To all the agents in the house,
2022 is off to a difficult start. Partly due to the Omicron variant, the average number of daily U.S. COVID-19 cases increased 457% in the last month to about 492,000 new cases daily by Jan. 3, according to the Centers for Disease Control.
So far, the pandemic-era U.S. housing market is characterized by agents and consumers shutting down in spring 2020, but then saw pent-up demand by summer and eventual meteoric climbs in housing prices. The median sales price of a home in 2021 was $361,000, according to Redfin. That's 15% more than 2020, and it's 30% higher than 2019. Meanwhile, inventory lies at its lowest level in the 21st Century, according to National Association of Realtors data. Generally, economists expect these trends to continue indefinitely.
Whether a housing market is abstractly characterized as strong or weak affects real estate agents' lives in different ways. The present market is spectacular for agents who are established enough to get listings. But it's difficult for buyer agents, and it's stressful for anyone who readjusted to more virtual work, perhaps adjusted back to open houses and office meetings, and may now be readjusting to minimal in-person interaction.
My guess is that agents struggling most right now are less experienced, including those whose jobs began amid the pandemic. Are these agents getting their foot in the door? Have they received mentorship and training? And how are brokerages cultivating promising talent, as opposed to vying over established sales people?
Many of this newsletter's readers are more experienced agents and brokers. But I'd like to hear what it has been like for first- or second-year agents. And, if you are more established, what have you done to ensure these rookie agents don't fall through the cracks?
Please send me your thoughts anonymously to mblake@housingwire.com.
Sincerely,
Matthew Blake
Senior Real Estate Reporter
EmoticonEmoticon