New York Back to Business: What You Need to Know About Safe Real Estate Showings

As part of the New York Forward program, New York City moved to Phase 2 on June 22nd, 2020. As part of Phase 2, limited in-person real estate activity resumed. In light of the evolving situation around COVID-19, we are taking precautions to ensure the safety of our clients, prospective buyers, and team. 

You should always be guided by your own sense of personal safety and know that we have the tools and resources to power transactions 100% virtually. However, know that when you view a property in-person with our team, we are taking the following safety measures and adhering to State and Local government guidelines.

Setting up Private Showings

Prior to a showing, we will work with Buyers to ensure that they are financially qualified to view the property and that they have also virtually explored the home via photos and 3D tours available online. 

Once interest is confirmed, we will work with the listing agent to schedule a private showing. We will ensure we are organizing the showing in compliance with the respective building and management guidelines. 

In light of COVID, the following paperwork will be completed:

• REBNY’s Health Questionnaire: screening questionnaires to ensure those entering a home are not a known risk for possibly having COVID

• REBNY Limitation of Liability: this form serves to acknowledge that the party entering a property, or who is permitting another to enter party to enter a property of the potential liability that may result from exposure to COVID

• We also strictly follow the New York Department of State Fair Housing Disclosure guidelines

*Sellers are NOT allowed to be at the property at the time of showing

Getting Your Home Ready to Show

Prior to allowing prospective Buyers or Renters into your home, we follow best practices to ensure hygiene and reduce contact during the showing as possible.

Before showings of our listings, we ensure:

• All inside doors are open to reduce the amount of contact on high touch surfaces such as door knobs. We sanitize and wipe down door handles before and after each showing

• Sanitizer/Soap/Paper Towels available

• We wear gloves and face masks at all time. Face coverings are necessary for all those entering the property during the showing

• Curtains open, windows open where possible, and air conditioning units on to increase air flow and circulation

Ensuring Success During a Private Showing

In-person attendees limited to Seller’s Agent and Buyer with the Buyer’s agent attending virtually

Six feet social distance maintained at all times throughout the showing. Note that if a property size or configuration does not allow for social distancing, only 1 individual will be permitted in the unit at a time

Only Seller’s Agents will open doors that are needed, cabinets, etc.

Seller’s Agent will escort the Buyer to the lobby prior to the arrival of any subsequent appointment

After a Showing

After each showing we conduct for our listings, we once again clean and sanitize

• Clean and disinfect keys

• dispose of gloves/booties used

After a successful showing and cleaning of the unit, all necessary follow up will be handled with prospective buyers or their agents via phone and email.

Evolving Guidelines

As the situation surrounding COVID-19 is ever evolving, we continue to stay up to date on the latest guidelines issues by Federal, State, and Local Governments and Agencies. We will continue to keep our network updated on the latest guidelines.

Questions about how we are handling showing properties and conducting business during Phase 2? Reach out with your questions via the below form

What You Need to Know About New York Fair Housing Changes

The Real Estate Industry takes discrimination very seriously and upholds its brokers, associate brokers, and licensed salespeople to very high standards. Every individual has the right to equal housing opportunities. In fact, when of the most rewarding aspects of working in this industry in a place like New York City is meeting so many different people and experience the great diversity of the city.

The New York Department of State and the Division of Human Rights have partnered vigorously in conjunction with the Governor’s office to ensure that New York State fair housing laws are enforced. 

Starting June 20th, 2020, the Department of State is enforcing new regulations that require real estate licensees to provide a fair housing disclosure form. These changes come at a time of civil unrest that is sweeping the nation. We are proud to be apart of the real estate community at Compass which is taking this very seriously and are pleased by the pressure the Department of State has put on the NYS Real Estate board to ensure it is enforced.

What’s Changing on June 20th?

Starting June 20th, the New York Department of state is making it mandatory that your broker provide you with a fair housing disclosure form to ensure you know your options if you feel that discrimination occurred while looking for housing.

