Brooklyn

Before Covid-19, open houses seemed to be a Sunday staple activity for would-be homebuyers.  However, as the pandemic put a halt to almost all in-person activities, the number of open houses dwindled—sellers didn’t want strangers in their homes and buyers didn’t want to be in the company of too many people.

Although just 4 percent of buyers purchase their homes through open houses, 41 percent still visit open houses as their first step in the home-buying process.  To overcome this hurdle, agents began providing virtual open houses for their clients.  And due to the lack of inventory, during these past two years, it surprisingly became more commonplace for buyers to purchase a home sight unseen.

With the recent slowdown in the real estate sales market, listing inventory has declined.  This slowdown has impacted the number of days a home has been on the market forcing price reductions, which has resulted in an increase of available inventory in some real estate markets.  Additionally, 44 percent of agents have reported that with this increase, they have observed a downturn in bidding wars.  Hence, buyers who had been sitting on the sidelines waiting for a shift for more favorable market conditions, are now beginning to return to the home buying process and agents are realizing the need to conduct open houses on a more regular basis.

Making the Most of Open Houses

Buyers
With busy schedules and juggling day-to-day activities, attending open houses may be more suitable for a buyer’s lifestyle as they begin the homebuying process.  The flexibility it offers to view homes at their own pace is often a desirable option.  Open houses are great tools for homebuyers to obtain as much information about a home in a more relaxed, stress-free environment.

Ask pertinent questions
Viewing a home on the internet is not the same as visiting it in person, so before you attend an open house, come prepared with questions to ask the real estate agent to obtain in-depth knowledge of the home.  Questions like, when was the home built?  What is the age and condition of the roof?  How old are the water heater and other mechanical systems within the home?  These items can be costly to replace, so knowing can help you assess possible future repairs and replacement costs.  By asking the right questions, the buyer can obtain the necessary information about the home.

Take notes
When visiting several open houses, make a list in order to make your day as efficient as possible.  Keep a notebook handy to jot down information about each property since it’s easy to forget details when visiting multiple homes in a short span of time.  Later, you can look over the information with the notes you have gathered to help in your decision-making process.

Revisit the home
This is an opportune time to revisit a home you are on the fence about.  It enables you to walk through the home at your leisure, weighing the pros and cons, and if you can envision you and your family living there.  Note: Be sure to alert the listing agent at the open house that you have previously toured this home with another real estate agent.

Filed under: Blog, Brooklyn, Buying, Condominium, Cooperative, Douglas Elliman Real Estate, Finance, Heating and Cooling, Home Buyer, Home Value, Homeownership, Open House, Real Estate, Real Estate Questions, Real Estate Tips, Selling, Staging by Ryan Roberts
Comments Off on Are Open Houses Worth It?

One of the first steps in the home buying process is gaining pre-approval for a mortgage loan. This gives you a realistic idea of the home prices that you can afford and allows you to make a strong offer when you do find the right house. While there are a lot of factors that impact your loan approval and the interest rates that lenders will offer, there are a few steps you can take to make sure that you’re getting the best home loan and mortgage rate.

A look at mortgage rates

As of mid-September of 2022, the average national mortgage rate for a 30-year fixed rate loan broke 6 percent for the first time since 2008.  We’re seeing the continued effects of inflation on the housing market, with mortgage rates and prices rising throughout the nation.  These higher rates and prices have begun to slow the housing frenzy.  In July, the median home sale price in New York City was $775K, a -1% change year-over-year.  There were a total of 3342 transactions, down 21% compared to the same month last year.  However, according to NAR, determined homebuyers are still purchasing homes, mostly because buyers can lock in a fixed monthly payment that is no longer susceptible to inflation like rent prices are.

Because of the stability that homeownership offers; units that are priced right, at least according to today’s standards of home prices, are attracting more potential buyers and receive more than one offer.  To help buyers stand out in the market, it’s more important than ever to get preapproved for a home loan.  Lenders look at a variety of factors when determining if you qualify for a loan, including your credit score and the amount of your potential down payment.  These factors can positively or negatively impact the mortgage rate and amount that you’re approved for, so before settling on one rate and lender, here are some important steps to take to find the right loan for you.

