No question about it, real estate has been severely stress tested in recent weeks.
Going into this crisis, there were many doubts as how the homes market might cope with the pressures of very restricted operating, especially in lockdown states like California.
In practice the industry has coped far better than many anticipated.
Throughout the weeks of pandemic, homes have continued to sell and many buyers haven't lost their focus on securing the home they want, mindful that, for all its problems, the current situation has helped to facilitate the lowest mortgage rates seen since modern records began in 1971.
What we've all been going through has, of course, brought out the very best in people. And in real estate there's unquestionably been an incredible willingness to adapt to the new normals.
We've seen technology used in unprecedented intensity, enabling the home viewing process to continue when, even a few short years ago, it would have pretty much ground to a halt.
Even when it comes to closing the sale, e-signing of documents has enabled people to remain locked down but able to complete.
We're now starting to see some relaxation of restrictions being gradually phased in, but even when we're back to normal, it's likely that real estate will have changed forever, and in really good ways.
The effects are likely to be particularly noticeable for buyers who live long distances from the property they intend to purchase. In Coronado, of course, this is a very common situation, with so many people owning vacation properties here, for example.
The industry has been put to the test and emerged with flying colors, having made very quick adjustments to established systems and processes that have paid full attention to safe best practices, but also created opportunities to continue home purchase that might have been impossible without a "can do" attitude.
Seller and buyers should also take a lot of credit for their willingness to participate in this stress test and prove that, no matter what the situation, the American spirit of pressing on, no matter how difficult the circumstances, is very much still within us.
Going forward, everyone involved has helped to create an environment where there will be fewer logistical encumbrances to buying and selling of property. And that has to be a very good thing!
Why not contact us at 619-886-0175 to discuss how we've been playing our part to arrive at repeatedly successful recent outcomes for our clients and how you could be next.