How to Pet-Proof Your New Manhattan Apartment

How to Pet-Proof Your New Manhattan Apartment?

Finding an apartment in a pet-friendly building in Manhattan can be challenging. So, if you managed to find one, you are lucky. Whether you own or rent, protecting your home from damage is important, and this includes damage caused by your furry family member. That is important because any damage can reduce property value or cause you to lose your deposit. Here are some tips on how to pet-proof your new Manhattan apartment.

Tips on how to pet-proof your new Manhattan apartment

Anyone that has had a puppy or kitten knows that pets are very similar to toddlers. They are very curious and love to explore any new place. Unfortunately, just like toddlers, they can also be unintentionally destructive. It is natural to scratch all surfaces and chew on various items. Not to mention that pets can also be pretty clumsy, like toddlers. A dog might accidentally break things with its tail, while a cat might break something while jumping on furnishings. At the same time, they can also get injured in the process. So, here are some tips on how to pet-proof your new Manhattan apartment.

Choose the right flooring

If you own a pet, flooring is the first thing you should address in your new Manhattan apartment. You need floors that won't scratch, stain or retain odors, so you must analyze your options and decide which would work best. Here are some of your best options:

●      Laminate floors are one of the best solutions for pet owners because they are easy to clean and water resistant. Plus, even if they scratch, it’s not that noticeable. However, they can become slippery when wet, which can be uncomfortable and dangerous for your pets. Therefore, make sure you keep them dry while your pet is around.

●      Vinyl floors are efficient since they can withstand clawing and are easy to clean. Furthermore, one of the best parts about this material is its quietness. That means it will reduce clawing and jumping noises. But once again, you must keep them dry. Otherwise, they can lift and produce mildew.

●      Carpets are a great solution, particularly for tenants. Since you cannot redo the entire flooring in your rented apartment, you can at least protect it. One of the most significant advantages of carpets is that they are much more comfortable for you and your pet. However, the downside is that they quickly absorb fluids, thus retaining odors and staining.

●      You can invest in a waterproof carpet if you’re worried about frequent peeing incidents. Of course, this is not as soft and comfy as a traditional carpet, but it’s practical in cases like this.

Carpets help protect your floors and are more comfortable for your pet and yourself.

Pet-proof your furniture

Both cats and dogs love sofas and comfy chairs. The problem is that they cover them in pet hair and sometimes even potty stains. Not to mention that cats enjoy scratching your furniture. So, how can you protect your furnishings? Firstly, make sure that you groom and brush your pets regularly. Do not forget to trim their nails as well. Secondly, use lots of washable blankets and slipcovers. Thirdly, spread lots of scratching posts or chew toys around the house to provide an alternative for your pets.

Remove fragile items from your new Manhattan apartment

If you have valuable and fragile furnishings and home accessories, removing them from your apartment might be the best option. Because accidents happen, no matter how many safety precautions you take. So, you should consider renting some storage to ensure the safety of your belonging. Plus, you never have enough storage space when you live in an apartment. So, if your home is getting smaller by the day and you can never find what you need, that’s a clear sign that you need some extra storage.

Protect your pets from electricity

Electrical wires and cables are hazardous. On the one hand, they represent a tripping hazard for your pets. Because, just like toddlers, when pets get excited, they don’t pay attention to these things. On the other hand, they love chewing on and playing with everything that isn’t a toy, so they risk getting electrocuted. Therefore, you should use floor cord covers or hide wires and cables behind baseboards.

Hide or remove anything that might be toxic

We all love decorating our apartments with plants because they brighten up the place, look great, and can increase oxygen levels. However, our furry friends also enjoy chewing on them. The problem is that many indoor plants are toxic for pets. So, you should do some thorough research before buying plants. Of course, if you have a dog, you can also solve this problem by positioning the plants out of reach. Unfortunately, this doesn’t work for cats since they are good climbers.

Make sure you decorate your new Manhattan apartment with indoor plants that are not toxic for pets.