Per the adopted text added to Title 19 of the NYCRR:

Under subsection (a) of Section 175.28, “[a] real estate broker shall be responsible to ensure that each individual licensed pursuant to Article 12-A of the New York Real Property Law and associated with such broker provides to a prospective purchaser, tenant, seller, or landlord upon first substantive contact a disclosure notice furnished by the Department….” This new disclosure (the “Disclosure”) which sets forth references to relevant provisions of the New York State Human Rights Law, also provides the consumer with the necessary information as to how to file a complaint for housing discrimination. A copy of the new disclosure is located on the New York State Department of State website [see here]

What Else Do I Need to Know about the Changes Starting June 20th?

The full adopted text for the Title 19 Amendment to NYCRR can be read on the Department of State Website. The new Fair Housing regulation provide for additional requirements in addition to the disclosure form which can be read within the adopted text.

Highlights of additional requirements include:

-Disclosure Requirement applies to all real property types

-Record keeping requirements for Disclosure forms to be maintained for no less than three years

-Fair Housing Notice must be displayed at Open Houses

-Fair Housing Notice to be posted on websites maintained by real estate brokers, associated real estate brokers, and salespersons - You can easily access the notice on our site within our contact info at the bottom of our page

What Characteristics are Protected Under Federal, State, and Local Fair Housing Laws?

Federal, State and Local Fair Housing Laws protect individuals from housing discrimination. It is unlawful to discriminate based on certain protected characteristics, which include, but are not limited to: race, creed, color, national origin, sexual orientation, gender identity or expression, military status, sex, age, disability, marital status, lawful source of income or familial status

The New York Human Rights Law prohibits discrimination in housing based upon an individual’s:

• Age

• Creed

• Race

• Color

• Sex

• Sexual Orientation

• National Origin

• Marital Status

• Domestic Violence VictimStatus

• Disability

• Military Status

• Familial Status

• Gender Identity

• Source of Income

4 Tips to Transform Your Outdoor Space into an Oasis

With summertime here and many looking to get outside (safely), outdoor space has become one of the most coveted amenities. In fact, thanks to our proprietary Compass Search Data, we have observed that searches for outdoor space have doubled since Shelter in Place started.

Whether outdoor space is the top of your list for your next home, or you are thinking about how to spruce up your current private outdoor space, we are sharing tips on how to create an Outdoor Oasis.

Most of us will be spending a lot more time within our private outdoor spaces this summer. When you think of your outdoor space as extension of your indoor living space, you can get the max value out of the space. Outdoor spaces do not have to be large to function as a multi-functional space that the entire household can enjoy.

Play With Textures and Colors

Just as you think about design in your living room, bedroom, or any room inside, apply the same ideas to your outdoor space. Textures and colors are key parts of a successful design. Incorporate textures and colors in throw pillows as well as furniture cushions in your outdoor space. Ensure furnishing are comfy and durable.

Add Potted Plants

We love adding plants to our home office as well as other indoor spaces…they even have air purifying benefits! Potted plants also help to make your outdoor space lush. Add your favorite flowers in pots, and also think about adding larger potted plants to help create privacy.

Choose an Area Rug

An area rug will be key to creating your outdoor oasis. Area rugs help to define spaces, and this is key to making your outdoor space feel like it has different “areas.” If your outdoor space is large enough, consider placing an area rug under your dining table and one under your patio furniture to help create a lounge space versus a dining space.

Pick a fun pattern that compliments your furniture, cushions, and umbrellas for an additional “pop”.

Set the Mood with Lighting

Up the ambiance with outdoor lighting – perfect for setting the mood whether you are relaxing with a glass of wine or doing late evening entertaining, outdoor lighting will round out your outdoor oasis. String lights are an easy way to cast a warm glow over your space, however, if reaching an electrical outlet is difficult consider all the solar options that are now available.

