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Parental advice: When to speak your mind MarketWatch Q: Our son and his wife want to buy a first home and are looking at proper- ties we regard as very expensive. Affordability is not an issue — they both have great jobs and earn a lot more than we did at their age. We are certain they can qualify for a mortgage; how- ever, we think that a big house will also mean a big mortgage and the result will leave them house poor. Are we right to tell them about our concerns? A: Being house poor is a real problem, a fi- nancial condition where so much is spent each month on housing that little money remains for everyday costs. Even for households with big incomes, being house poor is entirely possible if monthly shelter costs are excessively large, a job is lost or income declines. The general difficulty is that we now have a combination of home prices and mortgage rates that are substan- tially higher than just a year ago. This combina- tion plays havoc with household budgets. For example: In April 2021 the typi- cal existing home cost $340,700 and grew to $391,200 in April 2022, according to the National Association of Realtors. That's a $50,500 increase in just 12 months. Dur- ing the same period, according to Freddie Mac, monthly interest rates went from 3.06% to 4.98%. There are several is- sues to consider here. First, it's not sur- prising that your chil- dren appear to earn as much or more than you did at the same age. That's because inflation has eroded the buying power of dollars. Let's say you're now 65 and first en- tered the workforce in 1977. Back then, roughly $20,800 would have had the same buying power as $100,000 today. Second, your son and his wife are adults. They are em- ployed and have good incomes. How they spend their money is their business. If your concern is to be dis- cussed at all, then tact, discretion and family dynamics are impor- tant. Third, if you're help- ing with the purchase, then the conversation is different. You have a financial stake in the transaction if you are giving them some of or all of the down payment or if you are acting as a mortgage co-signer. You have a clear right to express your concerns if your cash or credit are involved. But — again — tact, discretion and family dynamics are important. Fourth, is there something the couple will be unable to do financially as home- owners? Do you know enough about their finances to be certain a problem might really exist? What happens if they lose a job? Do they have savings? Can they continue to build savings if they buy in the proposed price range? Fifth, if not a home in the price range they're considering, what alternatives can you suggest? Financial discus- sions within families include dollars and often unspoken issues such as ego and status. Handle with care. The real issues here may be as much psychological as financial. Email your real estate questions to Peter Miller at peter@ ctwfeatures.com. By Peter G. Miller MarketWatch By Katie Laughridge TRIBUNE NEWS SERVICE "You either love it or hate it, there is no in between." Have you ever heard this saying? People usually use the phrase when talk- ing about something unconventional or controversial they adore (or loathe). While I believe things are rarely black and white (we all know I need more shades than that), I know I've used this "warning" while trying to get my friends and fam- ily to try out some of my favorite things, for example, the humble circus peanut can- dies (if you know, you know). It is a way to acknowledge that a taste or trend is not for everyone, and that passion is expected and even welcomed. Life would be boring if we all loved the same things! Wood furniture is something that can be surprisingly contro- versial when it comes to home decorating. There are the purists who adhere to tradi- tional wood stains to bring out the natu- ral beauty of walnut, pine and cherry wood pieces, and there are those who bend the rules of tradition by ex- ploring with color. While we certainly love both, and I have a mix of the two in my home, today we're celebrating beloved painted pieces. They are a great way to re- fresh and rejuvenate your home and of course, add a pop of color. Painted wood furni- ture is everywhere you look. For those easing into the trend, gray, white and even shades of blue are perfect for beginning your collec- tion. The shades play nicely with natural wood finishes and upholstery alike for a touch of brightness wherever you might want it. This al- lows for a mix of old and new styles that create a breathtaking display in any home. A simple color means you can also play around with different textures as well, whether that be a colored stain or a fully lacquered look, without overwhelming your space. You' ll find a bold statement on the other side of the color spec- trum. Perfect for kids' rooms and avant-garde decor spaces alike are the pinks, reds and greens of the world. Manufacturers have drastically expanded the range of colors and shades of wood finishes they carry. What do you think about the painted fur- niture trend? Are you team love it, team hate it or perhaps you're one of the elusive in- betweeners? There is no right or wrong when it comes to decorating your home, and that's the best thing about find- ing your own style. Adapted from nellhills. com. Katie Laughridge is the owner of Kansas City interior design destination Nell Hill's. For more infor- mation, contact Katie at info@nellhills.com. Pretty and painted: A new way to look at wood furniture Welcome to Ellis, a new master- planned community now selling in Tracy. Explore family-friendly neighborhoods paired with a modern lifestyle, featuring out- door social spaces and play- groundsplusaplanneddogpark, aquatic park and on-site market- place with shopping and dining. Follow @LiveAtEllis on Facebook and Instagram for news and up- dates! 57TRACY ELLIS NewHomesfromthe$800,000s EllisTracy.com/New-Homes Welcome to Bristowe - the newest addition to the North Village mas- ter planned community! Bristowe at North Village features single and two story homes ranging in size from approximately 1,815- 3,344 sq. ft. Four different floor plans offer 4-5 bedrooms, 2-4.5 bathrooms, and room options to customize your new home. North Village is close to com- mute routes, shopping, schools, and recreation. Find your dream home at Bristowe at NorthVillage! Located at 225 Gannet Street, Vacaville, CA 95688. Open daily 10AM-6PM 58 VACAVILLE BRISTOWE AT NORTH VILLAGE From the Low $700,000s (707) 474-9918 seenohomes.com Riverchase is a new home com- munity in West Sacramento, featuring a collection of 222 two story contemporary homes wrapped around a private, central park. Homes range in size from 1,559 to 1,835 sq. ft. Riverchase offers close proximity to down- town with the comfort and peace of mind of a quiet suburb. Call to schedule a private walk through. Located at 3131 Bobwhite Court in West Sacramento. 59 WEST SACRAMENTO RIVERCHASE Purchase a Model Home (916) 462-6888 Riverchase.net Welcome toTheTides at Newport, West Sacramento's premier new home community. Find spacious two-story homes ranging in size from approximately 2,377-2,812 sq. ft., with 4-5 bedrooms and 2.5-4 bathrooms. Enjoy an ideal setting just minutes from down- town Sacramento, the Sacramen- to River, and the American River. Shopping and dining are just a short walk away at the Southport Town Center, including a Nugget Market. The Tides at Newport is located off I-80 at Lake Washing- ton Blvd. Open daily 10AM-6PM 60 WEST SACRAMENTO THE TIDES AT NEWPORT Only 4 Homes Left! (916) 572-0636 seenohomes.com Lavender, Crestada & Iris offer single-family home designs with 1,438-2,971 sq. ft., 3-5 bedrooms and options for every stage of life, such as Next Gen®— The Home Within a Home® designs for those in search of extra space. Each home boasts added value with our Everything's Included® program, which adds popular upgrades and features at no ad- ditional cost. 61 WOODLAND LAVENDER, CRESTADA & IRIS From the High $500,000s (916) 304-9711 Lennar.com/Sacramento Reservedfor your New Home C ommunity . ContactSandyLekat slek@bayareanewsgroup.com H8 BAY AREA NEWS GROUP 001 Homes | Advertising Section

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