I’ve been seeing lots of vibrant tile like this lately. Have you? Do you like it or not? Let me know, and let’s also talk about fake trends and market hype.
Strong opinions: Last week when sharing a picture of this tile on social media, I heard some strong opinions ranging from, “Dude, that is the coolest thing ever” to “Wow, that is just plain ugly.” Some said it was really stylish, but they were concerned it wouldn’t age well. Another person remarked it was like a pattern from the 70s all over again (without the green). Haha.
The reality is vibrant tile has been showing up for the past couple years. Here’s some examples in higher-end flips by Olivia Barrett.
On Twitter @Nashramento shared an image of tile in her Family Room. She said the tile would’ve been too busy for the floor, but not on the wall.
Big point: There’s a variety of opinions on loud tile, but here’s the truth. The market doesn’t care what I think about this tile, and if you’re not a buyer it doesn’t care if you like it either. This doesn’t mean we don’t get to have opinions, but from a real estate sales perspective the ONLY thing that is relevant is whether buyers right now prefer the tile or not.
Moving beyond tile: We have some pretty big headlines right now, and just like the tile above, there are lots of opinions about what the market is doing.
FAKE TRENDS: Quick, here’s some fake trends with legit-looking graphs.
Okay, you either loved the fake trends or you think I’m ridiculous. For me they’re great for conversation – especially in the midst of so many market opinions.
TIPS FOR STAYING GROUNDED IN THIS SLOWING MARKET:
1) Read the article: Some people are only reading headlines instead of the article. Right or wrong, that’s how it is. This becomes a problem if actual stats aren’t as sensational as the headline.
2) Interpret the article: Here’s the question. Is the claim in the headline supported by data? I like hearing opinions, but it doesn’t matter if someone feels like the market is doing something. What do the numbers say? Keep in mind national data could show a different trend than local data too.
3) Listen to many voices: It’s good to get a wide variety of thoughts about the market from more than just one person or data source.
4) Be in touch with what a seasonal slowing looks like: Sorry to beat the dead horse on this point, but we need to be in tune with what normally happens in a slower seasonal market to help us understand trends and spot anything abnormal. My advice? At the beginning of each month ask yourself what is normal. What regularly happens in the given month to prices, sales volume, inventory, days on market, the number of listings, etc…? By the way, here’s my normal vs tanking video if you missed it.
I hope that was interesting or helpful.
Appraiserfest: One last note, I’m going to San Antonio, Texas for Appraiserfest on November 1-3, and I’d love to see you there. I’m very excited to meet people I’ve been talking to online for years, and I’m pumped to get to speak also. My topic is on becoming an expert in your market. I get 90 minutes on stage, but I hope to have lots of time over a few days to sit down to share ideas too.
Questions: What do you think of the tile? Any tips for staying ground in this market in the midst of so much hype? I’d love to hear your take.
If you liked this post, subscribe by email (or RSS). Thanks for being here.
Hi Ryan! I personally like the new tile designs. I have seen so many homes over the years with the same old thing. I find the new
designs a refreshing change. They may not be popular over a long period of time, but to your point, things are always changing. We only need to know what the market is thinking at the time of the appraisal. Great thoughts on keeping it real despite fake data. I really liked the point that it’s good to obtain information from multiple sources and the analyze it. See at the AppraisalFest! I can’t wait!
Thanks Jamie. Yeah, I like it too. Well, I like some of it. It’s nice to see something a bit funky. I like the addition of more color here and there too. Though I should say we recently remodeled a bathroom and opted for a more neutral tile that we felt might have more staying power. We went with a wood grain tile and it just looks sharp. Maybe I’m biased though because I love woodworking…. No matter what I think about tile, it’s hard to argue with the market as some higher-end flips are showcasing loud tile.
Definitely looking forward to seeing you at AppraiserFest. We’ll have a great time.
Thank you Ryan for the great topic. I like the optical illusion stuff. To me, the illusion is new and forward thinking rather than retro (still won’t age well), but you’re right, what I think personally does not matter. We just need to watch the market.
Thanks Gary. The optical illusion in the picture above reminds me of the old school video game Q-Bert. Is it just me? đŸ™‚
I like the tile (except the one that reminds me of Escher). Good article.
Thanks Becky. I think that’s the one that reminds me of Q-bert (video game). đŸ™‚
Love the trend charts. They are especially ridiculous to those of us who understand that the most reliable leading market indicator is the ratio of under-contract listings to green tea drinkers in Seattle.
Haha. That is so funny Tom. Thanks for the laugh. Yes, I have heard that too. It’s definitely legit.
I only wish I had mass data like that to graph. I’d love to do stuff like Fanny Packs in Seattle vs. Median Price in Sacramento, or Captain Crunch Consumption in the US vs. Condo Sales Volume in Sacramento. It’s not always easy to come by random bits of data (for free at least).
CASE-IN-POINT: I mentioned sensational headlines in this post and then I read a Housingwire article. The title says, “Bank of America says existing home sales have peaked.” That sounds alarming, and maybe it is, but unfortunately it’s not actually clear what the Chief Economist of BofA is talking about. When saying sales have peaked, what is that person referring to? Is it sales volume for the year? If so, then that’s pretty normal because we’d expect for volume to peak about right now in many markets. Or is the person talking about volume peaking for the real estate cycle? That’s a much different thing, and unfortunately the article is not clear. So the title alarms us, but when we begin asking questions it’s not certain what the article is really talking about. At least that’s the way I read it. One other issue is some who only read titles might conclude the use of “sales” is referring to “sales price” when in fact the article is really about volume. Anyone? https://www.housingwire.com/articles/46995-bank-of-america-says-existing-home-sales-have-peaked
Outstanding post as usual Ryan! I love the fake correlations illustrating how powerful context is to the meaning of data, whether it is intentionally manipulated for a purposeful headline, or simply misunderstood. As for the tile, it’s a trend like wall paper and marble….it will pass…and be a bit cumbersome to deal with later when it’s time has expired. For now, fun palette of options for home owners who are bored with granite and glass block layover. Keep up the great work! I get a lot of email, but I always R-E-A-D yours.
Thank you so much Heather. That makes my day to hear. đŸ™‚
Very well said about “intentionally manipulated or simply misunderstood”. Those are both big issues. My sense is at this time of year the real estate community has a great opportunity to help people understand the market. Granted, it’s not always easy to understand when we’re in the midst of it, but at the least we can do our due diligence in understanding what the fall normally looks like so we can have informed discussions (and hopefully better sift through hype too).
Agreed on it being cumbersome later. For now let’s enjoy a little more color and see how it all unfolds….
Thanks Heather.
I like the modern tile design.
Thanks Brian.
Hi Ryan,
I’m catching up on old emails and never delete your posts until I’ve read them so I apologize for the delay! I am one to use trendy decor in things that can be replaced easy like rugs, pillows, towels… When it comes to tile, I try and stick with classic! Enjoy your conference, would love to be there to hear you speak!
That’s so cool DeeDee. I love hearing that. That sounds wise to me – especially since what’s in style can change so quickly these days.