Future Proof

Dear Friends and Family,

We've all heard the old adage: "Forewarned is forearmed." This absolutely applies in real estate. We can't rely on a crystal ball to predict the future, but we can make sure you're arming yourself with the facts and actions that best set you up for success, no matter what the future brings. Here are some things to consider to help make your real estate decisions Future-Proof.

First, work with an industry leader

Following record highs in early 2022, 2023 saw the sharpest decline ever in the number of residential real estate transactions. Despite this, Compass GREW its market share: even with a much smaller pie, Compass has a bigger slice. In NYC, this has included top transactions for luxury homes, co-ops, UES deals, Chelsea resales, and other record-breaking transactions.

Second, technology is key

In the last week, both Meta and Apple announced AR/VR headsets that aim to change how we interact with the world. Soon, buyers may be able to virtually tour any home, anywhere in the world! And because Compass is on track to be cashflow positive by the end of Q2, it can continue to invest $100M a year in the technology that is leading the industry forward, like our AI tools that help us to help YOU stay on top of your market.

Third: Location, Location, Location

This has always been true, but the considerations are ever-evolving, including the impacts of climate change. In California, arm yourself with the latest about insurance premiums—now major insurers are threatening to pull out of the state, citing increasing risks. (See also Louisiana, Florida, Colorado, and Oregon). In NYC, you should know which waterfront buildings have their mechanical systems raised out of the reach of floodwaters.

Finally, keep an eye on financial trends.

Across the globe but especially in the U.S., we're seeing a huge generational wealth transfer happening. In fact, it's the largest in history, as Baby Boomers pass assets down to their offspring. In addition to traditional inheritance, many people are opting for “giving while living” — including property purchases, repeated tax-free cash transfers of money, and more.

To best set my clients up for future success in this migration of wealth, I'm partnering with my nephew Jason Haber to provide generational real estate advice. We've just launched The Haber Network so stay tuned as we unveil more ways to future proof your real estate for generations to come. We look forward to finding ways for our family to help.

Speaking of family and the future, I'd like to wish a Happy Pride to everyone in the LGBTQ+ community. Queerness is not new, and it is here to stay for generations to come. I'm proud to work in an industry and for a company that honors and uplifts the community. Compass has also signed the HRC's Business Statement Opposing Anti-LGBTQ State Legislation.

Wherever you are in your preparation for the future, let me, my team, and my family help you get there.

Always,

Toni Haber

Licensed Associate Real Estate Broker
Founder, Toni Haber Team | Private Client Advisors
TONI@compass.com | 917.543.1999