Don’t just look at the rates online

Most mortgage lenders list their current average rate on their websites.  But the key word here is average.  This number does not reflect each borrower’s current financial situation, so you can’t know if that is the exact rate that you would get approved for if you applied to that lender.  To know what rate you would get, you need to go through the preapproval application process.  Lenders will look at your debts, assets, and income to determine what you can afford and offer a loan amount and interest rate that reflects your financial situation.  To know which lenders to apply to, talk with your real estate agent, look at the loan types that lenders offer, and consider expanding your search to different banks, credit unions, and online lenders.

Apply to multiple lenders

Once you’re ready to start the preapproval application process, you’ll want to apply for loans through multiple lenders.  It’s recommended that you apply to three to five different lenders to save the most money.  According to Freddie Mac, for a home priced at $250,000, getting one additional rate quote can save an average of $1,500 over the life of the loan, with the number rising to $3,000 for comparing five lender options.  These savings are dependent upon the price of the home, so for a house worth double that of the example, the savings would be doubled.

As a note, lenders do a hard credit pull when you apply for a loan, which can lower your credit score.  However, when you apply for multiple lenders within a fifteen-to-thirty-day period, they’ll count as one single inquiry, so your score shouldn’t be dinged multiple times.

Compare loan estimates

After applying for a loan with multiple lenders, you’ll receive loan estimates from those lenders.  This document will list the loan amount, interest rate, closing costs, lenders fees, and other important factors that will help you see exactly what they’re offering you as the borrower.  You can compare rates and payments across the lenders to ultimately determine which one works the best for you.  This is a good opportunity to ask the lenders to clarify anything that you’re uncertain of since it is a big decision that you don’t want to make lightly.

While it might take a little time to find the best mortgage loan and rate for you, weighing your options can help you save thousands of dollars on your loan.

Filed under: Blog, Brooklyn, Buying, Condominium, Cooperative, Finance, Financial Tips, Home Buyer, Homeownership, Interest Rates, Investing, Mortgage, Real Estate, Real Estate Questions, Real Estate Tips by Ryan Roberts
Comments Off on How To Shop For A Home Loan

We’ve all felt the effects of inflation, whether through higher gas prices or spending more on food at the grocery store, but it’s left many of us wondering what it means for the housing market.  While inflation can be somewhat unpredictable, we can look at a few key ways it’s been known to impact the housing market and also can better understand what it means for homeowner and homebuyers.

What is inflation?  

Inflation is the increase in the prices of goods and services over time.  The level of inflation is determined by the broader impact of higher prices and is measured through a few different indexes, with the most common being the Consumer Price Index (CPI).  CPI looks at the average cost of living, including goods and services such as transportation, food and medical care.  It helps to identify periods of inflation and how it influences the affordability of the cost of living.

Ultimately, a rise in inflation means a decrease in purchasing power, as the dollar doesn’t go as far as it did before.  Deflation, on the other hand, comes with an increase in purchasing power as prices of goods and services drop.  Therefore, home prices and the cost of rent fluctuate with the level of inflation, influencing the housing market.

Supply and Demand 

The law of supply and demand examines the relationship between buyers and sellers, specifically the price of a good and the willingness of a buyer to pay that price.  Inflation has a direct impact on supply and demand.  Historically, the demand for houses may be lower during higher periods of inflation because of higher mortgage rates, something that can cause houses to sit unsold for longer periods of time and their prices to sometimes drop.  While that might not seem like great news for homeowners, it’s worth noting that the overall value of houses steadily increases over time, meaning that houses will still likely sell for more that what homeowners initially paid for them.  And if time isn’t of the essence and homeowners can wait longer to sell, then the market would eventually balance out.

On the other hand, this can be good news for homebuyers since there’s less competition for homes as more people may wait for mortgage rates to drop again.  Since inflation can be somewhat unpredictable, it’s not always easy to determine when exactly rates will rise or fall.  Ultimately, homeownership is still a highly valuable investment for a variety of reasons.