In Demand: The Home Office is Here to Stay + Tips for a Productive Workspace

via Haven Design and Construction

At the onset of the Coronavirus pandemic, many were forced to adapt to working from home that did not previously take advantage of doing so, or worked for a company that frowned upon it. Now, nearly 2.5 months into staying home, employees around the country and global have adapted to working from home, and companies are realizing just how efficient, effective, and productive it can be. In fact, surveys conducted since the pandemic started are now revealing that a majority of respondents, 54% in one survey, say they are more productive thanks to not having wasted time on commutes and office distractions.

What does all this mean? The home office is likely here to stay, and will become a top must-have on many home buyers lists. For folks that do not yet have a dedicated workspace, a home office is likely to be very high on their list of features they want in a home.

We polled our Instagram followers a few weeks into the Pandemic, asking them, of various spaces in the home such as a gym, home office, extra bedrooms, etc. what spaces they realized they valued having in their home the most as they spent increased time in the home.

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When we initially polled our audience, of the choices, Home Office had the most respondents citing it the space they realized they valued the most while spending more time in their home.

However, as we got more comfortable with our work from home routines, and major Tech giants like Twitter announced permanent work from home policies, it became apparent that the Home Office is here to stay, and will be one of the most important rooms in the house.

With a broader shift in mindset, we thought it would be interesting to once again poll our followers, specifically on the Home Office and if they had changed their opinion. We asked our followers: Now that companies have adapted to remote working and see the success, has your opinion of the importance of a Home Office changed since the beginning of the pandemic?

Surprised by the results? Yes, nearly 100% of respondents said their opinion of the importance of a Home Office workspace has changed since Shelter in Place started….it is time to start planning your dream home office!

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Tips for a Productive Home Office

via

Whether you are looking to improve your home office that has not gotten much use until the past few months, or you are ready to convert a room or space in your home into your new workspace, we are sharing the top things to keep in mind as you create a productive and inspiring home office.

Do Not Forget Ergonomics - you don’t want to find yourself hunching over your computer with tension in your shoulders all day. Ensure your monitor is positioned at the right height - in line with your eyes is recommended. Feet should be flat on the floor and splurging on a nice desk chair is worth it

Natural Light - if possible, try to pick a space or room that has ample natural light. Positioning your desk in front of a window may increase your productivity

Add Greenery - plants make us happier…in fact, some even help clear the air within the home by removing toxic chemicals! Add a few plants around your home office or desk to bring the outdoors in.

Lamps - even though you are taking advantage of natural light, lamps are still necessary for darker hours of the day or rainy days. Table lamps come in a variety of styles to match your design aesthetic and can create a soft glow to supplement natural light when needed

Add Personal Touches - personal photos, your favorite piece of art, a design object…anything you love! Rotate your photos every month or so to keep them fresh and inspiring

Reduce Clutter - ensure you have an organization system that works well for you. Whether it is a traditional filing cabinet, wall organizer, or a style desktop paper holder, being organized is key so that your work documents do not take over your desk top and home office. No one is productive when surrounded by clutter

Best Flower Delivery Services to Shop For Mother's Day

Just as most everything looks different these days, so too, will the upcoming Mother’s Day holiday for many. Whether Mom is across town or in another Zip Code, there are still ways to show Mom some love this Mother’s Day. 

Fresh Flowers brighten up the home and are sure to put a smile on your face. Many of the top florists offer delivery so you can send get your gift to your mother’s day while practicing Social Distancing. 

Fresh air may seem but a distant memory, but the bright arrangements from these florist will bring a pick-me-up right to Mom’s front door.

H.Bloom

If you are seeking a high-end, luxurious arrangement, H.Bloom is a great choice. The company, founded in 2010, is centered around the philosophy that flowers are living art, and their arrangements look just like that! In addition to one time orders, H.Bloom also offers a subscription service to ensure beautiful flowers are always arriving to Mom’s door.

Shop H.Bloom

1-800 Flowers.com

One of the biggest players in the floral delivery space, 1-800 Flowers.com is sure to have an arrangement that Mom will love. In addition to floral arrangements, they also have a selection of gift baskets, fruits, and gourmet foods. We are pleased to be able to offer 20% off your order through May 10th. Click here to claim your Discount Code.

