Having gone through several ups and downs, not just in the real estate market, but economic ups and downs in general, I have learned a few important lessons.
When you draw a straight line of progress from point A to point Z you usually have to mark through the ups and downs. However, the ups and downs are important, especially to those of us who are self-employed and live off commissions.
I heard when I was young - Save for a rainy day! Well, I was so full of sunshine and go get'em optimism, I thought very little about rain, or saving.
The good thing is that in the beginning, I had few bills, didn't need much money and could blissfully ignore and withstand a few ups and downs. The bad thing is I didn't develop the discipline of saving.
Now that I am older and have many bills, I can no longer afford the bliss of ignorance. Yet, knowing there are ups and downs I now have the beautiful knowledge of planning.
I also have faith (hope with a track record) that life goes on during the downs, and, although it is not logical, or necessarily true, what goes down will go back up. I have seen this happen too many times to quit believing in progress.
During the down times, we seem to generate all types of irrational fears. I have found it better to rely on experience and see down times as a natural occurrence on the way to higher up times. There are no ups without downs, and vice versa.
Not everyone in every place in the real estate market is experiencing a down time, but for the ones who are, take comfort in the idea of progress, and PLAN for down times to happen.
For those who have known only good times, just live long enough and you will see a down turn - it isn't the end, just a zig before a zag.
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