Moreover, it’s not just plants that you have to worry about. Cleaning products are just as toxic for animals as they are for humans. So, you should keep them under lock and key. Furthermore, you should hide away food as well. Anything left out in the open can become a target for your pets. And it’s not just that they will gain some weight, but some human food can harm pets. Therefore, if your Manhattan apartment has ample storage space, you should use it.

Conclusion

As you’ve seen, pet-proofing isn’t all that different from child-proofing.  When it comes to how to pet-proof your new Manhattan apartment, you have to consider the safety of your pet and your belongings. However, be advised that no matter how many safety measures you take, accidents can still occur.

Mortgage Rates 2022: How High are Mortgage Rates? [INFOGRAPHIC]

The housing market in 2022 has certainly been characterized by higher mortgage rates as the Fed continues to increase its benchmark Federal Funds rate in an effort to combat inflation. With the Fed making its third 75 basis-point increase at its recent September policy meeting, what does that mean for mortgage rates?

It is important to note that the Fed does not control or set mortgage rates, however, it greatly influences them via monetary policy. Mortgage Rates typically tend to track the 10-year Treasury yield, so when yields rise, mortgage rates tend to go up as well.

 Are Mortgage Rates High Today?

While mortgage rates are currently the highest they have been since approximately 2008, the average rate for 30-year fixed mortgage according to Freddie Mac’s historical data shows that rates have been much higher than they currently are as well. Rates were in excess of 10% for most of the 1980s.

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 Today’s Average 30-year Fixed Rate: 6.43%

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via bankrate

While nobody wants to pay higher rates as it can erode home purchasing power, it is not all bad news. Interest Rates are still relatively low compared to historical standards. There are always benefits to homeownership and the predictability in monthly costs that a fixed-rate mortgage provides compared to renting.

Additionally, higher rates have impacted demanded which means there is less competition at certain price points and property types compared to the height of the busy 2021 market. This means that serious Buyers can still find opportunity and value in the market as the regain some of their negotiating power.

Easy Home Office Ideas for Small NYC Apartments

The last few years have turned working from home into the new normal. And many people enjoy it because of the more relaxed work environment. Not to mention that they can save a lot of time and money by avoiding those long commutes. However, many people struggle with staying productive at home because of all the distractions. Kids are running around the house and house chores are calling your name. Therefore, a good solution is to set up a dedicated space to conduct your work. But while you can find great luxury building amenities in NYC, most apartments were not designed to incorporate a home office. Thus, it can be hard to make room for one. So, here are some easy home office ideas for small NYC apartments.

 Finding the right location is key

If you want to stay productive, working from the sofa or the kitchen counter is not an option. You need dedicated office space, no matter how small it is. Having a defined space for work within your home can help you compartmentalize work vs. “home”. Go through every room of the apartment to identify areas that could fit a small desk. Here are a few ideas that could work:

• Convert a closet into your office space. Of course, storage space is important, but so is your work. So, make a compromise, and transform one of your closets into your office. And if you have nowhere to move the stuff in there, you should consider renting storage. Explore this solution because it can help you maximize the space in the entire apartment.

• Find an empty corner. Many apartments have empty corners, which is a waste of space. You can easily fit a small corner desk in there.

• Use the under-stair space. If your apartment has indoor stairs, the space underneath is probably empty. So, why not turn it into an office? Just make sure that your family members don’t use it as a dumping ground for their stuff.

• Create a nook or convert an existing one. One of the top easy home office ideas for small NYC apartments is to carve out a nook. For example, you can sacrifice a small part of your wardrobes to create a nook between them. Or, you can transform your reading nook into an office nook.

Make sure you have enough light

While the above-mentioned ideas are great, they lack proper lighting. And this constitutes a problem for your work productivity. Therefore, making room for a small desk in front of a window would be best. Natural light helps you stay focused and improves your mood, so you should have plenty of it. Nevertheless, this isn’t always possible. So, if the office area you choose is dark, make sure you add enough artificial lights.

Your home office should benefit from a lot of natural light, so, if possible, place your desk in front of a window.

