When purchasing a home, regardless of whether you’re a first time buyer, making informed decisions is an extremely important part of the home-buying process.
You need to think of the process as more than just transactional, it is a commitment that can have long lasting effects on your financial stability and overall well-being. Purchasing a home is a significant investment that requires potential buyers to carefully consider what it is they’re committing to for the foreseeable future.
That’s why understanding the key factors involved is crucial. You want to ensure you’re making the right choice and avoid any potential pitfalls along the way.
While it may seem as simple as heading out with your local real estate agent to look at properties, and fingers crossed, find the home of your dreams, the home-buying process as a whole is not as simple as it sounds.
It goes beyond simply finding a place to live; it involves evaluating your financial readiness, understanding the real estate market, and being aware of the various factors that can influence the decision-making process.
By understanding these factors, potential buyers are able to make informed choices that align with their needs and long-term goals as a homeowner.
Are you thinking about buying a home? If so, before you get started, we’re sharing seven key factors that can impact your decision making process.
Budget – Before starting the search, ask yourself, how much can I comfortably afford and then determine your budget. It’s important to evaluate your budget and determine how much you can realistically afford before you actually start looking at homes.
Consider your income, expenses, lifestyle, and any existing debts. Calculate a realistic budget that includes not only the mortgage payments but also other costs like property taxes, insurance, maintenance, and utilities.Understanding what your expenses will look like allows you to look at homes within your budget.
Location – The location of a property is a big factor to consider. What is the proximity to schools (if applicable), work, transportation. Research the neighborhood’s reputation, crime rates, and future development plans to ensure it aligns with your lifestyle and long-term goals.
Property Type and Size – Determine the type of property that suits your needs, whether it’s a single-family home, condominium, townhouse, apartment. Consider the size and layout of the property, the number of bedrooms and bathrooms, and any specific requirements you may have, such as a backyard or a home office space. Consider the items that are non-negotiable on your wish list. Knowing ahead of time will allow your real estate agent to share only the properties that fit your criteria.
Condition – When looking at homes, look closely at the condition of the property and identify any potential renovations needed. Are you willing to invest time and money in repairs or renovations, or do you prefer a home that’s move-in ready? Answering these questions beforehand will save you time when looking at potential properties.
Financing Options – Research interest rates, loan terms, and eligibility criteria to find the best option that suits your financial situation. A good place to start is by having a conversation with a mortgage broker who can answer all of your questions and help you determine exactly how much you can afford.
Real Estate Market – When looking for a home, it’s important to understand the current state of the real estate market in the area(s) you’re interested in. Research property values, market trends, and the potential for future growth. This knowledge can help you negotiate a fair price and make a sound investment.
Emotional Preparedness – : Buying a home is an emotional process. It’s an exciting time but it can also be stressful at various stages throughout. Having a clear understanding of your wants and needs, and a willingness to compromise can help alleviate some of that stress. Patience, resilience, and a level-headed approach will help you navigate the process more effectively.
By taking these key factors into account, potential buyers will be well-equipped to navigate through the home buying process and find the home of their dreams.
When it comes to luxury living, there are a handful of locations that immediately jump to people’s minds, and happily, Brooklyn, which is one of the most desired boroughs, is a part of that group.
For decades, the most populated borough was traditionally known for its diverse neighborhoods, including many industrial areas, iconic landmarks (i.e The Brooklyn Bridge), artistic communities, and vibrant culture. While these distinct characteristics are still embedded into the heart of the city, Brooklyn is now seeing a surge in luxury living.
Brooklyn’s allure as a desirable destination for luxury living has grown due to its proximity to Manhattan, affordable alternatives to New York City’s high costs, and a more laid-back atmosphere. The borough now attracts upscale real estate developments and offers a range of exclusive amenities, adding to its appeal.
Brooklyn’s rise in luxury living can be attributed, in part, to the changing demographics of its residents. Over the past decade, young professionals, entrepreneurs, and creative individuals have all made their way over, driven by the borough’s thriving arts scene, array of restaurants, and lower housing costs compared to Manhattan.
As these people begin to find success and expand their wealth, the demand for living space to meet their evolving lifestyle has fueled the luxury housing market.
To accommodate the increasing demand for luxury living, real estate developers have embarked on projects that redefine the infamous Brooklyn skyline.
High-rise condominiums, sleek townhouses, and modern apartment complexes that offer residents a wide range of amenities, including rooftop pools, fitness centers, at your fingertips shopping, and breathtaking views of Manhattan, provide residents with everything they’re looking for and more.
These types of developments not only provide luxury living spaces but also contribute to the aesthetic and revitalization of many Brooklyn neighborhoods which all live up to the hype. Areas such as Williamsburg, Park Slope, and DUMBO are all part of some of the best neighborhoods to put down roots. The more difficult question is which one to choose!
