Back in 2004 and 2005 there was no doubt in my mind the real estate market was going to take a turn for the worse. It had to. Nothing with that kind of momentum could sustain for an extended period. What was unknown at the time was how bad it would become.
By 2006 reality started to replace the booming real estate fantasyland that many had been living in for a number of years. The droves of out-of-state investors started to focus their interest on other states. Lending institutions enacted tighter standards. Those who had over-extended themselves in the purchase of their home were starting to feel the pain of adjusting mortgages. Homes that would have sold in 2 days in 2005 were now taking 2 months to sell. We now started saying the market was 'correcting' but was still good.
By 2007, the correction had become a downturn and this downturn was causing lenders and real estate companies to shutter their doors. With 90,000 licensed real estate agents in the State of Arizona and only 5000-6000 sales per month there was no question that many agents were going to have to find a different way to support themselves.
By April 2007, I knew I needed to do something. There was no way I could continue down this path. As much as I love real estate, I love my family more and there were obligations that had to be met. It was time to make some tough decisions.
