I’m a big fan of Eckhart Tolle and his book The Power of Now. I’ve read it three times. And I’ll doubtless read it again. Were I to boil this book – and all Tolle’s other writings, and the wirings of others who think like him – down into one sentence, it would be this: Live in the moment – the right now – because the past is gone and the future isn’t here yet.
Expanding on that a bit, the right now is all we ever have. Too many of us, myself included at times, spend way too much time and energy dreaming of or regretting the past, and anticipating or worrying about the future. So much so that we often miss the magic in the current moment.
How does this apply to a real estate market in the throws of rapid change? As usual, I have a few thoughts …
The only constant is change
Nothing stays the same for long. At this moment, with mortgage interest having nearly doubled in recent months, we are shifting from an extreme sellers’ market to a more balanced market. A lot of buyers have been deterred – if not scared away – and prices are softening. But demand is still high and inventory is still low. And people who claim expertise are predicting interest rates will settle down in the low 4% range. So, what do these mixed signals mean? Since a real estate license doesn’t come with psychic powers, I say it means we deal with what’s happening in the right now.
Know what you want and what you need
I’m not sure there is ever a time for a casual, tire-kicking approach to residential real estate, but whatever the case, this probably isn’t it. As things shift and change, the one thing that you can hold constant is your objective. Buy, sell, both? Timeline? Financial limits and imperatives? Get all this decided for your current situation and hold on tight. And if your current situation changes, adjust.
Surf the wave
Once you have your wants and needs decided, go out there (with your relator, of course) and work it – as the moment requires. Don’t like the interest rates? Remember that you’re marrying the house, but only dating the rate. If rates go down, you can re-finance. If they go up, you can rejoice that you locked in where you did. See a house you really want? Grab it! Go all out and get it now. If you hesitate you may not ever get the chance again. And don’t look back. Woulda, shoulda, coulda thinking will make you unhappy – and might cause brain damage.
And always know that a good realtor is also living in the moment, ready to roll whenever you are.