2022 Predictions for New York City Luxury Real Estate Market

2021 was a record-breaking year for the New York City luxury real estate market. In fact, Manhattan had an impressive $30 Billion on sales last year. With each New Year we receive the golden question of “what’s in store for the year ahead?”. While we do not have a crystal ball, we do have some key themes based on last year’s activity that help inform how the landscape of the 2022 NYC Luxury Market may shape up. In short, while there may be some slowdown relative to 2021, we do not see any signs of the pandemic recovery stopping in 2022.

Heading into 2022, we expect continued strength across the housing market. The start to the new year has already been a strong one for Manhattan luxury, marking the best start to a year since 2006. The week between Christmas and New Year saw 22 contracts signed on properties priced $4M and up.

We expect the following themes to rise to the top: Rising Prices, Rising Rates, Rising Investment in New York.

Rising Prices:

Prices have already begun to recover in the New York market, particularly in the luxury sector. Strong demand and shrinking supply has been placing upward pressure on pricing. This is likely to continue as inventory shortages may increase in certain pockets of the market, and we expect to demand to remain persistent. Price appreciation may not be as rapid as the past year, but we expect an upward trajectory. Additionally, supply disruptions that have increased input and replacement costs are contributing to rising prices.

Turn-Key:

Stemming off of the last point above, whether looking to buy or looking for a New York City luxury apartment for rent we expect a strong preference to remain for turn-key or renovated units. Challenges with labor costs as well as sources furniture, etc. has made a renovation a much larger and time consuming project that many individuals no longer want to do.

Rising Rates:

The Fed has given a confident signal that multiple interest rates are nearly certain this year. The most recent guidance from the Fed signaled 3 rates for 2022. Buyers have been enjoying historically low interest rates for years, so the initial rate hikes may cause an upfront “shock” to the market. Savvy Buyers that have been contemplating purchasing are moving to lock in rates and make the purchase before rates rise. 

Rising Investment in New York:

The city is incredibly excited to welcome a new Mayor and administration that has promised to shift the narrative of the city toward one of economic recovery and pro-business. A new Mayor could peak investors that were avoiding de Blasio’s New York. With the return of foreign buyers to New York City luxury real estate, rising inflation, and a strong rental market, we see a favorable environment for investors to consider New York for their investment.

Best Luxury Building Amenities in NYC

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Real estate agencies and home sellers are constantly upping their game, given the almost insatiable interest for New York City properties. As a result, developers use various luxury amenities and home features to raise the value of NYC’s luxury residential properties. And since luxury building amenities in NYC are becoming almost a precondition to enter the market in the face of increased demand, we share some of the most wanted luxury amenities in NYC residential buildings.  In fact, a recent survey has shown that as much as 87% of renters belonging to NYC high-end communities decide to extend their lease solely based on the amenities in the luxury building complex.

Pet-friendly

Given the hectic NYC streets and sparse green areas, many people are drawn to the idea of having access to a private dog park close to their homes. And let’s face it. Most NYC homeowners think of their dogs as members of their family. 

Hence, having an area where your furry friends can roam free is more than alluring. In light of this, living in a pet-friendly building is a must for any dog owners. And in many cases, the pet facilities can be both indoor and outdoor. There are even pet spas and grooming salons on-site for maximum convenience. Nowadays, advances in luxury living no longer focus solely on the particular needs and preferences of the homeowners, as many New Yorkers conflate the needs of their pets with their own needs.  

Room Service and Resident-only Restaurants

If you aim to live in a luxury building that focuses on exclusivity, you should consider purchasing a home in a building access that offers hotel-style services. Third-party food delivery has changed the way people order food. This makes collaborations with these services one of the high-class perks currently in vogue in NYC. 

 In addition, some luxury apartment complexes even have resident-only restaurants on offer. Let’s face it - it is hard to get more luxurious than this? If you opt for living in an ‘all needs satisfied at all times’ type of building, then fine dining should be one of the services you have access to any time of the day. 

 Aside from being able to order food round-the-clock, many luxury buildings extend this motto to anything else the residents might need. For instance, moving into your NYC luxury home should be quick and convenient with the help of professional third-party moving services recommended by the luxury building staff. An experienced moving company will cover everything you might need to ensure the relocation goes smoothly. 

