AZ: Maricopa Realtor Looks Back

This Realtor learned the hard way. But man, did he ever apply himself. I enjoyed this story about how a young man with a crap credit score (after being foreclosed upon) entered the Real Estate business at the very bottom, working in the cheapest priced homes, and expanding his knowledge and acumen in cutting out middle men and helping homeowners “flip” their own homes by lending homeowners money for the re-model. Very smart and persevering young man here:

InMaricopa headline: From doom to boom, Dayv Morgan adapts to changing realty market…

A holiday topic starting with In Maricopa in Arizona. “It’s no secret that right now, the real estate market is once again changing. Dayv Morgan, a Maricopa Realtor, has spent the last 13 years selling real estate. Morgan said the biggest difference between now and a few months ago, isn’t necessarily price, but the longer time for homes to sell. While it’s impossible to know what the future holds, Morgan is someone whose experience, in many ways, mirrors the meteoric rise of Maricopa itself.”

“Morgan moved to Maricopa in 2006. Morgan found a new community with inexpensive housing in what looked to be an up-and-coming city. But in 2006, the real estate bubble that fueled the Great Recession was in its final throes. While homes were cheaper in Maricopa than the Valley, prices were getting ready to crater everywhere. ‘I think I was a little naive really, to where the market was,’ Morgan said. ‘The first house we bought was in 2006, which was pretty much the peak of the market here. We paid $236,000 for that little house. It was 1,500 square feet, brand new. We loved that house. I don’t think we really understood what was happening with the market, until one of my neighbors made the comment that our house was only worth, you know, $100,000 or something like that. We said, ‘there’s no way.’”

“Unfortunately, the neighbor was correct. ‘I was really just oblivious to what was happening with the market at the time and turns out, it was worth even less than a hundred thousand dollars,’ Morgan said. The Morgans ended up losing their home and the bank sold it for $80,000, about a third of what they paid for it.”