UrbanStems

UrbanStems prides themselves on sourcing on-trend flowers and creating one-of-kind arrangements. They have a team of designers that create stunning bouquets and curated plants for every occasion. Delivery is available across the country with same- day delivery available in NYC and DC.

Shop UrbanStems

FlowerBX

FlowerBX is a go-to for many in the fashion industry, and you can have the same delivered to your day. They are known for their freshness, sourcing flowers directly from growers where they are placed into a refrigerated van and delivered to your door.They have a Mother’s Day Collection which includes special arrangements of peonies, roses, and snapdragons.Delivery is available in NYC and across the northeastern United States.

Show FlowerBX

The Bouqs Co.

Here, all flowers are cut farm-fresh from eco-friendly farms across the country. The floral arrangement options are endless, and they also offer a variety of subscription services.Arrangement are available to anywhere in the United States.

Shop The Bouqs Co.

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Wishing All the Moms out there a Happy Mother’s Day!

5 Plants to Grow Indoors for Improved Air Quality

In recognition of Earth Day, we are sharing some fun facts about something all around us…air! This year, we have seen interesting facts on air quality as a result of the Coronavirus pandemic forcing much of the world to come to a halt – images have surfaced of cities that are normally blanketed in smog with some of the highest visibility we have seen in recent years.

What about indoor air quality? Since Americans spend nearly 90% of their time indoors, healthy, quality air should be a top priority. Controlling Indoor Air Quality (IAQ) can start with the HVAC system in your home and be supplemented by room-based air purifiers as well as natural options such as plants.

Having plants around your home can not only make a room look beautiful, but certain plants can actually aide in removing toxins and chemicals from the air including formaldehyde, carbon monoxide, and benzene.

5 Purifying Indoor Plants

Fiddle Leaf Fig

Because of the Fiddle Leaf Fig’s extremely broad leaves, it is very efficient at purifying air. The plant can also help control humidity. They do require a lot of sunlight, so be sure to position them appropriately!

Spider Plant

Spider plants are easy to care for, and fun to watch thrive in your home as the offshoots grow and hang over the pot, hence the name spider plant. They do well in indirect sunlight. Note they do not like damp soil so be sure they are drying between watering.

Rubber Tree

These plants have been shown to absorb and break down harmful chemicals in the air. Similar to the Fiddle Fig, their broad leaves make them efficient at doing so. In fact, they take in the carbon dioxide we exhale and convert it into oxygen.

Aloe Vera

Follow the succulent trend while cleaning your air with aloe Vera. These easy to care for plants clean the air of benzene and formaldehyde. They prefer a sunny spot to grow. The added benefit of having aloe is that you can use it on your next sunburn.

Dracaena Marginata

Also known as the “Dragon” tree, these plants have been shown to remove 4 out of the 5 major indoor air pollutants. This makes them the perfect plant to improve air quality while adding a fun vibe to your home with the plant’s resemblance to palms. Note they can be toxic to pets

Perspective: Learning from Being Quarantined During SARS and now COVID-19

This is a guest blog written by Marc Kijner who shares his experience having lived through the 2003-2004 SARS pandemic in Hong Kong and now the COVID-19 pandemic in the United States. A perspective on what living through one pandemic taught him for the future.

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The Beginning of the SARS Outbreak:

The first cases of SARS happened in around March 2003 at a University Hospital, impacting mostly teaching professors and medical students. Similar to how the Coronavirus pandemic unfolded in the United States in 2020, most people were not too concerned at the onset of the SARS outbreak. In the photo below, you could see that workers in the MTR (the local subway) were wearing masks and gloves but the vast majority of people didn’t really know about social distancing yet as SARS began to unfold in 2003. Masks and gloves are commonly used in Asia especially when someone is sick to avoid spreading which is less common in the United States or Europe from my experience.