Electric Vehicle Charging

Electric vehicles are the future, even though it will take a couple of years until people switch to them entirely. Some estimates predict that by 2030, the number of electric cars will grow from 3 million to 125 million. Many NYC apartment managers and homebuyers are seeing the potential of aligning with this trend.

 Consequently, one of the best luxury building amenities in NYC is electric vehicle charging stations. In fact, the installation of one charging station is relatively inexpensive as the costs range from $450 to $1000. Comparatively, this is a small price to pay for the benefits it provides in the long run. Hence, purchasing a home in a luxury building that contributes to the cause in this way allows you to give your contribution to the green living movement as well.

Co-working Space

The world of work is changing rapidly. And with it, going to an office to work is slowly becoming a thing of the past. What’s more, tech industry experts are becoming the nouveau riche. And where does an IT whizz or a CEO like to work from and socialize? If you aim to do work from home, why not do it alongside other successful and highly-competent individuals? Hence, having an outstandingly stimulating co-working space with high-speed internet in your building is greatly appreciated in NYC. 

NYC homebuyers are generally inclined to pay more for smart home technology features. In comparison, a co-working space where the residents can do business is definitely a step up. Since co-working spaces are akin to smaller eclectic offices, it makes sense to consult an interior designer or moving company to help you furnish the area with everything that you need to manage your business smoothly. A moving crew such as Clean Cut Moving can help with anything from packing, transportation, and assembling to the placement of desks, devices, and other equipment that makes up a state-of-the-art co-working space. 

Luxury Rooftop Areas

Rooftop areas are a real attention-grabber if done right. Rooftops can be transformed into fantastic community areas. The residents can drink their morning coffee, sunbathe, or throw parties, making the rooftop area a highly sought-after luxury amenity. What’s more, some NYC rooftops even have a pool to top it all off. Also, since winters in NYC can get quite cold, some even have built-in gas heaters that allow you to spend time on the rooftop throughout the year.

A gym is one of the most wanted luxury building amenities in NYC

As much as going to the gym is essential for your health and well-being, making the trip is sometimes too demanding. That is why many NYC luxury buildings owners choose to include state-of-the-art workout areas. These gyms offer both cardio and weight-lifting zones as well as spaces for the latest workout trends such as bouldering, calisthenics, etc. Be sure to consult a knowledgeable fitness instructor on how to use the space you have in the most efficient way possible. Note that you have to pay extra attention to your safety while using the gym equipment.

Why Buying a Home Just Became Easier

It is not a question that all of us realized the importance of home during the pandemic. The close relationship we formed with home has lead to many individuals assessing their needs as it relates to their current living situation - from renters looking to make roots and buy, to existing home owners trading up, the pandemic has spurred activity within the housing market. 

When it comes to buying a home, the 2 most common roadblocks that buyers may face are the ability to save for a down payment - something that has been typically challenging for student-debt ridden millennials, and qualifying for a mortgage at current lending standards.

Last week, the FHFA announced that it will be raising the loan limits for Confirming Loans in 2022. 

Confirming Loans are the only mortgages that meet the requirements to be acquired by Fannie Mae and Freddie Mac. Any loan that exceeds the confirming limit is considered a non-confirming, or Jumbo Loan.

There are quite a few differences, both pros and cons, to conforming vs. non-confirming loans, however, typically a non-confirming loan has a higher interest rate and down payment requirements because of the risk of the loan. In pricey housing markets, even purchases at the lower end of the market can force buyers into the jumbo loan territory.

The FHFA indicated in a Press Release that the Confirming Loan limit will see a significant increase to $647,200 and that approximately 100 counties will have confirming loan limits approaching $1 million.

What does the increase mean? More homes will now qualify for conforming loans which have lower down payment requirements and easier lending standards. For example, a home that you could afford with 10% down but would result in a non-confirming loan that required 20% down, may now fall into the confirming loan limit allowing for 10% down.

That dream home that you thought was out of reach, may just have become a little bit closer!

Connect with us today to discuss these changes and how they may impact your purchase consideration.

7 Smart Home Features Luxury Buyers Want

Today’s luxury buyers are more and more interested in smart homes. And it’s no surprise when you think of the comfort and security such a home can offer. But with the expanding possibilities of technology, it might be hard to choose what features are worth investing in when you want to put a home on the market. As a result, we conducted some research to determine which smart home features luxury buyers want in their houses.

