Connecticut Real Estate, My View

Has your agent sold a house this year?  Silly question, huh?  Not really. There are currently 1310 members of the Eastern CT Association of Realtors.  According to association statistics, there were 564 single family homes sold during the first quarter.  Assuming a few agents like me sold more than one house during the first quarter, that means that a large majority of members did not have a single sale in the first quarter. There's more news. The National Association of Realtors reports that the typical realtor has been in the business for 7 years or less. Despite market conditions, membership in the organization increased by 23% in 2007.  That's a whole lot of newbies stumbling around in the worst market in over a decade.

About a year ago, CNN Money posted an article called "Babes in Bear Land".  Although I no longer have the article, the title stuck with me.  The author made the point that most agents haven't been in the business long enough to have experienced anything but boom times. Additionally most of those agents haven't sold many houses.  Buyers and Sellers are relying on these same novice agents to help them maneuver the current market; a market not exactly an easy one to negotiate.

The statistics don't surprise me.  Despite the expectations, culling the herd is just not happening.  While home sales dropped by over 22% in the past year, the number of agents fell from 1347 to 1310, not exactly a plunge.  Real Estate Licenses in Connecticut are up for renewal on April 30th along with a number of required continuing eductation courses. That's the next "opportunity" for a career change for those that need it most. 

I'm hoping.