Beyond the beautiful residences, luxury living in Brooklyn is accompanied by a host of high-end amenities and services. Upscale restaurants, local coffee shops, exclusive boutiques, and gourmet grocery stores have emerged to cater to the residents moving into these high end luxury residences.
The presence of these businesses has helped transform this sought after borough into a destination where residents can enjoy a sophisticated lifestyle without sacrificing Brooklyn’s distinct character.
Brooklyn is also rich in culture and its artistic heritage has played a crucial role in attracting residents seeking a vibrant and creative environment. The borough’s art galleries, theaters, music venues, and street art scenes have flourished alongside the rise of luxury living, blending luxury with cultural expression to create a unique and enriching experience. The infusion of wealth has provided financial support for artists, performers, and creatives, contributing to the borough’s continued artistic growth.
As the concept of luxury living evolves, there is a strong focus on sustainability and eco-consciousness. Developers in Brooklyn have embraced green building practices, incorporating energy-efficient technologies, sustainable materials, and eco-friendly infrastructure into their projects. The integration of green spaces, community gardens, and environmentally-friendly transportation options has made luxury living in Brooklyn synonymous with responsible urban living.
Brooklyn’s rise as a hub for luxury living represents a remarkable transformation that reflects the evolving desires and preferences of affluent residents. As the borough continues to attract a diverse range of professionals and creatives, the demand for high-end real estate and upscale amenities will likely persist.
However, it is crucial to strike a balance between luxury development and preserving the unique character and affordability that initially attracted residents to Brooklyn. As the borough continues to evolve, the rise of luxury living must be accompanied by investments in infrastructure, community programs, and affordable housing initiatives to ensure a harmonious and inclusive future for all residents.
Neighborhoods that were once overlooked have now experienced a revitalization and are attracting high-end developers and upscale retailers. The increasing demand for these types of properties has prompted developers to create a diverse range of high-end residences, bringing opportunities for new businesses to flourish in these areas.
The rise of luxury living in Brooklyn signifies a remarkable transformation, presenting a mix of style, comfort, and convenience that defines the new era of luxurious living in this dynamic borough.
When the day comes to purchase a home, there are bound to be many emotions – excited, nervous, even a bit stressed, but homeownership is an important investment for many different reasons.
Owning your own home is a way to build long-term wealth and financial security. Unlike other investments such as stocks or bonds, owning a home provides the benefits of both a place to live and a tangible asset that can appreciate in value over time. Unlike renting, where your money is not going toward building a future for yourself, homeownership allows you to invest in your future.
As a homeowner, you’ll have a sense of stability and control over how you want to customize and improve your living space. You can decorate your home to your taste without having to worry that the landlord may not approve of the changes (no matter how minor they may be).
When you own, it also provides the opportunity to build equity, which is the difference between the home’s value and the remaining mortgage balance.
As the mortgage loan is paid, not only are you reducing your amount of debt owed, you’ll be building that equity and increasing your ownership stake in the property.
To help you get an overall picture, we’ve broken down the benefits to homeownership below. Along with the more obvious reasons as to why owning a home has its advantages, there may be some that surprise you.
Building Equity:
As homeowners make mortgage payments, they build equity, which is a form of forced savings that can grow over time and provide a source of wealth.
Home equity can be a valuable asset homeowners can tap into if needed.Some of the more common reasons people may choose to use their home equity include home improvements, debt consolidation, education, and even emergency expenses.
Appreciation:
Historically, real estate has appreciated in value over time, providing homeowners with potential financial gains. When your property value is worth more than what you paid for, this can provide potential gains, either through selling for a profit or using the equity built up to obtain a loan or home equity line of credit.
It’s important to keep in mind, appreciation is not a guarantee as the value of real estate can also go down. In addition, appreciation can take time to occur.
Tax Benefits:
Homeowners can benefit from tax deductions for mortgage interest and property taxes, which can lower their taxable income and reduce the overall cost of homeownership. Having these types of deductions, especially during the early years when mortgage payments primarily go towards the interest.
Stability:
Homeownership provides a sense of stability and belonging to a community, as well as control over one’s living environment. Owning your own home allows you to customize it to your taste, both inside and out. Whether it’s repainting, planting a garden, installing a swimming pool, the decisions are up to you..
Owning a home can also give you a sense of security, knowing that you have a long-term place to live, should you choose. It allows you to put down roots in your community, becoming more invested in your neighborhood. From local schools, to small business, your ties to these types of establishments help give you a sense of belonging.
As a homeowner, you have the sense of freedom and independence that comes with having control over your living space and financial stability.