1.   A smart security system

Safety is something that we would all invest in without blinking. That is why installing a security system in your home has become a must. While older systems include simple functions such as burglary and fire alarms, today’s systems have more upgraded features. Not only do they have better-performing cameras with motion sensors, but they are also easy to control from your mobile phone. You can fully customize and personalize its features with just a few clicks, from the comfort of your home or from a distance. In addition, you can install smart locks, better smoke and carbon dioxide detectors, and a doorbell with a camera. The safer the house is, the higher the chances of selling it on the luxury market.

2.   Energy-efficient lighting

Besides using LED lightbulbs in your home, you can upgrade the whole lighting system and make it more energy-efficient. You can, for example, install light sources that can be controlled from a distance. These lights can detect whether or not you are at home and turn on or off. Moreover, you can even set the lighting according to your mood. Also, you can install lights with motion sensors in areas of the home that are not highly used, such as hallways. For the exterior, you can set up self-charging torches with integrated solar panels. Place them around the pool or along the pathways to transform your outdoor space into an oasis.

Modern lighting is energy efficient, and it doesn’t require switches. You can control the color, brightness, and intensity of the light in a room from your phone. via

3.   Energy-efficient heating

Another one of the smart home features luxury buyers want is an energy-efficient heating system. Besides being useful for energy saving, you can program such a system to your liking. It can heat the entire house or just one room, and the thermostats can detect when the temperature is just right. You can even program the time when the heating should turn on so that the temperature in your home is perfect when you arrive from work. Furthermore, such a heating system is safer than a traditional one. For example, if there is a gas leak, the built-in sensors will detect it and sound the alarm.

4.   A modern kitchen

The kitchen is the only room in your home that can sell the house by itself. So, if you want to impress luxury buyers, upgrade the kitchen with some smart appliances. It will help you sell your home faster and for a higher price. For example, you can get an oven that can be operated from anywhere, making it simple to preheat it or select the ideal cooking temperature without having to be present. Or a clever cooking robot that can prepare your meal in record time by pushing a single button. That is, after all, why smart appliances are so popular. They are simple to use and make your life easier. And if you need to move the appliances from one location to another, Teddy Moving and Storage specialists can provide valuable advice on safe packing and transporting.

5.   A spa-like bathroom

If you upgrade the kitchen, you should also pay attention to the bathroom. After all, it is the second most important space in your home. It’s the place where you get ready in the morning or relax with a hot bath in the evening. Therefore, making some upgrades to the bathroom is highly recommended if you want to delight your luxury home buyers. For instance, you can install a modern shower cabin with multiple functions. Controllable water pressure, a built-in thermostat that adjusts the temperature of the water, and even an internet connection so you can listen to music while showering, for example. Also, if you have the space and resources, you can install a sauna and a bathtub, where the future owners can take a load off and relax. To take it one step further, install floor heating and adjustable lights.

6.   Smart storage space

A home that has enough storage space is not just smart but is more efficient. Also, it’s a luxury to own one. So, if you have enough room in the house you want to sell, use it to your advantage. Make some walk-in dressing rooms with built-in closets. You can also add adjustable lighting and mirrors to make them more appealing. If the bedroom is large enough, make it worthy of a king and queen. Besides a wide bed with drawers or extra storage space beneath, you can bring in some large closets. In addition, you can place a chest at the end of the bed for storing blankets. And if you need help to move other luxury furniture, you can call in the experts. Professional movers can handle high-level requests with ease. Your valuables will be carefully packed and transported safely to any location.

A walk-in dressing room is one of the best home features you can invest in.

7.   Pet-friendly gadgets

Sometimes, smart home features luxury buyers want in their homes are related to their pets. Therefore, making some upgrades for pets in your home will make your potential buyers happy. You could, for example, have food and water dispensers that could be programmed to discharge their contents at specific times. Or, make a designated play area where they can spend their energy when it’s rainy outside. You can even place some toys that will pick their brain and keep them entertained for hours. A mechanical ball thrower for dogs is a great example. Furthermore, you can install self-cleaning litter boxes that are easy to use and maintain the house’s hygiene.

We all have different perspectives regarding what is considered a luxury and what is not. When it comes to house buyers, however, they must feel like their money was well spent. As a result, investing in smart home features can help you get ahead in the luxury real estate market. So, to have an easy and quick home sale, keep up with the latest luxury house trends.