One of the best easy home office ideas for small NYC apartments is creating a multi-functional area

If you’re not willing to sacrifice any part of your NYC apartment, the best option is to create a multi-functional area. And the best way to do that is by investing in transformable furniture. These pieces of furniture help you save space and hide your office whenever you have guests. Or you can simply get creative and identify furnishings around the apartment that can become multi-functional. For example, a bedroom vanity can be used both as a makeup table and as a work desk.

Create office storage space

For most jobs, you need more than just your laptop. You might need printed documents, stationery, and more. Therefore, you’ll need some space to store all of this. When space is a valuable resource, you need to take advantage of every inch. To do this, you might want to consider the option of a floating desk that leaves room underneath for storage cabinets and drawers.

Another great option is to use all the available vertical space. You can install cabinets and shelves on the wall. And you can even get creative by hanging pots and spice racks to use as storage. Nevertheless, if you want to make the most out of your vertical space, then custom built-ins are the way to go.

When you have a small office space, it can easily look messy and overcrowded. And this, in turn, makes you less productive. So, keep your desk tidy at all times by keeping everything stored away in cabinets and drawers. And make sure you declutter your office space regularly. Plus, according to the consultants from divinemoving.com, you should declutter your entire NYC apartment regularly to maximize the space.

One of the best home office ideas for small NYC apartments is to regularly declutter your office area to maximize the space.

Don’t go overboard when you decorate

When you decorate your small home office, you should keep it simple. Don’t go overboard because it will look cluttered and will distract your attention. So, leave the decorative home accessories for other parts of the room. Instead, opt for one or more beautiful indoor plants. This solution is great because it looks good and it also improves air quality. And according to the research, good air quality increases productivity.

Decorate your home office with indoor plants that are both beautiful, and improve air quality.

Another idea that can be both esthetical and practical is defining your work area. On the one hand, you can use room dividers that will make your workspace more private. They represent a great solution for hiding your home office when you have guests. And at the same time, they create a more professional background for video meetings. On the other hand, you can define your work area by painting the strip of the wall in front of your desk. In this case, you should use a contrasting color to the rest of the wall. This will make it stand out.

Final thoughts

Working from home has many benefits. Nevertheless, it can be hard to stay focused and productive in such a relaxed environment. Therefore, you should consider setting up a home office. But sometimes, finding room for one can be very hard. It doesn’t  matter if your NYC apartment is big or small because it is likely it was not designed with a home office in mind. Thus, you need to get creative and maximize the space you have. So, use these easy home office ideas for small NYC apartments.

Features to Look for in Luxury Homes for Families

What is a luxury home? Or, in other words, what makes a home feel luxurious? Is it a home with facilities that make the owner feel pampered or indulged? When the word luxury is mentioned, large pools, indoor gyms, game rooms, backyard tennis courts, and home theaters come to mind. But what are the most desired features to look for in luxury homes for families?

An Open Floor Plan

The open floor plan concept has become so popular in luxury homes because it emphasizes the size of the home and is a compliment to the modern lifestyle many luxury buyers lead today. Instead of many smaller, copped-up rooms with an open floor concept, you get a huge living area that feels rich. Furthermore, having larger, open spaces in your home will make entertaining groups of people much more effortless. Having the right amount of space, whether in your kitchen, dining room, living room, or outdoor space, provides a more comfortable party or get-together. Plus, it gives you increased flexibility when it comes to designing your spaces. You can create a quiet corner in your living room, just for your indoor plants, that feels more like an indoor garden.

Plenty of Outdoor Space

When considering features to look for in luxury homes for families, the second thing that comes to mind is outdoor space. If you are a family with kids, you probably want your kids to have more than enough space to run around and enjoy their time outside. Since the pandemic, outdoor space has become an incredibly desired amenity. A large yard with enough space for a pool, a garden, an outdoor kitchen with a grill, and a shady relaxation spot is a must. Moreover, if your kids are still little, consider leaving space in the backyard for a jungle gym or swing set.

When looking at luxury houses, the amount of outdoor space is very important.

