Homeownership can be complicated, but we also think it’s one of the most rewarding ventures out there. In our new series, Ask an Edina Realty Lawyer, we are hoping to demystify some of the trickier aspects of buying, selling and owning a home.

In this edition, one of our lawyers recaps how buyers and seller can protect themselves against cyber-crime and other online security breaches. Please note: This is not intended to provide legal advice.

Dear Edina Realty Legal,

There’s a lot of talk about cyber-crime in the news. Does this affect the real estate industry?

Edina Realty Legal:

Unfortunately, it does. These cyber-criminals — people who commit theft using the internet, email and other technology — will look anywhere for money to be stolen. And that includes real estate transactions. But if you’re careful, you can avoid falling prey to these schemes.

Across the country, the real estate industry has seen a significant increase in the efforts of cyber-criminals to steal money out of real estate transactions. These scams are ever-changing, but here are the general elements of the most common fraud attempts we have seen recently:

1. A fraudster will send a malicious email that seeks to trick the recipient into providing personal information (often a username and password) or clicking on a link or an attachment that contains a virus, infecting the recipient’s computer.
2. The goal of the email is to gain access to computer systems of someone involved in a real estate transaction (like a buyer, seller, real estate agent, or closer). Once the access is given, criminals can log in to learn details of that upcoming transaction.
3. With those details, the criminal can create an email that appears to be from a legitimate source. Typically, this email asks the buyer or a closer to wire funds into an illegitimate bank account.

How to protect yourself against cyber-crime

That may sound a bit scary, but there are precautions you can take to protect your money. These rules can be applied to every technological aspect of your daily life, not just if you are involved in a real estate transaction:

• Never send money to anyone who requests it by email without first personally contacting someone you know (like the title closer or your real estate agent) to confirm the request is legitimate.
• When confirming the request, don’t rely on the phone number that was provided in the email; the criminals often put their own phone number in the email. Use a phone number that you know or look up the number on the internet.
• Use care in dealing with emails. If you receive an email from someone you don’t know with a link or attachment, don’t click on it without verifying that it’s legitimate. And never provide important private information like your username, passwords, bank accounts, pin numbers or other items that might allow criminals to take advantage of you.

Cyber-security is a top priority at Edina Realty. We are constantly evolving to meet the threats of these cyber-criminals as they become more sophisticated.

The Edina Realty Legal Department serves as in-house counsel for Edina Realty and does not represent private clients. This insight is not intended to provide legal advice.

Key Insights

• A contingent home is under contract with another buyer, but the final sale is dependent (contingent) on a specific set of criteria.
• There are several different types of contingencies.
• You can exclude “active contingent” properties from your search results on EdinaRealty.com.

If you’re a homebuyer searching for homes online, you may find yourself falling for properties that are labeled “Active contingent,” but do you know what that means?

In short, a contingent property is under contract with another buyer, but the final sale of the home is dependent (contingent) on a specific set of criteria that must be met. If the contingencies are not satisfied, the buyer or seller may be able to cancel the purchase agreement.

Pending status

After some of a sale’s contingencies have been removed, the home will be listed as “pending.” A pending property status means that the sale is more imminent and both the buyers and sellers are marching toward the closing table. Those transactions are usually subject only to a financing contingency, a sign-off on the title, and a final walk-through of the property.

Common contingencies

There are many different types of contingencies, but here are some of the most common scenarios.

Contingent, subject to inspection: The buyer and seller have signed a purchase agreement (contract), but the buyer is allowed to cancel the deal if the buyer does not like the results of the home inspection. Usually, these inspections take place a few days after the purchase agreement is signed.

Contingent, sale of another property: The buyer and seller have signed a purchase agreement, but the buyer is allowed to cancel if the buyer’s own home does not sell. This may be critical for the buyer, who is protected against having to buy before they have sold their current home. But the seller may call the contingency — which happens, often if the seller receives another offer — and the buyer may lose the deal if they cannot get their home sold within a short period of time. Likewise, a seller may list their home for sale contingent upon finding a new home.

Contingent, subject to third-party approval: The buyer and seller have signed a purchase agreement, but the seller’s lender must approve the sale because the sale proceeds will not be sufficient to pay off the seller’s mortgage loan.

