An article in Sunday’s Tribune talked about the slowdown in homes going into escrow and the impact on Realtors but they failed to present reality.
There are 3500 Realtor members on the Central Coast. Say we’ll end up with a total number of 1300 homes going into escrow from May 1st – July 31st. This means 2600 representations of Buyers and Sellers (1300 x 2 = 2600). If every Realtor only had one side of a transaction the last 3 months, 900 Realtors would not have made ANY money. Now if you adjusted for “Double Ending” and use the 20/80 rule (20% of the Realtors do 80% of the business) the reality is well over half of Realtors on the Central Coast have not made any money since May 1st.
If the low number of Pending sales continues, there will be *many* Realtors leaving the profession.