How to Benefit from the Real Estate Downturn
You can benefit from the current downturn in the real estate market if you are willing to look at the big picture. The real estate market has always been cyclical. Ask someone who was in the business in 1981 what it was like trying to buy and sell homes when interest rates on a 30-year fixed-rate mortgage went to almost 20%. It was incredibly difficult. But the industry survived. Throughout the 80’s and 90’s, it even experienced some of the greatest periods of growth ever.
Whenever the real estate market is doing great, there are tons of people who try to jump on the bandwagon by getting their license. The huge amounts of money that can be made when homes are dramatically appreciating (and frequently changing hands) makes it an easy decision for many to get into the business. However, when the market slows down (as it always does), these are the first people to get out of the business as well. When things pick up again, there are fewer active agents to benefit. With all of the work that goes into getting your license, if you simply stay current on your real estate continuing education, you will benefit the most when houses start to sell. Don’t throw away all of your hard work, and make sure that you are at the front of the line when everything turns around.