Contingent, subject to statutory right of rescission: The buyer and seller have signed a purchase agreement, but the buyer has a limited period of time to cancel the contract under a state law that provides a rescission period for the purchase of condos, townhomes, or cooperatives.

There are also other contingencies, including those related to financing, that fit into a different category. Ask your REALTOR® for insights about these types of contingencies and how they could affect your home purchase or sale.

Can I tour a home that’s listed as contingent?

Technically, yes. But not all sellers will be interested in having buyers in their home after they’ve accepted a purchase agreement.

Your Realtor can help you weigh the pros and cons of touring a contingent house; they can also help you set up the desired tours.

I’m tired of falling for houses that are contingent. How can I exclude them from my search?

In that case, you’ll want to limit your search to homes with a “For Sale” or “Coming Soon” listing status. When searching on EdinaRealty.com or our mobile app, you can filter by status to include or exclude listings that are:

• For Sale
• Active contingent
• Pending
• Sold
• Coming Soon

Why would a buyer want to include a contingency in their offer?

Contingencies protect buyers from varying circumstances that are beyond their control and that can cause financial strain.

Buyers who worry about purchasing a “money pit” can feel reassured by an inspection that shows the house is free of major defects and doesn’t require immediate repairs.

Buyers who are submitting an offer contingent on their home sale don’t have to worry that they will be stuck with two mortgages if their current property lags on the market.

If contingencies are advantageous to buyers, why are some homes sold free and clear of them?

In a low-inventory market, sellers hold the advantage, and buyers often compete over a shortage of homes listed for sale. Some buyers choose to make offers that are free and clear of all contingencies as a way to stand out from a crowded field. This is not without risk, and your Realtor can help you determine if it is the right strategy for you.

Sellers who wish to move may be eager to nix the inspection and all other contingencies, and head straight to closing.

Does a buyer’s contingency ever benefit a seller?

The main benefit of accepting a contingent offer is that it indicates that a sale is in process. Cancellations can be due to contingencies, financing, the buyer losing a job, and more.

In most cases, the accepted offer leads to a closed and final sale — the ultimate goal for any home seller.

How can sellers prevent a contingency from tanking their sale?

To prevent a situation where the contingency tanks the sale, sellers can also entertain “backup offers.” A backup offer is exactly what it sounds like — it means the seller can have a second prospective buyer on the hook if the first accepted offer does not go through.

Sellers who wish to go down this path can work with their Realtor to accept a backup offer that ensures the secondary offer is legally binding and effective immediately, should the initial buyer back out, but also allowing the seller to cancel the back-up offer if the first transaction is going to close.

Have more questions about buying and searching on EdinaRealty.com?

We know there are a lot of real estate terms to learn. Reach out to our customer care team anytime to get help or to be connected with a Realtor in your area. We are here to help you move forward in your home search and purchase.

Note: The property search on edinarealty.com uses listing data that is provided by several local Multiple Listing Services (MLSs). Some MLSs do not offer an Active Contingent status. As a result, it is possible to exclude Active contingent properties from a search and still get results that might include properties that are under contract.

Sharry Schmid, president, Edina Realty

As president of Edina Realty, Sharry Schmid provides guidance and direction to over 2,300 REALTORS®.

In the spring of 2021, the housing market experienced frenzied activity, due to pent-up buyer demand and the effects of persistently low inventory levels. Some buyers, particularly those looking for starter homes, found themselves losing bid after bid, while sellers were reporting bidding wars on homes that had been listed for mere hours. Since then, this level of competition has moderated some, but we are still far from equilibrium.

While no one can predict the future, most housing experts are in agreement on a few key factors. Here’s what buyers, sellers and homeowners can expect from the housing market in 2022.

Home buyer expectations

Overall, buyer demand will continue to out-pace the supply of available homes for sale. Buyers should be prepared to be patient as they make offers on homes in their desired areas and price points.

