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Where did all the kids go? Where are all the young Realtors?
NAR released its latest member profile this week, and as usual, it contains a lot of interesting facts, and points to both big challenges and big opportunities for our industry.
One trend, highlighted by our friends at REAL Trends, is the growing discrepancy between the average age of Realtors® and that of home buyers. Of course, this discrepancy is not new to us. But, it has increased dramatically since the downturn. A quick analysis of the NAR data shows some pretty stunning changes in the Realtor® population between 2007 and 2010:
There were 307,000 fewer Realtors® in 2010 than there were in 2007. That's a 21% drop, and a big deal, but probably not a shock to any of us. What is more noteworthy is where those losses came from. Of the 307k net losses, 270k came from Realtors® under the age of 50, and 379k came from Realtors® under 65. Now, you may be thinking, "that doesn't seem to add up"... That is because there are now 72k MORE Realtors® over the age of 65 than there were just 4 years ago - an increase of 44% - offsetting the losses in the other age brackets, and bringing the net loss ... more
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