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Red-hot real estate market doesn't need more agents, experts say
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The coronavirus pandemic has pushed a surge of potential homebuyers into the housing market, many of whom desire more space and want to capitalize on historically low mortgage rates.
Still, this doesn't mean the industry needs more agents, according to some experts.
The "low supply of homes and high competition" will make it even harder for new agents to close transactions, a Redfin spokesperson told FOX Business.
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"The reality is that many people are getting into real estate right now, but most new agents will barely break even in their first year," the spokesperson said.
Even before the pandemic, the industry was very competitive.
"The industry is highly competitive even in normal times with some doing extremely well and earning a six-figure income, while others face challenges in building up a reputation and client base," National Association of Realtors chief economist Lawrence Yun told FOX Business.