Smart Technology

Technology has advanced to levels that most of us cannot even comprehend in the last several years. As a result, it is no surprise that smart houses are becoming more popular. Smart homes were one of the top luxury home trends last year, and it does not appear that things have changed much since then. As technology advances, smart appliances are becoming an increasingly crucial feature for luxury home buyers. Smart home technology may be integrated into any home, starting with a smart thermostat, fridge, home security system, doorbell, and even an electronic home personal assistant.

Extensive Storage Space is a Must in Luxury Homes for Families

For some people, a walk-in closet is a true sign of wealth, for families, having thoughtful and functional storage throughout the entire home is also a must. According to experts at benhur.com, huge storing options such as walk-in closets have always been a popular sign of wealth among the general public. In part, this could be due to the number of reality shows that feature huge walk-in closets filled with expensive things.

We have never heard a Buyer say they regret having a large walk-in closet in their primary suite….sometimes even two!

A walk-in closet is an excellent way to both store and showcase your luxury belongings.

If the Kardashian-style “boutique” closet in the master bedroom is not for you, you will never regret having large closets in all bedrooms and common high-traffic areas such as the foyer and off the garage.
Game & Theater Rooms

When it comes to opulent living for the entire family, gaming and movie rooms have been popular for decades. For years now, an in-home theater and game room have become standard features in most million-dollar homes. Moreover, wealthy property owners are attempting to push this trend even further by installing amenities like indoor basketball courts and expensive sports bar setups with televisions and indoor bars. The main objective is to create an environment where a homeowner of this luxury property never needs to leave the comforts of their own home because everything they need is within their reach.

A Home Gym

Having to drive to go to the gym filled with other people? The focus on home gyms has skyrocket since the pandemic for a number of reasons including convenience and privacy. Home gyms at their pinnacle would have plenty of space for equipment, machines, and weights, as well as additional amenities like built-in wireless speakers and TVs. Like a cherry on top, luxury homes should also have a private sauna and an indoor pool as places to relax after a hard workout.

Home Office

In the years since the pandemic started, millennial homeowners popularized home offices among the general population, not just the wealthy. However, a beautifully decorated and well–organized home office is another feature you should look for in a luxury home for your family.

In recent years, home offices have become an essential part of luxury homes.

Final Thoughts

When it comes to luxury homes, everyone has their own preferences, however, we covered some of the most popular and requested features that luxury buyers look for in family homes.

In a competitive market, it is important to partner with professionals across the entire home buying process from purchase to moving. That starts with working with real estate agents that are knowledgeable about the neighborhoods in which you are interested. When it is time to move into your new home, we highly recommend higher professionals to help take some of the burden off of this typically stressful process. If you are moving within the NYC area, get all the help you need and hire reputable local movers to take care of and transport your belongings.

Key Trends to Watch in NYC Real Estate During the Second Half of 2022

The NYC Luxury Real Estate Market enters the second half of the year after a strong first half of 2022

We are officially halfway through 2022! The NYC market experienced additional records during the first half of 2022. As we enter the back half, market dynamics have begun to shift. While markets grapple with record high inflation and rising interest rates, signed contract activity has slowed and we have also seen an uptick in inventory. In the sales market, leverage is beginning to shift toward Buyers while the Rental market continues to remain highly competitive and hot.

The New York market has had a stellar past few years, but we have not seen the lofty price appreciation levels of 20%+ that some markets around the country experienced. Coming out of Covid, we saw elevated activity metrics, given the low amount of transactions that occurred throughout most of 2020. Additionally, inventory shortages are not new to the New York market.

 Heading into the back half, the shift in pace and market dynamics can likely be viewed as a return to normal from the frenzied pace observed throughout 2021 and the beginning of 2022. Mixed economic signals have deterred some luxury buyers, but there are many that are still motivated by a deal. It is important to remember that most transactions in the Manhattan luxury market are cash transactions, so a softening of the market surfaces opportunities for these buyers.

Buyers flocked to luxury properties during the first half of 2022. Pricing will be key as we enter the back half.

