Tumultuous Times - 3 Tips for Buying and Selling
Tumultuous Times - 3 Tips for Buying and Selling Real Estate
Full Video Transcript Below
[00:00:00] Well, good afternoon, real estate fans, Alice Lema her, broker John L. Scott and beautiful Southern Oregon with another edition of our weekly podcast. And today we're going to talk about what to do with your buying and selling when there's all this chaos in the world and in the nation. So we've got three things to consider when buying and selling during tumultuous times.
[00:00:23] And you know, quite frankly, we might as well talk about it. Everybody's thinking about it anyway. So here we go. Let's take a quick minute, give you a chance to subscribe to the channel. Thank you again. We're well over a hundred subscriptions now. That's super cool. Super appreciate it. Please give us a thumbs up, send us questions, comments. You're free to pass this onto friends and family, especially this podcast. I think a lot of people are very unsettled and not sure what to do. This will help.
[00:00:51] Okay. So with that aside, here we go. Three things to consider when buying and selling during tumultuous times. First of all, the thing to do is to stop, take a breath. A lot of us are nervous. A lot of us are jittery. We don't know what to do. Stop, take a breath. And remember why you were buying or selling in the first place. What was your life goal? What were you trying to accomplish with this change in your life of buying and selling real estate, what were you trying to accomplish? What was your life goal?
[00:01:22] Go back to your basic fundamental motivation. Boom. Do that first. It'll be calming. It'll be centering. It's not a purely logical contemplation. A lot of our life goals are a a mix of needs and wants. But you will feel better instantly when you do. And you'll have clarity, super important. Go back to basics. Why were you doing this in the first place?
[00:01:47] Second, a little different question. Is, are you trying to time the market? Do you have a little bit of, I think I'm Warren Buffet going on, are you saying, oh, you know what? Cause, and I'm bringing this up only because it's happened like 16 times this week.
[00:02:05] I've had buyers say, you know, I think because of all the commotion in the world and the inflation and the blah, blah, blah, I'm going to get a better deal in three months. So I'm not going to do anything. I'm going to sit out for 90 days. I'm going okay but please understand. I don't know that your life goals are best served by doing that.
[00:02:23] Maybe they are, maybe they aren't, but ask yourself this question. Are you trying to time the market? Because if you are, you need to know even professional investors are not commonly successful with that timing of the market thing. Now, again, to bring up Warren Buffet, cause he's just, I'm such a fan, but I think his favorite saying, or what he's known for saying is when everybody else is running out of the room, that's the time to run in.
[00:02:50] I think that's as close as he gets to timing the market. He just buys and sells on fundamentals. And that's what makes him a great investor and the same can apply to your personal real estate activity. Even if you're just trying to buy a home to live in, you need to ask yourself, are you, are you cutting your life goals short and not really serving what's in your best interest by playing that game of, I think I can win the timing of the market thing, especially here in little Southern Oregon.
[00:03:20] I just don't think that's a wise move. There are times when you need to back off for making a purchase. There are times when you need to not sell, but it has to do with your life and the general market conditions not am I going to get a better deal later? Okay. So that's number two is please don't try to time the market because even the pros don't always make that work very successfully. It's hard to do. Quite frankly, we don't really know if we timed it right until it's all over. We look back and go, oh, that was brilliant. Or we got that was dumb. So I'm a fan of like, don't do that, but again, it's your life, your money. I'm just here to give you my 2 cents.
[00:04:01] All right number three is please look at the world events, look at the national events and ask yourself, does it really impact you personally be realistic on the impact of what, what chaotic events are happening and ask yourself, is it really affecting you? Yes or no, because quite frankly, a lot of us are just scared. It doesn't affect you. Our buying and selling decisions really are not affected by that. We're nervous. We had the jitters. That's legit. I'm not saying that there's anything wrong with that, but you have to separate the two because if you go through this process and it looks like your life needs are best served by moving forward with that sale or that purchase, then you just need to take a deep breath and go do.
[00:04:47] Because we're really here to try to forward our life, make our life better and make our life better for our family through real estate. Change your address, change your life. That's what we're talking about, but when these big chaotic things happen and it doesn't have to be overseas, it can be in your own world.
[00:05:05] These these processes help. If you suddenly find yourself ill, if you're getting divorced. Especially if you didn't know it if you just won the lottery, if you just inherited, you know, a huge estate, if you found out you're having triplets, you know, all these events, whether you perceive them to be positive or negative this is a great process to go through.
[00:05:25] Because you ask yourself, especially am I being realistic about the actual personal impact, because if I'm not, if I'm just scared or overwhelmed or completely deliriously happy, then that's affecting my decision. We talk about this on a lot of the podcasts. So be realistic about what the impact is. Then it will be helpful to maybe stop moving forward with the purchase, stop putting your house on the market. Or to actually move forward with Gusto, but only, you know that.
[00:05:56] And now, after having said all this, I've got a bonus, a bonus point. I know we're going to do three, but I'm going to throw in one, one more. Having said all this, if you really can't sleep at night or your stomach hurts then sometimes that's, it's just better to put the brakes on just because your physical wellbeing is at risk. And maybe it would have been better for your life to move forward one way or the other. But if it's really causing some physical symptoms Or you're just so worried that you're not yourself, then don't do it again.
[00:06:26] This is your money. It's your life. I'm just here to give you some advice and some guidelines and put it in perspective. But at the end of the day, you ultimately have to do what's best for you. And sometimes that means putting the brakes on. I just want you to stop and think if you know, you're trying to do it because you want to be, you know, Mr. And Mrs. Wheeler dealer. Cause that's not what we're trying to do here. We're trying to do solid long term wealth building through good real estate decisions.
[00:06:52] Okay. So thanks for your time. If you do have on going questions or issues about how all this does or does not affect you, and we're all thinking about it, we're all talking about, please reach out I'm around a weekend. This is what I do. My number is 541-301-7980. I want to leave you with this thought. That the more chaotic things are the more opportunity because there's more risk. So all that tumultuous stuff does create opportunity. It's not for everybody. Some of us can, can sleep at night through making those more risky decisions.
[00:07:31] And some of us can't just know who you are and then it will help you make the best real estate decision for you and your family. Okay. Have a beautiful weekend. We'll see you next time. Bye now.