The New York City real estate market has long been considered one of the most desirable in America, if not the world, and for years real estate owners took for granted that New York City was always going to be a seller’s market.
That started in change in 2018. A slowing market and a glut of luxury properties in Manhattan that were planned and designed at a time when demand was much higher have led to a surplus of high-end housing and shrinking demand. According to an article in The New York Times from earlier this year, it will take as long as six years to sell the 8,000 new units in Manhattan alone if sales rates remain stable.
New York City — the capital of world finance, and one of the most culturally and artistically dynamic cities in the world, no market is quite as desirable as this one when it comes to building a career as a realtor.
But what does it take to make a career in a competitive industry in one of the most competitive cities in the world? How can you make sure that your dream of becoming a real estate agent in New York City will lead to success rather than failure?
Real estate is an incredible opportunity for anyone who wants to make a career change in a short period of time. It’s a career that’s perfect for anyone who has a passion for properties and houses, and anyone who wants a career helping people find their dream homes.
Working as a real estate agent is a demanding career, but also a rewarding one. There’s also more to it than helping people buy or sell single-family residences. You can work in rentals, condos, luxury houses, commercial real estate, industrial real estate, and more. Plenty of real estate agents earn extra money by working as property managers, and some combine their real estate licenses with further education to work in real estate analysis or appraisal, working for developers, or managing the real estate assets of major corporations not directly in the developing industry. Some even earn their real estate licenses just to save money when they buy or sell their own houses, or to become house flippers and real estate speculators.
Your new career is waiting. Real estate is a smart move for anyone who’s unsatisfied with their professional path and looking for a change. Working in real estate opens the door to independence and puts you in control of your earning potential. There aren’t many career opportunities where you can earn a great living with such low barriers to entry.
Real estate in New York state is a dynamic, rewarding industry to get into. Real estate can be a reliable source of income or it can be the start of your fortune. It depends on what your goals are and how much you’re willing to put into your career.
Working as a real estate agent in New York can feel tough, especially in NYC. There are over 20,000 agents in New York City to compete with, and thousands more statewide. Many have more experience, bigger advertising budgets, and bigger networks. How can you differentiate yourself from the crowd and get started in real estate?
Want to know what happened in the New York City real estate market last year? Now that 2018 is behind us, it’s a great opportunity to look back and see how the market changed and whether those trends will continue into 2019.
As a real estate agent, you need to stay up-to-date on market changes and trends. In a city that’s as fast-paced as New York, it can be easy to miss important changes when you’re up to your neck in work. Now that you have a chance to catch up, it’s time to get a bird’s-eye view of the market you experience day in and day out.
Buyer’s Market in Manhattan
The big story of the past year in New York has been declining prices and declining sales in Manhattan. For the fourth straight quarter, sales volume and prices dropped across Manhattan. Right now, Manhattan is something of a buyer’s market – at least compared to years past. It may not sound like good news for real estate agents, but in one of the most expensive cities in the world, lower prices could mean reprieve (and renewed interest) for first-time buyers, and opportunities for real estate investors looking to capitalize on discounts.
New York City has one of the biggest, most expensive real estate markets in the United States. The opportunities are endless, from single family homes in Queens to luxury apartments in Manhattan. If it weren’t exciting enough already, with the news that Amazon HQ2 will be moving to Long Island City, real estate in the city is about to heat up even more.
Note: These requirements apply state wide.
Do you need a career change? You never know if your first (or second) choice of a career is going to be the right one. School doesn’t always prepare you for the realities of doing the job you set out for, and plenty of people make mistakes along the way. You’re better off making a career change now than getting stuck in a rut.
Sometimes the mistakes you make in your previous career choices can tell you what it is you really want from your job. If you like independence, the freedom to work around your family life or a second job, or an unlimited earning potential, real estate might be the industry for you. Working as a real estate agent is flexible and getting your real estate license in NY can open even more career opportunities.