• Inventory will continue to rise, slowly. While we still expect 2022 to remain a sellers’ market, buyers should face less competition than they did in 2021.
• Prices will continue to rise, but experts agree that the growth will be more tempered. Most economists are predicting a price growth of between 5-9%. By contrast, home prices rose nearly 16% in 2021.
• Interest rates are likely to increase this year, due to inflationary pressures in the broader economy. If this happens, buyers will have to shift their budgets. When interest rates go up, those applying for a home loan will see their buying power diminish.
• Home affordability will continue to be an issue for many would-be buyers who are priced out of the market, especially if interest rates rise. The median sales price in our 13-county metro market in October 2021 was $340,000. Wisconsin buyers, depending on their location choice, may see homes at lower price-points. The median home price in October 2021 across the state of Wisconsin was $245,000; western Wisconsin saw a median home price of $249,900.
• New construction is on the rise, but worker shortages, supply chain issues and the rising costs of construction mean that new developments will not be the solution to our low inventory issues.

Home seller expectations

For sellers, the forecast continues to look pretty sunny. However, sellers should remember that the market has slowed since its 2021 peak.

• The pace of the market will remain fast, but likely less frenzied than it was in spring of 2021. It may be important to remember that having a house on the market for a few weeks is normal, and may not necessarily indicate the home is priced incorrectly.
• Bidding wars may still happen for homes in stellar condition or in highly sought-after neighborhoods. Sellers should work with their REALTOR® so they have an understanding of the demand for similar homes in their area.
• Home improvements, even in a strong seller market, are still a smart idea. Many of today’s buyers have been waiting years to purchase, but they are not willing to lower their expectations even after years of patience. It’s important that homeowners recognize they will either pay to improve the home before selling, or will have to factor in a lower selling price at closing. Here are the five home improvements with the best return on investment.

Homeownership trends

While we are not out of the pandemic, some trends that began with COVID-19 are here to stay. The primary trend is the growing desire to move further away from the urban core and to expand on outdoor space, which is a reversal from the demand we saw in inner-ring suburbs over the last decade.

• Green space and privacy are still wildly important to homebuyers and homeowners, who now understand just how important that extra outdoor space can be.
• Work-from-home and hybrid jobs are also spurring homebuyers to look at homes in more distant locations, because they no longer have to factor in a daily commute.
• Flexible spaces and bigger footprints are, not surprisingly, still in high demand as parents remember the stress of distance learning and at-home officing in tight quarters.
• Second homes and lake homes continue to be popular, but today’s buyers are asking more questions about the wifi service in rural areas than ever before. For those who have the ability to work remotely, these homes could be an ideal location — if the connection is right.

Buying or selling in 2022?

I’m proud to work alongside more than 2,300 local market experts who help buyers and sellers in every city across Minnesota and western Wisconsin. If you’re considering buying or selling in the next year, reach out to Edina Realty or your local real estate agent to start the process.

Holiday home staging requires a delicate balance. While it’s fun to add festive elements to your space, it’s most important to focus on your property’s top features when staging your home for sale.

Here, we’re sharing insights from top Edina Realty agents on how to embrace the season tastefully – and expertly stage your home to sell over the holiday season with success.

Interior staging tips

Do consider your tree space

Remember to consider the size of your room before you buy a holiday tree. You’ll want to decorate with a tree that complements the space and helps create the illusion of a larger room.

Keep in mind, placing a large tree in an already tight space could make the room look smaller and potentially turn off some buyers. On the other hand, a tall tree can be used to your advantage when showcasing a room that already features impressive height.

Don’t clash with existing home decor

When selling before the holidays, it can be tempting to toss up your typical seasonal decor. This time around, you’ll want to take extra care to match your holiday decor to your home’s current color and design scheme.

When in doubt, lean into natural design elements, such as:

• Pinecones and wooden accents
• Festive but natural hues, like oatmeal or silvery green
• Leafy garlands and plants

Do accentuate the positive

Just as you would stage throughout the rest of the year, use accessories to draw attention to your home’s best features. Some ideas to highlight (but not hide) your home’s most impressive areas include:

• Flameless candles on an interesting windowsill
• Garland on a stately mantle or staircase
• A decorative centerpiece on a desirable kitchen island

Don’t cover up the negatives

Holiday decor can be used to accentuate your home’s best features, but don’t use a snowglobe or ornamental stocking to cover up anything that buyers should know about. During any time of the year, it’s important to disclose necessary information to potential buyers.

