When dinosaurs went extinct, mammals gained opportunity to flourish. Crises for some bring opportunity for others who can adapt to benefit from new environments. I try to enable my readers to position themselves to be the ones who will come out better at the end of this crisis.
Future calamity has already been set in pace by our response to the coronavirus; so you cannot stop the crisis from hurting humanity, but you can still try to position yourself to be one of the new mammals.
(For this analysis, we don’t need to debate whether the economic response to COVID-19 was too severe or not strict for long enough. It already happened. The damage is real, and the damage is deep, whether necessary or not. So, this article is about dealing with the new economic environment we have already forced upon ourselves by our response, whether rightly or wrongly.)
For first-time home-buyers or those who were planning to move in a year or two, selling now and holding out for the end of the decline could yield rewards. I am not certain of a price decline, but I think it is more likely than not, and this article is about how to position yourself for that.
If you are happy to remain right where you are, you should stay with the home you love; but if you’re looking at downsizing for retirement in another year of two, you may want to consider selling now and renting for a time. Likewise, if you’re someone who has been priced out of the market, hope may be on the horizon. No assurances, but here are many factors you should consider about the market’s present rise and what is likely to come months from now.