Lower Interest Rates Make Owning As Inexpensive As Renting, Says Bryan Nazor
The economic downturn has left many individuals without jobs, especially those in the hospitality, recreation, and retail sector. Because people in these sectors are more likely to rent, real estate investors now see the market as too risky and are pulling out. At the same time, low-interest rates and less competition are driving down prices for first-time buyers. First-time buyers now make up 36 percent of the share of overall homebuyers, up from 32 percent, according to a National Association of Realtors Survey.
“For many people, the monthly payment for buying their home is about the same as their rent. Given all the benefits of homeownership, first-time buyers are entering the market,” says Bryan Nazor. Some signs are that the demand from other groups is beginning to re-awaken, which will create more competition for houses. This increased competition will raise prices again. “Those who can afford to buy now can still get good deals,” says Bryan Nazor. Programs exist to help first-time buyers, which are defined as those who have had no ownership interest in a home in the past three years, to be able to purchase with small down payments, Bryan Nazor says.
Another housing trend is the decline in sales in high-density areas such as cities and condominium developments. Condominium sales fell 26 percent from the previous month. Sales in urban areas also fell by about 7 percent from two months before. “Millennials are beginning to start families and need more space, so they are moving to the suburbs,” says Bryan Nazor. “The fear of contracting COVID-19 may be hastening the trend.”
Virtual tours also are on the rise. Few people have bought a home through only a virtual tour, but people are using them as a way to narrow down their selections so that they go on fewer in-person tours, says Bryan Nazor. Virtual tours, especially 3D tours, will likely continue to be one way in which prospective buyers tour homes because the tours can be done at any time from the privacy of the buyers’ own home or office, Bryan Nazor says.
Bryan Nazor is president and chief operating officer of Main Street Title & Settlement Services, LLC, in Hackensack, NJ. He received his bachelor’s at Fairleigh Dickenson University and his law degree with distinction from New York University Law School. Bryan Nazor is a member of the bar in both New Jersey and New York.
Bryan Nazor was previously a professional soccer player, playing for teams in Latin America, Europe, and South America.
The trend is Shifting Demand Away from Median-Priced Homes and In-Store Shopping, Says Bryan Nazor
The middle class, or that group of Americans who make between 66 percent and 200 percent of the median income, is shrinking. Among households headed by individuals younger than 65, the percentage of those considered middle-class has shrunk from 57 percent to 45 percent since 1970. The percentage of households with upper-class incomes has increased, while the percentage of those with lower incomes also has increased. This demographic shift has significant implications for both residential and commercial real estate markets, says Bryan Nazor.
Bryan Nazor on Commercial Implications
The trend of the shrinking middle class affects commercial real estate in two major ways. The first is that there is a shortage of affordable rental housing. People who a generation ago may have been able to own a home can no longer do so and they are driving up demand for apartments. To make matters worse, investing in apartment buildings to serve working-class families is not profitable enough in some metropolitan areas to attract large real estate investment firms. Opportunities, however, may exist in these markets for smaller investors who are willing to invest in properties with a small number of rental units, says Bryan Nazor.
The second way this trend affects commercial real estate is in fewer people shopping in many brick-and-mortar stores. While this change in behavior is universally true because of the boom in e-commerce, it has significantly affected stores and brands that cater to the middle class. Many of these stores are closing and leaving shopping centers and malls with a high vacancy rate, Bryan Nazor says.
Bryan Nazor on Residential Implications
The trend also impacts residential real estate, Bryan Nazor says. Homes near the median price are seeing less demand while homes below and above the median price are seeing more demand. This is particularly true of those homes priced about 50 percent above the median price in the market. This has created opportunities for builders to create either high-end housing developments. Some families in the middle class may be able to afford the monthly payment for median-priced homes but are unable to save enough for the down payment. Use of government-backed loans and private financing may be ways to help them become homeowners, Bryan Nazor said.
