Before You Leap In…

Written by Posted On Tuesday, 22 September 2020 05:00

The world may be on “pandemic pause” but real estate professionals continue to work hard whether they are in a hot real estate market or a very troubled one.

After a career—and, for many, a lifetime—of serving others, it’s going to take more than a pandemic to keep real estate professionals from finding a way to help home-buying prospects and clients connect with their real estate dreams.

Which of the current real estate trends describes your next “dream” step?

Less Expense & More Relaxation Trend

Residents of crowded, expensive cities like New York City and San Francisco move into low-stress, less-costly areas, like a move from California to Idaho.

A recent survey revealed that 39 percent of urban Americans are considering a move to a less crowded, less expensive location as a result of the pandemic. There’s a lot to choose from since “the median population density of America’s 324 largest cities with over 100,000 residents is just 3,419 per square mile, about 80 percent less crowded than New York City.”

Less Flu & More Sun Trend

Those who fear Covid-19 and the also-dangerous flu during winter months when cold forces people inside together are moving to warm, less confining areas like Florida.

The 2020 Miami Report states that roughly 950 people a day move to Florida and many come from cold Northern cities in New York, New Jersey, and Connecticut.

Less Cost & More Security Trend

Adult children move in with parents or relatives to help all of them do better during the pandemic.

A recent analysis of government data by Zillow stated that there were 32 million adults living with their parents or grandparents in April 2020, the highest number on record. More than 80 percent of those who recently moved back in with their parents are Gen Zers who pay an estimated $726 million in rent each month. Those payments to landlords—about 1.4% of the total rental market—could be at risk if moving home becomes permanent.    

Less Location & More Work Flexibility Trend

Employers have allowed employees to work from home to protect them during the pandemic.

“We see an incredible 42 percent of the U.S. labor force now working from home full-time,” said Stanford economist Nicholas Bloom. “About another 33 percent are not working—a testament to the savage impact of the lockdown recession...So, by sheer numbers, the U.S. is a working-from-home economy.” Working from anywhere has become a reality. That means no longer paying premiums to live near work. Real estate anywhere would be a great workplace and a hot market!

These trends and more are evolving in our change-a-minute pandemic world. Micro-local trends, like moving within a neighborhood to improve access to a pool or other amenities, pop up in local markets. All this creates a whirl of confusion that can distract buyers and sellers from what makes good sense. This frenzy of options superimposed on social-distancing limbo and pandemic-driven stress may catalyze inadvisable decisions and action in some when “wait and see” or take “a long cool look” may be better strategies as economic shifts appear.

We are followers not leaders. Trends are reflections of what people are actually doing, not what is best or smart for you to do in the long run. Following friends, social media, or any other group behavior may not always, or perhaps ever, be the best move for you—present and future.

Buyers and sellers are free to reach out to real estate professionals for answers, even when buyers or sellers are not quite sure what the right questions are.

Originally, people said “we’re all in this together.” Now, it’s clear that we are all experiencing the pandemic, but “how” varies greatly with individuals and families. For instance, in many areas natural disasters including wildfires and hurricane flooding are exacerbating pandemic effects and ramping up stress for everyone concerned.

Real estate professionals are experiencing extremes, personally and professionally, as much as others. Some are in hot Covid-escape markets while others work in areas hard hit by industry layoffs and shutdowns or even full-on natural disasters. Regardless of market conditions and in spite of continued up-rooting change, real estate professionals remain intent on buyers and sellers making confident decisions they can live with now and once the pandemic subsides.

Before you leap in as a buyer or a seller, your real estate professional has questions they’d like you to consider:

How Solid Is Your Decision?

Solid, confident, well-examined decisions move life forward. Avoid impulsive swings, emotional shifts, or a plunge into panic which can undermine everything you hope to achieve. Learn to control your emotions so you don’t jump in before first considering key implications and ramifications.

How Reversible Is Your Decision?

When the driving need for change suddenly ends, would you want to revert to your original lifestyle or location? Would trial renting out of your current home and of a property at the new desired location provide a flexible, low-risk exploration of the new lifestyle?

How Many Other Options Do You Have?

Don’t limit yourself to the options you know. Ask your real estate professional to call on their expertise to help you discover alternatives. Learn how to always be prepared with a new plan when things change unexpectedly.

What Is The Worst That Can Happen?

“The Worst” must be what you consider devastating, not what others might insist cannot possibly happen. Dig deep to decide what loss would be irreversible and how it could be avoided.

Ask your real estate professional about alternatives that allow you to leap in and restart or refresh your real estate dreams.

Rate this item
(0 votes)
PJ Wade —       Decisions & Communities

Futurist and Achievement Strategist PJ WADE is “The Catalyst”—intent on Challenging The Best to Become Even Better. A dynamic problem solver and author of 8 books and more than 2200 published articles, PJ concentrates on the knowledge, insight, communication prowess, and special decision-making skills essential for professionals and their clients who are determined to thrive in the 21st-Century vortex of change.

PJ Wade's latest business book, What's Your Point? Cut The Crap, Hit The Mark & Stick! further proves PJ's forward-thinking expertise and her on-point ability to explain technical, even non-verbal, communication details in practical, actionable terms. Print publication: Fall 2021.

PJ: “What's Your Point?the pivotal 21st-Century business question—must be answered before you open your mouth, hit a key, tap anything or swipe. Too often 'Your Point' is not clear to you and communication remains an expensive illusion.”

As The Catalyst, PJ concentrates on enhancing communication ROI for experienced advisors, executives, entrepreneurs, business owners, and other savvy professionals, who may not have received as much formal training in communication as they have in their own field.

PJ’s on-point professional development programs and featured presentations kickstart innovation and catalyze action. What's Your Point? programs, presentations, and content present the rich combination of practical suggestions, game-changing concepts, and on-point perspectives essential to those rising to the challenge as effective business communicators—online & off.

Onward & Upward—The directions that really matter! Reach PJ at pjwade@TheCatalyst.com and visit her What's Your Point? Blog. Keep up-to-date with PJ's popular column  Decisions & Communities

https://www.thecatalyst.com

Agent Resource

How to capture your next prospect - click here

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.