Image

Good Morning, 

I hope today finds you and your loved ones safe and in good health. Much has happened since my last update as we find ourselves in very challenging times.  Thankfully we’re starting to see some positive news (curve flattening, greater availability of ventilators/PPE, economic stimulus, stock market rebound, positive effects of social distancing, planning for reopening the economy, etc.)  

While real estate is likely low on your priority list at the moment, a number of you have been asking about the current state of the market. Since many of my clients were actively engaged in a real estate purchase before the shut down and continue to actively search for a home, I thought they and you would find the following update helpful.  It includes some research, resources, articles and light diversions.

Here's a summary of some key news events over the past several weeks affecting the real estate industry:

  • Governor Cuomo orders all non-essential workplaces to close statewide.  For real estate agents and brokers, that means the end of in-person showings. Brokers are allowed to continue to perform their regular duties from home (aside from making unsolicited phone calls, due to the state of emergency) and leverage online tools available to them. 
  • The Real Estate Board of New York (REBNY) offers guidance on conducting virtual closings.
  • Brokerage firms begin conducting virtual open houses, virtual showings and conducting applications, lease signings, and payments online.
  • Buyers/Sellers already in contract are still able to close, albeit with delays.
  • REBNY orders the public “days on market” clock to stop for all its residential listings.
  • Buyers/Tenants can still technically hire moving companies (current state guidance deems them essential) but officials say that may not be the prudent move right now.
  • Governor Cuomo enacts an eviction moratorium for residential and commercial tenants until at least June 20. The policy protects tenants from losing their homes for three months, but those who miss rent payments will still be on the hook for paying back their landlord.
  • The coronavirus response and stimulus bill signed by President Trump in March gave any homeowner with a mortgage backstopped by the federal government the ability to receive forbearance or delay payments for up to 180 days.
  • Mortgage credit availability in March fell to the lowest level in five years, according to a survey by the Mortgage Bankers Association.
  • Jobless claims rose another 6.6 million.
  • The S&P 500 is up 25+% since March 23 low.
  • The Federal Reserve announces $2.3 trillion in New Programs.
While that's a lot to take in, new listings continue to come to market and buyers continue to actively search for homes. To get a better sense of listings in NYC and the New Jersey Shore, please click my website link below and use the Home Search menu options.

Be well, stay safe, and please let me know if you have questions or need assistance.

All the Best, 
Image
Steven Segretta
Halstead Property, LLC
718.878.1899
ssegretta@halstead.com
My Halstead Page
Image
Brooklyn Townhouse Market Update

My research on recent activity in the Brooklyn townhouse market. While focused on only one sector, certain observations may apply more broadly.  I can provide information on other market sectors upon a request.
Image
Halstead Manhattan Q1 2020 Market Report

Image
Halstead Brooklyn Q1 2020 Market Report

Image
Real Estate Resources
REBNY’s Coronavirus Resource Hub provides members, the real estate industry and New Yorkers with the latest information and resources needed during the Coronavirus crisis. This hub of centralized content will help you navigate the quickly changing business climate during this difficult time.
Image
Q & A
A summary of frequently asked questions regarding allowable real estate activities from the New York State Association of Realtors
Image
Real Estate Through Prior Pandemics
An interesting article and related Zillow research on the effect of prior pandemics on real estate prices.
Image
Economic Stimulus

Image
Eviction Moratorium

Image
Virtual Tours

Image
Missing Baseball
On April 1, 1985, the legendary writer George Plimpton pranked the world with the story of a flame-throwing, French-horn-loving New York Mets prospect who might’ve changed baseball forever — if he’d actually existed.
Image
Searching for Sugar Man
My Netflix Pic of the Month (maybe longer)
Image
Front Lines
From a good friend on the front lines in a Manhattan ICU...

Every night at 7pm people come out in the street and clap and hold up thank you signs and banners!! It’s the sweetest thing ever!!! ❤️Tonight Gina and I hung out the window to thank them... Makes us love coming to work!!!! :)  

I'm at work again today and every time someone recovers and comes off the ventilator they play "Here Comes the Sun" over the loud speaker... ☀️😊🙏🏼 I've heard it a lot today!!! So that's a good sign :) Things will get better!!! 😘 "
Image
My Dog's Take on All of This...
Image
Image