Goals for Getting back in the Game
Obviously one of the main questions on all of our minds at the moment is, “Now what…?” It seems we’re starting to emerge from the more stringent of “quarantine” restrictions; business are slowly starting to open, beaches can now be used more freely (just don’t try to stop and catch your breath during that work out…keep it movin’, or you’re fixin’ for a ticket), and the light at the end of the tunnel is beaming a little brighter.
Though I entertained the idea of starting my own Ms. Cleo-style fortune telling business as a child, I found out rather quickly I wasn’t cut out for that industry (much too seering for my delicate sensibilities.) Alas, the only thing left for me to do is look around and draw some reasonably educated, albeit perfunctory, conclusions about what is in store for the Real Estate market in the next few months.
A couple of things I do know for sure. In our particular area of Southern California - that is to say, San Diego County - we have a unique and beneficial “fixed” geographical situation. We are bordered on the West by the Pacific Ocean, to the East lie mountains and deserts, due North is Camp Pendleton, and to the South is clearly the US/Mexico border. Given the permanence of these geographical features (barring the San Andreas doing the Macarena for 48 straight hours and the entire Coast becoming an island), the Real Estate Market is similarly “decided”.
I mean this not in a rigid or negative sense; quite the opposite. What the surrounding geography provides to us, as residents, is, to some degree, a baseline level of market stability due to naturally imposed limits on physical housing availability. With limited inventory, San Diego becomes decidedly desirable; demand is ever-increasing as supply moves toward an inevitable point of stasis. All this means, my friends, is appreciation of land, property, and interest therein for anyone who owns a home in this County.
We San Diegans of course are not granted iron-clad immunity to pricing swings. 2008-2011 taught us the same lesson it did across the country; over-extend into the reckless, and the recoil will be swift and unforgiving. This is different; this is Covid-19. A situation unlike any of us have seen in our lifetimes, and the economic impact of which will not be fully realized anytime soon.
We are beginning to see influxes of inventory in certain markets. They will undoubtedly continue to crop up as we make our way to ‘new-normal’. A primary example is beach communities where AirBnB prospectors laid stake, over leveraged, and under-reserved. The good-buys will come as a result. Hopefully, our financial institutions have experienced a collective heart-growing Grinch moment as a result of the ‘08 housing crisis and softened to the human realities many are facing. Time will tell.
One thing is certain, the appeal of the weather, the abundance of year-round outdoor activities to partake in, the thriving job market (we’ll get back there eventually - not to worry), combined with how ridiculously good looking most West Coasters are…well, to see people flocking to SD comes as no surprise. We are very fortunate in that regard; few places in the nation can boast such a positive demand trajectory in their respective markets.
What this situation has also brought to light is the benefit of having an experienced, knowledgeable Agent by your side if/when you are looking to buy or sell Real Estate. Although listing prices and property photos can be found online with a simple address search, this kind of limited "market research" is illusory. Using one of the well-known websites as a starting point for information gathering is fine. However, it pales in comparison to working with an Agent who has their finger constantly on the pulse of the market, will share their knowledge with you in an open and honest way, and direct the inner-workings of the deal to get the best value for you and your family.
The road of Real Estate can be a rocky one, with unforseen obstacles that should ideally be addressed by someone who is a licensed professional. If you're looking for a hardworking team to hitch your wagon to, we're here - ready and waiting. Team Abbott would love to join you for the ride, hopefully smoothing out some of those rocks along the way. Contact us if you want to chat further; we're always available and happy to help!
In the spirit of positivity, let's all relax for a minute, catch our breath, and think good thoughts for the way our communities will bounce back from these last few crazy months. Human resilience is a thing of wonder when given the space to be realized.
Until next time, friends! #gbogfy