice about these taxes.

Home Buyers Don’t Need to Fear | Realtor Magazine

Home shoppers no longer need to tremble all the way to the lenders’ office or have nightmares over being denied  a home loan – all the troubles that have been prominently spotlighted by many news reports in recent years. A new report confirms: It’s getting easier to get a mortgage – and as a bonus, borrowing costs are still low. 

Over the past year and a half, the federal government and enterprises have taken several steps to open up the credit box, and the efforts may finally be showing signs of paying off.

Credit scores on closed loans in September dropped to the lowest level since Ellie Mae began collecting the data in August 2011, according to Ellie Mae’s latest Origination Insight Report. The average FICO score for closed loans has fallen throughout the year – from 731 in January to 723 in September.

“Average credit scores declined to the lowest levels we’ve seen since 2011,” said Jonathan Corr, president and CEO of Ellie Mae. “We are also seeing rates fall while the time to close is also decreasing. It will be interesting to see if these trends continue as we begin to see impacts from TRID.”

Closing rates remained high with more than 66 percent of all loan applications closing for the third consecutive month. The closing rate on purchase loans rose to 71 percent. Also, the time to close on all loans dropped for the fourth consecutive month to 46 days.

And more good news for buyers: The 30-year fixed-rate mortgage continues to remain well-below 4 percent. Freddie Mac reported this week that average rates were 3.79 percent nationwide for the week ending Oct. 29, down from 3.98 percent a year ago. Fifteen-year fixed-rate mortgages averaged 2.98 percent, down from 3.13 percent averages a year ago.

How To Sell Your Home In The Fall by Neal Johnson | WilmingtonBiz Insights

There’s a lot of debate about which season is the best time to sell a home. Some people claim spring, while others say summer. Fall is often listed as a great choice, and most people will agree that winter is for hunkering down and staying put. At Network Real Estate, we believe the very best time to sell a home is when you’re ready, and this will be different for each homeowner depending on his or her unique situation. If that time has arrived for you, you’re in luck. Autumn is actually one of the best times to put your home on the market, especially if you follow these tips and tricks for selling a home in the fall. 

1. Curb Appeal Still Counts. The weather is cooling and the leaves are falling, so potential homebuyers will probably want to rush through the front door instead of lingering on the lawn, right? Wrong! Sure, you probably don’t need to mow the grass every weekend, but you must keep the exterior of your house neat and tidy to put your best foot forward. Rake your leaves, hire a tree service to trim unsightly branches, and place a few festive dashes of fall on your front porch, such as pumpkins and mums.
    
2. Get Cozy and Comfortable. The days are getting shorter and the nights are getting cooler, which means your house should be extra warm and welcoming. Keep things cozy by turning up the heat, burning a cinnamon-scented candle, baking a loaf of pumpkin bread, and flipping on the lights to help combat the darkness outside. If you have a fireplace, make sure it’s roaring before anyone arrives. After five minutes in a home this cozy and comfortable, your guest will have a hard time leaving, which is great news for you.
    
3. Season Your Décor. A few well-placed and carefully chosen accents that speak to the season can help make your home seem like a place worth celebrating year-round. A vase of fall foliage, a bowl of seasonal fruit, or a small collection of decorative gourds on the mantle is a great way to bring the spirit of the season inside without overwhelming potential buyers. Remember: When it comes to décor, less is more!
    
4. Give Your Windows Some TLC. Natural light is liquid gold, but supply is limited in the fall. Take full advantage of all the sunshine you can by making sure your windows and screens are freshly cleaned and streak-free. The same goes for blinds and curtains. If you have heavy drapes, trade them out for a lighter fabric in warm, rustic colors like red or chocolate. This will help open up the room and is a great way to bring a little fall flair inside.
    
5. The Earlier Bird Buys the House. It doesn’t matter how clean your windows are or how appealing your curb is – if you’re showing your house when it’s pitch black outside, your hard work will go unnoticed. Avoid this trap by scheduling your showings earlier in the day. While this will be difficult for those who work a traditional 9 a.m. to 5 p.m. schedule, you can get around that roadblock by holding your showings on the weekends, ideally between 2 p.m. and 4 p.m. Not only will this provide the best light, it won’t interfere with Sunday afternoon football – a move many buyers will appreciate.

Buy a house or a condo, which is right for you? | Valley News

When you decide to enter the housing market, there are many decisions to be made. One of the first is always deciding on what type of residential real estate you want to call home. There are two basic choices – a house or a condo. There are benefits and downsides to each and the ultimate experience of living in either can vary greatly.

While the appeal of a single-family home for most families is rather obvious it is important to understand the basic difference between a single-family home and a condo before the decision is made and one or the other is ruled out completely. You just may find that depending on your situation that a condo or a home is the only real reasonable option for you.

Follow along as we examine the pros and cons of owning and living in a condo and a single-family home.