Why homeownership is valuable 

As mentioned earlier, inflations causes the cost of all goods to rise, thereby impacting the general affordability of the cost of living.  Gas prices rise, groceries cost more, the cost of materials are higher, and housing costs increase.  It’s not necessarily a one-to-one relationship, but inflation has broad reach.  Higher mortgage rates might deter people from their pursuit of homeownership, leading more people to look into rental options.  However, rent is always fluctuating.  The price you pay for a rental will continually be susceptible to the current economic market, so you’ll rarely have a long-term fixed monthly payment.  Brooklyn median rents with concessions hit a new high at $3,206, a 7% increase from the month prior and a 21% increase from this time last year.  On the other hand, when you buy a home with a fixed mortgage rate, you’ll have one steady payment that will not change even as inflation increases or decreases.  The house would also appreciate over time, meaning the value of the property will increase.  Any initial down payment ends up being worth more since that number was determined by the cost of the house and the mortgage rate when purchased.  Homeownership is an investment, but it’s well worth it.  And in the long term, mortgage rates as of August 2022 are still lower that the historical average of 8 percent.

Inflation isn’t forever

The good news for both buyers and sellers is that inflation doesn’t last forever.  It eventually must end, otherwise money would continue to be devalued which would have a greater negative impact both nationally and on individuals.  So for the benefit of everyone, you can trust that inflation will decrease over time.

Filed under: Blog, Brooklyn, Buying, Condominium, Douglas Elliman Real Estate, Finance, Home Buyer, Home Value, Homeownership, Inflation, Interest Rates, Investing, Mortgage, Real Estate, Real Estate Questions, Real Estate Tips, Renting, Selling, Supply and Demand, Uncategorized by Ryan Roberts
Comments Off on Inflation And The Housing Market

Moving day is getting close, and you’re all set with boxes, tape, and a truck.  But before you begin packing everything in your home, it can be helpful to know which items typically stay with the house and which items you should take with you.  Use this list to help make your move easier and avoid potential conflicts with the homebuyer and buyer’s agent.

Items that stay

It’s important to understand that some items inside and outside your house are part of your home sale.  Many of these items are fixtures, meaning they’re physically and permanently attached to your home or property.  Remember that you can choose not to include some of these items in the sale of your home.  In this situation, you will need to work with the buyer and factor this exclusion into the sales agreement, which a real estate agent can assist with.

In-ground items

Any outdoor features secured into the ground, such as mailboxes or basketball hoops are part of the home sale.  This also applies to landscaping elements, such as trees, plants, or shrubs.

Light Fixtures

Even if you were the one who installed that expensive chandelier in the dining room, unless you list it as an exclusion in the sales agreement, it needs to stay.  Remember, unless you let the buyer know about it, you should not replace a light fixture with a different one.  If you want to replace a light fixture, be sure to do so before listing your home.

Mirrors

This determination comes down to a case-by-case basis.  If a mirror is hanging on a wall like a painting, you can take it with you. However, if it is bolted to the wall, you’ll need to leave it with the house.

Window treatments, cabinet hardware, and doorknobs

You will be expected to leave behind curtain rods, curtain holdbacks, and blinds because they’re installed and attached to your home.  However, you can remove and pack curtains and drapes.

Any hardware on your cabinets and doorknobs must stay in place.  If you can’t part with a specific feature you’ve installed, you must get the buyer to agree to let you replace it before moving out. You can also change these items before listing the home.

Smoke detectors

You need to leave both smoke detectors and carbon monoxide detectors behind when selling your home.

Paint

If you have extra paint or wallpaper you’ve used in the home, you might want to leave it behind for the new owners as a courtesy in case they need to perform any repairs or touch-ups.

Items that go

There are also items in your home that are not part of the sale. However, there may be exceptions depending on your specific situation.

Appliances

Most of your appliances, such as refrigerators, washers, and dryers, are not technically part of the sale of your home. However, this can vary from sale to sale, and it is typical for appliances to be left to the new homeowners. If you’re not planning to include appliances in the sale of your home, make sure to include this information in the sales contract.

