BY DESTINY MATEO
Many people looking for promising jobs search online for options that don’t require a college degree. Not long ago, “realtor” used to be a top choice, offering financial stability without higher education. But things have changed in New York’s housing market, making it tough for real estate professionals.
Patricia Zielinski, a real estate agent with over 20 years of experience, shared her story. She said, “I’ve been in real estate for over two decades, and it used to be my main source of income. But now, it’s slow, and I’ve had to find a part-time job to make ends meet.” Zielinski’s situation echoes the concerns of many in the real estate business who used to thrive in New York’s busy market but now face economic uncertainty.
According to NAR, the National Association of Realtors, only 13% of real estate agents are able to make a living as a real estate salesperson. And about 87% of new realtors lose their drive and swap careers when they don’t see an immediate sale. That successful 13% is now hitting an iceberg as the market is no longer in their favor, despite their experience and expertise.
The housing crisis in New York has made things harder for real estate agents. There are fewer buyers, and many people are leaving New York due to financial problems caused by inflation. What was once a bustling real estate market is now uncertain and challenging.
NYSAR, New York State Association of Realtors, has reported a 22.6% drop in closed sales, the number of transactions a realtor completes, from the previous year and a 22.4% decrease in the number of new property listings in the second quarter of 2023. As the numbers decrease, so do the incomes of New York realtors.
“It’s a known fact that the market is full of surprises. I’ve had my shares of ups and downs within my career as a realtor, but never, and I truly mean never, has it been this bad.” says Zielinski.
For those considering a career in real estate, the once reliable opportunity has lost its luster. “I don’t think it’s a good time to become a realtor, at least not in New York. Investing in real estate might be a good idea, but becoming a licensed realtor is tough right now.”
Realtors are now looking for other ways to make a living, and the dream of making it big in New York’s real estate world doesn’t seem as bright as it once did.