According to the New York Times, many of the mortgages that are being defaulted on are by the wealthy. It seems as though the rich look upon it as more of an impersonal business decision than the average homeowner. One in seven homeowners in trouble has a mortgage in excess of one million dollars, and it appears that they are much quicker to walk away from the property as simply a bad investment.
You do not have to look too hard to find the silver lining in this scenario. Affordability of many luxury homes is incredibly high right now. That, together with the historically low interest rates that are available right now makes investing in a luxury property very tempting. This is excellent news if you make your living with a real estate license.
Commissions have suffered for many real estate agents and brokers as prices plummeted during the real estate crisis. Increased affordability of higher end homes has created an ideal situation to increase business in the luxury home market. The higher the sale price, the better the commission for the sale, and better commissions are a welcome change from the last couple of years in the real estate market.
Prices across the country are beginning to stabilize. For a time it seemed as though the housing crisis might go on forever, but it is important to remember that the affordability we are seeing in the housing market will not last. The nations real estate market is growing stronger every day and before you know it, the incredible prices and interest rates we are seeing right now will be gone. The time to cash in on the real estate market affordability is right now and buyers that are in a position to qualify for financing know it. Individuals earning a living with a real estate license know it too.
Business is on the rise, so the need for licensees with real estate training will rise as well. People looking for a career change can, in most cases, complete the real estate courses required to take the real estate licensing exam in a matter of weeks. Online real estate schools make the classes a quick and convenient alternative to traditional college courses, and at a fraction of the cost.
The housing market still has a ways to go before we reach solid ground, but make no mistake it is on its way up. What better time than now to get in on the action and ride the wave to prosperity. Jobs in real estate are expected to increase in the years to come, something that is not being said of many industries in today’s economy. It is an ideal time to look into starting a brand new career with your real estate license.
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About David Goldstein — David Goldstein is an Owner and Founding Partner of Express Schools, LLC. which operates online education providers Real Estate Express, Insurance License Express and License Tutor. Follow him on Twitter.