Real estate has long been seen as a lucrative, rewarding, and flexible career choice—and for good reason. Working as a real estate agent allow you the versatility to control your own schedule. This career also comes with high earning potential and plenty of variety on a day-to-day basis.
If you’ve been considering a career in real estate, you might be putting off your licensing because you feel like now is not the right time to break into the field. Mortgage interest rates are high, inflation is up, and there’s definitely some uncertainty in the economy.
In reality, though, there’s perhaps never been a better time to get into real estate. There are some golden opportunities awaiting for those who are ready to get licensed and jump right into this dynamic market.
Is 2023 a Good Time to Get Into Real Estate?
During the peak of the pandemic from 2020 through 2021, the real estate market was hot. Interest rates were low, and people were buying/selling in record numbers. Fast forward to 2023 and the market seems to be cooling when compared to the high peaks we saw a couple of years ago.
However, the demand for housing remains strong throughout many parts of the country. Combine this with the fact that markets are generally rather cyclical (with interest rates and inflation fluctuating all the time), and the reality is that the real estate market is still in great shape overall.
Current Housing Market Opportunities for Real Estate Agents
There are a number of opportunities emerging real estate agents can take advantage of as we speak, including interest rates that are finally falling. The 30-year mortgage rate in the United States averaged 7.75% from 1971 through 2023, but the current rate hovers around 6.2%. Likewise, between October 2022 and March 2023, the 30-year mortgage rate has fallen from nearly 6.95% to 6.28%—and experts predict that this number will continue to trend downward.
Falling interest rates make home buying more accessible to more buyers, thus increasing the demand for homes. And even when rates are high, buyers can feel a sense of urgency when they believe rates will continue to increase. All of this contributes to a growing demand for homes in the current real estate market.
And while high inflation has created issues for the economy, this actually creates another opportunity for real estate agents. As a tangible asset that can appreciate in value over time, real estate is seen as a great hedge against inflation. This is especially true among investors, who may be seeking out real estate to protect their wealth. And of course, inflation can lead to higher home prices, which in turn increases the potential for agent commissions.
The Benefits for New Real Estate Agents in 2023
There’s a lot more to the current real estate market than meets the eye. That’s why now is actually a great time to get the ball rolling on a career in real estate. By becoming a licensed agent in 2023, you can take advantage of:
High earning potential – The average real estate agent makes around $50,000 per year. However, your income is only limited by how much time and effort you’re willing to put into it. Real estate can also supplement your current job as you’re getting started. This allows for an easy transition when you’re ready to go full-time.
Flexibility – Real estate work offers flexible scheduling, allowing you to set your own hours and even work from home a lot of the time. This can provide you with a great work-life balance that is so important to today’s workforce.
Entrepreneurship – Real estate work enables you to essentially be your own boss, building your own network and client base.
Innovative technologies – New technology is rapidly changing the industry and can open up a range of opportunities for tech-savvy agents.
Kickstart Your Real Estate Career Today
There is no bad time to get started as a real estate agent. There will always be people buying homes. Your success as an agent will depend on your dedication and effort more than the current market conditions. Real estate gives you the flexibility to get licensed now so you can jump in when you’re ready. Ready to take the first step towards becoming a real estate agent? Colibri Real Estate is here to help, so get in touch with our friendly and knowledgeable team to get started!