Exterior staging tips

Do use real greenery

“Adorning the front porch or walkway with potted spruce tops shows an effort in making a house a home. And, when all else is barren, fresh greenery is all the more beautiful,” said Jen Kyllonen, an Edina Realty agent from the 50th and France office.

And, if you have existing shrubs on your property, keep them free of snow. The extra greenery from the shrubs will help your home’s exterior pop against the snowy winter backdrop.

Don’t overdo the lights

Holiday lights are a great way to brighten up your home’s exterior, but it’s important to create a simple and classy setup. Here are some ways to enhance your home with subtle lights:

• Replace all exterior bulbs with matching warm white lights.
• Turn on uplighting, in-ground lights or other outdoor fixtures.
• If stringing lights, choose glowing white over colorful strands.

In other words, be sure your home stands out at night, but don’t fight to be your neighborhood’s Clark Griswold.

It’s selling season!

If you’re thinking of staging a home to sell, it’s time to talk with a local expert about putting your home on the market. Reach out to Edina Realty or one of our agents today for a free, no-obligation estimate of your home’s true market value — and get a jump start on selling your home this holiday season.

Whether you’re in the market for a new construction home or simply enjoy gathering renovation ideas for your current property, be sure to check out the highly anticipated Parade of Homes and Remodelers Showcase in Minnesota and western Wisconsin.

Here, we’ve gathered everything you need to know as you plan your visit to the 2022 Fall Parade of Homes.

What is the Parade of Homes?

The Parade of Homes provides home inspiration by featuring the finest properties in the Twin Cities and the surrounding area, including greater Minnesota and western Wisconsin.

Throughout this nearly month-long event, over 340 brand-new homes and 30 remodeled houses are on display and open for the public to tour. While visiting the Parade of Homes, you’ll encounter luxury, green, high-tech and new construction homes. Plus, you’ll get a peek at how homebuilders and remodelers are incorporating the most current design trends in homes today.

When is the 2022 Fall Parade of Homes?

The 2022 Parade of Homes lasts almost a full month, allowing viewers to survey properties throughout Minnesota and western Wisconsin at their own convenience. The fall event concludes with a weekend-long Remodelers Showcase, featuring some of the most impressively renovated properties in the region.

2022 Fall Parade of Homes:

• Sept. 10 – Oct. 2, 2022
• Weekly, Thursday through Sunday
• Noon – 6 p.m.

2022 Fall Remodelers Showcase:

• Sept. 30 – Oct. 2, 2022
• One-weekend event, Friday through Sunday
• Noon – 6 p.m.

Get more information on this year’s Parade of Homes — including special events, free offerings and upcoming tours. And, if you can’t make it to the event this fall, check out the properties with virtual tours.

Renovating your home? Visit the Remodelers Showcase for ideas

This fall, the Remodelers Showcase is offered in addition to the classic Parade of Homes. Over the course of three days, the Remodelers Showcase provides an exclusive look at 30+ remodeled homes in the area.

Attendees of the Remodelers Showcase can learn from contractors and architects who remodel properties to better align with today’s homeowner needs while maintaining the integrity of each unique property. Make note of renovations that catch your eye, as you may find them helpful while completing your own home improvements.

Should I bring my Realtor to the Parade of Homes?

Yes! It is in your best interest to work with a Realtor as you tour the Parade of Homes or as you work to build a brand-new home. Here’s why:

• A Realtor is a housing expert who will thoroughly explain the steps and timeline associated with buying or building a home.
• Your agent will advocate for you throughout the entire process, providing advice on key decisions and negotiations.
• If a Parade of Homes property stands out to you, your Realtor can help discover a comparable property in your desired area.
• Should a challenge arise, your Realtor will help troubleshoot and resolve any bumps in the process.

Be sure to work with your agent to plan a tour that visits the properties that interest you the most. By teaming up with someone who has expertise in the field — and your well-being and best interests at heart — you can rest assured you’re making the right decisions as you purchase a new construction home.

