What changes will the real estate market undergo in 2017?
Experts nationwide are currently addressing this question. They are looking at supply and demand, income and debt, rules and regulations, and the impact of a new administration. I have read numerous articles and the opinions are all over the board.
This is not surprising, as no one really knows what will happen or how quickly any changes occur. Most of these expert opinions contain bias as to the authors’ area of expertise or professional practice.
The National Association of Realtors, for example, believes real estate sales, especially with the help of a realtor, will grow. Mortgage originators foresee changes to the lending laws that will allow them to better serve demand of new home buyers. Property flippers expect more opportunities to flip.
On one hand, it was great to see the optimism returning, but on the other, no one really knows what will happen and how timely changes will occur. So how does one prepare?
- Have flexibility and adaptability
- Prepare for everything
In the “note” business, we are grounded in both the real property and financial markets. This allows us to have more flexibility and adaptability, which obviously is favorable in a changing market. We have more cards in our hand then just a wholesaler, rehabber, or landlord. Since we have more cards (options) we can better decide which ones to play and which ones to hold back.
Prepare for changes, but don’t lose focus.
In other words, don’t get so jammed up about what “may” happen while missing out on opportunities. Focus on the situation and opportunities at hand.
Stay educated and well read about your profession and adapt when necessary.