Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
PUTNAM POSTING: Predicting and Adapting to the Markets of the Moment
Shutdowns, civil unrest, fears of war and terrorism, inflation, eviction moratoriums, supply chain breakdowns and workforce problems. These troubles are on the mind of most of the world today, especially business owners and property investors. It’s nearly impossible to predict what will happen economically and otherwise in today’s world. We would do well to simply turn off the news, and avoid the latest real time spin and hype.
The concept of internal locus of control helps people feel and interpret the outcomes of events happening in their life. Internal locus implies the power to shape one’s future. They firmly believe that they control what happens in their lives, attributing success to their own efforts. Those with an external locus of control blame outcomes on circumstances or chance.
For those of us who have endured tough times, the philosophy of “circumstances do not make me” is paramount. This is where the concept of the “Me Economy” comes in. I get up every day and work toward the life I want to live, believing that my pocketbook is directly and solely impacted by my choices and actions.
How do we get into a “Me Economy”? Start by nourishing, exercising and moving your body and brain. Take it upon yourself to become a better human being. I am in the arena because I put myself there. I am a high school dropout born with few opportunities, who managed to raise two spectacular and loving kids, become an owner and COO in a successful real estate firm, help found Putnam’s Business Council, and am involved in many organizations and causes. I am not smarter or more qualified than anyone else. The “Me Economy” is my starting point. I then apply my core values and virtues to make sure that I am contributing to my family and community.
The real estate community is shifting and there will be a purge. Realtors unprepared for challenging times will flee the business. During COVID, sadly, many business owners gave up and stopped paying rent and conducting business within just one or two months of the pandemic hitting. Yet in every market there are people thriving. These people who are what my business partner calls, “War Time Heroes,” who go to their inner locus of control and learn how to predict and adapt to what the markets of the moment will be.
It’s true that circumstances do not make you, unless of course, you allow them to.