It's been difficult reading about or watching the financial news. Here are some thoughts that the Vision & Beyond team would like to share:
Our hearts go out to all those impacted by the collapse of SVB and Signature Bank. We know it’s incredibly unsettling to watch financial change or collapse. The rapid increase of the federal funds rate from 0 to 4.5% over seven months is a jolt to the economy. It was inevitable that something would give, but no one could predict what that would be.
In short, it has come to light that parts of the banking system could not withstand the rapid increase in interest rates. The two banks that collapsed could just be the beginning, and many may follow. On a personal note, bank deposits below $250,000 are FDIC insured, and there is no need to panic with regard to one’s own banking relationships. From a business perspective, this is the moment we’ve been waiting for - an economic reset.
While a reset takes time to shake out, the Vision & Beyond team is optimistic that the net result of this and the coming events will be a real estate investment opportunity. We anticipate pricing to come down and the best buying opportunity since the Great Recession.
We've been building our team and organization for this moment; Vision & Beyond is the best we’ve ever been. It will take time, but we look forward to the results and our shared successes.