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One of the most significant lessons I learned in real estate came from what some might term a failure. However, I see it as a lesson because I believe we learn most from expedited failures; the faster we fail, the quicker we learn. It’s through these failures that we understand what not to do again.
When the pandemic struck in 2020, I had a beach lot for which I still owed around $550,000. I sold it for $700,000. At that time, I couldn’t have foreseen the subsequent drop in federal rates to 2% or 3%, the sudden economic surge, and the government’s decision to inject money into the system. Panicked, I made the decision to sell the lot, only to realize later that its value probably peaked at around $1.5 million.
This mistake, that scar, is the foremost thing in my mind when considering investments, despite having more wins than losses. In real estate investment, you’ll experience both victories and setbacks; the key is to have more wins than losses. When you do lose, it’s crucial to extract lessons from that experience.
From what history shows us, governments tend to stimulate the economy during economic turmoil. With the uncertainty ahead, who knows what they’ll do next? Will they drop rates again? It’s uncertain, but my advice is not to sell in a panic. That’s something I wouldn’t do, especially in times like these.
If you need more real estate advice or have any questions about your buying and selling plans, call or email me. I’m always happy to help.
