We have probably all heard some variation of the phrase everything is different as a way to describe just how profound the impact of the coronavirus pandemic has been on our lives and livelihoods. While that may contain a small amount of hyperbole, the reality is that for virtually everyone these days, the new normal feels anything but normal.

The new “normal”

As a member of the financial services industry, we have been extremely fortunate in the sense that we are considered an essential service. Therefore, we have been able to remain open, transition to a predominantly remote working model, and retain our ability to effectively service clients—especially those looking to refinance. It is both gratifying and rewarding that we can facilitate refinancing that reduces financial obligations for families and individuals looking to free up essential funds today. Zoom was already a tool we’ve been using for years, so that has helped to ease the technical transition. We also have a couple of employees sheltering in place at the office for certain financial functions and the obligation of dealing with wet-signed documents like mortgage notes.

However, companies in our position wouldn’t have been able to maintain a full processing functionality and service level agreements without the hard work and flexibility of title companies and other industry servicing professionals. These individuals have done an outstanding job at finding ways to make sure clients are able to sign remotely or safely, such as completing transactions through car windows, curbside, and front porches. That’s a big reason why, despite unprecedented disruptions, you can still apply, be approved, and close on a mortgage without having to step outside your home.

While some virtual tours and other creative solutions are taking place, members of the real estate community have understandably seen a drop-off in business. Our real estate clients have been largely sidelined. While some transactions are continuing, many potential buyers are leery about leaving the house when it isn’t absolutely necessary. Another unavoidable issue is that there are many Americans whose employment status prevents us from being able to close on a loan—at least until they return to work.

What’s next

The big question on everyone’s mind is what happens next. Is this going to change the industry moving forward? What big changes are we liable to see in the weeks, months and years ahead? And, just as importantly, what won’t be changing much at all?

First, you don’t have to be a psychic to recognize that working remotely will become much more common. Virtual tours and teleconferencing will increase, and both the technical capabilities and the resources that companies invest in those technologies will rise accordingly. One interesting effect we will see, not just in real estate, but across the business landscape, is reduced demand for larger office spaces. While some large spaces for group gatherings or client meetings will still be needed, companies will require significantly less individual workspaces.

One thing that is unlikely to change is consumers’ desire to see spaces and places in person. Buyers will still want to drive the neighborhood and figuratively “kick the tires” on a new home, retail or office space. Real estate is, and will likely always be, local.

The good news is that despite the challenges we are all facing, and the unprecedented circumstances that have made transactions trickier for buyers, sellers and mortgage professionals alike, the underlying market fundamentals haven’t changed. There is still fairly significant demand for housing, as well as an imbalance between the number of listings and the number of buyers seeking new homes. Meaning when we do turn the corner as a nation and an industry in the months ahead, there is unlikely to be upward pressure on interest rates, and low-cost financing will likely be widely available.

One note of caution: even as businesses start to reopen and people start going back to work, lingering public health concerns will likely mean that it won’t be until the end of the year or into 2021 before things really start to pick up.

Flexibility in a brave new world

Until that turnaround does become a reality, it’s important to avoid the trap of just trying to tread water. Unprecedented times require bold solutions. Mortgage and real estate professionals alike need to continue to evolve, adapt and persevere. We need to continue to improve our comfort level with technology. We also need to pay particularly close attention to making sure we stay present in front of our clients, customers and communities.

The classic book, Who Moved My Cheese?, is a great reminder that we have a tremendous amount of agency in how we respond to unexpected change—and that response goes a long way toward affecting everything from our mental health to our financial success. Today, everyone’s cheese has been moved. The way we respond now will determine who sinks, who floats, and who starts to swim faster than ever. It’s clear that we need to operate in new and different ways to be successful—both for the foreseeable future, and potentially for much longer.

While we are all respectful of the guidance that we are receiving from public health experts and civic leaders, we are anxious to see plans for incrementally opening up and restarting the economy. These are difficult times for many of us, of course, but the future remains bright. The American Dream of home ownership is not only alive and well, it’s arguably more important than ever.