Forced Savings:
Paying a mortgage is a form of forced savings that can help homeowners build wealth over time. Each mortgage payment made goes toward principal and interest, which means that part of each payment goes towards building up equity in the home, which can serve as a form of savings.
In addition, making monthly mortgage payments allows homeowners to budget accordingly, creating good financial habits. This can help build a sense of financial responsibility and accountability.
Inflation Hedge:
Real estate can be considered an inflation hedge as property values tend to increase with inflation. Because real estate is something you can touch and see, when the cost of things go up like food, gas, etc. the value of real estate usually follows. This is because people still need a place to live since there is only so much land and housing available. When more people want to buy a home than there are available, the prices increase thus creating a sellers market.
Potential Rental Income:
One of the benefits to homeownership is the potential to earn income by renting out the property and earning passive income if you decide to move.This can help offset mortgage payments or provide additional income.
Keep in mind, there are several factors to consider when renting, including the rental market in your area, the costs associated with property management and maintenance, and the potential rental income that can be generated.
While renting out a property can provide a source of passive income, it’s important for homeowners to carefully consider the financial and practical aspects of becoming a landlord.
Pride of Ownership:
Owning a home can provide a sense of pride and accomplishment. For many people,owning their own home is a lifelong dream, and achieving that dream brings a feeling of accomplishment.
You’ve invested your time, energy, and resources into acquiring the property, and you can take pride in knowing that you’ve accomplished something significant.
Legacy:
When you own a home, you now have a tangible asset that provides stability and security for your family, both now and for future generations.
One of the most significant advantages to homeownership is the legacy it can provide for children, grandchildren, and beyond. Your home may also become a central location for gatherings with family and friends, and where traditions are passed down through generations..
Becoming a homeowner provides many benefits but there are certain factors to consider before making such a big financial commitment. Like most things, there are pros and cons and it’s important to carefully weigh those to determine if homeownership is right for you.
As the beginning of the year progresses and people become more settled in their routines, many homeowners find themselves thinking about a possible change of scenery.
We’re not talking about taking a vacation, although if you live in a colder climate you just might be planning one, the type of change many people think about this time of year is one that is a bit more permanent.
Believe it or not, the beginning of a new year is typically when people think about selling their homes for a handful of reasons. Several factors include the desire for a fresh start, changes in personal circumstances, improved housing market conditions, or the desire to take advantage of the traditionally busy spring buying season are a few top of mind reasons.
Additionally, the start of a new year is often seen as a time for new beginnings. The quest for a fresh start can also prompt people to consider making changes to their current living situation, which can include selling their home and moving to a new one (whether it be local or out of state).
Once the decision to sell has been made, it’s always a good idea to begin preparing your home before listing to make it more appealing to potential buyers. This can help to increase the chances of selling quickly and for a higher price.
Before you jump into any projects, the number one thing you should do is accurately determine the value of your property. Understanding where the real estate market currently is will help to set an appropriate, and also competitive, asking price. An accurate home value will not only help attract potential buyers, but it will also help you avoid leaving money on the table.
Once you determine the value of your property, there are additional things to consider before putting out the for sale sign. A few important factors to keep in mind include:
Timing
Consider the current market conditions and what’s happening in your local real estate market. If there are too many homes for sale in our area, you may want to wait until there is less competition. This is when having an experienced real estate agent pays off because they can provide the knowledge to help you make an informed decision.
Repairs and Improvements
Look around your home, are there repairs that you’ve been putting off? Consider making any of the necessary repairs or upgrades that you’ve had on the back burner. Doing so will help increase the value of your property and make it more appealing to potential buyers.
Hiring a Real Estate Agent
There are numerous reasons why it is a smart idea to hire a real estate agent. A real estate agent brings their expertise and experience to the complex process and can provide a smoother and more successful home-selling experience.
They know the local market, have access to the data, and understand the nuances of the process, making them the right person to help you navigate what could be a stressful and confusing process.
Additional expertise a real estate agent brings includes:
Closing Costs
Be prepared for the closing costs involved in selling a home. These costs include the real estate commission, transfer taxes, and title insurance.
Negotiations
Get ready for potential buyers to negotiate. Have a clear understanding of what you are willing to accept as well as what you are not willing to compromise on.
Once the decision to sell has been made and the above addressed, it’s time to jump into any of those projects that need to be completed before you put your home on the market. You want to ensure your home is in good condition and appealing to potential buyers.
While the projects that should be addressed are unique to each seller, we’re sharing a few common ones to consider:
As you consider making any type of home improvements, look at your budget and keep in mind not all projects are worth the investment. Review how much things will cost and the potential return on investment. Don’t forget, your real estate agent can also provide guidance on which projects will have the most impact and which ones may not be necessary.
