In recent years, the housing market has made an incredible recovery. With property values now consistently rising and the worst tendencies of both financial institutions and borrowers curbed, many believe that we are entering a new golden age of real estate. For those in the market for a new home for their families – as well as those seeking to make long-term investments – some markets provide more promise than others.
From the perspective of starting a real estate agency, the same holds true. There are some states and metropolitan areas where growth provides more opportunity for agents than others. But which states in particular are showing the most long-term promise?
We’ll examine the best states in which to start a real estate agency in 2019, to help guide your business decisions in the right direction.
Beautiful year-round weather and majestic views of the Gulf of Mexico can make every day at work more enjoyable, but there are plenty of other reasons for real estate agents in Tampa to love this market. Arguably the best metro area in the Southeast for real estate at present, the city is experiencing rapid growth in both home construction and employment. With thousands of new people flocking to the city every year – driven in large part by reasonable real estate prices – there is plenty of room for growth in this metropolitan paradise.
Fargo, North Dakota
For those seeking to tap into profitability in real estate above all else, the city of Fargo in North Dakota is a stark contrast from the sunny beaches of Tampa. This small metropolitan area may seem like an odd choice, but rapid growth and above-average real estate prices can make each sale far more valuable to a real estate agent. Due to a booming energy sector in the state, home construction has had difficulty keeping up with demand. However, these factors are beginning to equalize – meaning real estate agencies can begin taking advantage of both fresh housing supply and higher-than-average sale prices.
San Francisco, California
Another market with rapid growth and ample profitability to be made in real estate is in San Francisco. Prices for homes and apartments are reaping huge profits for real estate agents operating in the area, driven by a variety of factors. Virtually everybody has heard of San Francisco’s housing crisis – but from the perspective of real estate agencies, robust demand coupled with expensive housing presents a plethora of opportunities for agents who are adventurous.
Recently ranked as the #1 city in the nation for real estate agents, the city of Seattle has many of the same dynamics at play as San Francisco. With median home prices currently three times the national average, agents operating in this in-demand market can reap huge commissions for each residential or commercial sale. With strong growth in employment and migration projected for 2019, there is little to suggest that this paradise for agents will be ending anytime soon.
There are literally hundreds of markets throughout the US where real estate agents can carve out niches for themselves and be successful. However, some markets present more base opportunity than others: these four cities each provide uniquely different environments for agents, but all of them offer an opportunity to build and expand successful real estate agencies in the process.