Life went on normally for most people until the second strong wave came a few days later when a popular housing community in Kowloon named “Amoy Gardens” was hit very hard with over 300 cases almost simultaneously. This was a highly populated complex with nearly 20 high rise towers and a famous shopping center connecting them all together. Hong Kong island is a very highly populated area very similar to Manhattan with very small housings and a highly gentrified area. If you take NYC with nearly 70,000 people per sq mile, compared to HK with nearly 20,000 people per sq mile and juxtapose it to Park City Utah with 888 people per sq mile you can quickly see how a pandemic can spread so quickly (source).

Hong Kong Authorities React:

The HK local authority were quite overwhelmed during the initial SARS outbreak as they had never seen something quite like this, but moved quickly to implement a vigorous and strict plan:

•  Mandatory Isolation was requested similar to our current stay at home orders

• Surveillance was put in place so people similar to our curfews

• Schools and Universities were closed down same as now in the USA

• Major office towers were on limited or fully restricted access same as the US

• Temperature check-points were frequent in MTR or other points of entry such as malls, ferry terminals, airports, hospitals etc. which I haven’t seen here

• Some districts (neighborhoods name) underwent deep cleansing campaigns which I haven’t seen either here in the USA

Above is a picture of the Lippo Center, a very famous office building with a large courtyard and green areas in the financial district where people usually gather during the week at lunch time and for picnics on Sunday. There was barely anyone in sight during SARS.

The virus spread, with other places in the world starting to get hit such as China, Singapore, Vietnam, South Korea and Canada.

In the beginning, I decided to stay away from the busy city center and spent most of my time visiting places that had little to no population such as Lantau Island and the Ngong Ping area which is home to the world largest bronze buddha statue and many hiking trails.

As the virus continued to spread, the situation quickly escalated, and we had to stay inside and find creative ways to remain occupied. At the time Netflix, streaming services, Zoom, Bluejeans, Skype, smartphones and personal tablets did not exist yet and high-speed Internet was a luxury reserved to a select few such as large businesses and university campuses. We were lucky if we had around 980kbps and cable TV. I relied mostly on Internet cafes, but my beloved Blackberry quickly become the replacement. Who remembers AOL instant messenger, Blackberry Ping, Apple Powerbook G3 and Sonny Vayo’s with their “mega” advanced 30GB ultra hard drives?

Adapting to Life in Qurantine – Then and Now: 

I was watching my favorite DVD’s and listened to my iPod top playlists during that time. I was able to create inspiration for a relaxed workplace and keep my mind off thanks to movies and music. It helped me focus and stay calm during those trying times. Today, I use a combination of Youtube Yoga channels in the morning with my favorite Pandora stations throughout my work days. Creating serenity is key to staying calm and positive. Music elevates the mood while films and series are a great source of entertainment.

Using plants and flowers to bring life and color into my workplace was the perfect way to bring outdoor wonders inside when I was stuck in a 35 square meter flat (approximately 370sq ft). I had a little orange tree at the time which helped create a sense of serenity around a tight space and smelled wonderful. Plants are very soothing natural elements and they purify the ambient air. Today, I am lucky enough to live in a large home with outdoor space and balconies, so I can “talk” to my basil, mint, lemongrass and other aromatic herb plots daily. They are also a great source of fresh produce to add to our daily meals and drinks. Whilst in Asia, I picked up the habit of adding mint and fresh citrus­­ to my water as a way to cut the chlorine taste that many filtered tap water had. It’s a great way to stay hydrated and healthy.

On the topic of staying healthy, body and mind need to be aligned. So I also learned to snack healthy and picked up the habit of eating roasted cashew nuts which are common in HK and practice Tai Chi stretches. I also succumbed to the infamous dried shredded fish strings which can leave your tongue all kind of colors thanks to natural skid and fish colorant. Eating well is key to staying happy and healthy while indoors and exercising regularly. Delivery service was available at the time and they helped greatly to avoid getting out.