We’ve all seen the home renovation shows on networks like HGTV and thought to ourselves, that might be a good idea. The transformation of a house in shambles to a beautiful dream home is enough to make anyone consider the possibility. Granted some of the shows are geared towards personal home renovations, while others are renovating with the intent to flip.
If you’re new to the process, house flipping entails purchasing a real estate property, updating it to add value, and then selling it for a profit. Most home flips involve buying property at a less than average price, (either a fixer-upper or in foreclosure), rehabbing the property, and selling it for more than invested.
Shows like the Property Brothers, Flip or Flop, and Christina on the Coast, to name just a few, give the illusion that the process of flipping a home can be fairly simple – all you have to do is just buy a house, make a few cosmetic changes, and sell the property for a good profit. Unfortunately it’s not as easy breezy as television portrays.
What isn’t visible in that one hour is all of the behind the scenes happenings that get you to the finish line. Anyone who has ever had some type of home renovation done, knows it is not a quick and seamless process, there are always bumps along the way.
Ask anyone who has flipped a home and they will tell you the truth – the process isn’t as fun or as profitable as you see on screen. Television has the power to glamorize and home flips are no exception.
Flipping homes can be a lucrative way to earn good money in real estate but in order to be successful, you’ll need to be armed with a lot of knowledge, planning, patience, time, energy, and good judgement.
It’s important to not only understand the process but also the basics of what flipping a home entails. Most people find themselves juggling both their day job and home renovation which can be extremely time consuming, not to mention super stressful.
Before diving into your first home flip, there’s a lot to know and educating yourself is important. There are countless books and sites filled with information to help guide you in the process. We’ve broken down some of the basics:.
How to Get Started
First step is to develop a plan for your flip. What is your budget, how much do you want to spend on the purchase, and how much will be needed towards the renovations? When thinking about cost, keep in mind they include contractors and specialists along with the materials needed.
You’ll want to have a team in place to help you get started before the home search gets under way. Ensuring the people you want to work with are available and align with your budget before making a purchase is important.
The last thing you want is to find out after closing is that the cost of contractors is higher than expected, or availability is months away. A renovation takes time and the last thing you want to do is delay it even further because you didn’t assemble a team beforehand. Remember, time is of the essence. Every day you own the property it is costing you money.
Finding the Right House
When it comes time to find the home, there are a few different ways to go about your search. Consider working with a real estate agent, especially if you’re unfamiliar with the area. A good agent can provide insight into the market and possibly help you sell the home once the renovations are complete.
You want to find a home in a desirable location or one that is growing and promises a high resale value.
If you have the ability to pay cash, auctions are another place to look for good opportunities for a discounted price. Just keep in mind they can carry some risk so before going this route, read and understand exactly how they work.
Secure Financing
In the world of real estate, cash is king. An all cash deal means that by the time of closing, the buyer will have unconditional liquid assets sufficient to pay all of the costs associated with the purchase, including the sales price and closing costs. If you ask any seller they’ll tell you they prefer this method of getting paid over an offer from a buyer who needs to secure funding in order to purchase.
If you don’t have the funds to purchase outright, you’ll need to secure financing. There are different types of loans to explore which is why speaking to a mortgage broker ahead of time is a smart idea. If you have bad credit, options may be limited. If your credit is low, consider raising your score before starting the home search.
Legal Representation
Whether the deal is all cash or financed, there is always a lot of paperwork involved. It is important to seek out legal advice and have a real estate attorney look over all of the documents. Their job is to provide you with the best possible legal advice and will ensure all of the necessary steps are taken prior to closing.
The Bottom Line
At the end of the day, the most important piece of advice is be prepared. Seek out the help of experienced professionals and ensure you have a great team in place to help you achieve success.
Flipping homes can be a lucrative business and with the knowledge, skills, and motivation necessary it is possible to become successful.
As humans, we naturally are drawn to other people who share similar interests. When we talk about community, we focus on a common thread used to bring people together to advocate and support one another. In its simplest form, a community is a group of people with something in common.
That sense of belonging that comes along with being a part of a community gives people a supportive group to help them cope with difficult challenges, brings them together to solve problems, as well as celebrate life’s lighter moments.
Whether it be through a physical group where members meet up on a regular basis, or via a virtual space like social media groups, connecting with your community is important, especially when you are new to the neighborhood.
Finding common connections with your new surroundings is beneficial to homeowners in a variety of ways. If the area is one that is completely new for you, finding organizations or groups within your neighborhood will allow for the opportunity to learn all about your new surroundings.
Whether that entails discovering local businesses to shop at, linking up with volunteer based organizations, joining a club. or discovering some of the history behind your town, creating these types of relationships with other people helps foster a sense of belonging.