Bryan Nazor is president and chief operating officer of Main Street Title & Settlement Services LLC, in Hackensack, NJ. Bryan Nazor is a graduate of Fairleigh Dickinson University and New York University Law School. He is a member of the bar in New York and New Jersey.
Household injury is a top reason that children under 3 visit emergency rooms; it is also a leading cause of death in children. While a home can never be 100-percent safe, many injuries can be prevented by carefully childproofing your home, says Bryan Nazor.
In general, throughout the home, outlets should be covered, mirrors and photographs put out of reach, doorknobs covered to prevent children from going into places with hazards, and safety gates installed at the top and bottom of stairs, says Bryan Nazor. Window blinds should not have looped cords and should be locked into either an up or down position. Also, windows should be opened no more than three inches and those low to the ground or with window seats should have guards, Bryan Nazor says.
Kitchens and bathrooms contain many potential hazards that can be avoided. In fact, gating a kitchen to make it off-limits when adults are not nearby is a good idea. Bryan Nazor also offers these suggestions for those rooms.
- install safety latches on cabinets and drawers
- install toilet locks, dishwasher locks, oven latches, and refrigerator latches
- install anti-scald devices on faucets and showerheads and set the maximum water temperature to 120 degrees
- use a stove guard or pull off the burner knobs when not using them
- keep cutlery and small appliances out of reach; unplug hairdryers and electric curling irons or rollers
- avoid putting plastic liners in trash baskets
- keep toiletries and contact lenses out of reach
- ensure outlets near water are updated with ground fault circuit interrupters
Bryan Nazor offers these suggestions for childproofing living rooms and dens.
- keep furniture away from high windows, especially if windows are opened in spring or summer
- mount TVs securely, if possible, rather than putting them on stands. If they are on stands, mount the stand to the wall
- install corner and edge bumpers on furniture and other items and anchor furniture to prevent tipping
- lock fireplace doors when not in use and store fireplace tools. Install heat-resistant gates.
- ensure the area is free of any small objects including toys and small rocks from artificial fireplaces
Bryan Nazor offers these suggestions for childproofing bedrooms:
- ensure the crib is set up safely and is age appropriate. For example, once the child can sit up, the mattress should be lower. Beware of stuffed toys in the crib; they can create a suffocation hazard. Cribs with dropsides also should be replaced
- anchor dressers and heavy furniture to prevent tipping
Bryan Nazor is president and chief operating officer of Main Street Title and Settlement Services and is a member of the bar in both New York and New Jersey. Bryan Nazor also is a former professional soccer player and youth soccer coach.
Doing your part for the youth of today is an important thing, and youth soccer is no different. Find out why Bryan Nazor aspired to be a youth soccer coach inside.
Today’s youth, much like youth in any previous generation, has both a want and a need for guidance from those in older generations. That is where educators come in. Whether they are teaching math, English, sports, or physical education, the older generations have a lot of knowledge and wisdom to offer the younger ones. Bryan Nazor felt an aspiration to offer his own knowledge and wisdom to children as a youth soccer coach, and it was a great decision for him to make.
Bryan Nazor: Why Become a Youth Soccer Coach?
Becoming a youth soccer coach is, according to Bryan Nazor, something that is mutually beneficial, for both the players and the coach. While the coach is paramount to helping the children succeed, giving them a goal to work towards and the guidance to reach it, serving in that role can be incredibly fulfilling. It fills you with a strong sense of purpose, while also giving you something to put your mind towards. Whether as your primary career or secondary to your primary career, Bryan Nazor notes. It can also create an excellent level of camaraderie between you and the parents of the players, which may also help with teaching their children.
However, Bryan Nazor notes that while it can be quite fun and rewarding, it is certainly not all peaches and cream. You are going to need to give 110 percent of yourself to this, as you have a lot of people to answer to for the performance of the students. A good coach is only as good as their players, and vice versa. If you think you can just kick back, well, think again. After all, Bryan Nazor points out, why would anyone feel inspired to give it their all when the person who is supposed to be training them cannot or will not?