 Key Trends to Watch in the Second Half of 2022:

• Consumer Sentiment: likely to remain uncertain until we see positive economic data as well as a turnaround in equity markets

• Price Sensitivity: record high inflation that has raised prices across nearly every sector is weighing on consumer psychology…Buyers are motivated by a deal so accurate pricing will be key

• Construction Costs: we do not anticipate that construction costs will drastically drop in the near future, so the opportunity cost of waiting is still something Buyers need to assess.

• Rental Prices: rents rise in both economic booms and recessions so while a slight softening of activity in the white hot NYC rental market is reasonable, we do not expect prices to see a sharp decline.

 In times like these, it is very important to partner with the right real estate professional that truly understands the local market - in New York, that can be as local as down to a specific building! Media headlines can often be misleading and inaccurate in the narrative they are telling - a professional is your best asset heading into the second half of the year!

Guide: Celebrate Father's Day in NYC & The Hamptons

Father’s Day is Sunday June 19th this year, and whether you are in New York City or The Hamptons, here are a few ways to celebrate Dad.

Enjoy an NYC Beer Garden

via Grimm Ales Instagram

Many are surprised at the number of beer gardens located throughout the city. Enjoy the June weather and some brews with Dad. Grimm Artisanal Ales in East Williamsburg is a cool spot that mixes up experimental flavors with a unique setting that features graphic art. You’ll also find work of different graffiti artists on their cans. They also have 160 oak barrels for aging sour beer…truly a unique find in NYC!

990 Metropolitan Avenue

Shou Sugi Ban House

via Shou Sugi Ban House Instagram

Give dad the gift and experience of relaxation at The Hamptons go-to wellness destination. The wellness program is inspired by the principles of Wabi-sabi and traditions that value simple beauty and healing properties found within the natural world. Shou Sugi Ban House’s spa and wellness offerings include massages and hydrotherapy.

337 Montauk Highway, Water Mill

Dinner at Kassaki

Via Kassaki Instagram

Enjoy a sushi dinner at this Water Mill spot. Kassaki focuses on Omakase sushi and Kaiseki traditions. A 16 course tasting experience is offered which includes the chef’s choice of three appetizers, 13 pieces of nigiri and a dessert.

670 Montauk Highway, Water Mill

Explore Governor’s Island

via Governor’s Island Instagram

Hop on the ferry to Governor’s Island to enjoy the many activities and exhibits. There are multiple events occurring over Father’s Day weekend including the NYCRuns Father’s Day 5K & 10K, FAD Market Pop-up, and the NYC Lavender Festival.

Merchants Cigar Bar

via Merchant Cigar bar Instagram

What’s more classic than this Upper East Side cigar bar? Treat dad to the special Surf, Turf, and Smoke experience. This will include a choice of a MCB 1996 series cigar, a selection of spirit tastings with choices ranging from scotch to tequila, and a curated dinner.

1125 1st Avenue

The Hamptons Summer 2022 Restaurant Openings

It is time for another Summer season in The Hamptons. Each summer season brings with it highly anticipated new restaurant to Long Island’s East End. This year is no exception with new places popping up from Southampton to Montauk. We’re sharing a few of this season’s most anticipated openings.

Lobster Roll

The iconic Napeague fish shack known by its sign along Montauk Highway is expanding to a new location after 57 years.  Lobster Roll has taken over the old Princess Diner location in Southampton to offer up its cold and hot lobster roll and other favorites including fried clams and crab cakes. 32 Montauk Highway, Southampton

Sant Ambroeus

Spaghetti pomodoro via Sant Ambroeus

The famous Sant Ambroeus pink awnings will be going up on Newtown Lane in East Hampton at the former Babette space. Enjoy all your Milanese favorites will people watching. The East Hampton location is expected to serve breakfast, lunch, and dinner. 66 Newtown Lane, East Hampton

Enchanté

The empty Red Bar Brasserie will finally be home to a new restaurant after sitting empty for nearly 3 years. Heath Freeman, known from the popular East Hampton spot Si Si, has taken it over and is expected to transform it into a French bistro called Enchanté this summer. Gallic classics such as onion soup, escargots, dry-aged duck, and lobster frites will be served. 210 Hampton Road, Southampton