Condo vs. Home: The Pros and Cons

Size: In most cases a single-family home will have more square footage than a condo. This is not always the case as there are some small two bedroom houses and some very large three and four bedroom condos out there. Typically though, you can expect to find smaller spaces in a condo. Depending on your particular needs you may find a smaller living space to be more ideal. You’ll have less to decorate (less clutter), clean and heat/air condition.

With a house, you’ll typically have the option of adding additional space and repurposing space while in a condo it will be impossible to add on to your home.

Maintenance: Many who choose the Condo lifestyle do it because of the lack of required maintenance. This is especially true with older homeowners who do not want to take care of the exterior maintenance of the structure or a landscaped yard.

It is important to investigate and find out exactly what maintenance the condo association provides for the monthly HOA dues you’ll be paying every month. Typically, the HOA will pay to have the complex grounds professionally maintained and you take care of the interior of your unit. Collectively, every condo owner shares in the cost for this service as part of the monthly HOA dues.

Privacy: A single-family home is generally much more private than a condo. As a single-family home, it is self-contained on its own land with at least some space and a fence or wall between houses. On the other hand, condo’s typically share at least one wall.

Privacy is perhaps the biggest differentiation point between owning a single-family home and a condo and a personal decision that you must make on your own. If distance between you and your neighbors is a high priority, then you’ll likely opt for the privacy that a single-family home offers.

On the other hand owning a condo typically offers some unique advantages that could be cost prohibitive if purchased individually and added to a single-family home. Most condo’s offer a variety of amenities that may include (not all offer all) a swimming pool, a jetted hot tub, sauna, fitness center, and a children’s playground. Many people like the closeness of the condo community as it is typically much easier to meet your neighbors and find new friends.

Financial Health: While some single-family homes are in a community that has a Home Owner Association (HOA) nearly every condo has an association that is responsible for managing the financial affairs of the neighborhood. Typically each owner is assessed a monthly or quarterly fee (dues) that cover the common use expenses such as the insurance, maintaining the landscape, trash service, general maintenance of the building exteriors, pool maintenance and taking care of other amenities and equipment owned by the association for use by association members.

If you own a free-standing single family home, without an HOA, typically you won’t be concerned if your neighbors fall behind on their HOA dues or other obligations.

Purchase Financing: The process of obtaining financing for a condominium can be very different for financing a single-family home. With the purchase of a single-family home you can use any home loan that you qualify for – whether it be a Conventional, FHA or VA loan. With a condominium, it’s important to verify that the specific condo will qualify for a specific loan – this can be tricky at best.

There are many Condo Developments that are not FHA approved. One reason might be that the Condo Association does not want to spend the money to be approved by the FHA. While it is not terribly expensive, there are some associations that are penny wise and pound (dollar) foolish; locking out the large pool of First Time FHA buyers and thus reducing the salability of individual units, which in turn holds property values down. Another common reason that a Condominium complex does not qualify for an FHA Loan, is that the ratio of owner occupied and rental units.

The advantage of FHA financing, particularly with first time buyers is that the buyer only needs a 3.5 percent down payment. When you decide to pursue the purchase for a Condo, have your real estate agent identify those Condo Complex’s that are FHA Approved.

HOA vs. CONTROL: When buying a single-family home outside of an HOA, you are buying a home that you can pretty much do what you want with – inside and out. On the other hand, when you buy a home – either single family or condominium – with an HOA you are subjecting yourself to the rules and regulations of the HOA.

For anyone who wants total control over their home and property, then an HOA is probably not going to work. With control of your property you do not have the safety-net that an HOA provides by maintaining the property and that all owners/occupants have to comply with the rules that have been agreed upon.

Of course, because it’s yours, you can do anything you want that the city/county will allow you to do. This could include painting your home purple, building a new structure, parking cars anywhere you want on your property or filling your yard with plastic pink flamingos.

In an HOA home, you will not be able to indulge in any of the above; rather you’ll be limited in what you can do. Like all of your neighbors, you’ll have to observe the rules of the HOA. There will be restrictions as to what you can do with your homes exterior and even where you can park your car. These types of restrictions are intended to maintain the integrity and value of your neighborhood.

Purchase Price: Typically, a single-family home will be more expensive than a condo, for a number of different reasons that we’ve already discussed above. While a single-family home may be more desirable on many different levels, purchasing a condominium may make financial sense for the first time home buyer with a more limited budget and less cash available for a down payment. Condo’s also make perfect sense for empty nesters or anyone on a fixed income budget and wanting to make the dollar stretch further.

What is right for you? There is no right answer for everyone – you must decide for yourself if buying a condo or a single-family home makes sense for you. Let’s take a look at the Pro’s and Con’s of buying a house vs a condo.

