The Coronavirus pandemic has touched every aspect of our lives, including the real estate market. Home sales slowed to a crawl in the spring as mitigation measures were enforced, but they are now gaining momentum. Real estate expert Bryan Nazor takes a look at the whys and wheres of the 2020 housing boom.
The Spring Slowdown
Bryan Nazor states that the early months of 2020 were strong. At the end of March, homes were reaching pending status five days faster than they were in 2019. As quarantines were enforced, a slowdown occurred. By Mid-May, homes were on the market for an average of 31 days, a dramatic decline from the 25 days that week in 2019. By this time, the full scope of the pandemic was realized, and there were economic concerns as many businesses had to shut down.
Supply and Demand
According to Bryan Nazor there is a limited supply to meet the current demand. Buyers fear that prices will rise, and there will be a limited number of available houses. In May, home inventory was down by nearly 10% from the numbers in 2019. Still, Bryan Nazor says that the market may level out soon. If buying slows down due to a sluggish pandemic economy and uncertainty, the supply may be more than the demand in the coming months.
Changes In Work and Location
Bryan Nazor notes that many people are now able to work from home. Along with fears of being exposed to COVID-19 in urban areas, this has led to a boom in suburban housing purchases. If you don’t have to face a daily commute, you can theoretically live wherever you wish. More and more buyers are forgoing city life for the suburbs. Bryan Nazor expects this trend to continue, and new construction in suburban areas to increase to meet the growing demand.
New York City has taken a big hit. Homes now spend an average of 70 days on the market, which is a drastic increase from the 45 days at this time in 2019. While the numbers are less stark, many metropolitan areas are also experiencing a slowdown in home purchases. 29 of the 35 largest U.S. cities have longer days to pending than they did at this time last year.
Bryan Nazor Expertise
Bryan Nazor graduated with distinction from New York University Law School. He has extensive experience in real estate, corporate financing, and investing. He is the CEO of Main Street Title, a real estate law firm dedicated to aiding home buyers and providing title insurance. He manages the operations of the finance and title divisions, as well as residential and commercial closings.
Real estate expert, Bryan Nazor, explains how you can impress potential buyers by freshening up the exterior of your home.
When it comes to real estate, a first impression can make all the difference. The exterior of your home is like the cover of a book. Curb appeal can make buyers eager to see more and can help them envision coming home to their new residence. If you are looking to boost your home’s value or simply improve its appearance, consider implementing these curb appeal tips from real estate expert Bryan Nazor.
According to Bryan Nazor, landscaping is one of the most impactful ways to beautify your front yard. Landscaping doesn’t necessarily mean that you need to plant an entire garden. There are many faster and less laborious options for flowers such as using planters or window boxes.
Bryan Nazor recommends accentuating the focal points of your home along walkways, windows, and porches. Consider adding plants that are native to the area in which you live to contribute to your neighborhood’s ecosystem. Plus, plants thrive the best in their ideal conditions. For a long-lasting and beautiful yard, Bryan Nazor believes that native plants are the way to go!
Make your house stand out with a fresh coat of paint! Over time, outdoor elements can cause peeling, stains, and discoloration on paint. If you are short on time and money, Bryan Nazor suggests painting your front door a bright, bold color that accentuates the home’s main exterior color. It’s a good idea to grab some little cans of paint to test swatch the door before fully committing to one color. Don’t forget to pick coordinating paint colors for the shutters as well!
- Garage Doors
A new garage door can completely upgrade the exterior of your house. Bryan Nazor notes that there is a wide array of options to choose from that will help you complete the style you are going for. From industrial to modern, to charming, there is definitely a garage door available for your home.
If a new garage door is out of your price range, Bryan Nazor recommends staining instead. You can get the look of a new garage door without the hefty price tag. Bryan Nazors notes that it is as easy as power washing the door to remove dirt before painting the stain on.
