How to Prosper in an Uncertain COVID Real Estate Market
Although the 2020 election is over, life is still uncertain in many ways. Schools are semi-open and then shut down, as are restaurants and businesses.
Real estate too is in flux. Here are a few of the issues still facing us. • Low inventory effects • COVID shift in buying and selling • Two-sided fear • Multiple offer tactics
The real estate market has so many moving parts. For example: The pandemic has given people lots of time at home. Time to fall in love or hate their home, especially all that open space. Right now, family households with kids are in desperate need of separate space for home offices, school online, and privacy - for all those zoom meetings.
Unrest has fed the demand for soaring sales above asking price with multiple offers, and the low inventory has made it difficult to find and win the home of your dreams. In addition, buyers are now willing to move further out from the city. Working from home makes that possible – no commute.
People are fearful about the future. If I wait to buy maybe I can get what I want at a lower price? But, what if I wait and prices continue to go up instead of down? Scary either way.
WHAT WORKS IN UNCERTAIN TIMES?
1. Clarify what you want to accomplish and why
Are you buying investment property, growing a portfolio or just need a different house? Your answer should always have a WHY attached.
2. Draw outside the lines and envision what could be possible
We all have changed due to COVID. A friend was stuck in a circular pattern of communication with her son. She didn’t know how to change it. By looking outside the lines – at crazy solutions – it gave the space to open up the bubble that had been created.
A friend started a new business, by accident, and NOW he realizes he really IS an entrepreneur. It’s exciting and would have never happened this way without the shock of the economy, unemployment and change.
3. Develop a detailed plan – a focused strategy – with a timeline
A plan of action with details and timelines is what successful people use to get results. Break down the goal and take the steps to reach your dreams.
Investing to build wealth has a sequence. If you are single or willing to move you might start with house hacking; if you are in mid-life there are other ways to start. The detailed plan that is orchestrated to fit your personal circumstances sets apart those who actually make money at investing.
Ready to get started? Check out my Free Training by clicking here. Find out if the Proven Profit Formula Coaching Program can help you get started or scale your real estate portfolio.