Bryan Nazor also noted that this can be a great way to make an impact on the people and society around you – assuming, of course, that you are successful as a youth soccer coach. You do not want to go down as an infamous figure when people look back at your coaching career, so you must make sure that you are giving it your all. Perhaps the worse thing, however, would be to simply not be remembered at all. Bryan Nazor notes that, when you are a youth soccer coach, you have to being very good or very bad are things that people will remember you, whether you want to be or not. If you land somewhere in the middle though? Unfortunately, Bryan Nazor noted that you will likely fade into obscurity, not too bad to be hated. It can be sad.
Getting your home ready to be sold is a difficult task at the best of times, not the least of which now. Bryan Nazor of Main Street Title 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 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 the prime time to sell, Bryan Nazor of Main Street Title 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.
Selling a home during a pandemic is a new experience that requires flexibility. Because many people have withdrawn their homes from the market, the supply is down. Yet many people are looking to buy a home, meaning that those sellers willing to adjust to the new way of operating will be successful, Bryan Nazor said.
Videos and photographs are even more important during this time, said Bryan Nazor. In-person showings are still legally restricted in some areas; in others, buyers and agents are limiting the number of houses they will view in person. Video tours, in particular, are an important way to catch the interest of buyers. Sellers should choose an agent who is willing to do personal live virtual tours for each potential buyer, said Bryan Nazor. Sellers also will want to consider agents who can provide smart lockboxes, which allow the buyers or buyers’ agents to enter the code through their smartphones.
Sellers who are able to move out of their home will have an advantage, said Bryan Nazor. Sellers who can’t move out should be sure that those who tour the home in person are serious, qualified buyers and have already viewed the home on video. Potential buyers touring the home in person also should follow safety protocols such as wearing masks and gloves, and the home should be wiped down after each tour, said Bryan Nazor. Sellers should leave closet doors open and lights on to avoid the buyers needing to touch these fixtures.
Transactions may require a little extra time because of the virus. Inspectors and appraisers may not yet be working in all areas of the country; those that are likely are working their way through a backlog. Banks and mortgage lenders also may not be at full speed either. Titling and settlement also may take a bit longer, said Bryan Nazor. In some areas of the country, settlements are taking place virtually or via mobile notary. If the closing does take place in an office, those allowed in the closing may be limited only to signers and social distancing guidelines will be followed, said Bryan Nazor.
About Bryan Nazor
Bryan Nazor is president and COO of Main Street Title and Settlement Services, which provides inspection, titling, appraisal and settlement services. Bryan Nazor is a graduate of Fairleigh Dickinson University in Teaneck, NJ. He received his law degree with distinction from New York University Law School. He is a member of the Bar in both New York and New Jersey. He also has played professional soccer in Europe and South America.
Bryan Nazor has been on the management team of one of New Jersey’s leading corporate law firms, Main Street Title & Settlement Services, LLC, since 2002. Bryan Nazor has been in a leadership position with the company for over 15 years and is a title and real estate closing expert in the field.
In unprecedented times, we are in only about a quarter of the way through the year 2020, mortgage rates are at an all-time low. While this may be good news for potential home buyers, what does this mean for homeowners? Real estate expert Bryan Nazor explains why refinancing your home right now can have some benefits.
Mortgage rates hit an all-time low in March, plummeting to 3.23% and currently sit at 3.37% for the average 30-year fixed mortgage. Though the drop in rates is due to the coronavirus (COVID-19) pandemic happening in the United States and worldwide, the effect it has had in the real estate industry is one that homebuyers and homeowners should consider taking advantage of Bryan Nazor says, “As real estate agents, we’re happy for home buyers. So many people dream of owning a home, and low mortgage rates mean that dream is made more possible.”
