Silversons November Newsletter
Our Holistic Approach
Last month we welcomed a new agent to our growing team. Svitlana Artamonova came to us directly from Ukraine where she had extensive experience in buying and selling real estate. Svitlana is relatively new to the local US market, but she is not only well equipped with an intuitive sense of real estate markets and a deep understanding of how to serve her clients, she is surrounded by a supportive team. Svitlana’s upbringing in Eastern Europe gave her knowledge of business, negotiation techniques, and of course multilingual skills; she speaks Ukrainian, Russian, and English. Svetlana’s international experience and attention to detail make her the perfect fit for people looking to buy or sell in the Westchester area as well as foreign buyers new to the area.
Outlook for 2023
As we head into the end of 2022, coming year predictions are mounting. Economists say they now expect national home prices to decline by 1.5 percent in 2023, with home sales predicted to fall by 21 percent as Federal Reserve policymakers strive to get inflation under control. Home prices and sales are expected to decrease, but the impact is not expected to be as negative as the financial crisis of 2007-09, since most homeowners aren’t overly leveraged and in danger of losing their homes as interest rates rise.
Housing is estimated to be at about a three-month supply, which is about half of what is needed under current demand. Turnover is being kept low with the mortgage rates continuing to climb, with current homeowners feeling safer to keep their 3 percent mortgage than moving and taking on a 7 percent loan unless they absolutely have to, so existing home inventory should remain low.
Builders have scaled back on new construction, most likely due to inflation on materials, so new construction is lower as well. Some forecasters predict increased supply next year. With some people not able to keep up with housing costs, they will be forced to rent, and this will put more homes on the market.
If we take a step back and look at the big picture for the real estate market in 2023, most experts are in consensus: 2023 will continue to harbor uncertainty, but a glimmer of hope is on the horizon for a reduction of interest rates.
Trending: A Re-Connect with Nature
Trees, flowers, green pastures. These are the elements of earth and they are making their way more and more into interior design. The last few years have people spending more time indoors than ever before. Inevitably, people may feel a lost connection with nature and the desire to bring more of it into their lives. What better way than in your home?
Not your basic indoor plants. We’re seeing not only larger and more exotic indoor plants and trees, but also different treatments in how they are displayed. Wall structures and picture-frame like planters are popping up everywhere. They bring freshness and a pop of green into the home and can lift a mood with their presence.
Materials & surfaces: Stoneware, terracotta, marble, and travertine being used in kitchens, bathrooms, and in decorative objects displayed throughout a home. These materials bring a grounding component to a room.
Make the outdoor element the focal point. A statement piece from nature that draws attention andintrigue may be just the lift that a room needs. Whether it be a texture, a color, or a scent, a natural element that engages the senses and brings the mind toward nature can be calming and restorative.