March 19, 2020
*** HARRY’S SPECIAL EDITION ***
Thoughts from My Home Office While “Social Distancing”
I write this with a heavy heart and thoughts of you—my clients, friends and associates. The world as we knew it last month is now gone. Similar to what I’ve been saying about the buying and selling of residential real estate—there’s going to be a “new normal”. And that’s not saying it’s good or bad—it just is what it is.
There’s no sense retelling what’s happening in the world today—we all are getting more than enough new coverage of that. However, I’d like to muse on the good things I’ve witnessed in the last couple of days after the initial “panic”. Folks in Colorado Springs are listening to President Trump, Governor Polis, and our own Mayor John Suthers and practicing the recommended “social distancing”.
People are calling their families, and especially the older generation, to check on them and offer assistance. They’re patronizing our local restaurants for take-out and delivery to help ease the financial losses those places are suffering. In short, folks appear to be coming together to help each other survive, with political and various other differences becoming less important and with survival, both financial and physical, at the forefront.
In short, I am witnessing this “invisible enemy” uniting Americans and most are rising to be the best they can be. None of us know how long it’s going to take, or indeed, where this is going to take us. However, when we work together the outcome will surely be for the better. As the author Gail Sheehy once said, “To be tested is good. The challenged life may be the best therapist.” We most certainly are being tested today and I for one believe we will not only pass that test with flying colors but will become a more unified nation because of it.
When it comes to crisis management, the real estate industry has been tested time and again. In 2008 it was the victim of subprime mortgages which curbed spending, saddled the nation with debt and set off widespread layoffs. Deep cracks in the foundation of the national economy split the market wide open and years of fissuring economic weaknesses finally came undone.
Today the foundational framework of our economy is on solid ground. Household debt and unemployment were recently at their lowest points in half a century. Home prices are at all time highs and mortgage rates are at historic lows. Most homeowners who were underwater during the 2008 crisis are now seeing increased equity—and most especially here in the Colorado Springs area. This has been steady and has created a market able to withstand the financial ramifications of COVID-19. As I mentioned in the last eNewsletter, Lawrence Yun, chief economist for NAR, compared this 2020 downturn with the Great Recession by saying, “The real estate market will hold on much better.”
There will be times in the future to talk more about real estate. Today our focus must be on the global pandemic and keeping all Americans healthy, because without good health the rest just pales in comparison. Check in on family, friends, neighbors and especially those who cannot fend for themselves. If you’re able to get out for groceries for yourself, see if there is anyone who might need you to pick up some things for them, too.
Remind the younger people that while this is most certainly inconvenient for us all, they need to do their part by social distancing and not spreading the virus to those who might not have their stamina or likely immunity. And that immunity shouldn’t be taken for granted since data is showing that younger Americans are testing positive more frequently than some of the older generation. It appears that this virus doesn’t seem to have age preference when it comes to infection—it’s just that it’s more severe in those with compromised immune systems. We can all help prevent unintentionally infecting ourselves and others if we listen to what our leaders are asking us to do.
While I’m practicing social distancing, I want to let you know that I’m still available by email at Harry@HarrySalzman.com and by phone at 593.1000. I’m here to answer any questions you may have or just to chat. We all need that social connection and I’d be delighted to talk to you about whatever you’ve got on your mind. They don’t call me “The real estate Therapist” for nothing. I earned that title and am proud of it.
Yes, we are in uncharted territory at the moment but as I wrote earlier, we will pass whatever test is being thrown at us and come back even stronger because of it. Please stay safe and keep your friends and family safe and healthy.