Ready to move this year?

Inspired by the Parade of Homes and Remodelers Showcase? Now’s the time to begin moving forward with your home goals. Reach out to Edina Realty or one of our agents for expert advice on the process of buying, selling or owning a home. We’ve been a one-stop shop for homebuyers and sellers for over 65 years!

If you’ve seen headlines about the housing market in recent months, you likely have noticed gloom and doom reports about higher interest rates and lower pending sales. And while it’s true that increased interest rates are impacting the buying power of would-be purchasers, Edina Realty president Sharry Schmid says there’s no reason to fret about the lower sales numbers or to begin talking about a housing downturn.

“The sky is not falling,” Schmid said in a recent interview. “In fact, once you put the news and data points into context, it shows that we — especially on a local level — are in a better position than many think. And current market dynamics are much different from the housing crisis of 2008.”

Telling the local story

First, Schmid said, it’s important to take note of a few national trends, and then focus squarely on what’s happening in our market of Minnesota and western Wisconsin.

She cites three important stats:

• Nationally, homeowners gained an average of $64,000 in equity between the first quarter of 2021 and 2022¹.
• Locally, Minnesota homeowners gained an average of $29,000 between Q1 of 2021 and 2022; Wisconsin homeowners gained $28,000 in equity in that same timeframe¹.
• Minnesota currently has the lowest unemployment rate of any state in the country, ever². (And they’ve been keeping these records for more than 50 years.)

“It’s easy to compare equity gains on the coasts — which in some cases have reached $100,000 or more¹ in the last year — to equity gains in Minnesota or Wisconsin and think, ‘This is a problem, our prices aren’t rising as fast.’ But in fact, we are showing a healthy level of appreciation when you consider the cost of housing here. We have our extremely strong job market, driven by a diverse range of major employers,” said Schmid.

“Volatility is a key ingredient for both housing bubbles and recessions, so our strong and stable position should provide homeowners, sellers and buyers with some peace of mind.”

How are rising interest rates impacting buyers?

After historically low rates in the 3-percent range for the last several years, the Fed has been increasing rates in 2022 as a way to attack inflation.

When interest rates rise, it brings down the buying power of house hunters. This means that buyers may have to lower their budgets in order to afford a home. But before assuming that buyers will be priced out of the market, it’s important to look into the details, said Schmid.

Locally, buyers who are purchasing a median-priced home, with an average mortgage rate on a 30-year loan and 10% down would pay about $2,200 for their mortgage principal, interest, taxes and insurance³.

“Home prices are rising, but rental costs are, too,” said Schmid. “So while it’s true that buyers may have to lower their home budgets, they can take comfort in knowing that they’re making a monthly payment one way or another. It will benefit them greatly if, in the long run, their housing payments are going to a home they own.”

What else should buyers know about the market?

Buyers can finally exhale, Schmid suggests, as the market’s frenetic pace should slow down in coming months. “While homes won’t lag on the market for months at a time, buyers should be able to take more time looking at homes, and have more options to choose from. Overall, they should feel a bit less stress as they find the right home for their future.”

How are interest rates impacting sellers?

When a homeowner has a lower interest rate on their existing mortgage than they would receive for a new mortgage, they may be unsure about selling their home and re-entering the market as a buyer. Recent headlines have indicated that if enough homeowners decide not to sell, it could exacerbate the already low-inventory market.

But that is also an unlikely outcome, said Schmid. In addition to interest rates, sellers have a number of factors to consider, including their equity position and loan options. “Many sellers are in a great position to use their earned equity for a down payment and to buy down interest rates with mortgage discount points,” said Schmid.

“Furthermore, not all homeowners have a 3% interest rate right now; there’s a significant portion of homeowners who are locked in at higher rates.” In Minnesota and Wisconsin, she said, more than 50% of homeowners have a mortgage interest rate of 4% or above. That makes them unlikely to consider rates as an obstacle and to put their plans on hold.

“While buying and selling a home is a financial decision, it’s also an emotional one. There will always be people who need more space, less space, or to move to a town that’s a better fit for them. Interest rates may impact some homeowners’ plans, but it won’t be a primary driver in seller behavior in the long term,” said Schmid.