One way to get involved is to check out the social events your local neighborhood has planned. Oftentimes seasonal events are organized for residents to get involved and enjoy some local hometown fun. Two upcoming fall events here in Brooklyn – Blocktoberfest 2022 hosted by the NY Brewers Guild on Satruday, October 1st, at the Brooklyn Navy Yard. The annual fall festival celebrates beer brewed here in NYC.
Two weeks later, on Saturday October 15th, there is a Fall Festival taking place at Atlantic Terminal Mall with a host of fun activities for children and families.
A strong sense of community has also been shown to have positive effects on both mental and physical health. Connecting with your community helps prevent isolation and teaches people how to be more empathetic towards one another.
Curious to learn more on how being connected to your surroundings is important to your overall well-being? We’re sharing a few of the ways in which community enriches people’s lives for the better.
Community Enhances Your Sense of Belonging
A sense of belonging is one of the most significant needs that humans have. It is what draws us together with other like-minded individuals who we can turn to for friendship and support. It is here where we discover common ground with those around us. When people find themselves as the “new guy in town,” it helps to get to know your neighbors. Lifelong friendships have been made between people who met by chance due to geographic location.
Community Encourages Social Support
Being part of a community enables us to show support to others. If you look within your neighborhood, you’re likely to find organizations that were created for the sole purpose of helping out the community.
In Brooklyn, The Kiwanis Club of Brooklyn is dedicated to helping local children and families through a variety of wonderful programs. Being a part of such an organization means you’re making a difference in the lives of others while helping to build a better community.
Community Reduces Anxiety and Depression
When people feel connected to a part of something bigger, it gives them a sense of purpose and need. Being able to help others, whether it be a nieghbor, or an organization, creates a feeling of accomplishment, and a sense of pride knowing that you have made a difference, no matter how large or small, in someone’s life. Providing support to others will in turn make others aid you in your time of need.
Community Builds Trust
When we build a strong sense of community, we’re also building trust with people who are not in our immediate circle. Connecting in a community allows you to step outside your comfort zone.
Oftentimes, when new to an area, it can be difficult to find some of the things we take for granted in more familiar surroundings. Doctors, childcare, petcare, repairmen, you name it, we all have questions when we move to a new location.
Social media is a great resource for connecting with people within your local area. If you search platforms like Facebook, you can find private groups geared towards your particular area. Instagram is another great resource to search for groups. Join and follow the ones you find valuable to obtain a wealth of information.
A great example on Facebook is the public group entitled, Brooklyn Food, dedicated to highlighting all things food related. On Instagram, check out Brooklyn Magazine, a page dedicated to all things for the borough. Whether you pose questions, or take notes on suggestions from other members, you are bound to find some true gems.
Social media has proven to be a valuable tool when it comes to connecting to your community. The internet is a great tool when it comes to finding local events and activities taking place in your neighborhood. Brooklyn residents can always check out the website, Happening Next, as well as Patch, to find out what is happening within the borough.
Community Provides Opportunites for Businesses
When people have a strong sense of community, they want to see their neighborood and its people flourish and one way in which to ensure that is by supporting local businesses. Whether it’s through online communities, or word of mouth, community’s assistance helps business owners interact with customers and gain valuable feedback.
There are many reasons why connecting with your community is important, finding a sense of belonging and purpose is truly at the heart of it all. Overall, it enhances our quality of life as well as enhancing our hometown.
At the beginning of every New Year, most people make resolutions that involve some form of change. Whether that be professionally or personally, it’s a chance to give ourselves a goal to start anew.
For anyone who has had their sights set on jumping into the real estate market then you know how crazy it’s been these past two years as the pandemic turned the home buying process completely upside down. It may be a New Year but is it a new market?
With mortgage rates hitting a historic low, coupled with an inventory shortage, the red-hot real estate market saw homes selling within hours of being listed, bidding wars ensuing, and sale prices closing over asking price.
When it comes to the real estate market, we know anything is possible, but housing experts predict that in this New Year, buyers will likely see similar trends to the last two years which included elevated prices, low-inventory, and fast turnaround.
Another contributing factor fueling home buyers were the extremely low interest rates which hovered near historic lows for an extended period of time, a result of the Federal Reserve buying mortgage backed securities to support the economy. But in 2022, the Fed plans to lessen those purchases to curb rising inflation. As a result, mortgage rates are expected to rise.
How much they will increase is not entirely clear, but economic predictions estimate the Fed may raise interest rates three times in 2022. This potential change will have an effect on the home buying process although the new policy isn’t likely to “hurt” buyers in the next few months. Regardless, it’s safe to say anyone looking to purchase are encouraged to act sooner rather than later.
While the buyers are out there, it’s the sellers who are slowing down a tad bit. When the pandemic started, the demand increased and pushed the home prices to an all-time high. And although we have rounded the corner when it comes to the pandemic, the 2022 housing market will likely continue to be costly, with home prices and rents remaining on the higher end of the spectrum.