- House Numbers
Believe it or not, something as simple as new house numbers can quickly improve the look of your home. Remove old numbers and replace them with larger numbers that have a color or a unique font style. Bryan Nazor explains that new numbers will help your guests spot your home faster while pulling all the little details together. Plus, Bryan Nazor notes that the job is extremely easy, even for DIY beginners. A curb appeal boost can happen in as little as one weekend, so don’t be discouraged to start!
Youth soccer coach Bryan Nazor recently described the impacts the coronavirus pandemic is expected to have on professional soccer in the United States.
Professional sports around the globe have been drastically impacted by the 2020 COVID-19 pandemic. Some sports seasons have been put on hold, others have been canceled, and all look very different from previous years. Major League Soccer (MLS) is one of those sports greatly impacted by the pandemic. Youth soccer coach and fan Bryan Nazor recently described the impacts the coronavirus pandemic is currently having on MLS.
Major League Soccer is one of few professional sports organizations that has already resumed play in the United States. However, Bryan Nazor explained the season doesn’t look at all like it used to. He stated that a league-wide tournament began on July 8, 2020, roughly four months after the original season was put on hold. The tournament is taking place near Disney World in Florida, a state which is now a hotspot for the virus.
Bryan Nazor described that the tournament is taking place in a controlled environment, which is designed to keep the players, coaches, and staff as protected as possible from the virus. All 26 clubs were expected to be playing in the new setting, which has been a combined effort between MLS and Disney to create. Bryan Nazor explained that the tournament will include 54 games with matches almost every day and mostly during the evening hours. The structure is similar to the structure used during the World Cup, and the final match is set to take place on Aug. 11.
Bryan Nazor explained there are several major reasons why this tournament looks so different than a traditional full season would have looked. First, he stated that the unique Florida setting is different from anything the league has ever used. Bryan Nazor added that all games are played without fans viewing in-person.
Unfortunately, Bryan Nazor added that since arriving in the city of Orlando, nine players from Nashville have tested positive for the virus and numbers are expected to continue rising. The Chicago Fire FC and Nashville SC match set to take place on July 8, 2020, was canceled, and Nashville became the second team to drop out of the tournament.
Soccer coach Bryan Nazor explained that unfortunately it’s impossible for professional soccer to continue in 2020 without the impacts of the coronavirus pandemic affecting teams, players, fans, and the entire season. Bryan Nazor finished by stating that the abundance of cases of the pandemic in Florida coupled with players testing positive and tournament play transforming every day are all signs that the MLS will not return to normal play for months or even years to come.
Former Platense team member Bryan Nazor discusses the history of Honduras’ Platense Football Club.
The Platense Football Club is one of the most iconic soccer teams in the country of Honduras and all of Central America. Founded in 1960, the Platense Sport Club, as it was called then, quickly became the Honduran National Football League’s first champions in 1965. Former Platense team player Bryan Nazor recently discussed the unique history of the soccer club.
“Honduras is a soccer hotspot,” Bryan Nazor said. “Some of the world’s best talent comes from Honduras, and I think it’s important to shed some spotlight on the teams and players there.”
Bryan Nazor graduated from Fairleigh Dickinson University and went on to play professional soccer in several countries. His professional soccer career began in Honduras playing for Platense. Bryan Nazor later went on to play for Hajduk Split and Solin in Croatia, and the Argentina Juniors in Argentina. He recalls his time playing for Platense fondly.
Bryan Nazor explained that the Platense team in Honduras was modeled after Platense of Argentina. The founders wanted to emulate an iconic and successful international club. The team took off with success, receiving support from the Tela Railroad Company. While many other Central American players received little to no salary, the Tela Railroad Company provided salaries and jobs for club players. Bryan Nazor stated that this solid financial start is part of what has helped Platense succeed for so long.
“This was a blessed soccer club from the start,” Bryan Nazor said. “And that showed through the spirits of its players, management, and everyone involved. It was great to be a part of it.”
The Platense Sports Club was one of the 10 original teams of the Honduran National Soccer League when it was founded in 1964. The following year was when Platense became the league’s first champions in a close battle over Olimpia. Olimpia would remain the team’s major rival for decades.
