Post-Downturn Changes Affect Practitioners

Even the most resourceful, resilient real estate practitioners have run into challenges since the downturn. Here are some of the issues they face today:

• Buyers and sellers who strive to pinch pennies make the job more difficult — and less profitable. "Consumers are looking at agents differently and saying, 'We don't need to buy the full level of service,'" says Katherine Pancak, professor of finance and real estate at the University of Connecticut.

• The overall number of real estate professionals has dropped during the past two years, although some states, including Texas, Michigan, and New York, have seen increases in the past year of up to 10 percent in new real estate licensing applications.

• Persistence is an important factor in today’s real estate business. The average U.S. home is on the market for 150 days before it sells, up 43 percent from two years ago, according to Altos Research.

Source: SmartMoney, Alyssa Abkowitz (07/15/2010) via Realtor.org