Built-in appliances, like dishwashers and some microwaves and ovens, are fixtures and are therefore included in the sale.  If you’re leaving appliances behind, make sure to also leave any manuals and warranty information.

Hot tubs and above-ground pools

A standalone hot tub or above-ground pool isn’t necessarily part of a home sale.  However, you might want to include them anyway due to the expense and difficulty of moving these items.

Furniture

All your indoor and outdoor furniture will come along with you on your move.  However, anything built-in, such as shelves, desks, or benches, will need to stay.

Filed under: Blog, Brooklyn, Douglas Elliman Real Estate, Moving, Moving Tips, Real Estate, Real Estate Questions, Real Estate Tips, Selling, Uncategorized by Ryan Roberts
Comments Off on Here Is What Must Stay And Go When You Are Selling Your Home

Has the idea of buying a condominium crossed your mind?  There is a lot to like about condo living, including reduced maintenance obligations and ample amenities.  However, living with increased regulations and being close to neighbors may not be suitable for you.  Make sure to carefully consider all the pros and cons of buying a condo and how they fit into your lifestyle.

What is a condominium?

A condo is a private residence within a larger community.  It is like an apartment, except you own the unit instead of renting it, and you can renovate or customize your space. There are typically multiple units on each floor, and you may have neighbors above, below, or next to you.  There also may be shared areas and amenities, including swimming pools, lounge areas, roof decks, and fitness centers.

The pros of buying a condominium 

Several benefits appeal to a wide range of homebuyers when it comes to condos. They give empty-nesters the freedom to travel without the concerns of home security, and condos allow first-time homebuyers to own property at a lower cost than a single-family home and build equity.

Less upkeep

A single-family home requires plenty of maintenance to keep it looking great, but a condo has many of these responsibilities covered. Most condos have a homeowners association (HOA) that’s responsible for exterior maintenance like mowing the grass and snow removal, along with upkeep of the roof, building exteriors, amenities, and shared spaces. This means you’ll have to spend less time and effort on making the property look great.

Affordability

A report by the National Association of REALTORS® found that the average condo price is more than $50,000 cheaper than a single-family home.  Additionally, condo insurance is typically much less expensive than homeowners insurance because you’re paying for coverage of a smaller space, and you do not need insurance for the outside of your condo.

Amenities

Having facilities like a fitness center or roof deck provides luxuries you may not be able to afford in a stand-alone house.  These amenities can be a great way to get to know your neighbors and create lasting friendships.  In addition to a roof deck or lounge, many condo communities hold events like game nights and barbecues, which are great opportunities to socialize.

Security

A condo community typically has a level of security you won’t find in a single-family home, such as a doorman to watch out for any emergencies.  Additionally, having neighbors close by can provide an unofficial level of security when you’re away.

The cons of buying a condominium

While condos will appeal to a handful of people, it just isn’t the best option for others. Make sure to consider these points before buying a condominium.

Common Charges

All the perks of having the additional amenities and fewer maintenance responsibilities come at a price in the form of fees. When you buy a condo, you’ll likely have to pay monthly common charges on top of your mortgage and insurance costs. This money goes toward the upkeep of the community’s shared spaces and exterior. You may also have to pay an additional fee to use some of the amenities.  However, you can sometimes opt-out if you won’t be using them.

Condominium Association Rules

In addition to the fees, the condominium can have a list of rules you must abide by.  These will vary from community to community and may include the number of visitors you may have at one time, the type of pets you can have, or how you can decorate an area like your terrace, which can be a little overbearing for some potential homebuyers.  Before agreeing to buy a condo, make sure to review the condominium’s governing documents, and consider how any monthly fees or rules will affect your life.

Lack of privacy

Being in closer confines does mean you’ll sacrifice a level of privacy in a condo. Sharing walls with neighbors on both sides of your condo, and potentially above or below you, means you may hear increased noise. Fellow condo owners may be outside or in the hallway late at night or in the early morning. Likewise, your neighbors may not be receptive to you entertaining guests or playing music.

