NASCAR of Real Estate for 2020!
Inside the 80027 with Terri Ellerington Real Estate Professional
English - April 30, 2020 10:00 - 26 minutes - 18.3 MBInvesting Business Entrepreneurship real estate property management louisville superior community invest boulder lafayette mortgage rental Homepage Download Google Podcasts Overcast Castro Pocket Casts RSS feed
Recently I listened to a Podcast by Brian Buffini. For those of you who may not know who Brian Buffini is, he is what I would call the guru for the real estate profession. I think Brian Buffinis analogy of a NASCAR Racing is brilliantly connected to what Real Estate is experiencing in 2020.
So let’s start off real quick with NASCAR, just to set the stage. And for those of you who may not know this about me, my entire family growing up and currently love cars! I will be honest NASCAR is not my favorite, but I have watched my fair share of races…. So there are some very important FLAGS… They seem pretty basic in theory, but let’s think about a few. A Red flag means that they should STOP on the track as it is not safe to continue moving forward. We then have the Yellow flag that means that everyone must file into line behind each other slowly keeping a consistent speed behind the pace car. AND of course the Green flag that means, GO FULL throttle ahead.
Let’s take a look at the Real Estate market and how this connects to NASCAR. January and February of 2020 we were in GREEN FLAG mode all the way, we were all racing around the track, moving through real estate full throttle ahead. February 2020, was one of the strongest real estate markets since 2013.
Well then the RED FLAG came out toward the beginning of March and everything latterly came to a STOP! Something that we have NEVER in history experiences. Over a 6 week time frame we went from the lowest unemployment rate to over 26+ Million people unemployed. Industries being shut down stone cold, people being ordered to NOT leave their homes for anything other than essentials, I think we can certainly classify this as a car wreck! CRASH
I think as we all start to work through this process and as we start to inch our way back to “life”. I think we can all agree that this is going to be steps or chunks that will gradually get us moving forward. It’s going to be the Yellow flag… We are going to all file in line, set a steady pace behind the pace car and start as the economy and nation start to pick up the pieces of this crash that is all over the race track. We are NOT going to rush back into life as normal, we are not going to be headed for full speed ahead.