Cascade Title's Manager Message
Hello to all and as of June 21st, hello to summer!! It has been quite an unsettled spring and we are very deserving of a warm and dry summer!
As I have mentioned in the past, I watch the daily "Work Small Think Big" video update for the latest real estate happenings and I strongly recommend you do so too, it only takes about 5 sips of your favorite coffee drink! Their latest information directed me to the National Association of Realtors website as I was curious about the data they disclosed:
The typical NAR member has 12 years of experience and nine out of 10 say they are certain they will remain in the business.
NAR members in the business for tow years or less earned a median of $8,900, while those in the business for 16 years or more earned $47,100. Sixteen percent earned a six-figure income, reflecting the entrepreneurial aspect of the Realtor business.
Fourteen percent of Realtors work fewer than 20 hours per week, 30 percent work 20 to 39 hours per week, 41 percent work 40 to 59 hours and 15 percent work 60 hours per week or more. This means nearly half, 44%, are considered part time.
Median Realtor household income, which includes business income, any secondary income and spousal or partner income, was $91,700, which is above the national median of $50,000.
The survey shows the typical NAR member is 56 years old (which happens to be the age of yours truly!) and works 40 hours per week; 57 percent are women, who account for 50 percent of brokers and 63 percent of sales agents. Three percent of all Realtors are under 30 years of age and another 4 percent are 30 to 34 years old; 22 percent are 65 and over.
Only 6 percent of members report real estate is their first career; most bring expertise and experience from a wide range of other fields. Previous full-time careers include management, business or financial, 19 percent; sales or retail, 16 percent; office or administrative support, 9 percent; and education, 7 percent. Twelve other categories were each 5 percent or less; 14 percent were other.
What I see with the above data is very much a reflection of our current economy. As we climb upward to our once higher activity levels it will be interesting how these change and I will keep you posted on those changes.