Real Estate Market Braces for Return of Foreign Buyers

Key Luxury Markets around the Country including New York City are expected to benefit from boost in demand from Oversees Buyers

For key luxury markets around the country, especially New York, Foreign Buyers have been a key part of the Buyer pool. For the past nearly 3 years, this Buyer has been virtually absent from the New York Luxury Market.

The pandemic and associated travel restrictions prevented foreigners from physically coming to the United States. While some deals did occur virtually by foreign Buyers, that has been small compared to deal volume when travel bans were not in place.

We expect that dynamic to change and the foreign Buyer to return with strength now that the United States has lifted the travel ban on approximately 33 countries for fully vaccinated visitors. With the travel ban lifted, foreign buyers can once again enter the country and physically see and buy properties. We expect this to have a positive impact on the New York luxury market as many want to invest their dollars here.

For a luxury market that has continued to set records throughout 2021, we anticipate the return of the foreign buyer to be an additional boost of demand as we end 2021 and enter 2022. 

This could add tens of billions of dollars in transactions to the market.According to the National Association of Realtors, foreign Buyers spent $267 Billion on American Real Estate in 2018 and in 2019 they spent $183 billion. 

Wealthy Foreign Buyers are interested in high-end homes and New Construction

What We Expect from the Return of Foreign Buyers to the United States

• New demand in key luxury markets across the country such as New York, Miami, and Los Angeles

• New Construction will likely be the main beneficiary of this new demand as foreign Buyers prefer new product

• Thanks to increased asset prices across both real estate and equity markets since prior to the pandemic, many foreign buyers have elevated wealth

• The economic impact of travel resuming should be a positive for multiple sectors of the market - tourism, retail, and ultimately real estate.

My Lease is Expiring: Should I Stay in my Apartment or Rent Something New?

If you are currently a Renter or have rented a property before, you. Know that dreaded feeling when your lease expiration date is quickly approaching. With the expiration of your lease approaching comes the question, and decision, of: should I stay in my existing apartment, or find a new apartment to rent?

 It is important to remember there are two sides that are influencing here – you as the Renter, and the Owner or Landlord. This can be a tough decision to make as it is influenced by multiple factors – we discuss how to think about decision so you can enter your next lease with confidence.

Factors Influencing the Owner or Landlord 

When thinking about renewing an existing lease with a tenant, an Owner must weigh various costs. The owner is looking at these factors for you to stay:

1. Broker Fee: Depending on the state of the Rental market, it is likely that the Owner will need to offer a concession to secure a new tenant. This is typically paying the Broker’s fee so the new tenant does not have to. This is one’s rent or 15 percent of the annual rent.

2. Standing Empty: What is the risk of the unit sitting vacant for 1 month? 2 months? Even longer? When the empty is unoccupied, the Owner risks losing income.

3. Current Market Conditions: The Owner must have a pulse on the current state of the rental market at the time of your renewal – is it favorable to Owners or Tenants? This impacts the dynamic of their being able to increase the rent, how quickly they may be able to find a new tenant if they do not offer to renew, etc.

4. What is the last price a comparable apartment rented for? Perhaps you entered your lease when the market was lower, and the Owner may be able to rent at a much higher price in the current market. However, Owners prefer a good, known tenant that they dealt with rather than a new unknown tenant. This is where the tenants’ discount lays.

What to Consider as a Tenant

As a tenant, is important to approach the expiration and possible renewal of your lease with an understanding of the following questions.

1. How long do you need to extend for? One year? Six months? Month to month? The shorter the lease, the more it will cost monthly.

2. Current market value for your apartment that you are renting: If you have been paying significantly less than what it could rent for today, it is not unreasonable to expect some increase in the monthly rent on your new lease.

3. Cost of moving: Perhaps one of the biggest considerations that is often overlooked. Is saving $200/MO on rent really worth the cost of moving?

The costs of moving include more than just the fee paid to the Movers. There are both financial and mental costs.

Think about Security deposits, packing, finding movers, moving fees, broker’s commission, time lost from work, possible condo application fees, unpacking. Often times, this costs will largely outweigh the annual cost of an increase in rent.

4. How long do you plan on staying? Does your timeline have moving to a new location in 2-3 years, or perhaps moving in with a partner or buying a property? If so, it may make sense to stay in your existing apartment despite an increase in Rent. Again, the costs and stress of moving may not outweigh an increase in rent.