Along with the demand for homes comes an increase in demand for rentals, especially as we head into the first quarter of 2022. The previous discounts that landlords had been giving out during the height of COVID are practically gone. As these concessions disappear, many renters are finding it difficult to afford their current apartments and will have to move.
As a result, there will be an increase in availability with inventory opening up. The demand for rentals in the neighborhoods chock-full of amenities will also be greater. The areas most desirable are the ones with shopping, restaurants, and nightlife, especially as these sectors have re-opened their doors and welcomed back their customers. For many people, these amenities are an important factor when it comes to deciding where to live. Being close to all of these things, as well as transportation, is a luxury many potential renters, and even buyers, seek out. Areas such as Dumbo, Fort Greene, Bushwick, Gowanus, and Red Hook, will be some of the more attractive places to live for these reasons.
Finding a place to call home, whether buying or renting, is never as easy as we hope it will be. The real estate market will always go through highs and lows, and this upcoming year is no exception. Keeping that in mind, here are a few things to consider for anyone planning to make a move in 2022.
Prices will remain high
According to economists at Realtor.com and Zillow, the competition isn’t likely to die down this year. Economic trends such as low inventory, elevated demand, and low mortgage rates will continue to give sellers leverage in the market.
Buyers will continue to see potential bidding wars, particularly when the market picks up in the spring and summer months. Although it’s hard to predict exactly what’s going to happen, Zillow predicts home values will rise by 11% in 2022. While not as high as in 2021, it’s still a substantial increase.
Increase in interest rates
With the likelihood of interest rates rising multiple times this coming year means mortgage rates are likely to increase as well. Home experts predict a 30-year fixed mortgage rate will reach 3.60% by the end of 2022 compared to the average of 3.30% as of now. The upside to an increase in mortgage rates is that buyers scooping up property for investment purposes may lessen, giving the people who buy homes to live in more of an advantage.
Inventory will remain low
The number of homes actively for sale fell to a record low at the end of last year, and the etnrance of new listings has been slow moving into 2022. Spring has generally been the time when the market picks up and while there are likely to be more listings come spring and into summer, there may not be enough to meet the demand. It will continue to be a strong sellers market.
Home buyers, be prepared
With the way the market is trending, it’s important for buyers to be on their A-game. That means doing research ahead of time, having the proper documents readily on hand, and being ready to act quickly. That includes making an offer almost immediately. For some buyers, purchasing out- of-state has them relying on photos and showings being done via computer and over zoom.
From the realtor side, agents not only have their eye out for new listings, but listings that are “coming soon” to the market. Knowing what a client wants and how much they’re willing to spend allows agents to hone in on the right properties. There’s no sense in taking potential buyers to properties that don’t meet their needs or are out of their price range when the market is this competitive.
And while the 2022 real-estate market may not reach the incredible heights it did in 2021, don’t expect it to slow down anytime soon. In the meantime, do what you need to be prepared for when the right home comes along and work closely with your real estate agent who can guide you through the entire process.
As we prepare to wrap up a record-breaking year for real estate, potential homebuyers are wondering if 2022 will bring more of the same. Despite the fact there were sellers a bit apprehensive to make a move during the pandemic due to economic volatility, the real estate market in 2021 saw a record setting boom.
Sales were at an all-time high while mortgage rates were at an all-time low. The combination of the two created a favorable sellers’ market with tighter competition amongst buyers. With interest rates expected to remain low in the upcoming year, homebuyers looking to make a move in the coming months should start preparing sooner rather than later.
Being one step ahead of the competition is a good idea especially if inventory remains low. While the housing market may pick up with additional inventory right after the new year to satisfy buyer demand, there’s no guarantee.
One way to stay on top of the real estate market is to work closely with an agent. Buying a home is not as simple as we’d like it to be, but the process doesn’t have to be as stressful as you might believe it will be. While buying a home is no simple task, working with a real estate agent offers you overall support each step of the way. Their knowledge of the local market coupled with the skills to get you where you need to be will alleviate some of the stress that often comes along with buying a home.
Before starting the home search and teaming up with a local real estate agent, there are a few questions to ask yourself so that when you do find the right place to call home you’ll be ready to move forward.
Credit Score
Ask yourself, is my credit score in good shape? If it isn’t, take the necessary time needed to boost it up to where it should be before you begin applying for a mortgage. Your credit score is an important factor when it comes to obtaining a loan. Not only does it affect whether you’ll get approved, it also affects the rate at which you’ll qualify.
The higher the score, the more likely you are to get approved at a more favorable interest rate. There are different types of mortgages, each with their own credit score requirements. It’s a good idea to talk with a mortgage lender ahead of time to gather information on all of the various loan requirements. That way, once you obtain your credit score, you’ll know exactly where you stand.
