Lawrence Yun, chief economist for the Realtors' association, highlights the contradiction in the real estate market: "At a time when there's a worker shortage everywhere it seems, there's almost a surplus of people coming to real estate. What's amazing is we keep hitting new high after new high." This statement underscores the paradox of a strong membership growth in a contracting market.
Despite the surge in real estate licenses issued, only a small fraction of these agents will succeed long-term. The article notes, "However, as few as 10 percent of them will last long enough to make a full-time living selling homes." This statistic raises critical questions about the sustainability of interest in the industry amid market challenges.
The article highlights the historical trends in real estate licensing: "Historically, the number of agents tends to grow in boom markets. In 2005 and 2006 - the frenzied years leading up to the market collapse in 2007 - more than 250,000 people became agents." This context is essential for understanding the current influx of new agents in response to market conditions.
The current real estate landscape is marked by a record low number of homes for sale: "But, unlike during previous booms, the number of homes for sale today is at a record low. In December, there were 910,000 homes on the market, down 14 percent from a year prior." This situation complicates the opportunities for new agents entering the field.
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