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Every year, new concepts take the interior design world by storm, with design experts conjuring approaches and fresh new ways to design a home.  As we say goodbye to trends like decorative crystals, and mass-produced “multicultural” knickknacks, look and plan ahead with this design outlook for 2023.

Digital Lavender

The color experts at Coloro and the trendwatchers at WGSN have named Digital Lavender 2023’s Color of the Year. While this color may appear in product packaging, fashion, and electronics, it will also make waves in 2023 interiors.  A slightly neon version of traditional lavender, this color inspires wellness, calm, and recuperation. “Already embedded in digital culture, we expect this imaginative colour to converge across virtual and physical worlds,” says WGSN.

Why use this specific color in your home?  It helps you achieve the calming effect detailed above, without the need to solely rely on neutrals.  In recent years, house plants have been integral components of relaxing interior design, and Digital Lavender adds an exciting contrast color that pairs nicely with potted greenery.

Introduce Digital Lavender for a touch of comfort in neutral rooms primarily decorated in white, tan, natural wood tones, earth tones, gray, or black.  You can also add it as a pop of color in rooms that primarily consist of hard surface materials, such as kitchens.  To refresh your home with stylish calm, seek out throw pillows, original wall art, or area rugs with Digital Lavender as well.

Glitz and glamour

Inspired by celebrity culture, younger generations have spurred a fascination with glitz and glamour—including interiors that, as with ’80s high design, prize conspicuous consumption.  Spare no expense, and leave your reservations at the front door; 2023 interiors may be delightfully gaudy, even imbuing laundry rooms, playrooms, and media rooms with high-end elements.

Keep an eye out for palatial aesthetics, including Corinthian columns and busts, as well as statement art that screams wealth.  Glimmering metals will be in, and ornate antiques may come out of storage.  Homebuyers may seek out classically high-end designs like Tuscan and Colonial and then update them with new materials for a 2023 refresh.

Make a regal statement with matching bouquets of fresh flowers, and set out your most impressive travel acquisitions on full display.  Whether you’re continuing to work from a home office next year or your home is your end-of-day refuge, fill your space with features that make you feel relaxed and refined at the same time.

Statement walls

Walls should be more than the blank space between frames. 2023 will see the bourgeoning popularity of the statement wall.  This style is similar to the popular accent walls of the early aughts but with much more texture and artistic flair.

Perfect for Instagram selfies and Zoom backgrounds, statement walls with dynamic wallpaper or oversized art will liven up any room.  Also consider eccentric features like oversized bookshelves, painted murals, or unexpected materials like checkered wood paneling.  The recent trend of gallery walls fits comfortably into this category as well, and they’re unlikely to go away soon.

You may even see biophilic walls become popular in 2023. Devoted to all things flora, biophilia includes vertical planters, shelves of small potted plants, and walls lined in tropical greenery.  These statement walls maximize visual appeal without wasting precious square footage.

These designs may sound quirky, but planning your own statement walls will be a fun way to greet 2023.  Plus, you can knock out the statement walls and overstated glamour trend listed above in one go.

Curvature

2023 will welcome a penchant for soothing curvature.  You might find rounded archways, railings, or bathroom and kitchen countertops in new home builds next year.

Why are design experts softening lines for 2023?  Curvature is naturally pleasing to the eye and inspires comfort, whereas straight, right angles have a more formal feel.

According to the interior design blog ITALIANBARK, searches for curved walls, countertops, and furniture have been increasing in 2022 and will likely lead to a noticeable trend in 2023.  In other words, what people research now will be implemented by early next year. One subset of this trend is the spread of mushroom-like lamps and end tables like this product from AllModern.  Find your own way to bring home curved, calming decor or architecture.

2023 is going to be a year of marked cultural shifts with home design changes to match.  Consider this your guide to get current and lead the way into a new era of alluring design—an era centered on your own whims and what makes you calm and happy.

Filed under: Blog, Buying, Condominium, Cooperative, Decor, Decorating, Douglas Elliman Real Estate, Modern, Real Estate, Real Estate Tips, Renovations, Selling, Staging, Trending Design, Uncategorized by Ryan Roberts
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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
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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
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The home buying process comes with a language all its own, and two of the terms you may have heard are prequalified and preapproved.  While both can be essential parts of obtaining a mortgage and buying a home, you may not know what they mean.  Check out the information below to learn how each term may benefit you during your home search.

What Does it Mean to Prequalify? 

When you prequalify for a home loan, it means you’re getting an estimate of how much you may be able to borrow based on the information you provide about your finances and your credit check. While it isn’t as formal as being preapproved, getting prequalified is an excellent first step when you begin your home search, as it will help you establish your budget and know how much you may be able to borrow.  This process will also introduce you to the various mortgage options you have to choose from.

Information needed for prequalification includes:

• Credit check
• Income information
• Debts and assets
• Bank account information
• Down payment amount

The prequalification can be completed online, over the phone, or in person.  You’ll receive a prequalification letter, which you can use to show an agent or seller that you’re serious about buying.  Although it can be helpful, a prequalification isn’t seen as being as serious as a preapproval.  The lender goes off the information you provided and does not verify everything you’ve given them is correct, up to date, and comprehensive.  Meaning, that while you may get a loan for the amount stated, it can also change when a lender does a more thorough check.

What Does it Mean to be Preapproved?

The pre-approval process involves a lender investigating your income, assets, credit history, and debts before providing you with an amount they believe you can afford.  Getting preapproved confirms to the seller that you’re serious about buying their home and that you can secure a mortgage, making you more likely to complete the purchase.  Being preapproved can be extremely valuable in a competitive market, as it will help you stand out from the other home buyers.

You don’t have to receive prequalification for preapproval.  If you know you’re financially prepared to buy, you can decide to move ahead with the preapproval process.

Information needed for preapproval may include:

• Credit check
• Paystubs from the last thirty days
• Bank statements from the previous two months from all accounts
• Investment account statements from the last two months
• W-2 and 1099 statements from the previous two years
• Federal tax returns from the last two years
• Driver’s license
• Social security number
• Total monthly expenses
• Down payment amount

Additionally, if someone is helping you pay for the home, you’ll need a gift letter signed and dated by the individual assisting you.

Once you submit this information to a lender, you should receive their decision within ten business days.  If you are preapproved, you’ll receive a preapproval letter informing you of the offer to lend you a specific amount for sixty or ninety days, along with the type of mortgage the lender is willing to offer.  Since the lender verifies the information you provided, this is a much more serious step than prequalification.

While you may receive preapproval for a mortgage, it’s important to remember it does not guarantee a mortgage.  If there is a change to your income, assets, or debt level before the closing date, a lender may decide to deny the loan.

Filed under: Blog, Buying, Condominium, Cooperative, Finance, Financial Tips, Home Buyer, Homeownership, Investing, Mortgage, Multi Family, Real Estate, Real Estate Questions, Real Estate Tips, Uncategorized by Ryan Roberts
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If you’re considering purchasing a home, debt-to-income ratio (DTI) is an important term to familiarize yourself with.  Your DTI can ultimately make it easier or harder for you to qualify for a mortgage.  So knowing your DTI can help you better understand how you can best move forward into homeownership.

What is debt-to-income ratio?

Filed under: Blog, Buying, Condominium, Cooperative, Debt, Finance, Financial Tips, Home Buyer, Home Value, Homeownership, Investing, Mortgage, Multi Family, Real Estate, Real Estate Questions, Real Estate Tips by Ryan Roberts
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