We live in uncertain times. After the mortgage meltdown and the almost collapse of the financial industry, the real estate market has been going through several ups and downs. The median sales price in my area went from its peak of $238,000 in June 2006 to a low of $138,500 in February 2012, back up to $210,000 in June of 2013 and we are on our way back down, currently sitting at $179,850 for January 2014.
There have been some wild swings in the past few years and the people that understand that and have kept a close eye on the trends, and have not been afraid of the market have made a lot of money the past few years. However, I have seen most people sitting on the fence and haven’t done anything. I can understand the feeling of uncertainty and being afraid to make a mistake, but let’s face it, if you’re afraid to make a mistake, you will never make it big.
You’re probably thinking right now “That’s easy for you to say Mike; you’ve been at this for a long time and have more experience than I do”. While for many of you, that may be true, however, for your info, I have probably made more mistakes than most of you ever will, and I am still making mistakes. But that is not holding me back.
That is one of the most common traits I see from those who are successful, even in this wild and uncertain market. They are not afraid to make a mistake, and often do, but they don’t let that hold them back.
Everyone wants to minimize their risk of making a mistake and losing money or damaging their credit, myself included. However, I see way to many people with paralysis of analysis and never do anything. So what’s holding you back? Read More...