4 Reasons Why Today is Not a Housing Bubble Like 2006

Headlines about the rapid pace of home price appreciation and stories of bidding wars on every property have many worried that a housing bubble could be brewing. Are we heading for the 2006 housing crash all over again? No!

Today’s market looks quite different than 2006 thanks to stricter lending rules and the underlying fundamentals that are driving pricing.

1. Supply and Demand

There has been a shift in Supply and Demand dynamics that contributed to home price increases. Millennials and younger generations are reaching the point of wanting to buy versus rent, and this was only accelerated by aspects of the pandemic such as spending more time at home and having the ability to save more money by being home. Increased desire for homeownership from these groups coupled with older buyers looking to trade up has resulted in a surge in demand.

Additionally, homebuilders are much more prudent about the volume of homes they are bringing to market today as a result of the last housing cycle. Most of the nation is experiencing a supply shortage, especially at lower price levels.

These 2 dynamics created a mismatch in supply and demand that accelerated home price appreciation. 2006 was characterized by overbuilding and Sellers rushing to list their homes - we are not seeing that today.

2. Interest Rates are Low

Interest rates are the lowest they have ever been. During the height of COVID, we saw mortgage rates continue to set record lows. These ultra-low rates have helped fuel price increases as Buyers can afford more house when rates are lower as a result of lower monthly mortgage payments.

There are concerns over rising interest rates. Yes, we expect rates to rise, but they are still going to be low compared to decades of the past. The Fed would have to raise rates very drastically to really halt all the demand.

Even when we think of rising rates, it is important to remember there is a duality at play. To a certain level, increasing home prices as a result of low interest rates and a less expensive purchase price at a higher interest rate make a Buyer indifferent.

Prudent Buyers understand that the longer they wait, the more price appreciation they will miss out on as well as face the risk of financing at a higher rate.

3. Demand will Persist

There continues to be incredibly large amount of demand because of a supply shortage. In fact, data from a report released by the National Associations of Realtors suggests that there is a shortage of nearly 5.5-6 million homes which equates to roughly $2 trillion waiting to be spent when using a national median selling price of $375,000.

4. Speculative Lending is not Present

The market is not driven by speculative lending as it was in 2006. In fact, it is quite the opposite. Lenders now need to follow strict guidelines that were put in place as a result of the Great Recession, and today’s borrowers are creditworthy. Additionally, more risky products such as adjustable rate mortgages represent just 5% of total purchase and refinance loans compared to nearly 35% at the peak of 2006.

Best Indoor Plants for Luxury Apartments

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Although often overlooked, plants play an essential part in designing the perfect luxury apartment. In fact, plants are instrumental to creating a living space that is homely and chic at the same time. Luxury apartments that do not have plants often seem cold, pretentious, and uninviting. So, not only do indoor plants improve the air quality of your home, but they also improve the overall aesthetical cohesion and appeal of the place.

Why are plants important for our living space?

Interestingly, plants and humans live in a symbiotic relationship. This means that plants keep us alive as much as we keep them alive. This is especially true when it comes to indoor plants. Not only do they use up the carbon dioxide we produce while breathing, but we also plant, water, and fertilize them. In return, they give us oxygen, which improves our health, mood, attention, and sleep. Not to mention they make our living space look refined and luscious on top of healthy and pleasant! 

Hence, if your plan is to update your apartment by, for example, designing a cozy reading nook  know a few plants you should opt for to make your space feel luxurious. 

Some indoor plants can improve your health and your interior decor via

Jade Pothos Totem

What better way to evoke luxury and extravaganza in your apartment than by ‘junglefying’ it? Planting this potted cutie will help you set the stage for your tropical oasis even despite the fact you might be living in a skyscraper in Manhattan. 

Apart from having a gloriously chic name, this plant is also very easy to take care of. Its appearance is lovely and apartment-friendly due to the fact it has a vertical pattern of growth. This means you will be able to fit it almost anywhere you need to add a little bit of life. 

 It’s a great corner plant - it never overgrows into width, so it never looks out of place. What’s more, its tall, slender shape and large leaves complement hardwood floors and shelving astoundingly well.

White Philodendron Cordatum

Also great for keeping the integrity of your interior decor, the White Philodendron does not grow too big. It has a very peculiar but sleek appearance as it has green leaves with big white specks. And if you thought that this plant couldn’t get any better, you thought wrong. It is incredibly low-maintenance despite its unique, sophisticated look. 