Creating a calming and stress-free environment was important to my mental health. I watched the news daily, texted colleagues and friends regularly to keep a social element to my day and concentrated on goals I had set for myself. For instance, I wanted to improve certain computer skills at the time which I had not had the time to practice during normal times. I actually learned how to type fluidly to nearly 60 words per minute. I also learned a new blogging tool at the time which had just been released: Wordpress which every traveler started to use for their personal blogs. Remember setting daily goals for yourself and keeping your mind active will improve your cognitive performance and give you a sense of accomplishments.

Today, I start my day by logging on to the Compass Academy portal and pick up a new set of skills or brush up on existing ones in the real estate realm. I keep in touch with clients and team members daily via Zoom and conduct virtual tours with our various projects in Florida and NYC in order to practice social distancing.

The most vivid memory I have was bringing pleasant colors to my tight space as Hong Kong is a vibrant and colorful city as the below picture from Winter 2011 shows. These had many therapeutic benefits that my mind needed to deal with the stress. Today I also have the presence of my wife and my dog to keep me company which are a major contribution to my daily happiness.

Lastly, the pandemic was contained and eventually we were able to go back to work, travel and learn from this experience. I have since lived in Thailand and Japan for nearly 8 years and spent an additional 5 years in NYC and have came back to Hong Kong multiple times for work and to see family and friends. I have since been practicing what I valuably learned from the SARS experience. Hong Kong, Singapore and South Korea are among the model countries with their dealing with Covid19 as they had been tried hard by SARS and were already equipped to deal with a pandemic. I can say that I was already prepared for Covid19 given my experience with SARS.

The most important thing is to remember that most of us who reside in highly developed countries are fortunate enough to rely on essential workers who risk their lives daily to support our community in getting better meanwhile we are in the comfort of our homes staying safe and healthy. We simply have to be patient, thankful and help them by staying home. Because of an evermore connected world, we can transact with each other and continue to build our communities, keeping our minds busy by picking up new skills and continuing to learn.

From our family to yours we wish you good health and serenity during these unprecedented times and remain at your service for all your needs in NY and Florida.

Inside Drake's New Toronto Mansion

All Images via Jason Schmidt/Architectural Digest

Being in New York City real estate, we often see “wow” properties. Whether its stunning views, over the top amenities, or eye-popping price tags, we have our fair share of being wowed on a regular basis. It takes a lot to wow us, however, when Drake recently let Architectural Digest inside his new Toronto mansion, our immediate reaction was WOW!

Drake’s new home clocks in at an impressive 50,000 square feet, and no detail was sparred across the entire home. From finishes to amenities, this mansion seriously has it all. The Embassy as its dubbed is the work of Canadian Architect and Interior Designer Ferris Rafauli The home makes an impressive statement with its inspiration from traditional Beaux Arts architecture. At its core, the home is an execution of the traditional 19th-century limestone mansion, but Rafauli brought an updated sensibility with clean and minimal lines.

On the interior, Rafauli drew inspiration from modern Art Deco style, with his own touch unique to Drake. Rooms have tremendous proportions with luxurious finishes from the floor to ceiling. Finishes throughout the home include the likes of limestone, bronze, exotic woods, suede, and more.

Upon entering the home, guests are greeted in the entry hall which features towering walls clad in limestone with inserts of Nero Marquina marble. The great room gives a sense of the sheer scale of the home as the ceilings soar to 44 feet tall. The Great Room also contains one of the many prized posessions in the home – a grand chandelier. The chandelier is an interation of the Metropolitan chandelier that was created for the Metropolitan Opera in New York and contains more than 20,000 pieces of hand-cut Swarovski crystals.

The master suite is another notable area of the home as it spans nearly 3,200 square feet with an additional 1,100 square feet of covered terraces. The master bath is a “Wow” moment with a nearly 4,000 pound tub carved from a single piece of marble as the centerpiece of the room. A 2-story closet is also located within the master suite.

All of that is just a taste of the 50,000 square foot home. Other notable features include an NBA regulation-size indoor basketball court, a lavish lounge, pool, and world-class recording studio.

