Housing as a Luxury Good?
"When I started in this business, there was a broad consensus around making the American dream accessible to middle and lower income people. After this year , I now see housing as a luxury good." Glenn Kelman - CEO of Redfin
Created withDALL·E, an AI system by OpenAI
Housing as a Luxury Good? - it is not inconceivable that as housing prices rise, and consumers fall further and further behind in their ability to save and master what is required to own a house that the modern day loan officer will become far more specialized, and for that reason far more sought after!
If you watch dystopian science fiction you often see vast public housing and only the very rich own their own house.
The makeup of the family is changing, one-third of young adults now living with their parents (or relatives) as they are unable to secure their own apartments or purchase their first house.
Your mastery of what you do will make entirely different futures possible for people. Imagine your proactively going to your clients and asking if they have children that are living with them that would like to live in their own house, and then making that possible?
How? You can make markets, you don't have to sit back and wait for rates to move or inventory to be built. Study, work hard and be teachable and there are markets all around you waiting to be developed.
TIP: This is not the time for defense, this is the time for offense.
STRATEGY: I work at a major university and we have both undergraduate and graduate programs here. When someone is working at a major corporation, they often take a year or two off to come back and earn their MBA - Masters in Business Administration. They do this because it increases their earning potential and expected quality of life from that investment.
I want you to consider this cycle in the market as an opportunity to invest heavily in yourself. Retrain yourself. Think of this gift of time as a 2-year commitment for you to remake yourself at a new level of capability - you don't need to spend $100k on an executive MBA, but you should invest your time (2-4 hours a day) and energy and attention and money to learn what you need to build a new foundation that you will grow from in the future.
The most important investment you can make in yourself daily is learning/retraining to play a bigger game now and in the future.
If you want to know your future, simply look at where you spend your time today.