The dichotomy of the pandemic from 2020 through today
is that it was very bad for the pre-existing conditions in health,
quite an opportunity for the pre-approved with interest rates
and quite wonderful for those that owned real estate with multiple offers.
The pandemic made everyone sit home, probably longer than most had in years. I could see this through my tenants behavior; suddenly I'm hearing from tenants I rarely hear form asking me if they can paint, build vegetable gardens and other projects.
Buyers were suddenly motivated to purchase homes that could accommodate home offices, home schooling and if possible, enough square footage to allow for play areas for kids that were far away from mom or Dad's home office.
Sellers that wanted to move had the perfect storm to do so, low inventory, low interest rates and highly motivated buyers. Equity and overbids allowed many to sell and relocate while improving their financial situation.
I feel blessed that our industry benefitted and I feel no guilt for it. I'm well aware of other industries that suffered, my dad owns restaurants and I have teachers and nurses in my family...and my empathy goes beyond my family.
But, everything cycles; it was our industry more than any others but maybe mortgage that were pummeled in the Great Recession of 2007-2012. I was barely hanging on, fearing losing my own home and working 80 hour weeks to help others short sale vs. foreclose theirs.
The pendulum swings both ways, towards and away from success, health, fortune,
etc. I recognize this current market is a season, not a lifetime. I'll make hay while the sun shines and build of reserves for the rainy season so I am equipped to serve my clients with servant leadership; keeping their needs in front of my own.
We owe it to ourselves and our clients to capitalize on this market to help both them and ourselves become as solvent and happy as we can. Then for our personal situations don't affect our ethics nor our motivation when the market cycles away from this seller's market; we can remain relational with our clients and serve their needs with our reserves in place shelter us from the changing market.
The pendulum of success swings both ways; you can prepare for it and ride it out, or you can be caught off guard as it knocks you down. Make hay while the sun shines my friends, build a relational career, not a transactional year.
All photos from Pexels.com
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