Tuesday, April 15, 2025

There’s something about this spring that feels suspended in midair—like we’re all holding our breath, waiting for something to shift.

Maybe it’s the promise of lower interest rates that hasn’t quite materialized. Maybe it’s the long tail of regulatory uncertainty. Maybe it’s that in places many of us live, spring weather hasn’t quite yet come to stay. But I’ve noticed it everywhere: conversations that trail off into maybes, decisions put off until “after we see what happens,” and people—smart, capable, thoughtful people—just…waiting.

In our industry, that’s not unusual. Real estate, lending, and compliance have always moved to the rhythms of external forces. But this year feels different—not just cautious, but breathless.

I’ve been thinking about the cost of holding our breath.

When we wait too long for clarity, we risk stalling our own progress. When we hope for certainty, we stop making the small moves that create momentum. And when we sit still too long, it’s easy to confuse inaction with safety.

But clarity rarely comes all at once. It comes in bits—conversations, data points, unexpected opportunities, small moments of insight. If we hold our breath waiting for the perfect time to act, we miss the quiet signals that it’s already time.

So maybe this spring isn’t about waiting—it’s about exhaling. About moving with intention, even in the fog. About making small bets, testing assumptions, and being okay with imperfect information.

Clarity rarely shows up all at once. But it does tend to gather around those who are paying attention—who read carefully, listen closely, and stay engaged even when the path isn’t obvious.

I don’t know what this market will do next. But I know this: breathing, choosing, moving—those are things within our control. And sometimes, they’re the only things that keep us from stalling out completely.

So let’s exhale.

Let’s take the next step, however small.

Let’s remember that even in uncertain times, forward is still a direction.

Until Next Time,

Mary Schuster
Chief Knowledge Officer
October Research, LLC