The Effects of COVID-19 on Washington Real Estate

Thinking about becoming a realtor in Washington, but wondering about how COVID-19 has affected the market? You're in luck. Washington is booming with opportunity for real estate broker thanks to the pandemic. In fact, Seattle was recently named the best place to be a realtor due to the hot housing market and a large number of job opportunities. Learn more about how the pandemic has affected Washington-based realtors.

What Are the Pandemic-Driven Trends in Washington?

Washington already had a booming real estate market, but the pandemic has heated it up even more. Home prices are surging due to an increased demand for housing and a short supply of properties.

Single-Family Homes in Short Supply

Record low mortgage rates have caused buyers to come out in force. However, there aren’t enough houses on the market for all of them. In May, the number of active listings in Seattle was down 46% compared to the previous year.

"While the U.S. as a whole is experiencing an inventory shortage, few cities can match Seattle, which had only 0.8 months of inventory in January 2021," said Michael Robinson, a security expert.

As a result, many residents of Washington's most popular city are moving east, out of King County, and into surrounding counties. Median home prices in Pierce County rose 15.1% during the first quarter of 2021, while Snohomish County wasn't far behind with an 11.4% increase.

This is now possible because the pandemic has given people the opportunity to work remotely. While many people previously had to live in the city to commute, working from home has allowed them to move further away where it's more affordable and open.

Less Competition for Condos 

Although single-family homes are harder to come by, it’s a great time to buy a condo. Many remote workers sold their downtown condos and relocated to the suburbs at the height of the pandemic. This sudden increase in inventory caused prices to dip. Now that workers are returning to the office, sales are picking up and prices are increasing. But overall, the supply and demand are well-balanced, making it easier for buyers to break into the condo market. 

How These Washington Housing Trends Impacting Realtors?

Washington homes are selling like hotcakes, which is great news for seller’s agents. But buyer’s agents also have an opportunity to grow their incomes. Lots of people are searching for homes and condos, which makes it easier to find clients. Since buyers are facing a tough market, they’re even more likely to seek the assistance of a skilled realtor.

Studies have also shown that Seattle is one of the best places to start your career as a real estate broker. WalletHub recently named Seattle the number one market for realtors. Due to the high demand for housing, Seattle has more job opportunities in real estate than any other city in the country. Vancouver also comes in the #11 spot, while Spokane is #33 and Tacoma is #51.

It’s also possible to earn a high income while maintaining a good work-life balance thanks to surging housing prices. A typical home in the Seattle area costs $800,000, which means you could earn a commission of $20,000 to $24,000 per sale before broker fees.

The average realtor in Washington earns just over $95,000 per year, which is one of the highest average agent salaries in the country. So whether you want to work part-time or full-time, you can make a comfortable living. 

Start Your Real Estate Career in Washington

The Washington real estate market is bustling, which makes it a great time to become a real estate broker. But before you can embark on your new career, you’ll need to pass the Washington real estate exam and get your license. 

At Aceable Real Estate School, we offer an online pre-licensing course to help you ace your test. It’s state-approved and comes with comprehensive study guides and practice tests so you’re 100% prepared for exam day. We’re so confident you’ll pass that we offer a full refund if you don’t get your license after three attempts.

Sign up for our course today to get one step closer to your new career in Washington!

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