“Platense and Olimpia have always been popular teams in the league,” Bryan Nazor said. “A rivalry that began in the league’s first year continued all the way into the next century.”
Bryan Nazor explained that Olimpia has long reigned as the league’s most successful team, and despite several runner-up finishes, it took decades for Platense to secure another championship. In 2001, an over-time match with Olimpia resulted in Platense claiming the league title. It was a “Golden Goal” match, with the champion being the first team to score a goal in over time. Rony Morales of Platense became the team hero when he scored the match-winning goal.
Platense has reached two semi-final league championship matches since that major 2001 win. Bryan Nazor added that team remains in the league today, and home games can be enjoyed at Estadio Excelsior in Puerto Cortes, Honduras.
Bryan Nazor, President of Main Street Title & Settlement Services New Jersey division, didn’t always know that his life path would lead him into this industry. In fact, one of Bryan Nazor‘s earlier careers was very unlike his current one, and also is a passion he still carries with him and helps with.
In his earlier life, Bryan Nazor attended and graduated from Farleigh Dickinson University, receiving his Bachelors degree. But before Bryan Nazor went on to receive a Law degree with distinction from New York University Law School, he had some other plans to complete. After graduating and receiving his Bachelors degree, Bryan Nazor went on to play professional soccer.
Bryan Nazor started his professional soccer career playing in Platense in Honduras. He then continued on to Europe and ended up playing for Hajduk Split and Solin in Croatia, and eventually played in Argentina for Argentina Juniors. After playing in three separate countries for years, Bryan Nazor returned to the United States to get his law degree, which he then successfully completed and received in New York.
Bryan Nazor knew that he wanted to work in law after his years of playing professional soccer were over. It was in 2002 that Bryan Nazor was recruited from one of New Jersey’s leading corporate law firms to join the management team of Main Street Title & Settlement Services, LLC in the position of Senior Corporate Counsel. He has been with the company since, coming up soon on his twenty-year anniversary.
Bryan Nazor has been in the Board of Directors with the company since 2003 and has held the title of President and Chief Promoting Officer ever since he was promoted. In his position, Bryan Nazor is responsible for managing the day-to-day operations of the title and finance divisions of Main Street Title. He reviews and approves all commitments before issuance, interacts with clients and underwrites and manages all of the company’s day-to-day finances. He is continuously recognized by his peers for his knowledge, efficiency, and insight into successful corporate management and investing.
Though Bryan Nazor started his career path after college playing professional soccer, he has so much passion for the work he does with Main Street Title & Settlement Service, LLC — but he also is able to find time for his passion he still has for soccer, too.
Bryan Nazor is now a youth soccer coach for the National Youth Soccer Program, which is associated with U.S. Soccer Club and USSDA Soccer. He’s been able to take his two passions and live a life enjoying both, all while helping people both on the field, and off.
With everyone living “the new normal” you would expect home buying to be down. However, it’s making a remarkable recovery. Bryan Nazor says mortgage applications were down 35% six weeks ago, but they are making a major comeback. They are now just 1.5% below the rate for last year.
Some types of mortgages are even increasing. Government mortgages are up 5%, including FHA and VA loans. As businesses begin to reopen, so is the housing market. Those who were considering buying a home before the shutdown are now finding themselves in a great position to do so Bryan Nazor explains.
Mortgage rates are unstable at the moment, due to the volatility of the market. Rates are low historically speaking, with average rates in the mid 3%, with slight ups and downs from week to week. The rate for a 30 year fixed rate mortgage was 3.56% on the 19th of April, and 3.55% on the 19th of May.
Lower rates have also led to many people choosing to refinance. While the Federal Reserve has cut rates twice since the beginning of the pandemic and initiated quantitative easing, other changes may make it more difficult to refinance.
While mortgage payments are being deferred for many during the pandemic, mortgage companies are reluctant to take on risk. Bryan Nazor states that riskier buyers may struggle to get a loan, including refinancing.
Mortgage credit availability has fallen 26% in the last few months due to stricter standards. JP Morgan and Chase is now requiring a credit score of 700 and a minimum down payment of 20%.
