I was a rookie real estate agent in 2008 – during the Great Financial Crash (GFC). I was only in my 2nd year in the business.
I saw fortunes being made and lost during that crisis.
So, you know the phrase about “a crisis is usually a time of great wealth transfer” ? I had front row seats to that experience.
I remembered when news of the subprime crisis hit our shores – it was October 2007 a couple of months after I first joined the real estate industry in April 2006.
Fresh faced and young And when the impact landed on our shores, it landed hard.
Volume came off tremendously as fear was the overarching sentiment and average home prices dropped by 36% from the peak of Dec 2007 to the bottom in Feb 2009.
It was those moments where Citigroup shares cost only $10 each and a 1