If you’ve just acquired your agent or broker license, it’s time for the business to begin. But where should you start? Location is everything in this industry, so you can’t make the choice lightly. By the same token, if your real estate business isn’t booming, then maybe it’s time to do what you’ve helped so many of your clients do—relocate to greener pastures.
With 50 states to choose from, each with an individual market, the decision on where to settle is a difficult one. Read on for the upsides of five states that may help you narrow down your decision of where to settle.
Looking at the data, Florida has a lot going for it real estate-wise. It is one of the states where the most new homes are being built, not only boosting inventory but signaling interest. Indeed, if you’re looking to help sell or buy existing homes, Florida ranks high both in terms of out-of-state people moving in and “resident loyalty,” i.e. Floridians moving within the state instead of leaving.
Another booming Southern market is Texas, the Lone Star state. With four prominent metropolitan areas, Texas ranks as a competitive market statewide. Like Florida, Texas also ranks high in popularity among inbound movers and in terms of resident loyalty.
This is a popular state due to features like lack of state income and a varied job market.
Colorado remains the most popular of its mountain west neighbors. Between the 2010 and 2020 censuses, the state’s population grew 15%. Forbes noted its draws include, “four-season climate, casual culture, economic opportunities and endless outdoor activities.” Looking forward to 2023, analysts have described the Colorado real estate market as one where prices are falling but inventory is still not high, meaning the state holds incentive for buyers and agents looking to help close deals.
They don’t call it the Golden State for nothing. California is the most populated state in the country and the third largest in land area–that means there’s a lot of potential real estate to buy and sell. Indeed, California comes in third for most popular moving destination in the country. At the same time, it also has a high volume of people moving out–if you want to be a listing agent, that makes California look especially attractive
Let’s get this out of the way; Vermont is one of America’s smallest states, coming in at 45 out of 50 in land area, plus a lot of it is rural. This means that there’s a limited supply of real estate. If there’s an upper limit on this market, why open up shop here?
Well, because people are moving to Vermont. The United Van Lines’ National Movers’ survey for 2022 ranked Vermont as the No. 1 state for inbound movers; the majority are moving there primarily for job or family-related reasons. It’s not just permanent settlers either. The Green Mountain State also ranks high in capacity for secondary or seasonal homes. This presents the opportunity to carve out a niche as a real estate professional.