Bryan Nazor explains the March Stimulus bill had an impact as well. The bill allows those with government-backed mortgages to delay their mortgage payments for up to a year if they were adversely affected by the virus. The lenders will get reimbursed, but they will have to essentially front the money for these delayed payments to the bond investors. They are now trying to avoid mortgages where they think they will have to delay payments. They hope that stricter standards will exclude those who will need the forbearance made possible by the new law.
Most often used to purchase or to renovate retail, office, or warehouse space, commercial real estate loans are distinct from non-commercial property loans in a number of ways.
In an effort to shed new light on the matter, Main Street Title‘s Bryan Nazor answers a series of questions commonly asked in relation to commercial real estate lending.
“People most often apply for commercial real estate loans when looking to purchase, or complete renovations too, commercial property or properties,” explains Bryan Nazor, an expert on the topic, and the president of Main Street Title’s New Jersey division.
Main Street Title, headquartered in Hackensack, New Jersey, is, Bryan Nazor says, a one-stop title and settlement services firm, supporting streamlined, fast, accurate, and hassle-free closing.
The topic of commercial real estate lending is often surrounded by numerous questions, according to Bryan Nazor. “Most often I’m asked, ‘How much can I borrow from a commercial lender?’” says Nazor.
While lenders dealing solely with residential properties may offer up to 90 percent of a piece of real estate value, commercial real estate lenders typically offer less, according to the expert.
“A maximum of around 80 percent is common,” he explains, “so borrowers will need to have at least 20 percent of the value in cash, and at hand, at the outset.”
“Another common question tied to commercial real estate lending, and one which I’m asked frequently, is, ‘What rate should I expect to pay?’” Bryan Nazor goes on.
The answer to this can vary wildly, he says. “Expect to pay anywhere from under 4 percent to as much as 10 percent in interest for a typical commercial real estate loan,” adds Nazor.
Third among Bryan Nazor’s most commonly asked questions surrounding commercial real estate lending relates to lender stipulations. “People will ask me what stipulations to expect from their lender,” he reveals.
Among the most common stipulations, according to Bryan Nazor, is that any property is what’s known as owner-occupied from the beginning.
“This means that any retail, office, warehouse, or other commercial space must be occupied to a capacity of at least 51 percent by the borrower alone before it can be occupied by anyone else alongside them,” he explains.
In addition to heading up Main Street Title’s New Jersey division, Bryan Nazor is routinely involved in the firm’s commercial closings.
Here, he says, he presides over client closings in order to ensure that the proper procedures are followed and that all appropriate documents are signed, notarized, and acknowledged.
Lastly, Bryan Nazor turns to qualify. The commercial closings expert says he’s often asked about whether an individual or business is likely to be approved or not for a commercial real estate loan.
“When asking if they’re likely to qualify, I’ll often tell an individual or business that it’s impossible to give a yes or no answer,” says Bryan Nazor. “My only advice in this instance,” he adds, wrapping up, “would be to apply.”
Getting your home ready to be sold is a difficult task at the best of times, not the least of which now. Bryan Nazor is here to help
Getting your home ready to be sold is a difficult task at the best of times, not the least of which now. Bryan Nazor is here to help identify easily missed hurdles in the process.
For as profitable as it can be to sell a house, it is not nearly a simple process. There is a lot of hoops and hurdles you have to clear in order for the process to go even relatively smoothly, some that may cost you more money in the long run if you disregard or overlook them. Some of this stuff is the kind of thing you may not know if you do not have someone who can provide proper guidance during the process. In order to make things a little easier for you all, Bryan Nazor has compiled some points of consideration that you should take into account during the process.
Bryan Nazor: Things you may not notice when getting your house ready for sale
One of the biggest things that seems to evade homeowners is damage which lies beneath the surface, Bryan Nazor notes. We’re talking termites, mold, water damage, any number of things can come up all too late to be addressed if you are not diligent with checking. None of these things are particularly appealing to a new homeowner, for obvious reasons. The best solution to these problems is to make sure they are not problems to begin with, but obviously, as Bryan Nazor points out, that bridge has long since been crossed, so the important question is to reduce the damage as much as possible — both to the home and to your wallet. In this situation, according to Bryan Nazor, your best bet is to either factor the damage into the price or get the damage fixed, which may be prohibitively expensive.
