Proof - we can learn a lot from our elders:
With 50 years of experience in the real estate industry, REALTOR® Emeritus Geary Jones, 81, has plenty of knowledge to share on coping with market downturns. Though he sold his Santa Cruz, Calif., brokerage, Coast Counties Realty, 10 years ago, he still works occasionally as a real estate consultant to buyers and sellers. Here, he recalls some of the rough patches he survived during his long career and offers advice on how to excel when the market doesn’t want to cooperate.
What was your most difficult period in the real estate business?
I remember 1966 as the worst year. Interest rates jumped from 4.75 percent to 7.5 percent within months. I made $3,000 for the whole year (equal to about $20,000 in 2008, according to MeasuringWorth.com). My wife was ill and not able to work and we were raising three sons. It wasn’t easy. People had just stopped buying. I don’t know if that downturn was as severe as things are today, but it was hard for families. Read more…….
Discuss this article in our Forums!