Sunset Harbor

Views at Sunset Harbor via East Hampton Point

The Harbor Grill on Three Mile Harbor may have a new name, but it will still offer some of the best sunsets in town. It’s been renamed Sunset Harbor, of course. The new restaurant’s menu includes selections of seafood such as shrimp scampi topped with fresh crab; mussel cazuela with coconut broth and chorizo. Sushi offerings will include local fish. 313 Three Mile Harbour Hog Creek Road, East Hampton

Little Ruby’s at Ruschmeyers

If you love the Ruby’s locations throughout the city, get ready for the all day Australian café’s pop-up that is coming to Ruschmeyers. Little Ruby’s Montauk will be serving breakfast, lunch, and dinner ,and come 10:30 the kitchen will close and they’ll switch over to table and bottle service. 161 Second House Road, Montauk.

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Enjoy Summer in Your Dream Home - New Construction in Water Mill

1552 Deerfield Road, Water Mill

This 9300 sq. ft. transitional home (6150 above-ground plus 3150 below) is being crafted by one of the Hamptons' most dynamic build-design teams for July 1, 2022 completion. The nearly 3-acre estate parcel is just past some of the Hamptons most gorgeous open fields and horse farms, with easy access to Water Mill, Bridgehampton, Southampton or Sag Harbor. Midway through construction, there is time to coordinate with the home's expert designer team regarding finishing touches and even custom furnishings if desired.

This newly built home features:

• Kitchen with marble waterfall island, 2’ marble counters and Subzero/Wolf appliances

• Two primary suites

• Completed basement with wellness center

• 42’ heated pool with hot tub

• Pool house

• All-weather tennis court

For more information visit 1552 Deerfield Road

6 Ways to Prepare for a Competitive Home-Buying Season in NYC

In general, the home buying market in New York City can be highly competitive. This is due to the high demand and low supply of properties. And when it comes to luxury real estate, things are no different. Moreover, high-end homes are unique, so they are highly sought after, just like any rare item. It's also important to note that, according to the experts, 2022 will see a rise in both real estate prices and investments. So, here are six ways to prepare for a competitive home-buying season in NYC.

Check your finances

As we all know, buying a home is never cheap. It is particularly so when you're looking for luxury real estate in New York City. Therefore, before you start visiting open houses, you must determine your budget limit.

• Analyze your finances carefully to see what you can afford and how much you’re willing to invest. Take into consideration your savings, income, and expenses.

• It would be best if you also took into account potential additional costs. For example, you might be keen on old architecture, but you have to consider the costs of renovation.

• If you're not ready to invest so much money at once, you can consider mortgages. And in this case, it’s essential to get a pre-approval. This way, you’ll know exactly how much money you can get.

• It's also advisable to look at some of the prices on the luxury real estate market. This way, you’ll know what to expect.

To prepare for a competitive home-buying season in NYC, you first must determine your budget limit.

Prepare for a competitive home-buying season in NYC by hiring the best Agent to Represent You

If you're not a professional realtor, you'll need help tackling the competitive home-buying market in NYC. Real estate professionals can offer you advice and help you find your dream home. Due to their experience and access, an agent can filter the market for your preferences and set up showings for you.

Moreover, it’s good to know that luxury properties are not always publicly put up for sale. And you only hear about some of them through word of mouth. Therefore, having a well-connected team of real estate professionals is essential. So, choose wisely if you don’t want to miss out on your dream home.

While researching professionals, it's also good to look at moving companies. Buying a home might take some time, but it's good to be ready. The professionals at Roadway Moving advise that if you leave it for the last moment, you won’t be able to find the best services and offers. So, do some market research for this as well.

Put together a team of real estate professionals to help in this process.

Determine what you want

Once you've determined your budget and found the right team of professionals, you have to figure out what you want. And don't just say a mansion or a penthouse. You have to be specific. Otherwise, not even the best team of realtors will be able to find the right home for you.