However, not all hurdles in the sale are due to the house itself. Rather, it can be because of things related to the house, Bryan Nazor points out, such as the title. If a person or entity has a claim to your property, you are not going to be able to sell it without creating a major headache for yourself. Make sure to get that sorted out as soon as possible. Of course, sometimes, as Bryan Nazor notes, the problem is not to do with the house at all, but rather external forces outside of your control. People tend to favor buying and selling in certain weather; spring and summer, for instance, are going to be a prime time to sell, Bryan Nazor confirms. There are just far fewer headaches to deal with when it comes to moving in or out. This does not mean that autumn and winter are bad times; the lack of competition, for instance, creates a selling opportunity there.
Bryan Nazor is a graduate of Fairleigh Dickinson University and received his Juris Doctorate with Distinction from New York University Law School. Mr. Nazor is a member of the New Jersey and New York Bar.
After Graduating from FDU, Bryan went on to play professional soccer in three different countries. He started his professional career playing for Platense in Honduras. He continued to Europe to play for Hajduk Split and Solin in Croatia before going to Argentina to play for Argentina Juniors.
In January 2002, Bryan was recruited from one of New Jersey’s leading corporate law firms to join the management team of Main Street Title & Settlement Services, LLC in the position of Senior Corporate Counsel. In September of 2003, he joined the Board of Directors following his promotion to President and Chief Operating Officer.
In addition to his general corporate law background, Bryan has extensive expertise in the areas of corporate financing and investing. Bryan Nazor manages the day-to-day operation of the title and finance divisions of Main Street Title. He reviews and approves all commitments before issuance, interacts with clients and underwriters, and manages all of MST’s day-to-day finances.
Bryan is also involved in MST’s residential & commercial closings. He presides over client closings to assure that proper procedures are followed and all appropriate documents are properly signed, notarized, and acknowledged. Mr. Nazor is available to all clients to review and assist in the resolution of all title issues.
Bryan Nazor is recognized by his peers for his knowledge, efficiency, and insight into successful corporate management and investing.
Where did the idea for MST come from?
We started the Company 32 years ago on Main Street in Hackensack, NJ. Seemed like a sensible name at the time. A company on Main Street Title servicing people on Main Street.
What does your typical day look like and how do you make it productive?
Get into the office before 8 am to check on the status of the previous day’s order. Then I move on to reviewing titles for our orders that have been filled by our searchers.
How do you bring ideas to life?
I have a great staff and senior management that know how to implement our ideas. We have a collaborative culture where everyone’s ideas are welcome. Our team and culture are the backbones of the company.
What’s one trend that excites you?
The real estate market in positive territory is always exciting for us. Spurred on by low-interest rates.
What is one habit of yours that makes you more productive as an entrepreneur?
Surrounding myself with smart people. I look at this as a “Team Sport”. No one player can take credit for the success of the team.
What advice would you give your younger self?
Learn more from your competition. Because success came early on the thought “ I knew everything”. Of course, that couldn’t be further from the truth. My competition, who has been around for a while, really understood the game and I should have paid more attention to what they were doing. Most of them were true professionals who understood how to navigate up and down markets.
Tell us something that’s true that almost nobody agrees with you on.
The success of this business is still Face to Face sales. As much as technology and social media have enhanced sales over the last several years, real face-time ( not Apple face-time) is still number one is sales. We have young salespeople who navigate the internet and social media really well but then lose out on a sale because they don’t know how to do a proper meet and greet with a potential client.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
Surround yourself with the right people. Hire the right staff and then treat them well and they will perform. They will treat your business as their own. I said it before, my employees are the backbone of this business.
What is one strategy that has helped you grow your business?