Resale market

You may have a limited market to appeal to if you plan to resell your condo in the future.  For example, a growing family with pets may find the space restrictive and want a house with a private yard.  Others may not feel comfortable with the condominium’s regulations.  If you’re considering buying a condo, it’s beneficial to speak to your real estate agent about the unit’s potential resale value and any other factors that could play a part in determining that value.

Before you buy a condominium, make sure to consider these factors in your decision.

Filed under: Blog, Brooklyn, Buying, Common Charges, Condominium, Douglas Elliman Real Estate, Home Buyer, Home Value, Investing, Real Estate, Real Estate Tips, Selling, Uncategorized by Ryan Roberts
Comments Off on The Pro’s and Con’s of Buying A Condominium

An appraisal is a critical part of the homebuying process, as it determines the value of the property before a lender agrees to move through with a mortgage.  But how is this value calculated? Check out this list of seven factors that impact the value of a home during an appraisal.

Condition of the home

First, the appraiser will note some of the general details of the home, ranging from the materials used throughout the house to the property’s overall condition.  If anything is unsound or unsafe inside the home, the appraiser will make a note of it.  From broken appliances to missing shingles, signs of deferred maintenance may negatively impact the home’s value.  Appraisers will also look for signs of infestations.  Upgrades to features like the electrical system, roof, or windows, could positively impact the home’s value.

Age of the home

The appraiser will consider the age of the home when calculating its value.  However, you shouldn’t expect a newer home to receive a higher value than an older home due to its age.  While new homes will likely have fewer issues when it comes to maintenance, well-maintained older homes located in historic districts tend to have a higher appraisal value.

Size

The amount of living space inside a home will influence the property’s overall value, and a larger home will typically be worth more than a smaller home in the same market.  Appraisers will account for the square footage, along with the number of bedrooms and bathrooms.  Additionally, storage space will also be a factor, as large closets, along with a useable attic and basement, will help a house appraise at a higher value.

Location

A home’s location could impact its value based on several factors, including crime rate, school district, road maintenance, and the distance between the house and schools, hospitals, fire stations, and police stations.  If the home is next to an undesirable neighboring property, like a landfill, its value may be lower.  Also, the home’s location within the community may affect the value.  If the house is on a quiet street, it may be worth more than a home on a busy road in the same neighborhood.

Renovations

If a home has received upgrades since its last appraisal, renovations like a new garage or kitchen makeover can impact its value.  Even more practical upgrades, like a new roof and energy-efficient appliances, can increase the home’s value.

Filed under: Appraisal, Blog, Brooklyn, Buying, Contractor, Home Buyer, Home Value, Investing, Mortgage, Real Estate, Real Estate Tips, Renovations, Selling by Ryan Roberts
Comments Off on 7 Factors That Affect A Home Appraisal

Over the past year, the real estate market has been marked by unpredictability and, at times,  overheated competition.  This has resulted in some buyers bowing out after one too many disappointments while other potential buyers put off their home buying plans, hoping that things would settle down.

Whichever type of buyer you are, you may be thinking ahead to the new year and planning to begin a search for a new home.  If so, it’s vital to prepare for the challenges and opportunities that lie ahead.

Financial Preparations

Preparing yourself financially will be one of the most important aspects of your homebuying plan. While many potential buyers have a good grasp of the savings required for a down payment, they may not be prepared for the other expenses associated with home buying, including:

• Earnest money deposit (EMD)
• Closing costs
• Application, origination, and underwriting fees
• Home inspection
• Appraisal
• Moving expenses

Of course, one of the factors that has made the housing market so active over the past year and a half has been the record-low interest rates for home loans.  As you prepare to purchase a home in the near future, you’ll want to keep track of those rates.  While they are not projected to rise significantly, they are projected to rise, so it’s important to gauge the impact that upcoming changes will have on your bottom line.

Remember, the terms of your mortgage can be highly variable depending on your overall financial history and your creditworthiness.  A lower credit score can have a significant impact on your interest rate and chances of approval. Be sure to check your credit report well ahead of time to ensure that there are no surprises and to make any needed adjustments.

