Realtors Are Getting Nervous - Here's Why
Published: 2024-03-19
Status:
Available
|
Analyzed
Published: 2024-03-19
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
A significant number of real estate agents are seeking to switch careers to become writers, indicating a trend of realtors leaving the industry.
"we got so many applications from Realtors looking to switch careers wanting to now suddenly become writers and we have never seen that before at briefs media"
Pending
Home transaction volumes are currently at near record lows.
"and today we're near record lows when it comes to home transactions"
Pending
The current housing market slump is temporary, and opportunities will arise for real estate agents who remain in the profession.
"The real estate sales might be slow for a little while but it creates opportunity for those who stick with it"
Pending
A significant lawsuit is expected to alter the way real estate agents charge commissions, which will impact their future earnings.
"there was a huge lawsuit which is going to change how realtors charge commissions which is also going to change how much money Realtors might be making in the future"
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The housing market is currently challenging for real estate agents, leading to a decline in their income and career prospects.
"Realtors are losing hope in the housing market and their careers because they're not making money like they used to now"
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A significant influx of individuals became real estate agents between 2020 and 2021.
"more than 156,000 people join the ranks as a real estate agent between 2020 and 2021 combined"
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The rate at which people became real estate agents between 2020 and 2021 was 60% higher than in the preceding two years.
"between 2020 and 2021 combined, which is nearly 60% sent more than they did the 2 years prior"
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The median home price in America increased to $397,600 by 2022, resulting in a commission of approximately $11,900 for selling a median home, up from about $8,000 in 2019.
"by 2022 the median home in America was selling for 397,000 $600 which meant now if you're a realtor and you sold the Medan home in America your commission would have jumped up from $8,000 up to $11,900 for selling that same median home"
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Selling the median home resulted in an income increase of nearly 50% for real estate agents between 2019 and 2022.
"this is almost a 50% jump in income from selling that same median home over just a few years"
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The Federal Reserve's interest rate hikes in 2022 led to more expensive mortgages and a cooling of the housing market.
"in 20 22 the Federal Reserve Bank started raising interest rates which made mortgage rates more expensive which cooled down the housing market"
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The National Association of Realtors sent a letter to the Federal Reserve requesting a halt to interest rate increases and a start to rate cuts to support the housing market.
"National Association of Realtors sent a very strongly worded letter to the Federal Reserve Bank urging them and begging them to number one stop raising interest rates please and number two to please start cutting interest rates to save the housing market"
Pending
Home transaction volumes are currently at near-record lows.
"today we're near record lows when it comes to home transactions"
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A decrease in the number of real estate agents is expected to create more opportunities for remaining agents.
"less people are real estate agents well then there's more opportunity for other people"
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Despite a potential short-term slowdown in real estate sales, opportunities exist for agents who remain in the market.
"the real estate sales might be slow for a little while but it creates opportunity for those who stick with it"
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While home sales are occurring, the overall volume of transactions (both selling and buying) has decreased.
"people are still selling their homes it's just there's less people selling and buying their homes"
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The National Association of Realtors is urging the Federal Reserve to stop raising interest rates and start cutting them to stabilize the housing market.
"The National Association of Realtors sent a very strongly worded letter to the Federal Reserve Bank urging them and begging them to number one stop raising interest rates please and number two to please start cutting interest rates to save the housing market"
Pending
A decrease in the number of real estate agents will lead to increased market share opportunities for top producers.
"The real estate agents that are more top producers they have the ability to kind of grow their market share because if less people are real estate agents well then there's more opportunity for other people"
Pending
The current housing market slump is temporary and presents opportunities for persistent real estate agents.
"this is a slump in the housing market the real estate sales might be slow for a little while but it creates opportunity for those who stick with it"
Pending