Before you commit to a new career in real estate, consider the job outlook and the housing industry as a whole. Real estate tends to run in cycles. At times, business is brisk, but sometimes residential and commercial property sales will be very slow for a year or two. So, is now a good time to become a North Carolina real estate broker? Or should you wait? Here are a few things to consider.
The outlook varies by location
While the housing market overall is currently on an upswing nationally, real estate is—by definition—a local business. Market conditions in Charlotte may be different from those in Raleigh, Durham, Winston Salem, or rural Jacksonville. One of the best ways to learn more about your particular North Carolina real estate market is to immerse yourself in local data and to talk with the most active brokers and brokers-in-charge. You’ll want to answer the following:
- What are average housing prices?
- How many homes were sold in the past month, and how does that compare to sales in that same month a year ago?
- How many brokers are operating in the market?
Set up appointments with a few different brokers-in-charge to gather their insights. They will likely welcome your curiosity about the business and the profession.
Real estate professionals are optimistic
The National Association of REALTORS® 2021 Member Profile Report tells us that nearly 79% of current REALTORS® definitely intend on staying in the field for at least two more years. In other words, real estate sales professionals nationwide are optimistic about what the future holds.
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Real estate is a personal decision
Starting any new career is a personal decision. If work-life balance is one of the reasons why you’re exploring a real estate career, it’s important that you consider your personal and family life—independent of professional opinions about the market—before you dive into North Carolina real estate.
- Will you have time for family and leisure?
- Are you already working a full-time job that will have additional demands?
- Are you financially ready to make the leap?
- Do you have the willpower to invest the required time and energy?
- Can you be your own boss?
It’s time to lay out your personal and financial goals, evaluate your personality and your individual strengths and weaknesses, weigh all that against the market outlook, and make a well-informed decision about whether you’re ready to become a North Carolina real estate broker.