What else should sellers know about the market?

Sellers should scrap what they heard at the height of the market in 2020 and 2021, said Schmid. Homes will be less likely to sell in one day in multiple offers, or to sell to buyers, sight-unseen.

Still, said Schmid, “Many sellers will see their homes go for over asking, even if they shouldn’t expect that outcome. And most importantly, your home will sell, and it will sell for a good and fair price. It’s still a great time to be a seller in Minnesota and Wisconsin.”

Need some help navigating this market?

At Edina Realty, we understand that it’s easy to get wrapped up in national headlines about the housing market. But we also know that real estate is local — and no one knows more about the local housing market than we do.

For help buying or selling, or one-to-one insights on the best path forward for you and your family, reach out to Edina Realty or your agent today.

Sources

<sub>1. Keeping Current Matters
2. Star Tribune
3. Minneapolis Area Association of REALTORS® and RMLS, Inc. Data pulled in July 2022 using current rates and median-priced homes for the 13-county Twin Cities metro area.</sub>

FHA loans, or “helper loans,” are backed by the Federal Housing Administration to help first-time buyers or buyers with less-than-perfect credit purchase a home. The FHA takes on a higher amount of risk in order to provide buyers with these loans, so loan limits are placed to cap how much money borrowers can request.

Most Wisconsin counties have a 2022 FHA loan limit of $420,680. While a couple of the more expensive counties have a higher limit of $448,500, including:

• Pierce and St. Croix County

2022 FHA loan limits for Wisconsin counties

If you’re considering an FHA loan in 2022, here are the FHA loan limits for each county in Wisconsin.

Remember, some cities span more than one county. Ask your REALTOR® or lender about the loan limit you can expect if you’re searching for homes near county lines.

Wisconsin county	FHA loan limit for 2022
Adams County	$420,680
Ashland County	$420,680
Barron County	$420,680
Bayfield County	$420,680
Brown County	$420,680
Buffalo County	$420,680
Burnett County	$420,680
Calumet County	$420,680
Chippewa County	$420,680
Clark County	$420,680
Columbia County	$420,680
Crawford County	$420,680
Dane County	$420,680
Dodge County	$420,680
Door County	$420,680
Douglas County	$420,680
Dunn County	$420,680
Eau Claire County	$420,680
Forest County	$420,680
Grant County	$420,680
Green County	$420,680
Green Lake County	$420,680
Iowa County	$420,680
Iron County	$420,680
Jackson County	$420,680
Jefferson County	$420,680
Juneau County	$420,680
Kenosha County	$420,680
Kewaunee County	$420,680
La Crosse County	$420,680
Lafayette County	$420,680
Langlade County	$420,680
Lincoln County	$420,680
Manitowoc County	$420,680
Marathon County	$420,680
Marinette County	$420,680
Marquette County	$420,680
Menominee County	$420,680
Milwaukee County	$420,680
Monroe County	$420,680
Oconto County	$420,680
Oneida County	$420,680
Outagamie County	$420,680
Ozaukee County	$420,680
Pepin County	$420,680
Pierce County	$448,500
Polk County	$420,680
Portage County	$420,680
Price County	$420,680
Racine County	$420,680
Richland County	$420,680
Rock County	$420,680
Rusk County	$420,680
Sauk County	$420,680
Sawyer County	$420,680
Shawano County	$420,680
Sheboygan County	$420,680
St. Croix County	$448,500
Taylor County	$420,680
Trempealeau County	$420,680
Vernon County	$420,680
Vilas County	$420,680
Walworth County	$420,680
Washburn County	$420,680
Washington County	$420,680
Waukesha County	$420,680
Waupaca County	$420,680
Waushara County	$420,680
Winnebago County	$420,680
Wood County	$420,680

Moving forward with a mortgage in 2022

Purchasing a home will likely be one of your largest financial investments — and your mortgage matters. To move forward with the process of buying a home and selecting a loan type, contact Edina Realty or your agent today. We’re here for you, seven days a week.

