Updated: May 3
When was the last time you were on a roller coaster?
Chances are you’re either a big fan of them or you’re the type of person who would rather watch from the sidelines. In either case, the rolling ups and downs and fast-paced loop-de-loops are more than enough to get people to scream loudly.
That’s pretty much how we’ve felt about real estate in the last few years.
Housing affordability was extremely low, the lowest in 30 years, and high-interest rates put off many sellers and buyers alike.
With news like that, how does anyone in this race stay the course?
Why Now Isn't a Sprint, It's a Marathon
Despite the above, the sentiment right now is a mix of the positive and the negative.
The positive is that housing affordability is predicted to improve this year, something that began in February 2023, when pricing started to decline.
On the other side of the coin, however, are consumer concerns about affordability and pricing, with Freddie Mac reporting that 28% of homeowners are spending more than 30% of their income on housing.
This of course is not the end or even the beginning of the housing market story: it’s just a path that we’re currently on. And this isn’t to say that there aren’t opportunities that aren’t being reported.
These opportunities are what we're looking for.
But, it can be challenging, no doubt.
If you’ve ever gotten up in the morning and just felt like today is not gonna be your day, that’s perfectly fine and perfectly okay.
When you’re a real estate investor, you will have days like this, and in our current market, there will be news like this on occasion. Here’s the thing however:
Your personal growth is a constant, ongoing process.
What I mean is, being an investor is a marathon – there’s a course that you’re following, and it’s a long stretch. That’s different from a sprint, and that’s what I discussed in my latest AstroFlipping coaching call:
If you’ve ever watched a marathon, been to a marathon, or even participated in a marathon, you know that more often than not, you have to pace yourself. These types of runs can last hours, even days, so it’s important to keep the energy flowing throughout.
This business is one of consistency, and it’s something that you need in order to thrive in it, especially now, when the market’s been up and down.
Some experts had previously likened the current market to what happened in 2008, which thankfully we haven’t repeated yet. Believe me, I remember 2008 and I hit rock bottom during that time like a lot of others did.
For me, I was doing a sprint up to 2008 and hit the wall, literally and figuratively. Afterward, I reset my mindset and started the marathon, which I’m still in.
That we’re all still in.
Ultimately, you’re in this business because you enjoy and love what you’re doing. Don’t forget that. In many ways, love is what drives us to do what we do and to be passionate about it.
The marathon we’re in has ebbs and flows, ups and downs, good days and bad days; we’re all human beings. Take a step back and assess when you hit a roadblock and get back on track.
If you want a like-minded group to support and guide you in this race, hit us up in AstroFlipping.