Boost your credit
Once you obtain your credit score, there may be a chance you’ll need to boost it up. Make sure all bills are paid on time and if possible, pay down as much of your existing credit card debt (if not all) before starting the mortgage process.
If you plan to purchase a home in the near future, resist opening any new lines of credit as this will affect your credit score. While the discount many stores offer with the opening of a new credit card may sound enticing, resist the urge to apply. You may save a few dollars today, but long-term this can hurt you when applying for a mortgage.
And lastly, when looking over your credit report, check it carefully for any potential errors. If anything looks incorrect or even suspicious, you’ll want to correct and/or rectify it before starting the mortgage application process.
Save, save, save
With home prices being on the higher end of the spectrum, agents and their buyers are seeing sales for over asking price, whether it be the result of a bidding war or anxious buyers offering higher to secure an acceptance.
To remain in the game in such a competitive market, having a strong down payment shows a strong interest in the property and a commitment to get the deal done. While there isn’t a specific number required to put down, many times buyers hope a larger number will help them get their offer accepted over the competition.
Plenty of lenders will allow you to put down less but on a conventional mortgage you’ll be required to pay private mortgage insurance (PMI). While mortgage insurance isn’t a bad thing, it’s an additional expense homebuyers tend to try and avoid especially with home prices being falling on the higher side. Why add to your monthly payment if you don’t have to?
Research different neighborhoods
Before heading out with an agent, conduct a bit of research on home prices in the different neighborhoods. This will give you a better idea of which areas are more feasible. Together with your real estate agent you can create a game plan and focus on the properties that fit within your budget. There’s nothing worse than falling in love with a home that exceeds your finances.
It may come as a surprise but yes, there is a day recognizing one of our favorite caffeinated beverages.
In 2014, the International Coffee Organization declared October 1st as International Coffee Day, with National Coffee Day being celebrated two days earlier on September 29th. Both days give coffee lovers an occasion to celebrate their favorite beverage, which just so happens to be the most consumed drink in the world, as well as a great way to learn more about this ancient drink.
With a very long history, the start of coffee can be traced back to around 700 AD. As time progressed, so did coffee itself, receiving more attention and eventually progressing into the drink it is today. These days the caffeinated beverage is regarded as one of the greatest crops. It’s safe to say, coffee lovers have been enjoying their favorite “Cup O’ Joe” for a very long time!
If you are an avid coffee drinker, then you know what it feels like to smell the aroma of a freshly brewed pot. Day in and day out people all over the world wake up anticipating that first sip. Whether you need that first cup the moment you wake up, to get the day started, or even to help you make it through the day, there are so many ways to enjoy all of the different kinds of blends.
Did you know….
Nowadays, there are many different kinds of coffee to choose from. Whether you enjoy a latte, a cappuccino, an espresso, or maybe an Americano, the different blends, strengths, and flavors provide coffee lovers with an array of options.
With National Coffee Day right around the corner, what better way to celebrate than to try a a new coffee inspired recipe, a new flavor, or even a completely different brew than you normally drink.
Along with the larger coffee chains, there are many wonderful local coffee shops where you can grab your favorite brew. Brooklyn is filled with endless choices so ask around, check out your neighbored, or do a search online to discover some of the borough’s popular spots and hidden gems. To help you get started, we’ve compiled a few local shops to help you celebrate the day.
Sey Coffee – Located in the East Williamsburg section of Brooklyn, the cafe offers coffee lovers a unique experience. With it’s bright and airy atmosphere, this contemporary micro roastery serves a variety of the most dynamic and complex coffee selections. 18 Grattan Street, Brooklyn, NY 11206
Brooklyn Perk – Serving up peace, love, and unity along with their coffee, this local coffee shop, located in the Prospect Lefferts-Gardens section of Brooklyn offers cool vibes and a wide assortment of caffeinated beverages to choose from, along with a selection of sweet treats. 605 Flatbush Avenue, Brooklyn, NY 11225
Cup of Joe Coffee Co. – This vintage-inspired boutique coffee shop offers its customers the feel of a neighborhood cafe with the convenience of a quick service shop. Here you’ll find only the highest quality beans that are freshly roasted to perfection. 7407 5th Avenue, Brooklyn,NY 11209
Social House Cafe – This Williamsburg cafe offers not only an array of different coffees (the beans are imported directly from Italy) but their fall lattes, which include Nutella, lavender, and white chocolate, are the talk of the neighborhood. Along with your coffee, you can pick up a delicious French pastry or take a seat and enjoy a dish from their brunch menu. 60 Broadway, Brooklyn, NY 11249
Pep Bakehouse and Coffee Shop – With four locations within Brooklyn, Pep Bakehouse and Coffee Shop is a true artisan bakery, serving up fresh croissants and pastries daily using only fresh, local, and natural ingredients. And when it comes to their coffees, they work with the best Italian and Columbian manufacturers. From the wide assortment of baked goods, chances are you won’t be leaving empty-handed.