In addition, be mindful that a lower down payment mortgage option may result in the need for additional mortgage insurance, raising your monthly payments.  Take this into consideration as you plan your homebuying budget.

Market Research

Planning ahead for your home purchase gives you a great chance to do some research on your chosen neighborhoods.  While this includes proximity to work and neighborhood amenities, it also includes tracking the prices of comparable properties in your target area.

Talk with a real estate agent or broker to develop a baseline for current comps and historic trends in the neighborhood you’re interested in.  Remember that there has been significant market movement over the past year and a half, with home prices rising at a record pace in many communities.  Understanding the change in home values over the past several years can give you a more realistic perspective.

In addition, work with a real estate professional now to develop a targeted search based on your neighborhood and property preferences.  This will allow you to see when new properties come on the market that fit your criteria so that you can begin to develop a sense of how values are changing over the next few months.

Real estate inventory has been low in many places, driving home prices higher and resulting in multiple offers for most new listings. You may have experienced some of these competitive situations and backed off from your home search temporarily.  If you continue to see low inventory levels in the months ahead, talk to a real estate agent about alternatives, including:

• Alternative neighborhoods
• Adjustments to your wish list
• Availability of fixer-upper properties
• New construction in your market
• Changes to your financing to make your offer more competitive

Wish List Creation

Once you have honed in on your chosen neighborhood and put together your numbers, it’s time to take a look at your wish list for your next home. You may find that your preferences are out of step with homes in your chosen neighborhood or that you are underestimating the cost of some of the bells and whistles you have in mind. It’s important to consult with an agent or broker to make sure that your wish list makes sense for the neighborhood and budget you’ve targeted.

Remember, while you may be hoping for a turnkey situation with no repairs or improvements needed, that may not be realistic in the current market. Consider what changes you might be willing to make either before your move-in date or after. Think about your budget and see if you can stretch it to make some desired updates and upgrades on your own dime.

In the long run, it may be better for you to add some flexibility to your wish list. You don’t want to overlook a great property just because it doesn’t check off every single box.  You also don’t want to overpay for a property in lieu of making some minor changes on your own.

Mindset Shifts

Filed under: Appraisal, Blog, Brooklyn, Buying, Douglas Elliman Real Estate, Finance, Home Inspections, Interest Rates, Investing, Market Research, Mortgage, Real Estate, Uncategorized by Ryan Roberts
Comments Off on Your 2022 Home Buying Game Plan

When you watch a show on HGTV where an eager young couple is looking for a home, it usually ends when the offer is accepted. In real life, however, that is only the beginning of the story. The closing or escrow process has its own rules and challenges. By being prepared for each step of the process, you’ll be able to stay calm, cool, and collected—even if the unexpected occurs.

Generally, the closing process takes anywhere from 30­–­60 days. In the case of a cash transaction, it may take less time to close, since much of the timeline is built around a loan approval. By contrast, in the case of a sale with a home sale or purchase contingency, the closing process can take quite a bit longer.

Most escrow periods will include the following steps, though there may be some variability based on market conditions and the type of mortgage for which you are applying.

Final Walkthrough

Either the day before closing or earlier on closing day you will walk through your soon-to-be new home with your real estate agent or broker. At that time you will check to ensure that the house is in the same condition as agreed upon in your sales contract and that any negotiated repairs have been properly completed.

Should you find that there is damage to the home or that repairs have not been completed, you can still negotiate to have funds withheld at closing from the sellers in order to complete these items. Alternatively, the sellers can pre-schedule and pre-pay a contractor or repair professional of your choosing in order to ensure that the repairs will be completed after closing.

Closing Day

While closing day is exciting, you will probably find that it is a surprisingly relaxing part of the process. You may meet in the office of a real estate attorney, title company, or lender’s office.  If for some reason you are unable to attend the closing in person, you may designate a proxy to sign for you.  In some cases, you can conduct a remote closing as well.

