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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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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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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
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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
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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
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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
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We are living in a fast paced, ever changing environment where it is extremely important for us to not only stay connected but also maneuver seamlessly between our personal products, our social networks and above all; our surroundings.  Our homes are no different.  Homeowners are looking for smart solutions to make their lives more efficient and enjoyable.   

Take a look at some of the most of the most widely used smart tools to automate your home and building.

Smart Intercom

What if you could open and manage doors with a swipe of your smartphone, issue virtual keys to your family, friends and guests or enable your Alexa or Siri device to unlock doors with the sound of your voice.  Well…Butterfly MX allows you to do just that.  It is a cloud based virtual doorman smart intercom system.  Since the system is cloud based it provides many benefits.  Developers can cut costs because there are no wires needed to install visual intercoms within each apartment.  Property managers can also enhance the tenant experience through efficient interaction with one another through the online portal.  Take a look below to see how it works.

Smart Thermostat 

The Ecobee Smart Thermostat is a wifi based thermostat that lets you control your home heating and air condtioning system directly from an app or your own voice.  Ecobee also supports all of your favorite voice assistants; Alexa, Siri and Google Assistant.  

Smart Plug

If you use a lot of lamps, fans or common small appliances; smart plugs can be the secret to a seamless smart home. Scheduling, timer, power and away modes are some of the features you can expect from an effective smart plug. Here are a few smart plugs that are leading the way. TP-Link Kasa Smart WiFi Plug Mini. This space saving device works with Google Assistant and Amazon Alexa and also offers a multitude of options to customize scheduling and timers. If your on a budget the SmartThings WiFi Smart Plug might be the right fit you. Retailing at just $18; this one of the most affordable options on the market. Energy usage monitoring and voice control makes this device a solid choice.

Filed under: Blog, Brooklyn, Douglas Elliman Real Estate, Real Estate, Smart Home, Uncategorized by Ryan Roberts
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It really depends on the house and the situation.  There may be two reasons a house is marketed as an “As Is” Property.  The first may be because the seller just doesn’t have the money to make the necessary repairs, and wants to get out from under the cost of repairing the property. 

The second reason is much more difficult.  A word of caution is in order.  The house may have serious problems! Something serious may be defective…so buyers beware.  Generally speaking, an “As Is” property tends could have a major structural or functionally obsolete (i.e. expensive!) problem.  Typical problems may range from a faulty roof, termite damage, problems with the foundation, leaking pipes or other plumbing problems, to problems with the electrical or mechanical systems to name a few.

It is in the buyer’s best interest to have a full home inspection completed and all the problems documented, so that the buyer is aware of any potential problems with the property. 

Filed under: Blog, Electrical, Home Inspections, Investing, Real Estate, Roof, Uncategorized by Ryan Roberts
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BRIC is a leading presenter of free cultural programming in Brooklyn, and one of the largest in New York City.  They present and incubate work by artists and media makers who reflect the diversity that surrounds us.  BRIC’s programs reach hundreds of thousands of people each year.  On June 27th, they hosted their opening reception for their summer art exhibition; Alchemy.  Alchemy highlights the work of seven artists whose work reflects new ways of thinking about the ancient concept of alchemy – the transformation of matter.  Check out some of the work below from a few of the artists.  In addition, Alchemy will be accompanied by a series of lively Wednesday evening and Friday afternoon public programs including those dedicated to conversation, performance, dance and the healing arts.  Check them out here.

Serra Victoria Bothwell Fels

Phoebe Grip

Kennedy Yanko

Attendees having a good time.

Filed under: Blog, Brooklyn, Douglas Elliman Real Estate, Uncategorized by Ryan Roberts
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