What’s important here is to understand what luxury real estate means for you. Is it the size of the house or the location? The high-quality materials that were used to build it? Or is it the specific amenities? Your definition of a high-end property can even combine all of these aspects. But in any case, you have to put it all down on paper and sleep on it. Don't make rash decisions. After all, this is a significant investment, so it has to be a good fit.

Choose the right location

Before you start your house hunt, it’s good to narrow down the location. Each of the five boroughs of NYC indeed has its unique features. Nevertheless, you have to find the perfect place for you. To do this, you should first explore on your own. Visit each borough to get an idea about the landscape, the community, the social life, the schools, etc. Afterward, consult with your team of real estate professionals. Their experience and inside knowledge can help you make an informed decision.

To prepare for a competitive home-buying season in NYC, you should narrow down the location.

Learn to be patient

Buying a home is a considerable investment, particularly if you're buying luxury real estate. Therefore, you should avoid making any rash decisions. Take your time to analyze your options. If you don’t find the right fit as soon as expected, don’t despair. These things take time. And don't get discouraged if someone else beats you to it. It's essential to be sure before placing an offer.

However, it’s also good not to be too picky and wait too long. Yes, the home you’re buying should satisfy all your needs, but there’s no such thing as a perfect house. So, you should be willing to make some small compromises. Otherwise, you might never find what you’re looking for.

 Learn to negotiate

Just because you're buying luxury real estate doesn't mean you shouldn't get a fair price. Therefore, don't skip the negotiation once you find a home you like. This is where your Real Estate Broker will be a huge asset to you as they are a negotiating expert and know the market prices well. They can advise you on what to submit for the strongest offer to win the property. It's also good to know how much competition you have. If the property is highly sought after, you might not have any other option than to place a higher offer.

Final thoughts

Because of the high demand and low supply, the housing market in New York City can be very competitive. Besides, finding the right home is never easy. So, what can you do to prepare for a competitive home-buying season in NYC? Determine your budget, seek professional help, identify what you want, and narrow down the location. Being specific is key. It's also essential to take your time and not make rash decisions. And in the end, make sure you get a fair price.

New York Renters Faced with Steep Lease Renewals

Data shows rents in New York have reached or surpassed pre-pandemic pricing

Rents across New York City have been on a tear, rising passed pandemic lows in some neighborhoods of the city. Rents plunged at the start of the pandemic as uncertainty swept the city and many renters fled to other homes outside the city or relocated. Now, however, rents are surging.

Many renters that entered into leases during lows of 2021 are approaching the end of their leases and are being caught by surprise with the steep renewal rates that are being proposed by landlords.

During the pandemic, Renters that new that would be staying put in the city began apartment shopping, finding spaces that they never thought were possible for themselves. Perhaps that was simply being able to afford to live alone or upgrading to a luxury building with full amenities in a prime location. When vacancy rates were high, landlords were desperate to secure tenants and offering extensive concessions.

The need for rock bottom prices and concessions came to an end as demand increased in New York. Rents in New York rose 33% between January 2021 and January 2022, nearly double the national average according to a study cited by The New York Times.

Rents in city’s most coveted neighborhoods experienced even larger swings, with some areas such as the Upper West Side and Williamsburg now seeing rents some 40% higher and even higher than before the pandemic.

Rents in some neighborhoods of Manhattan such as the Upper West Side have increased some 40%, more than double the national average

With pandemic deals expiring, rents are rising by hundreds of dollars a month. While many Renters who locked in COVID deals on their leases knew the deal was not going to last, many did not expect the extent to which rates would increase after the initial lease period.

The increase in rent, while a sign of the market stabilizing and the city recovering, is a frustrating situation for renters nonetheless.

In data cited by Bloomberg, it notes that tenants paid a median rent of $3,630 in February 2022, the highest for any month in more than a decade

What Should Renters Do?

Renters facing steep increases on lease renewals need to really asses the increased cost. While large rent increases are a hard pill for anyone to swallow, sometimes all the factors of moving can still be more than staying put.

