Thank you for your comment.

I agree that real estate is not a very liquid asset. However, there is a difference between not very liquid and completely inaccessible.

If you have a massive emergency and have no better options, you can sell a real estate asset.

If the market is as hot as it is now, you may not even lose anything. Otherwise, you’ll probably need to price to sell (i.e., below market). In all cases, you’re probably looking at several weeks or months before the money is in your hands. This makes it a sub-optimal option, but it’s better than no option; and if you have other mitigations in place, it does provide another “string to the bow.”