Perseverance

“Life is not about how hard you hit.  It’s about how hard you can get hit and keep moving.”  - Rocky Balboa

You’ll find these words of wisdom inscribed on the Rocky statute in Philadelphia.  It’s a great quote and feels relevant in our current economy.  This latest challenging economy can/will be overcome eventually.  We just have to be standing when the next opportunity arrives. 

Let’s be honest.  The mortgage and real estate industry has taken a few hard hits in the past six months.  They’ve been a little tougher to take coming on the heels of 2021’s record performance.  Thousands have lost their jobs while faced with record inflation.  Dozens, maybe hundreds, of related businesses have gone out of business.  More than a few are hanging on for dear life.  It goes without saying, we all prefer cycles where there’s more revenue coming in. 

And yet… 

There are signs that this down cycle, too, will not be permanent. Some of the industry’s best and brightest are starting to suggest that the market will return to some level of stability this year. Whether that comes to pass this year; early next, or in 2025…it will end.  That’s the nature of our industry.  And when it does, at least in the initial stages, there will be fewer participants in the space to capture the rising levels of revenue.  We just have to be poised and ready when it happens.

Real Advantage is not just hanging in, we are strong.  We just need to keep moving forward.  People will always need housing, and this too – as tough as it’s been – may soon be over.