_{Edina Realty Mortgage is an affiliate of Edina Realty. See Affiliated Business Arrangement Disclosure Statement
Prosperity Home Mortgage, LLC may operate as Prosperity Home Mortgage, LLC dba Edina Realty Mortgage in Minnesota and Wisconsin. All first mortgage products are provided by Prosperity Home Mortgage, LLC. dba Edina Realty Mortgage. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Prosperity Home Mortgage, LLC dba Edina Realty Mortgage is licensed in Minnesota and Wisconsin. Prosperity Home Mortgage, LLC is licensed by the Delaware State Bank Commissioner. Massachusetts Mortgage Lender License ML75164. Licensed by the NJ Department of Banking and Insurance. Also licensed in AK, AL, AR, AZ, CA, CO, CT, DC, FL, GA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NE, NC, ND, NH, NM, NV, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV and WY. NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/) ©2022 Prosperity Home Mortgage, LLC.}

The Color of the Year is an anticipated announcement, providing artists, designers and decorators with an artistic message and muse. The Color of the Year also tends to impact home trends and furnishings, which is especially important for home sellers.

Here are insights you can use as you decorate or stage your home with the 2021 Color of the Year.

The 2021 Colors of the Year

Pantone, Benjamin Moore and Sherwin Williams all announced 2021 Colors of the Year, each with unique hues and selection explanations.

Pantone: Ultimate Gray and Illuminating
Both Ultimate Gray, an elemental gray, and Illuminating, a happy yellow, were selected by Pantone to inform the upcoming year. Pantone describes this pair of colors as “practical and rock solid but at the same time warming and optimistic.”

Benjamin Moore: Aegean Teal
Described by Benjamin Moore as balanced and comforting, Aegean Teal is a soft hue that subtly upgrades any space. Additionally, Benjamin Moore created a palette of colors that harmonize with Aegean Teal, making it easier than ever for homeowners to work with this color trend.

Sherwin Williams: Urbane Bronze
Urbane Bronze is an organic color providing a gentle reminder to slow down and find your sanctuary, whether in nature or elsewhere. At the same time, this hue creates warmth and sophistication in any space, which is perfect for those looking to remodel or sell their home.

Keep in mind, it’s okay that each entity has different colors touted as the Color of the Year. In fact it’s encouraging to witness the variety of perspectives regarding color and design. Having a variety of trend colors gives homeowners more opportunity as they reimagine their spaces.

Selling and staging your home with the 2021 Color of the Year

When staging a house for sale, it’s important to neutralize the space so the future homeowners can imagine themselves living in the area. With that being said, the occasional bright accent or interesting decor piece can add an element of cheer and charm to the space.

Staging your home with Ultimate Gray

Ultimate Gray is a strong yet neutral color that can create a foundation when staging. Placing Ultimate Gray on large surfaces within your space will emphasize its brilliance while maintaining a sense of practicality.

Looking to add some foundational decor pieces to your home while staging? Couches or chairs in Ultimate Gray can provide a solid base for the rest of the space you plan to stage. If you’re ready to pull out the paint brushes, this elemental shade works well on painted tables, wooden furniture and walls that could use a darker-but-neutral hue.

Staging your home with Illuminating

Bright colors are best used sparingly or for highlights that help freshen up a room. Illuminating is an optimistic color that will help you achieve an element of positivity and light in your space.

Some unique ways to incorporate touches of Illuminating throughout your property include accent pieces like picture frames, vases, lampshades, throw pillows or bathroom accessories. If you are really into this uplifting hue, opt for a larger pop of color and include Illuminating within a patterned rug or on your front door.

Staging your home with Aegean Teal

While not as bright as Illuminating, Aegean Teal makes a statement with a softer tone. This balanced hue is a perfect pop of color that is calm enough to cover expansive spaces, such as accent walls, decorative pillows, large art pieces or rugs.

Given its soothing presence, Aegean Teal could also be used in a bedroom. Try staging your master suite with Aegean Teal walls, bedding, lamp, dressers or drawer pulls.

Staging your home with Urbane Bronze

Urbane Bronze is a deep, regal tone that may be best used in a sophisticated home or room, such as a formal dining area or living room. Other placement options for this color include a home office, study or chef’s kitchen.

