Never before has there been a wide opportunity to become a real estate agent or realtor due to the rapid developments in the real estate world. Just like the golden age of selling Cadillac cars in the Bustleback Craze that lasted from 1980 to 1987, this new real estate boom is good news for those who are looking to make a big career change. Here are the top 5 reasons why becoming a realtor can be a great reality.
Reasons why the real estate market is booming.
At the beginning of the 2020s, the Coronavirus pandemic was just starting to take effect all across the country. This led to many lockdowns which led to many people being paid to stay at home through special stimulus packages that were generously handed out to families in every state. While this was a helpful idea, this was further complicated when many tenants who were paying rental fees were given allowances for rental moratoriums that same year.
What this did was essentially allow renters to avoid being evicted during their rental period and could not legally be forced to pay rental fees or its utilities during the pandemic. In many cases, the landlords were responsible for paying the property taxes on these properties, in addition to the water and electricity bills that came from that property likewise. Sadly, many took advantage of the stimulus packages and refused to pay their rent and utilities outright.
What this caused was a state-by-state countdown when the National Moratorium expiration date would take effect. Out of frustration, many owners who were already feeling the pinch from a loss of income were desperate to recoup their losses. Many more landlords who owned properties were further stalled by extensions and bans of the moratorium by local and state laws. This is the primary reason why the recent property boom is starting to take full effect.
Other experts firmly believe that the housing bubble and the low-interest rates are another reason that this is why the property booms are to be expected. Since May of 2021, the percentage of buyers who were looking to buy homes resulted in a jump of 44.3% according to the National Association of Realtors. Yet, since this period is also being called a seller’s market, this creates problems for those who are looking for a deal rather than what sellers expect.
This is why much of the market boom in real estate is largely an excellent opportunity for landlords to sell their properties at slashed prices. It opens up a margin where property sales are an opportunity for lower to mid-income buyers who want to buy their first home a lot cheaper than what most homeowners are asking currently. Here are the top 5 reasons why being a real estate agent makes perfect sense these days.
Wide open market
At one time, being a property agent was all about being socially savvy which commanded a big reputation. Now, the times have changed, and younger and younger agents are using internet media to make quick connections that lead to faster deals through a hungry and young Millennial and older Gen Z population. The government also has implemented several programs over the years to help homeowners who suffered bankruptcies in 2007.
Landlords looking for a quick sale
Landlords who are tired of counting their losses are looking to swap out properties that have become problematic. Others might simply want to retire or change to another business by selling off their properties. This is currently the largest housing market that all 50 states are currently starting to see widespread property sales.
No high-end homeowner asking prices
Unlike private homeowners who have been upgrading their homes to further push up the asking price, landlords aren’t going to be very picky. Their properties will not fetch nearly as much as a home that has invested upgrades, but the profit difference that a new agent can secure for these properties is collectively better than a one-in-a-million high-end sale.
Easier to earn profits
This new market is not just a housing bubble, since it’s an event that is similar to the Wild West. This means that it can become an opportunity for those who think on their feet to earn better money through multiple smaller deals than sketchy big sales that can fall through due to an unstable upper-middle-class market.
Eviction properties sales expected to rise
As sad as it sounds, the number of evictions in each city is indeed dreadful, but this was not to be expected due to the last two years of restrictions and unfortunate job losses. As nearly every state has denied moratorium restrictions, landlords are finally able to cut their losses with renters that refused to pay rent for the last 2 years. As a new realtor, this is an unexpected job opportunity that can lead to bigger property connections.