Successful People Use Their Emotions
Unsuccessful people allow themselves to be used by their emotions.
Marta and her husband Juan are a Hispanic couple who came to the United States 10 years ago. They are hard working people and have been saving for the past 3-4 years to be able to buy their first home.
When they saw that interest rates dropped during Covid they were encouraged to buy. But so was the rest of the population. With interest rates so low, a large number of people went out to look for a home. And this caused housing prices to rise.
Marta and Juan decided to wait for prices to drop…and as we all already know, this did not happen. Property prices never went down and interest rates went up.
One of the last times I spoke with Marta she told me that Juan was furious. That he no longer wanted to buy. That it wasn't fair that the housing prices had risen so much.
At that time interest rates were still at 4%.
I recently spoke to them and now they regret not having purchased. Now they can't buy. When interest rates went up, their budget went down. Now they don't have enough money to buy. Their emotions, intervened in their decisions, and affected their financial future.
Successful people use their emotions. Unsuccessful people allow themselves to be used by their emotions.
The process of buying or selling real estate itself - is a process that brings many emotions. Knowing how to navigate those emotions is how you get to the closing table.
In the markets (whether real estate or stock markets) there is no such thing as being fair. The market doesn't care how you feel. The market continues with or without you. Up and down. Winning or losing.
The market comes in waves. Sometimes good, sometimes not so good.
It is up to us to know how to capture those waves. And if we don't capture them, we stay on the shore watching, regretfully.
But don't worry because the markets, like the sea, rise and fall again. They bring us opportunities again. But we have to be prepared for them. Preparation is how opportunities are embraced.
Don't expect prices or interest rates to go down. That is not guaranteed. It's like waiting to win the lottery.
And just think, when was the last time you saw anything go down in price?
Everything is more expensive now food, education, gas, and of course... houses.
But you can be prepared!
And, yes, it's going to take time, effort, and discipline. But anything worth having, is going to take those same things.
When you are ready to begin the journey of buying or selling your property we are here.
