Back to Results
Please enter a valid email address.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.
No large organization wants to ask this tough question. And most brokers/agents don't want to answer the question for fear it will cause even more panic.
This business has always been very cyclical. And the agents/brokers who are in it for the long-haul, as full time, all the time business, are going to be the ones who see the market eventually turn around. There was a glut of part-time or less than full time agents/brokers that were gliding along making extra income for the past few years... so I'm not sure how one would take these into account?
I would say only about 10-percent of the Agents/Brokers in the Charlotte Market are actually making a decent living at this point. And they are all 1099-employees-- meaning they pay their own taxes and insurance and every other fee... so anything they are making is not great at this point.The problem is still the banks. They need to release the money and relax or at least follow their own underwriting standards and start giving loans to qualified borrowers.
Nate,Banks are lending to borrowers that: a) can show income b) have good credit and c) have equity/down payment. It's back-to-basics. I wouldn't say the "problem" is the banks, as much as it is finding buyers that meet the time tested methods of traditional lending. Bring in a qualified buyer and they'll get a loan.
During and after the S&L crisis in the early 90's I saw a lot of agents/mortgage brokers exit. When the market bagan to rebound in 98 there was more business to go around for those of us that stuck with it. Of course the "easy money" crowd soon got back in the game, but now that we've seen a down cycle, maybe they'll stay out of the business for good and let the pros takes care of business.
To answer the question posted: From my experience, 60% percent of LO's, processors, u/w's, title agents etc that were in the business 5 years ago are gone. RE agents haven't seen as much drop, but many are part timers hanging onto licences to avoid RE school in 5 years.
I know that as far as REALTORs they will soon have the numbers released, once they determine how many have not renewed membership this quarter.
Email from NCAMP on Monday 3.31.2009:
Licensed NC Loan officer numbers2006= ~17,0002009=~6,00065% drop in licensed NC Loan Officers over a 2-3 year period. Thats a BIG number.
thanks for the post.. good info.
Please enter text in the "Enter the text to display" field.
Please enter text in the "Enter URL" field.
Please enter a valid URL.
Please insert a video embed only
Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.
For Sale: $173,774
For Sale: $524,700
For Sale: $895,000