Fun Things to Do at Home During the COVID-19 Quarantine

With everything closed from museums to concerts and sporting events as a result of the Coronavirus pandemic, many Americans are faced with significant time spent at home and wondering how to pass the time.

With Federal guidelines on Social Distancing extended to at least April 30th, you may be beginning to wonder what you will do over the next month as you spend more time at home. Safety and Social Distancing is the main priority, so you won’t find any recommendations to go hang out at your neighbor’s house here.

Workout at Home: So many are struggling with gyms and fitness studios being closed down – we are envious of all those with full at home gyms or Pelotons, however, there are great resources online for those looking to get in a sweat and stay mentally sane. The Fitness industry, like many industries, has adapted quickly to all the changes with many instructors going live on Instagram to host daily workouts for their followers, or gyms posting daily online videos for members and non-members alike.

 Here are some great online workout options:

• CorePower Yoga: on-demand classes on their website with a 7-day free trial and $19.99/month after

• Barry’s Bootcamp: Many instructors are hosting workouts on Instagram Live. Find your favorite instructor and check their schedule

• Peloton App: Peloton offers much more than just the stationary bike many think of. Their app offers many different work outs from floor sets to runs. The app is currently offering a 90-day free trial

• Orange Theory: on-demand videos being posted to the Orange Theory website daily

• Bar Method: on-demand videos available on their website. 14-day trial and $19/month after

Start Spring Cleaning and Maintenance: What a better time than now to start those spring tasks around the house to get your home ready for warmer months. Take this time to organize that closet or room you’ve been putting off or get a head start on outdoor work in the flower beds

 Brainstorm Home Improvement Ideas: Have you been thinking about a kitchen reno? A new bathroom, perhaps? Use your downtown to put those dreams into an action plan. Research contractors, price out paints, finishes, etc. When things get back to normal, you will be ready to efficiently move forward with your renovation idea.

Take Walks: Getting out of the house and moving is so important to mental health and helps get some movement in. Go on walks around your neighborhood or on your public trails. Most public trails remain open for fitness, but please be conscious if you are using a public trail or path to adhere to social distancing guidelines.

Support Local Business: Small business in your community need your help now more than ever – many of these are in the hospitality and retail industries which are being hit the hardest. Check in with your favorite local restaurant to see if they are offering curbside pick-up. Your favorite boutique or store more offer online shopping.

Take a Virtual Tour of a Museum Around the World: While Museums around the world are closed, head to Google Arts and Culture to virtual tour an exhibit. More than 500 museums across the globe teamed up with Google to offer a virtual peak inside their doors.

Listen to Podcasts: Netflix binging is a given, but have you considered Podcasts? Play them while you are working from home, cooking, or doing work around the house. Name and topic, and you will likely find a Podcast on it. From comedy, to series, to news, it is a great way to keep your mind occupied during the day.

Foster an Animal: Animal Shelters across the country are facing a crisis as many have been forced to close. Consider using your downtime to help Shelters ease the burden while they are closed and foster an animal…who knows, you may end up falling in love and keeping it!

Brush Up on Skills or Learn New Ones: Use your newly found weekends to brush up on your existing skills – does your profession require continuing educate? Now is a great time to tackle that often dreaded task as many industries are offering these courses online.

Free time is also great for learning a new skill that you have always wanted to learn, but have pushed off because you just didn’t have the time. From TED talks to YouTube videos, and even Ivy League courses, you can find a host of material online for free to learn about that topic you have always wanted to. Check out ClassCentral.com for a list free online courses being taught by top universities around the country.

Should You Buy a Home if a Recession Hits?

With the United States and Global economies on the brink of Recession, many folks are beginning to wonder - is now a good time to buy a home, or should I sell my home now or weather the storm?

To preface the below, it is important to set the expectation that a Recession is not necessarily a positive for any sector of the market. Yes, some sectors can whether a recession better than others, namely essential goods and services as opposed to those businesses that are reliant on consumer discretionary income. With that said, real estate tends to all into the former - people will always need to buy, sell, or rent their homes. Whether an economic recession or an economic boom, people will always need a place to live.

