Stability and security are emotional assets found in our state of mind and made tangible in relationships, material possessions, as well as financial means. Owning property in Phoenix housing in the year 2020 can offer the usual rewards though perceived risks are on the rise — and this has much ado about something coming upon us, the election during a worldwide pandemic.

These are the facts of our lives as U.S. residents during these times. Yes, there are inherent dangers in trying to navigate through the medical news and political conjectures. They lie beyond what is real and thrive in what we magnify in our minds.

Mental Health Concerns Must Be Addressed

No one said it was easy living with “What If”, though it’s likely our most common pastime this year—for good reason. But when you consider the years before 2020, and perhaps the years to come, what-ifs have been and will continue to be based on the merit we give them.

To effectively overcome the worry that overshadows rational thought, focus must remain on preparation for the unexpected and embracing the tools and resources needed to support healthy coping mechanisms. Being stuck in self-doubt isn’t one of them.

Covid-19 may have taken each of us to a place in ourselves that’s ugly, gritty, raw, and real. It’s exposed us to the vulnerabilities in our hearts and subconscious. Between the lack of face-to-face interaction, masked encounters, and an overload of time spent on social media, keeping personal balance is more challenging than ever.

You may be questioning your job, career, or who you choose to share time with. Others may be trapped in a place that keeps them in harm’s way due to an onslaught of physical abuse or emotional distress.

Never before have we come to know just how small we are as individuals and, conversely, how powerful we are collectively (aka the virus).

What Is Today May Not Stand Tomorrow

While you or I may each be adept at planning out the hours of our day, the details etched in a Zoom call to join, a weekly jaunt to the grocery store (nobody dare sneeze or cough within six feet), or the look-forward-to coffee shop meet and greet, the overwhelming sense of loss of control can wreak havoc on consumer confidence.

We can hide it in stock market numbers and blur it across right-wing and liberal rants that pit us against one another. Even those who have been graced with a work-from-home opportunity, continuing to receive their regular paychecks, seemingly unmarred (financially speaking) from Coronamania, what is today may not remain tomorrow.

The economy is at the mercy of Covid numbers, consumer confidence, and the pending election. Continued pink slips could happen at any time. No one is immune from that.

Commercial Property Use Must Evolve

I recently met with a long-time associate who actively works in the commercial real estate sector, specifically with banking institutions. They are immersed in numbers and projections because, they too have something to lose. Millions of dollars in loans for commercial property that are now sitting vacant or in diminished use because of Covid-19. From retail to office, industrial and more, a shift is in motion.

Commercial banks are projecting a 20% foreclosure rate for commercial properties. We’ve seen this scenario in 2008, the downfall in commercial and then the migration into residential.

Are we really going to go there again? Not necessarily. Property owners, financial institutions, and businesses are working together to avoid an avalanche. Part of the resolve entails getting creative on changing property use. With the short supply of Phoenix housing in 2020, for example, converting retail or industrial into multi-family could be invaluable.

Residential Needs Are More Paramount Than Ever

With more hours spent at home (work and school), adults and their children are realizing whether the current residence is working, or so not.

Varying needs at home can include:

• More space

• Room addition for an office

• Open-concept floorplan vs. multiple rooms

• Learning room for kids

Changing Spaces

Many homeowners have options and it’s a good time to exercise them with the crazy-low mortgage interest rates. Refinance could be a blessing in disguise to secure a room addition, build a mother-in-law suite or she-shed/man cave. Need to boost your rainy day fund? A cash-out refi could help.

Lenders are swamped with requests, from home purchases and refinances, so expect longer than average processing for a refinance, from 60 to 75 days from start to closing.

Is it the right time for a move?

Upsizing the Possibilities

Lifestyle changes as of late may have also prompted you to revisit your neighborhood perception, literally. Do you love where you live? Are the nearby schools as important, especially if your children are doing education online? Has the virus warranted a change in your personal 2-year or 5-year plan?

With home sales moving swiftly and values escalating, is it better to sell now, hang on to the equity gain (not worry about tax burden) and rent for a while and assess where this uncertainty takes us into 2021…maybe even 2022? Something to consider….

Tenants Rights in the Spotlight

People who rent Phoenix housing in 2020 find themselves in a different set of stressful circumstances. Is their homeowner able to make their mortgage payments? Can the landlord evict a renter in hopes of finding a stronger tenant or one that can pay more per month?

Landlords won’t benefit by letting go of current tenants as we are all riddled with the same uncertainty: work-hour reductions, job losses, savings depletion, and creditor pressures.

For residential tenants, there is relief.

County and City Programs Now Available to Lighten the Load

Just last week, Governor Doug Ducey and Maricopa County announced multiple programs geared to help renters pay their monthly obligations to landlords, as well as retain assistance for utility bills, and more.

Review the metro Phoenix housing 2020 city-specific links for more details below:

• COVID Crisis Rental Assistance (general resource for entire county)

• City of Phoenix

• City of Mesa

One Bite at a Time, Not the Whole Enchilada

Like other life-altering traumatic events that can happen to anyone, learning to navigate through them is how to get past them. Success happens when we let go of our need to control the situation and replace it with knowledge to flow with the uncertainty.

In addition, it helps build our confidence. And confidence changes our mindset from can’t happen to can-do.

Vulnerability Isn’t Weakness, It’s Courage

Of the many life lessons that 2020 has or will impart on us, it is the realization of our personal vulnerabilities that can rise to the surface at any given moment.

No matter our material aspirations and subsequent physical wealth, we are all only as rich as the strength our relationships and wellbeing. It isn’t what you achieve in life but what you overcome.

Rediscover Your Personal World

2020 is our quintessential time for inner reflection. Do we like who we are…what we stand for? Are we proud of our priorities or do they need to be reapportioned towards a greater good? Have we been spending our time wisely?

Find your inner peace again with strength-building coping mechanisms:

• Demand 20 minutes of solitude when you wake

  • Listen to music

  • Stretch

  • Practice yoga

• Drink at least 8 ounces of water when you wake

• Dedicate specific mental health breaks throughout the day

• Dedicate 45 minutes each day for physical exercise

  • Power walk the neighborhood or community park (social distancing applies)

  • Dance (if you can’t leave home)

  • Run or bicycle along a canal or trail (follow safety guidelines and hydrate)

• Don’t spend frivolously, financial circumstances can change on a dime

• Set realistic goals to enhance

  • Health (mental, emotional, spiritual, physical)

  • Career

  • Personal growth

• Stay connected

• Reduce time spent on social media

• Nurture healthy relationships

  • Increase interaction with friends, family and recruiters

  • Limit consumption of alcohol to avoid codependency

• Start a new hobby

Sometimes, we need to remain still before we are able to effectively move forward. This is the time to quietly, and methodically, make some fundamental positive modifications to life, as you know it. Roll with the changes. Get reacquainted with your hopes, dreams and the mundane of every day.

There, in that space, is where you’ll find the answers right for you.

Unlock your immediate Phoenix housing 2020 needs here.