Finding Opportunity: Managing Emotions During Market Changes
Aug 11, 2024
If you blink, you'll miss it.
That's the feeling after watching rates rollercoaster lower after recession fears and then rebound higher as everyone calmed down.
Here's a breakdown of the move in interest rates over the past week:
It was a journey through the 4 emotions of change:
Can you relate?
I go through these on a daily basis. ๐คทโ๏ธ
These are the emotions people experience throughout the process of buying or selling.
The key is limiting our knee jerk reactions and stabilizing as quickly as possible. ๐ก
Also, it helps to know these stages so you can recognize them as they are happening and work your way through the panic.
The greats in any field anticipate what's coming and proactively manage their expectations. ๐ฎ
When In Doubt, Zoom Out
If we focus on just the last week, it's easy to feel defeated. ๐ฅต
There was so much excitement for rates to come down and now it's gone.
But let's zoom out and take a look at the bigger picture:
Rates are down 8% in the last month - even with the bounce back we had last week. ๐ฅณ
That's great progress and what we should be focusing on!
Finding Opportunity
There's a few main points I want to highlight:
- ๐โ๏ธ๐จ Often, you have to be quick to seize the opportunity.
As we saw here, if you didn't jump on this opportunity, it was gone in a week. The same is true when that perfect house hits the market or you finally get an offer. Those who are able to move quickly capture more opportunities. This also means having a plan and clearly defined goals so you know the action to take. - ๐ง If you're not paying attention, you'll miss it.
There are plenty of people who won't even know they had a chance at much lower rates and missed the whole thing. The news is a week or two behind and this highlights the importance of working with experts who can alert you of opportunities as they are happening. - ๐ There will be more opportunity.
It's easy to get FOMO and feel like you've missed the boat. But there will always be more opportunity for those looking. It can be helpful to pre-define when you'll take action so that when the opportunity comes, you'll act with confidence. - ๐คทโ๏ธ The future isn't guaranteed.
It's amazing how quickly we can flip from desperate for an opportunity to greedy for a better one. Rates fall some and everyone thinks "I'll wait for it to go down even more." While it's possible that can pay off, it's just as possible it could cost you big. We can't predict the future so if the opportunity works and you can accomplish your goals, take action. - โฏ๏ธ Managing emotions is just as important as the rest of your job.
We often think our technical abilities at work matter most. But if you can't manage your emotions, it doesn't matter how good you are (just ask any star athlete who went off the deep end and ended their career). Most of these emotional patterns are predicable and those who take the time to gain awareness have the ability to more easily work through them.
You've got the ability to succeed. All it takes is a little effort each day to improve.
Gain awareness, set goals, make a plan, take action, and have a great week!
Dr. Alex Stewart
Founder
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