Additionally, inventory is tight so finding a new option could also be challenging. Renters will need to re-adjust their expectations of what they can afford at their price range in today’s market.

Of course, if the proposed renewal price is simply out of your price range, begin your search for a new space as soon as possible. Partnering with a Broker that knows the city and can navigate the complex Rental Market will be a huge asset. Who you work with matters, so ensure you are working with an Agent that is a good fit. Negotiating with Landlords can be challenging so having a skilled negotiator on your side to get you the best deal is a must.

5 Reasons Why This is Not a Housing Bubble

Home prices have experienced significant year-over-year price appreciation, particularly since the lows of the pandemic. In fact, The National Association of Realtors reported that two-thirds of Metro areas reached double-digit appreciation in the fourth quarter of 2021.

Strong price appreciation and stories of homes selling in hours have many consumers worried a housing bubble is beginning to form. We have seen competition increase first-hand in our market, and know that you do not want to be a homebuyer without a Broker in today’s market.

Today’s market is, however, vastly different than the housing market of 15 years ago that lead to the crash of 2007. Here are 5 key reasons why today’s market is not like the previous one.

Stricter Lending Standards:

Lenders are much stricter with loan originations today than compared to 2006/2007. Lenders need to follow strict guidelines in order to qualify a borrow.

That means today’s buyers are highly qualified. Additionally, many lenders were packing up risky loans that masked the true cost of monthly payments or included large balloon payments.

We do not see that occurring today. Riskier products such as Adjustable Rate Mortgages (ARMs) account for only 5% of mortgages today compared to nearly 35% at the peak of 2006.

Foreclosures at Record Lows:

Extremely large numbers of homeowners facing foreclosure was the hallmark of the 2007 crash. Today, we are seeing the opposite with foreclosures at record lows. Homeowners have experienced large equity gains in recent years and many are sitting at a large equity surplus as a result. Additionally, many are not tapping into this equity and pulling it out of their homes like they were a decade ago.

In their Homeowner Equity Report, CoreLogic CEO Frank Martell stated:

“Not only have equity gains helped homeowners more seamlessly transition out of forbearance and avoid a distressed sale, but they’ve also enabled many to continue building their wealth.”

According to the report, only 3% of mortgaged properties were in a negative equity position at the end of Q3 2021, a decrease of 28.9% from the year prior.

Homeowners are equity rich today, with many have a large equity surplus on their property

There is a Supply Shortage, Not Surplus:

Basic market fundamentals say that an excess of supply depresses prices will a shortage of supply will drive prices up. In many areas around the country, we are experiencing a shortage a property which is leading to continued price appreciation.

The inventory picture today is much different than before. There is a healthy demand for homeownership, which is expected to continue for the foreseeable future, coupled with a shortage of supply that is drive appreciation.

Strong Job Market:

Coming out of the pandemic, the United States economy is much stronger than it was over a decade ago. We are currently in one of the strongest labor markets – any job seeker knows that the time to find a new gig is now.

Employers are looking to hire workers, and they are paying them. Wages have also been rising – the buying power of many households is significantly higher today compared to 2006.

A strong job market with rising wages is the backdrop for consumers to have the ability to pay for home purchases they finance.

Today’s job market is strong with Employers looking to hire workers. Wages are also on the rise

Interest Rates are Rising, but Still Low:

Yes, interest rates are on the rise and Mortgage Rates have gone up recently as a result. Even with the recent upward move in rates, 30-year mortgages are around 4%. In 2006 Mortgage Rates were over 6%.

By that mark, rates are still low making homes more affordable for Buyers today compared to over a decade ago. Coupled with rising wages referenced above, purchasing power is stronger today.

Additionally, one benefit of rising rates is that they function as a check on demand. For those concerned about a bubble, this is a positive as demand translates to pricing influence as mentioned previously. Rising Rates may help to keep prices from running away. On the flip side, it is worth noting that rates would have to rising by a very large amount to halt Buyer demand and cause prices to collapse.