Get the full effect of Urbane Bronze by situating it near mixed metals or wooden features in your space; this will highlight both the rich bronze color and the earthy elements.

Painting a successful home sale

Ready to embrace a 2021 Color of the Year while staging your home? Pull out the paintbrushes and Pinterest boards to begin incorporating your favorite hue throughout your space!

When you’re ready to sell your home, reach out to Edina Realty or your agent. From insights on home staging trends to the closing table, we’re here to help you every step of the way.

Whether you buy a lake home for year-round living or summer retreats, the property will likely become your family’s oasis for rest and relaxation. To maintain this peaceful getaway, you’ll want to secure a homeowner’s insurance policy that helps manage risks and costs should the unforeseeable happen.

Rest assured that your property is protected by choosing an insurance plan that meets your specific needs. Here are tips to insure your Minnesota or western Wisconsin lake house without paying for extra coverage.

1. Get multiple quotes

Different insurance companies may have different rates for insuring lake homes or second homes, so you’ll want to get multiple quotes to determine who offers the strongest coverage at the best rate.

Here’s one example of how coverage and rates may vary by company: When insuring homes in lake country, some insurance companies may charge a lower premium if the property is in close proximity to the responding fire department. This is because when a fire department can get to the scene of a fire quickly, there is a lower chance of the entire property being damaged.

However, not all companies weigh the fire department location as heavily — and as a result, they may not offer the same coverage at a lower premium. To ensure that you’re getting the best coverage but not overpaying, shop around before selecting the best policy possible.

2. Include unattached buildings in your policy

Unlike your primary residence, waterfront homes may have additional buildings on the property, including:

• Bunkhouses
• Detached garages
• Large storage sheds
• Outhouses
• Docks

Limitations on separate structures vary by company, and typical homeowner policies may not cover the extra structures that you have at your lake home. You’ll want to increase your coverage to ensure these structures are fully protected.

3. Consider umbrella coverage

Just as your lake home may provide a relaxing retreat for you and your friends, it can also be the hub for riskier activities like bonfires, tubing and other outdoor fun. While you may go out of your way to ensure everyone is safe – especially when hosting guests – accidents happen.

You’ll likely be liable for injuries that occur on premises, so you’ll want to be adequately covered if or when accidents happen. An umbrella liability policy is an effective and relatively inexpensive way to get that coverage.

4. Insure all watercraft and vehicles

For many lake homeowners, exploring nearby trails and cruising around the lake adds to the fun of being at the lake. Keep in mind, additional motorized vehicles — on land or the water — typically aren’t covered under the homeowner’s insurance policy for a waterfront property.

Talk with your insurance provider to get these vehicles covered by separate policies:

• Boats
• Jet skis
• ATVs
• Golf carts

5. Reduce your personal content coverage

Generally lake homes have less personal property in them compared to primary homes. If a loss does occur, you’ll want to have brand-new items replaced within the lake home to get it back to normal as quickly as possible. Discuss with your local insurance professional if they have options to lower this coverage.

6. Insure semi-permanent water structures

If your lake home is situated directly on the water, you may have inherited or added semi-permanent water structures to the property. Some examples include:

• Swim rafts
• Water trampolines
• Boat lifts
• Seasonal docks

While you discuss your content coverage policy, ask your insurance agent about what coverage for these items might cost, and determine if you’d like to secure policies for them.

7. Consider additional flood insurance

When purchasing a property near the water, it’s important to ask questions specific to lakeshore homes. You’ll want to inquire about fluctuating water levels and any history of flooding; be sure to conduct your own research on the area as well.

As with your primary residence, homeowner’s insurance for a lakeshore property doesn’t cover flooding. If the property is susceptible to flooding, you should secure a flood insurance policy.

Ensure quality time with an insured home

With an insured waterfront property, you can have peace of mind that your house is fully protected. For more information on lakeshore homes, reach out to Edina Realty or your lakeshore agent. Moving forward with a REALTOR® is the best way to find and insure your dream home on the lake.

Edina Realty Insurance is an affiliate of Edina Realty. See Affiliated Business Arrangement Disclosure Statement.