These low mortgage rates also mean that current homeowners can benefit from saving some money in the long run by refinancing their home with the lower rates, though there are some factors that Bryan Nazor says you will want to take into consideration to ensure that refinancing is the right option for you.
First, consider the up-front fees that you will be charged for refinancing your home. Real estate expert Bryan Nazor notes that these fees can range from a few thousand dollars upwards, so figure out what your exact costs would be, as well as the length of your mortgage and how much longer you have to pay off youSet featured imager home. For those that purchased their home at a time that it was more costly than what the house may have actually been worth, refinancing can be a great decision.
“It doesn’t matter how long you’ve had your mortgage,” Bryan Nazor says. “If refinancing works for you, you could end up paying drastically less for your home overall.”
Keep in mind that as quickly as mortgage rates have lowered, they can spike just as fast. If you think that refinancing is a great option for you to save money on your home, now is the time to look into it. Bryan Nazor suggests that if you weigh the pros and cons correctly, speak to a real estate expert, you can make your final decision about the benefits of refinancing your home sooner rather than later.
Bryan Nazor states that commercial real estate loans are loans to purchase a new property or renovate a property currently owned by the business. Commercial loans come with certain caveats that set them apart from residential mortgages, and there are several avenues that a business can use to seek a loan.
How Commercial Loans Differ From Residential Mortgages
Bryan Nazor explains that commercial property must not be used for residential purposes. The business must occupy at least 51% of the property. If you wish to rent or lease a portion of the property, it must be less than 50% of the total property. Commercial loans are typically for shorter time periods than residential mortgages with a longer amortization schedule. Amortization is essentially the interest paid on the loan. According to Bryan Nazor, often commercial loans have a payback period of 5-20 years, with an amortization period of up to thirty years. This results in a final balloon payment at the end of the loan to cover the excess amortization.
Commercial loans may be guaranteed by the individuals involved in the business. This means their personal credit history is taken into account, and they are accountable for any remaining balance in the event the loan defaults. If the individuals do not guarantee the loan, it is called a no recourse loan, because the lender has no recourse other than repossessing the property.
What Lenders Look For
Bryan Nazor explains that lenders will look at the company’s FICO SBSS score. Typically, the FICO score should be 140 or above, but there are options for businesses with lower scores. The lender will also check the company’s debt coverage service ratio. The debt service ratio is calculated by your net operating income divided by your annual debt payments. Most lenders require a score of 1.25 or better. Essentially, you should be able to pay all your debts and still clear a 25% profit margin.
Even if you aren’t asked to act as a guarantor, lenders will often check your personal credit score as well. A low personal score can negatively impact your chances of getting a commercial loan Bryan Nazor explains.
Lastly, a lender will consider the property itself. Property value is a major consideration when obtaining a commercial loan. Bryan Nazor says that most lenders will lend a maximum loan to value percentage. This is often between 65%-75% of the value of the property. The remainder must be paid as a down payment to obtain the loan.
Bryan Nazor is President and Chief Operating Officer ofMain Street Title & Settlement Services, LLC. He holds a law degree with distinction from New York University Law School. He’s played professional soccer in three countries and continues to share his passion for the sport through youth soccer coaching.
President and Chief Operating Officer of Main Street Title, Bryan Nazor, Contributes to Company’s 30+ Years of Success.
Bryan Nazor, a graduate of Fairleigh Dickinson University with a law degree with Distinction from New York University Law School, is a member of the New Jersey and New York Bar. In January 2002, 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, and he has been with the company ever since.
Main Street Title has been in business since 1988, providing title insurance and settlement services to a variety of clientele. Bryan Nazor started with the company in the position of Senior Corporate Counsel and joined the Board of Directors in September 2003, following his promotion to President and Chief Operating Officer.
