COVID-19 Effects on Practice Real Estate
At CARR, the health, safety and peace of mind of our agents, clients and partners is our top priority. With that in mind, we wanted to share our response to one of the top questions we are getting from clients, “What does this mean for me?”
Unfortunately, there is a lot of fear in the hearts and minds of many. The problem with buying into fear like this is that we can often times project such a bleak future, that we make poor decisions which we would in our right mind never make. Sometimes, those decisions even make the fear a reality. It’s called a self-fulfilling prophecy.
The truth is, for the last several years, the real estate market has been at an all-time high. Rates have been low, but prices have been high. With the recent turbulence in the economy, rates are even lower, and though real estate prices haven’t corrected at the level of the stock market, this is still the best time in several years to purchase real estate.
The same can be said about leasing. With the market correcting and interest rates at historic lows, there has never been a better time to consider real estate ownership. Even if you remain in a leased space, you must make sure that you are paying a fair rate. Keeping track of the dates in your lease can literally be the difference in 10’s to 100’s of thousands of dollars for your business. The best thing you can do is to have a professional track your lease and (at the correct time) help you consider the full market to make sure that you are maximizing the profitability on your real estate.
At the end of the day, the current events actually make things more favorable for real estate buyers, but every situation is different. Knowing the market and understanding your situation are imperative to capitalizing on the down market.
More than anything, do not let fear drive your decisions. Look beyond the foreseeable future and plan accordingly.
One thing is for sure – we WILL get through this.
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