Stacey Moncrieff, editor in chief of NAR's Realtor Magazine, often hears newer agents say that there has never been a market like this one. Those of us who were working in the field during the recession of the mid '80's remember slow sales and depreciating values that more than rival this market. She included an article that she wrote in 1990, entitled "Turn up the Heat in a Cold Market" so that recently licensed Realtors could see that this has happened before, in the not too distant past.
A truly depressed economy faced the Gulf states when the oil industry bottomed out in the mid-eighties. Not only were oil workers losing their jobs, but tax revenues on oil and gas sales dropped, which in turn, affected the state budgets. We had investments in Texas properties at the time, and lost all our equity when rentals sat empty, and interest rates soared to eighteen percent.
No matter what today's market brings, seasoned professionals who’ve experienced many business cycles know that a slow market can actually be a great opportunity.
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