These are interesting times for the housing market, with home prices hitting record highs [1], inventory down to half [2] of what existed a year ago, and sometimes as many as 20 hopeful house hunters [3] bidding above the asking price [4] on a property.
Conditions could spell opportunity for agents, but, as they say, "location is everything."
To pick prime places for people in this particular profession, the researchers at WalletHub compared more than 170 American cities using 22 key indicators of a healthy real-estate environment.
To determine the best markets for this particular profession, WalletHub compared more than 170 U.S. cities across 22 key indicators of a healthy real-estate environment.
Adam McCann, WallerHub financial writer says he and the team copared data set ranges from sales per agent to annual median wage for real-estate agents to housing-market health index.
The top-ten metros for real estate agents are:
Seattle, Washington; Pearl City, HI; Sacremento, CA; Salt Lake City, Utah; Denver, Colorado; Nashville, Tennessee; Washington, D.C.; Huntsville, Alabama; Austin, Texas; and San Jose, California.
The data team looked at sales per agent, wage of agents, most attractive for real estate employment, highest median home price, highest home turnover rate, housing market health, and fewest days on the market. And they broke those down by category as well. For example, Denver and Aurora, Colorado; San Jose, California; Sacremento California; Boston; and Nashua, New Hampshire topped the annual-wage list.
Experts weighed in on the study's results. David Bouvin, Faculty Member and Management Program Ph.D. discussed what he looks for when looking for ideal market conditions.
"When looking at properties to sell or purchase, the top indicators I pay attention to include tax policies, job growth, educational and workforce training opportunities, as well as key features that may bring additional visitors, such as beaches, mountains, and theme parks," Bouvin said. He added, "More homeowners are looking at properties to relocate or to buy based on trends in specific locales, such as tax policy and job opportunities. The housing market appears to be rebounding through and even after the pandemic. There may be more isolated areas for real estate growth in the U.S., where some states may see a boom in home sales and purchases while others may lose residents."
Philip G. Swicegood, Department Chair and James Professor of Finance at Wofford College says there are certain questions agents should ask themselves prior to relocating.
"Do you have natural relational connections in that market? Where is the diversified jobs growth? Where is bureaucracy/zoning/regulation moderate enough to not inhibit market growth? Moderate weather allows for year-round transactional environments rather than the spring/summer focus of the north and the mountain west." Swicegood said.
Law Professor Michael P. Seng, Director of the Fair Housing Legal Support Center, University of Illinois at Chicago, John Marshall Law School, brought up the role of housing policy from city to city.
"I think the best cities are those that are the most integrated and free from discrimination in housing, education, employment, etc.," Seng said. "I would also rank high those cities that have the most accessible housing and services for persons with disabilities. Persons with disabilities are a growing segment in our communities and more and more persons will be demanding accessible housing."
The detailed report, complete with methodology, is now available at Wallet.Hub.com [5].