Filed under: Appraisal, Blog, Brooklyn, Buying, Douglas Elliman Real Estate, Home Inspections, Mortgage, Real Estate, Selling by Ryan Roberts
Comments Off on What To Expect From The Closing Process

In the first days of the COVID-19 pandemic, economists predicted that the market for goods and services would grind to a halt for months or even years to come. However, in reality, the real estate market, including both the selling of homes and the improvement of existing properties, has grown in strength over the intervening months. Even for homeowners who aren’t thinking about selling, home renovation projects are experiencing unprecedented interest and generating robust economic activity.

Top home renovation trends for 2020

When the COVID-19 pandemic first began, taking a call on the front lawn made for a fun change of pace. Now, however, people are beginning to settle in for the long haul and make changes to make their homes more functional for the new normal. Here are some of the trends that we’re seeing now—and that may be popular for the foreseeable future.

Healthier homes

According to the New York Times, designers and contractors are seeing demand for better ventilation and air quality, along with features like mudrooms to create a middle ground between the outside world and the home’s interior. These spaces are also convenient given the increasing popularity of home delivery of goods and services, providing a place to process packages while keeping the home cleaner.

Smarter homes

With more time at home comes the desire for smarter homes to facilitate everything from greener living to added amenities. Smart home integration in the kitchen is popular with newly motivated bakers looking to perfect their bread recipe, as well as harried parents doling out a quick snack during virtual preschool breaks. Proper installation and a fully integrated suite of services can add value to the home, both now and in the future when it’s time to sell.

Security and privacy

According to Contractor magazine, the demand for smart-home integrated security and monitoring was already on pace for 27 percent growth between 2017–2021. In addition, according to referral rate data supplied by Houzz, interest in fence installation and repair is up 166 percent. The increasing demand for security upgrades is motivated by a variety of factors, including more time at home and a greater need to supervise children while working.

Expanded outdoor spaces

According to CNBC, outdoor space renovations are up by 300 percent year over year as homeowners look for more living, dining, entertaining, and recreational space in their own backyards. Pool demand is on the rise as community and school sports continue to decline. New decks and new landscaping designs are popular, creating a variety of outdoor spaces for families to stay active and staycation.

Dual home offices

The need for dual home offices is one of the largest drivers of home renovation right now, with Houzz seeing requests for home extensions and additions up 52 percent year over year. On top of that, homeowners are looking for ways to accommodate increased high-speed internet access and implement soundproofing to make offices more private.

Space for another home office can come from a variety of places, including small bump-outs within a larger space, spare bedrooms, or even repurposing a walk-in closet. In addition, some homeowners are going further afield, converting small outbuildings or garage apartments into private spaces. Think about your home’s traffic patterns and look for those empty spaces that never get used. These may be likely candidates for a new home office.

As always, discuss home renovations with a real estate agent to find out what is popular in your area and what improvements have the potential to make your home more attractive to buyers down the road. In addition, a real estate agent or broker knows all of the best professionals in your area, from contractors to help you plan your renovation to lenders who’ll help you tap into your home’s equity to finance the work.

Filed under: Blog, Brooklyn, Buying, Real Estate, Selling, Smart Home by Ryan Roberts
Comments Off on Pandemic Renovation Trends

Complaints about home improvement contractors are one of the most frequent grievances received by the Better Business Bureau and the office of State Attorneys General. Below are a few ways that you can improve your chances of finding a reputable contractor:

1. Get referrals from other building professionals. Ask professionals who you know. For example, ask your plumber, roofer, painter or real estate professional for recommendations. Since they work with other contractors on other jobs, they know who is good and who is not.
2. Get references. Get three customer references from the contractor for similar projects that were completed in the past two years. Check these references carefully and if you are able to; maybe even see the work that was done. Ask them if they would hire the contractor again in the future.
3. Check the contractor’s license, insurance, and permits. Make sure they are in order. Contact the Registrar of Contractors in your area.
4. Get a written cost estimate with specific details, schedules, and the projected completion dates for all work that needs to be done.

Filed under: Blog, Brooklyn, Buying, Contractor, Douglas Elliman Real Estate, Real Estate, Selling by Ryan Roberts
No Comments »