Banking Turmoil – Been there, Done that…

 

 

The recent turmoil in the banking sector has brought back a few memories:

 

I joined World Savings out of college which was later acquired by Wachovia who then merged with Wells Fargo.

 

From there I joined Smith Barney which was later acquired by Citibank who previously bought Solomon Brothers, and much later Morgan Stanley.

 

I went to UBS who merged with Swiss Bank, and then to Credit Suisse First Boston, who was just rescued by UBS. And finally, to Bear Stearns who was bought by JP Morgan, who years previously had merged with Chase, and then later rescued Washington Mutual in the largest bank failure in U.S. history.

So called Black Swan events are definitely increasing in frequency and so is market volatility. They get smoothed out over time but in the moment can be very stressful and disruptive.

My own history in financial services suggests two things: bank consolidation and market volatility have been with us for a while now and … history isn’t always written by the victors😊

I can’t think of a time in the last 10 years when having the right agent and the right presentation for the sale of your home has been more important. This is not a market where homes sell themselves. Being up to date on what is working in the area and what is not is essential to get the highest price for your home.

Please let me know if you or someone you know is planning on moving. I would love to share with you how my Award-Winning service and value added results have benefitted homeowners throughout the Bay Area.

All the very best!

 

 

David Holmes

Broker Associate

Compass

DRE 01901395

 

 

Award-winning Realtor®, amateur landscape photographer, passionate animal lover, meddling homebrewer