Long-time readers know that, in my 40-year career in this industry, I have come to the conclusion that the only constant in this industry is change. And while some change, such as technology innovations, is expected, much of the change cannot be forecast, and therefore is not something you can prepare for.
How many predicted that a virus would shut down segments of our economy for a two-year period? And when things shut down, how many predicted that real estate would become even hotter than ever during the time we were dealing with the pandemic? Perhaps you read these predictions, but I suspect that the vast majority of us did not see these things coming.
And inflation? Two years ago, we were dealing with disastrous predictions of deflation as the recession hit. Now there are shortages of everything — houses, cars, workers, oil, and more. Not enough workers to fill skilled positions and not enough chips to make our new technology-laden cars viable.