Real Estate License Applications Surge
June 7, 2002
Housing Boom, Economy Spark Largest Increase In Texas Real Estate Licensees In 5Years
Inman News Features
Downsizing in other industries plus record-breaking home sales sent the eight-month total for Texas real estate licenses issued soaring by 86 percent, according to the Real Estate Center at Texas A&M University.
Officials with the Texas Real Estate Commission say they have not seen an increase like this in five years.
"Real estate is a natural career move for Americans who have lost a job in another industry, those looking for a second career after retirement or individuals seeking a career helping families realize the American dream," said Dr. R. Malcolm Richards, director of the Real Estate Center at Texas A&M University. "Real estate requires little money to get into, the educational requirements can be met relatively quickly and the booming real estate market is expected to continue."
From September 2001 until April 2002, TREC issued 973 new broker licenses and 9,951 new salesperson licenses. During the same period a year earlier, 5,113 licenses were approved.
Original license applications are up 56 percent. Broker applications since September totaled 1,187 compared to 825 the previous year, a 43.9 percent jump. Salesperson applications since September totaled 9,882, up 57.4 percent from last year's 6,278 applications, according to the Real Estate Center.
As of June 1, Texas had 118,660 total real estate licensees, of which 115,439 were classified as active, 916 were easement or right-of-way agents and 2,305 were licensed inspectors.
The surge in people wanting a real estate license is not limited to Texas, it is a nationwide phenomenon, according to the Real Estate Center.
Earlier this week, the National Association of Realtors said new records are expected this year for both existing and new home sales. Even with an expected rise in interest rates later in the year, sales are anticipated to remain strong.
Interest rates are expected to remain near historic lows. NAR forecasts the 30-year, fixed-rate mortgage interest rate to average 7.1 percent in 2002. This year has already produced the three highest monthly home sales rates on record. NAR expects existing home sales to rise 2.5 percent in 2002 to 5.43 million. New home sales are expected to increase 0.4 percent to 913,000.
Copyright: Inman News Service
Contact ALTA at 202-296-3671 or [email protected].