Comstock's magazine 0620 - June June 2020 | Page 18

ON THE MARKET
Minding the Market
The real estate industry is adjusting to uncertain times,
but there’s no reason to panic
BY Diana Martinez
SHUTTERSTOCK ILLUSTRATION
My first year as a residential real
estate resale agent was 2010. As
a nation, we were just starting to
rebound from the economic collapse of
2008, and there was still an air of uncertainty
around the housing market that
echoes what a lot of us are feeling now.
The process of buying or selling a home
is already highly emotional, and the uncertain
economic state we find ourselves
in as we maneuver our lives around the
coronavirus pandemic has added to
those concerns.
So let’s talk about the real estate
market amid this crisis. There already
have been changes, and we can expect
more changes in the months ahead. We
didn’t see a huge shift in the market
when California Gov. Gavin Newsom
issued his shelter-in-place order
March 19. Homes were still going on
the market, buyers were making offers
and escrows were closing. The industry
began making changes in procedures
— developing different ways to have
notaries witness the signing of loan
documents, how final final documents
are signed, using 3D photos in listings,
and doing virtual open houses. Zoom
has become one of the industry’s most
important tools, with agents using the
videoconferencing app for buyer and
seller consultations.
18 comstocksmag.com | June 2020