Any upscale apartment with suave, contemporary design can benefit from having this plant because the white parts of the leaves perfectly complement the white and neutral colors of furniture and interior decor. 

Bird of Paradise

This plant is perfect for homeowners who like both green plants and plants that grow flowers. The leaves and flowers have a unique avian growth pattern, which is why some people consider it ‘plant royalty’. Hence, this plant can act as a great centerpiece for a well-designed guest bedroom. Why, you ask?

The flowers resemble an orange bird’s beak surrounded by green ‘plumage’, a characteristic to which this plant owes its name. The foliage resembles a banana tree but is much more alluring because of the potential to grow mesmerizing flowers. 

The Bird of Paradise grows luscious ‘blood-orange’ flowers. Via

Together with the dark green of the leaves, which contrasts amazingly with white and off-white, these show-stopping flowers are going to give your apartment that dash of unassuming taste and luxury. However, in order to grow, they need humidity and frequent exposure to the sun. 

This means you might have to make compromises and store away some of your old or excess furniture to make way for this large, slightly tricky, but very rewarding plant. A moving and storage company such as TB Moving & Storage NYC can help you with this mission. 

Chinese Fan Palm 

Plants can help you liven up and reinterpret a reduced, angular architectural style. When they are young, these plants’ size can be compared to a smaller bush. It takes about a decade for them to be classified as trees. 

Chinese Fan Palms are great for retaining your apartment’s sleek, tasteful vibe while adding a dash of exoticism. This plant’s frond (fan-like leaf) is interesting because it has a fountain-like growth pattern. In other words, its leaves spread to form a fan that falls at the edges, strongly resembling water flowing from a fountain. 

Yet, a word of caution before you proudly position this extravagant plant into your living space. Chinese Fan Palms require a lot of exposure to daylight. This means that you might have to remove furniture in places where light can reach your plants. 

Their interesting fan-like shape makes them one of the best indoor plants for luxury apartments. via

Since Manhattan luxury apartments are still not as big as townhouses, you should consult your interior designer about the most optimal placement of furniture to achieve this. If, however, your space isn’t big enough for all of your belongings and this gentle giant, you might even want to consider moving to a slightly more spacious and more luxurious apartment. Manhattan offers various options when it comes to reputable moving companies, so all you will have to worry about is finding the perfect spot for your plants. 

Common Fig

Do not let the name confuse you - fig trees are one of the best indoor plants for luxury apartments. What makes them an outstanding addition to your living room or balcony is their cultural status. Namely, the shape of their leaves is world famous because of the Biblical story of Adam and Eve. It was a fig leaf that obscured Adam’s intimates! This makes this tree not only a beautiful and bountiful addition to your indoor garden (you can eat the figs in early summer) but also a living, breathing cultural artifact! 

Tips for Buying a House Remotely

Many industries have efficiently adapted to remotely conducting business, and real estate is one of them! Buying a house remotely can be very convenient as it can save valuable time. Buying a home virtually has become more common than you may think. No matter where you may be right now or what you’re looking for in a house, there’s a procedure you can follow to conduct the transaction virtually. Video conferencing, virtual tours, and walkthroughs along with wire transfers and e-signatures made the process of buying a house from afar simpler and easier than ever. If you want to use that advantage, here are a few tips on how to buy a house remotely.

Find an experienced local agent

When you’re buying a house remotely, an experienced real estate agent is your best asset. An agent who knows and understands the local market and the current situation with property values should be your guide for:

• Home browsing

• Virtual showings

• Home inspections

• Virtual closing 

You can find a good agent through a referral from a trusted person, such as a family member, friend, or colleague.

Did you know? We are your experts on the ground in New York City, we can connect you with the best agents Nationwide thanks to our extensive network of Compass Agents. No matter where you are looking to purchase your next property, let us guide you in the right direction.

Determine what you want

Find a local agent with good referrals and experience in remote sales.

It’s crucial to know what you want and what you do not want when purchasing a home. So, be clear when you make a wish list and discuss it with your real estate agent. Define your must-haves and nice-to-haves, and you’ll significantly narrow down the choice of properties. Clarify your preferences around:

• Location

• Home size

• Property type

• Home condition

• Amenities, such as smart home technology features, energy-efficient appliances, etc.