The Backdrop is Vastly Different than 2008

The current economic environment and fundamentals look much different than they did in 2008. The Great Recession of 2008 was the culmination of many weak spots in the economy that was fueled by the Housing Crisis. Lenders originated mortgages to people that did not qualify, severely driving up home prices across the nations, and which ultimately resulted in many buyers foreclosing on their homes because they did not have any skin in the game. 

Because banking and real estate/construction companies were at the core of those hardest hit, the massive layoffs these companies faced trickled negatively throughout the entire economy. 

Today, the current crisis is not a result of economic weakness, but is rather the result of an external factor on the economy. In fact, after the 2008 crisis, laws were passed that cracked down on Banks' balance sheet requirements as well as lending practices for Mortgage companies. Additionally, consumer sentiment and spending looks quite different - the Great Recession spooked many households, and as a result, household debt has been at historic levels since.

Will Home Prices Drop? 

Timing the market is nearly impossible whether you are talking about stocks or real estate. It is likely that home prices may drop slightly to a "level off" range, but a recession does not always mean a sharp decline in prices. The true impact will depend on the severity and duration of the economic downtown. 

A chart published by the Federal Reserve  Bank of St. Louis shows home price data as provided by S&P Down Jones Indices. Note that prices moderately declined during the 90-91 recession, and then rebounded. During the recession of 2001, home prices did not decline. Remember -- the cause of this downturn was the burst of the dot-com bubble. 

Source: Fed Reserve Bank of St Louis

We do see a decline that lasted for a moderate timeframe during the Great Recession of 2008-2009, however, housing was a large underlying factor in the breakdown of economic activity during the Great Recession so this does not come as a surprise. Additionally, you see that home prices started to decline before the recession hit during 2008-2009.

Manhattan Luxury home prices have been in a correction phase for ~2 year as the market has been adjusting from lofty asking prices from 2014-2016.

Not All Housing Markets are the Same

The Media often refers to the "US Housing Market", implying that there is just one housing market across the entire nation. We would recommend treating housing markets as micro markets, sometimes, like in the instance of New York City, there are even hyper-local markets. Pricing and activity can vary from neighborhood to neighborhood even within the same city!

It is important to understand the micro locality of housing markets to set expectations that, when thinking about a national media home price, this could be influenced by local markets that are impacted more severely during a recession versus some local markets that may so an increase in prices, although at a much slower pass than would be absent a recession

What Should I Consider for Buying a Home - Especially Now?

1. Employment Stability: Sometimes this can be hard to assess during times of increased uncertainty, but it is important to gauge your gut feeling as it relates to your employment. Do you feel confident that your household is in a situation of income stability as you are considering making one of the largest financial commits that you will make in your life? This is an important question to ask yourself if you are considering purchasing your first home during a recession. 

2. Savings: If you have financial savings in the bank, you are in a very strong position during a recession. Your savings will directly influence your ability to make a down payment - recommended at a minimum of 20% - as well as provide a cushion in a time where job certainty my be slightly less. Savings also brings us to number 2.

3. Mortgage Qualification: Getting pre-approved for a mortgage is a first step no matter the economic condition, but now, it is more important than ever to get pre-approved! If you have substantial savings, this will help you get pre-approved at a favorable rate. Some lenders may impose stricter requirements during a recession, so having sizable savings will only help you. Additionally, pre-approval ensures you know what you can afford and that is the most important piece. Now is now that time to be buying something you cannot afford. It is always a good time to buy a home, unless you cannot afford. 

Ensure you are considering purchases that are within your budget, allowing you additional cashflow outside your monthly mortgage payment for everyday expenses.

4. Time Horizon: Think about your time horizon for this purchase - how long do you plan to stay in the home? This brings us back to the point of timing the market. If you plan to stay in the home for many years, which is often the case, you may actually stand to benefit from buying during a recession. 

There are likely bargains to be had in the market during a recession should prices dip. If you plan on staying put for a longer time horizon, we see that housing tends to fair well over the longterm.