Best Places to Work in Real Estate
Are you a new real estate agent and ready to get out and start selling but don’t know where to find a place with the best real estate market? Or are you a seasoned realtor living in an area that is currently experiencing a real estate rut? If you are in a position to follow your career to where the real estate market is hot, read on.
Being a real estate agent is an inconsistent job at best, as the real estate market can run hot and cold. Some cities are hot at different times for different reasons and in some places, the homes usually sell about as quickly as molasses. Some cities, though, seem to be consistently hot, and they keep real estate agents on their toes.
What makes a city more attractive to real estate agents? Wallethub took 179 cities and considered these determining factors to come up with the best cities for real estate agents:
- Home turnover rate (number of homes sold the prior year in that market)
- The percentage change in median sales price year over year
- Number of homes sold per agent
- Median salary for real estate agents
- Ratio of average home sale price compared to its listing price
- Median sales price change
The more research you do about the places you are considering the better, whether it is a neighboring city or a completely different state. Remember that moving to a new market will improve your game in the long run, but if it is a completely new city to you, you need to factor in the time it will take for you to learn the neighborhoods first before you can begin selling homes.
Best Places to Sell Real Estate
Looking into recent data shows trends that may or may not be predictive of the upcoming market. Keeping this in mind and keeping yourself informed is highly recommended. Checking on historic trends will be helpful as well. Mashvisor took a look at the top 10 best real estate markets according to a WalletHub study, the top cities for residential real estate agents are as follows:
- Seattle, Washington has the most competitive market and the best opportunity for a real estate agent. Homes sell within 10 days at or near list price and the average salary for a real estate agent there is $45,799
- Salem, Oregon’s median home value jumped 8.1% in the past year and is a city ripe with opportunity for real estate agents.
- San Francisco, California is ranked so high because the prices for homes are astronomical and selling at around 10% above list price, while some go for as high as 22% above! When homes sell on average for about $1,362,200, the commission is quite high and will pay the average real estate agent here $52,587
- Oakland, California homes are selling at an average price of $825,000, at 12% higher than their list price. The average home price is 8.6% higher than last year, making it a very competitive market!
- San Jose, California is the biggest city in the San Francisco bay area, so it has a lot of inventory on the market. Real estate agents have plenty of leads on homes with a median value of over $1M.
- Denver, Colorado’s annual salary for a real estate agent is $42,208. Homes are selling 4.8% higher than last year at an average of $440,000.
- Fremont, California real estate agents’ average salary is $50,818. Homes typically sell in about 16 days at about 1% above the listing price. Median residential home values here are at $1,097,800.
- Boston, Massachusetts median home prices are at $709,000 which are up 2.5% from last year and close in about 12 days.
- Washington, D.C. homes spend an average of 9 days on the market and although the median home value is down 0.4% at $563,200, the average sales price is up at nearly $600,000. Real estate agents make an average salary of $46,423
- Phoenix, Arizona is a hot seller’s market. The median home price in Phoenix is $242,100, up 4.5% from last year. However, the average sale price is $262,000, 2.7 percent higher than last year.
In looking at various locales, you need to also take into consideration that each market is different and you must choose carefully based on your needs and expectations. Compensation is one factor in determining what type of career you want. As some markets go up and down and others are consistently desirable, careful consideration must be taken to find which one suits your particular needs.
Determine the Best Fit for You
Maybe you want to live in a high profit but low sales market, or maybe you would like to sell many houses for a bit less profit? These and other factors must be taken into consideration in making your decision.
Housing Trends Come and Go
The factors around each city can influence the hot or cold real estate trends as well as location, location, location. Coastal towns usually sell continually while a particular state that may have inflated prices that drive people away can boost sales in bordering states as well.
Other factors like new laws can spike real estate sales in certain places too. Combining all of these factors and others that fit your preferences will all help you to determine the best place for a profitable real estate career in the area you desire,
Ready for a Lender?
Once you choose the place that best fits your lifestyle, learn the neighborhoods and start generating leads, you will need a lender. Bluepoint Mortgage provides a comprehensive line of lending products and a team of professionals waiting to help you succeed. Call Bluepoint Mortgage today for all of your lending needs.