Bryan Nazor helps Main Street Title in various ways and manages the day-to-day operation of the title and finance divisions of the company. He reviews and approves all commitments before issuance, interacts with clients and underwriters, and manages all of the business’s day-to-day finances. The firm, which started with only 2 employees, now employs 35 full-time professionals and is one of the New York Tri-State area’s leading title and settlement agencies, thanks to its wonderful employees and leaders such as Bryan Nazor.
Bryan Nazor works closely with Main Street Title’s Founder and Chief Executive Officer, Dominick DeCarlo and the New York division’s Vice President, Randy Foster.
Bryan Nazor‘s peers continuously recognize him for his knowledge, efficiency, and insight into successful corporate management and investing. These skills are what have helped Bryan Nazor and Main Street Title’s continuous success, including some of their notable transactions completed for Atlantic Healthcare in Atlantic City, New Jersey, for $125,000,000, Continuing Education in Kearny, New Jersey for $180,000,000, and 406-406 Broadway in New York City, New York for $7,500,000.
Besides the other day-to-day activities that Bryan Nazor helps to complete for Main Street Title, he is also involved in the firm’s residential and commercial closings. While doing this, he presides over client closings to assure that proper procedures are followed and all appropriate documents are properly signed, notarized and acknowledged. Bryan Nazor reviews and assists in the resolution of all title issues for clients.
Bryan Nazor‘s successful almost 20-year career at Main Street Title & Settlement Services, LLC has been beneficial for both parties and they will continue to grow together.
Learn all about real estate title insurance and why it is needed, from expert Bryan Nazor.
Buying a new home has a lot of ins and outs. You are not alone if you are unfamiliar with what real estate title insurance is or why you need it. Let’s start with the basics!
What is real estate title insurance?
According to Investopedia, “title insurance is a form of indemnity insurance that protects the holder from financial loss sustained from defects in a title to a property.” In simpler terms, title insurance is a form of insurance paid for by the home buyer that protects the home buyer from issues with the title that could pop up at a later date. It also protects the lender from costs that could arise from title defects. Title insurance protects against past occurrences, unlike regular insurance that usually protects against future occurrences, Bryan Nazor explains.
Why do you need title insurance?
Just as you can guess from the definition of real estate title insurance, a home buyer needs title insurance to protect themselves from possible issues with their title. Title insurance protects both homeowners and lenders against loss or damage occurring from liens, encumbrances or defects in the title or ownership of the property.
- Previously unreported liens and easements on the property
- Forged transfers of ownership rights in the property
- Unintentional errors in recording or filing of documents
- Any other title defects that existed prior to the start of your policy
How do you choose your title insurance?
You can choose your own title insurance company by shopping around for the best quotes. According to Bryan Nazor, some title insurance companies will provide discounts if you purchase your homeowner’s insurance policy at the same time you purchase title insurance. Typically, title insurance is chosen by professionals, such as realtors, attorneys and lenders.
How much does title insurance cost?
In most cases, the required lender’s title insurance costs fall between $500 to $1,500, depending on where you are located and how much money you are borrowing in your home loan. Every state is different and various factors can affect the cost.
Homeowner’s title insurance is a little more expensive than the lender policies. You may pay anywhere from $700 to $2,000 on coverage. Several factors such as larger loan amounts, lower down payments and low credit scores can cause the cost of your title insurance to be higher. Bryan Nazor recommends title insurance to all real estate buyers because it will never expire and it will protect you should any issues arise after you purchase the home.
Because having a property title defect takes time and money to resolve, it is always smart to purchase title insurance, Bryan Nazor says. Title insurance is there to protect you. Home buyers should protect themselves against unknown potential issues in the past of a property and get title insurance, says Bryan Nazor.
Main Street Title & Settlement provides a complete range of title insurance and settlement services to a broad range of clientele. Main Street Title is one of the leading full-service title and settlement agencies in the New York Tri State area and is directly licensed in New Jersey, New York, Connecticut, Pennsylvania, Washington D.C., Virginia, Ohio and Florida. Visit https://www.mainsttitle.com/ to learn more!