To help celebrate this caffeinated holiday, the Brooklyn MLS has teamed up with some local coffee businesses in bringing you some of the finest roasts. From September 29th – October 1st, we’ll be giving away one coffee basket per day. Participants will have the chance to win one of the following three:
To enter, follow the Brooklyn MLS on Instagram and Facebook. Like our post, comment, tag a friend or two (more tags = more entries). Share the post to your Instagram story for extra entries!
However and wherever you choose to celebrate, Happy National Coffee Day!
Images Curtsy of Coffee Geek
It’s finally here, moving day! Whether you’re heading into a new home or apartment, the excitement, and stress that comes along with the process is one that cannot be avoided.
Did you know that moving is consistently rated as one of life’s most stressful events? It ranks right up there with death of a loved one, divorce, job loss, etc. Even if your move is a happy one, it doesn’t lessen the stress that comes along with it. It is still a massive disruption of your routine, combined with all that is familiar to you. And no matter how well you plan, that feeling will not change.
Now, you’ve spent weeks (maybe even months) planning and packing, so when the actual day arrives, you’re bound to be in overdrive. Along with all of things you’re going to have to take into consideration, if you’re a pet owner, add another item to your pre-moving check list.
If you think the process is tough, imagine just how stressful it can be for your pet. Dogs especially can easily become stressed out when there is unexpected activity in the home, or even when introduced to a new environment.
Animals are creatures of habit, and for them, change, no matter how big or small we think it may be, can be both confusing and stressful.
So while you’re planning out the specifics for moving day, it’s important to also plan ahead for your pet. In order to ensure he or she is relaxed, and safe, on the big day, we’ve compiled a few top tips to help make the move a success for all members of your family.
Contact your vet
If you’re moving out of state, or out of the local area, contact your vet to obtain your pet’s medical records along with any current prescriptions. Part of relocating involves finding new doctors and that includes a new veterinarian. Ask your current vet if they can recommend a new doctor before beginning to do so on your own.
Plan Ahead
Prior to moving, it’s a good idea to visit your vet. According to Dr. Rachel Barrack, Founder of concierge veterinary practice Animal Acupuncture, you should make sure your pet is up to date on all vaccinations. If you’re traveling by air, Dr. Barrack stresses the importance of checking with the airline beforehand to confirm all necessary paperwork prior to the day of departure. If traveling by car, make sure your pet is used to their crate and plan ahead for bathroom and water breaks.
Pack An Accessible Bag for Your Pet
Included in your pet’s to-go bag should be a leash, bowls for food and water, food, medications, wee-wee pads or litter box, bed, and favorite toys so when you get into your new home you won’t be rummaging through boxes, Dr. Barrack points out.
Keep pets away from the action
One of the best ways to help your pet remain calm is to keep them in a quiet area although that might not be possible on moving day. You don’t want them getting underfoot or accidentally getting out. A good idea to consider is either boarding for a night or two or doggy daycare. If that’s an option you’d like to explore, Brooklyn is home to a variety of options. A few local places include:
Keep in mind, before your pet is able to board or spend the day in daycare, most animal facilities require the animals go through an evaluation to ensure they’re a fit, and to protect the safety of all the animals already at the facility. All vaccinations will need to be up to date as well so make sure to find out from your veterinarian which ones your pet will need. And lastly, some months may be more popular than others at the facility, so once you have your moving dates, call to reserve your pet’s spot.
Move the house before you move your pet
Set up as much of your new home as best you can before introducing your pet to his or her new digs. Let them slowly adjust to their new surroundings. Re-introduce familiar objects and make sure to give your pup lots of attention in the process. You can even walk them from room to room to take in the new scents they’re sure to pick up on.
Update information
Once you’re settled, make sure to update your new contact information. That includes notifying your vet, ordering new ID tags, and if your dog is microchipped, calling the company and ensuring they have all of the new and most current information.
Stick to a Schedule
Dr. Barrack stresses the importance of sticking to a schedule once the move is complete. Even though you’re in a new place, sticking to their usual eating, exercise, and sleeping schedule as best as possible will help to minimize the stress.
Most pets love predictability and routine, so a move can throw them into a tailspin. Change can be confusing and stressful so be mindful of their needs as you prepare your move.
And most importantly, Dr. Barrack stresses the importance of being patient. Once you arrive at your new home, it will often take even the most well-behaved pets a few days to adjust to their new surroundings. Consult with your vet as well on the best ways in which to ensure a smooth transition.
