Priority One: Health and Safety, Then Real Estate.

As New York State prepares to gradually lift the stay-at-home order starting around May 15, there are many pressing questions on the minds of New Yorkers. Specifically, how will reopening affect specific industries and our way of life as a whole?

In real estate, there’s certainly no shortage of questions. How are we going to move forward with the business of buying and selling homes in New York City, which will likely reopen well after less-densely populated areas Upstate.

Open Houses & Showings Safety: We’ll definitely be following a host of new rules when it comes to these cornerstones of the real estate process. Masks, gloves and booties will become the standard as buyers have consistently shown during the lockdown that they want to actually see the properties (in-person) before they offer or sign.
Pricing & Market Activity: When will the industry rebound and/or how will prices be affected? This happens to be the elephant in the room! Frankly, it’s too early to say at this time, but there is sure to be some reduction in price and activity, at least in the short term. How much and for how long? No one really knows.
Bank Financing/Lending & Rates: The industry will most certainly need interest rates to stay extremely low to help spur the real estate market along. Banks will also need to ease restrictions and ensure a wide range of lending options are available after people return to work.
Board Package & Sales Application: A month ago, some of our team members were buying printers for their home offices. Others were mastering the art of the Adobe PDF or learning to navigate online board package portals and third-party applications, such as BoardPackager. Bottom line: Real estate professionals need to be nimble and adapt to the industry’s evolving best practices. At this point, I’m convinced that digital packages will be more of the norm moving forward.
Appraisals: Drive-by or desktop appraisals could also be the wave of the future.
The Wet Notary & Closings: A silver lining in all of this is the hope that, just maybe, the notary and closing process will all be done virtually and digitally in the future. The cost savings have the potential to be enormous with little to no downside!

All these issues need time to play out before the industry decides on our new normal. The upcoming summer months will most likely see a thinly traded adjustment period in the market. If you are a buyer and expecting a 50 percent reduction in pricing, you will be disappointed. If you’re a seller hoping to pick right up where we left off in February, when the housing market was very strong, you will also be disappointed. The dust needs to settle, and expectations must remain in check. This summer is going to be proving ground for the sellers and buyers who are first to wade into uncharted waters.

But, none of these adjustments will matter until we can contain the virus in New York City. For now, let’s focus on making sure our friends, families, neighbors and co-workers are safe.

rsvp

Virtual Happenings

Parks@Home

You can enjoy NYC parks from home! While you're socially distancing and/or staying home, explore our city's parks — online. Experience live park tours, meditation, fitness, art classes, fun activities for kids, and more! Learn more here to virtually connect with the parks we know and love.

Brooklyn Brainery Virtual Courses

Brooklyn Brainery is accessible education, crowdsourced to our local community. They host affordable classes on anything and everything! From dumpling and pie-making to watercolors and screenwriting, there is something for everyone. Peruse the course calendar here!

NYC's Virtual Nightlife

Dancing is a major part of NYC nightlife, so if you miss hearing a thumping baseline on a Saturday night, don't fret! There is an entire nightlife ecosystem that's still happening through the digital ethers. Read-on here for the best virtual clubs where you can dance off your pent-up quarantine energy.

News, Tips & Tricks

In April, Compass Welcomed Greg Hart, Our New Chief Product Officer

Hart comes to us from Amazon where over the course of his 23-year tenure he built, launched, and scaled some of Amazon’s most successful ventures. A true entrepreneur, Greg helped build Alexa and Amazon Music, and led both Books and Prime Video.

Greenify Your Home With These Online Plant Delivery Services

The benefits of indoor plants are impossible to deny, from scrubbing the air of toxic pollutants to the incredible psychological benefits. As we continue to social distance, you can still turn your home into an oasis thanks to these plant delivery companies!

50 Small Patio Design Ideas for a Dreamy Outdoor Oasis

Your new favorite hangout is likely just outside your door. As sunny days and warmer nights approach, Elle Decor lists some tips you can utilize to spruce up your patio. Your patio is an extension of your home, so make sure to give it some love!