Single-Family Home – Pros and Cons

• Private yard
• Maintenance and landscape is always the homeowners expense
• No restrictions (typically – unless imposed by the city or county) on what color you paint your home or what style mailbox you install or anything else you want to do to the property – inside or out.
• All costs – Insurance, Trash, Maintenance are the homeowners to pay (and select)
• No Condo Fees
• Control of the property is the homeowners

Condominium – Pros and Cons

Restrictions such as age, pet and ratability may be in place. Depending on the buyer, this can either be a good thing or a bad one.

If you want to change anything on the exterior of your unit like landscaping, raising a flag or changing any aspect of the unit, you must ask permission from the HOA

Condo’s may offer amenities that otherwise could not be afforded – pool, gym, craft room, clubhouse or other frills.

Maintenance expenses cannot be paid on you schedule but are subject to the HOA

The advantages and disadvantages of single-family homes and condominiums are numerous. While we can’t cover every aspect of the decision making process, hopefully it will allow you to grasp some of the differences and allow you to explore the options that fit your personality, your lifestyle and your budget further. From both a financial and an emotional standpoint, give yourself ample time to decide which is right for you and your own unique situation.

Open House Hacks: 9 Tips for Staging Your Home to Sell – Real Estate News and Advice – realtor.com

Whipping your place into its most marketable shape might land you a buyer with a dream offer. And it might all spring from a terrific  open house—the kind where every attendee is entranced, the hors d’oeuvres are delicious, and nothing remotely goes wrong.

You don’t have to hire a pro home stager and rent all new furniture to get the look buyers love. We asked agents and home staging experts for their secret staging hacks. Here are nine little moves that have a great impact for minimal effort or money.

1. Strip the windows

“Light and bright is what sells,” says Randy Wine, a real estate agent in Rutherford, NJ. So pack away your curtains. “They might be beautiful, but they’ll darken and date the room. You can leave the sheers, but take down the drapes.”

Pull the blinds all the way up. “If blinds are left in the down but open position, that can reduce light by 50% over the course of the day,” says Justin M. Riordan, founder of Spade and Archer Design Agency in Portland, OR. And make sure your windows are sparkling clean; they let in more light and just look nicer, too.

2. White-out the bathroom

Just as hotels use white items to reinforce the idea that they’re clean, white in the bathroom makes things look fresh and new.

“Even if you can’t replace cabinets or countertops, at least purchase fresh white towels,” says Sheila Schostok of Your Home Matters Staging & Redesign in Lake County, IL. And add a white shower curtain, white soap dish, and new white bathmat (though, if your bathroom floor is a selling point, skip the bathmat).

3. Update kitchen fixtures

You don’t need to replace the countertops or even paint to give your kitchen an update. The solution is simpler and cheaper.

“Replacing an old light fixture with a nice modern one from Home Depot can do a lot to improve the look of your kitchen,” says Wine.

If your drawer pulls and cabinet knobs look dated, swap them out for the style and finish that’s most sought-after in your area, whether that’s brushed nickel or polished brass—ask your broker what’s hot.

4. Flip every switch

Lighting up the house by turning on every lamp and overhead light will make prospective buyers confident that you have nothing to hide. Remember, you’re not trying to create “atmosphere” like you would at a dinner party—you’re showcasing a product for sale. Place floor lamps in dark corners. “An inexpensive, high-intensity floor lamp directed at the ceiling can do a lot to make a room look bigger and brighter,” says Wine.

5. Replace wall art with mirrors

Whether your walls feature fine art or family photos, swap those personal pieces out for a large mirror on one or two key walls. Since people’s taste in art varies a lot, you should hide prominent paintings or art photographs unless you are confident they have broad appeal.

“Mirrors have the advantage of maximizing light to make rooms look bigger and brighter,” says Wine. If you have a nice backyard, try placing a mirror on the wall across from the window that looks out on the yard, so the greenery will be reflected and visible from multiple angles in the room.

6. Roll up rugs

Hardwood floors are a major selling point for most buyers, and a rug that’s even slightly stained or tattered is a turn-off. So don’t hide wood floors, unless they’re a mess or your rugs are classic and pristine. Always remove area rugs from your kitchen, because the room will feel cleaner and more spacious without them.

7. Swap out lampshades

To make a room look more light, clean, and modern, replace any old lampshades for new white drum shades, which are cheap and readily available at Ikea and Target.

8. Set the table

Elaborate table settings can have an overly staged look, but if your dining room table has seen better days or the room could use some livening up, set the table with simple modern place settings from CB2 or Bed Bath & Beyond. Go for modern white plates, sleek stainless-steel cutlery, and stemless wine glasses atop neutral-hued place mats or a tablecloth. If the room could use a touch of color, add vibrant napkins.

9. Add a metallic accent

Making a room look more luxurious and contemporary is as easy as adding a metallic accessory or two—like a silver leather throw pillow, a bronze side table or garden stool, or a copper tray.

“Metallics add visual appeal, but they’re less controversial than color,” says Wine. “They’re like glamorous neutrals.”