Forming strategic partnerships with various people in our industry has been very important. We have solid and reputable Underwriters that have been instrumental in our success. We have partnered with a real estate management company to increase our exposure in that space. Creating crucial partnerships in various real estate related spaces was a successful strategy for us.
What is one failure you had as an entrepreneur, and how did you overcome it?
I touched upon it earlier. Paying attention to others outside your company, especially competitors. If they have been in business for a while, then it’s for a reason. I hailed to navigate the 200t crash as well as I could have so I swallowed my ego and sought advice from others outside my space and it helped me tremendously.
What is one business idea that you’re willing to give away to our readers?
Leverage your social media and technology to gain facetime with your customers. Instagram, Facebook, Linkedin, etc. are all great platforms to meet potential clients. But still, make sure you get real facetime with them.
What is the best $100 you recently spent? What and why?
Lunch with a client after hooking up on Linkedin. We then met for lunch and we revived a large size transaction that had stalled. Best $100 I have spent in a long time
What is one piece of software or a web service that helps you be productive?
For our Title and Closing platform, we utilize Qualia. It is a web-based platform that has come in very handy now that we have most of our staff working from home during this crisis.
What is the one book that you recommend our community should read and why?
Read a biography of any successful person in the business. My favorite is Steve Jobs.
What is your favorite quote?
“Success is not final, failure is not fatal: it is the courage to continue that counts.”― Winston S. Churchill
- Surround yourself with good, knowledgeable people;
- Pay attention to those outside your inner circle and space;
- Utilizing new technology tools to get enhance old-fashion salesmanship;
President of Main Street Title, Bryan Nazor, provides an expert look at the often confusing topic of title insurance in real estate.
From closing, escrow, and recording services to paralegal support for attorneys, it’s vital, when selecting a firm to provide real estate title insurance, that businesses and individuals alike choose a company that’s right for them. That’s according to Bryan Nazor, president of title insurance and settlement services business Main Street Title, based in Hackensack, New Jersey.
“Whether a residential or commercial transaction, it’s vital to choose a title insurance and settlement services company that feels like home,” suggests Bryan Nazor, president of Main Street Title’s New Jersey division, speaking from his home in Chestnut Ridge, New York. It’s about choosing a place you can trust, he says. “From having your questions answered to seeing your needs met, from homeowners, home buyers, and investors to mortgage brokers, lenders, builders, developers, and realtors, trust is crucial across the board,” adds Nazor.
At Main Street Title, Bryan Nazor and the team are proud, he says, to offer only the finest and very best insurance services to clients. “From home buyers to builders, developers, and realtors, our clients know, without a doubt, that they can count on us, no question about it, to oversee their transaction or transactions with complete accuracy and professionalism,” suggests Nazor.
Further promising a quick turnaround time, Bryan Nazor also stresses that any title insurance company should, as is the case at Main Street Title, provide clients with the option of title insurance protection and settlement services to best facilitate the purchase, sale, construction, or refinancing of any residential or commercial real estate. “Comprehensive closing, escrow, and recording services should also be offered,” he adds.
A smooth closing, escrow, and recording process, Bryan Nazor believes, ensures that the real estate title insurance process remains as straightforward—and comfortable—for clients as possible. “Clients should feel both confident and comfortable in asking any questions which they may have,” says Nazor, “of whoever is handling their title and settlement services.”
“It’s vital,” Bryan Nazor goes on, “that everything is explained, and that clients are kept informed and up-to-date at every step.”
This, Bryan Nazor is keen to point out, is absolutely the case at Main Street Title. Nazor is highly experienced in corporate financing, corporate law, and investing – all of which are essential, he says, to the smooth day-to-day running of operations within Main Street Title’s finance and title departments.
Elsewhere, paralegal services for attorneys are also on offer at Main Street Title, and form part of the wider package offered by the title and investment services company, promoting comfort in the knowledge that all aspects of what can often be a challenging process are fully taken care of. “We make sure that each and every client is kept informed and up-to-date at every turn in the road,” adds Bryan Nazor, wrapping up, “ensuring that they feel personally involved in every aspect of the process.”