Also, make sure to mention what your dealbreakers are. Be very direct when explaining what you’re looking for in a home, so your agent can understand your priorities and preferences and find only homes worth pursuing and those that match your criteria.

Understand the market

Buying a house remotely doesn’t mean you don’t need to be competitive. The main thing you need to check with your real estate agent is whether the market you’re considering buying a house in is a buyer’s market or a seller’s market. There is an extensive inventory of available homes and fewer buyers looking at them in a buyer’s market. If that’s the case, you will have more flexibility and more time to learn about a property before deciding if you want to put in a bid. On the other hand, there are seller’s markets, where there is more competition, and the inventory of homes is much smaller. That means that buyers need to act fast if they’re really interested in sealing the deal.

When you're buying a house remotely you need to understand the local market and current real estate trends.

Tour homes virtually

Your agent should schedule a virtual showing for the properties that you like. Use the video call as an opportunity to see the house up close, pay attention to details and ask any important questions that you might have. Even though touring a property over a screen isn’t the same as being there, it’s still very valuable. It can even be a make-or-break factor. That’s why you need to ensure that you’re not working with the wrong real estate agent, but a reliable one whose opinion you’ll trust. It’s also essential to establish clear and easy communication with them. They will help you decide whether a particular property is a good fit or not.

Make an offer

Once you find a house that speaks to you, you can move on to paperwork. Luckily, all steps of making, adjusting, and accepting an offer can be done remotely. We handle all the aspects of submitting your offering, helping you negotiate the best deal possible knowing

Have a home inspection

A home inspection is always a good idea, especially when buying remotely. A qualified home inspector will check the specifics of a property and find out if there are any significant issues. Your real estate agent can attend the inspection with you on a video call. The inspector and agent are there to work on your behalf, so you don’t have to deal with any unwelcome surprises after closing the purchase.

Appraise and close easily

You and your agent don’t need to be present for the appraisal. When it comes to the closing, digital signatures are as valid as physical ones. You can sign all closing documents virtually, and they will all be legitimate. Closings are done online in many cases, so you being far away won’t make any difference.

E-signatures have made the home buying process much easier.

Relocate to your new home stress-free

When you’ve gone through all previous steps, it’s finally time to organize a relocation to your new home. It would help if you decluttered your former home before you even start packing. Don’t bring any broken, damaged, or rarely used items into your new home to avoid creating a mess right away. To pack your belongings quickly and easily, you can contact Capital City Bins NYC. That’s where you’ll find quality moving bins as well as other moving supplies that will help you pack in no time. Then you need to organize a transfer of your belongings and your trip to the new home.

Organize your new space like a pro

Once you and your items safely arrive at the new house, it’s time for unpacking, decorating, and making your new place look and feel like home. That process requires some time but, in the end, it will all be worth it.

Store your items wisely

Everybody’s goal is to live in a highly functional, organized, tidy, and cozy home. To reach that ideal, it’s crucial to use every inch of space. If you’re creative, there are many ways to create hidden storage or multifunctional storage areas. It’s always a good idea to use shelves, storage bins, sofa storage, spaces under the bed, etc. If there’s no clutter lying around, your home will look tidy from the very start, and that will positively affect your mood.

Final thoughts

When you know what to expect and what steps to take, buying a house remotely isn’t complicated at all, especially when you have a reliable real estate agent by your side.

Get your remote home search started by partnering with us!

5 Reasons You Should Use Compass Concierge

5 Reasons You Should Be Using Compass Concierge

In today’s fast-paced market, making sure your property stands out in the best light possible is a must. If you are considering listing your home, but renovations have been making you re-consider, we’re happy to offer our Clients exclusive access to Compass Concierge services. This game-changing programs allows us to help our Clients maximize the value of their home on the market.

1. Maximize the value of your home

Easily increase the market value of your home and sell for a higher price.

2. Show your home in its best light.

From painting to flooring, Concierge services can help your home look its best before hitting the market.

5. Compass Concierge is hassle free

From assessing which updates will increase your home’s value the most, to recommending the best vendors for the job, you’ll have my complete guidance and assurance at every step.

3. Sell your home faster.

Concierge helps you attract more buyers so that you can sell your home quickly. 

4. No upfront costs or interest.

Funds will be advanced to you for home improvement services. When your home sells, you’ll pay the costs of services rendered and nothing more. 

Contact us today to learn more about how Compass Concierge can help you make the most of your sale!