Industry experts agree: 2017 is a great time to become a real estate agent.
This year should be a productive one for real estate professionals — but in a nontraditional way. Low interest rates will not be the main driver for the home buyer; instead building personal wealth and stability will be.
The Inman Select Special Report, “Real Estate Industry Outlook 2017,” stated that the increase in interest rates will free up inventory as buyers and sellers, previously holding back, are ready to get into the market. Good employment, rising salaries and an increase in millennials looking to purchase are also contributing factors to a promising housing market in 2017.
In a National Association of REALTORS® news release, Lawrence Yun, NAR’s chief economist and senior vice president of Research, said, “NAR surveys from both current renters and recent buyers prove that there’s an overwhelmingly strong desire among the younger generation to own a home of their own. The housing market over the next couple of years should get a big lift in demand from these new buyers.”
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An agent from Missouri who participated in the Inman Special Report said, “I am optimistic because of my business. I have had more buyers and sellers at this time than any other time in the last 10 years.”
Affect on home prices
Home prices should also continue to rise because of the high demand from buyers—but not as high as the increase in 2016. Zillow expects home prices to increase by 3% in 2017, according to an article in USA Today. The rise in housing prices should shake loose some inventory in 2017, which is good news for agents looking to hit the ground running this year.
For real estate agents, rising home prices mean rising commissions. More inventory on the market means more sales opportunities.
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