With home sales down sharply, interest in entering the real estate profession in New Jersey has fallen precipitously.
Real estate classes are half-empty and agents are looking for other work until the cycle begins again.
The number of people getting real estate licenses in 2008 fell by a third, according to state statistics, following a 17 percent decline in each of the two previous years…
"People are saying, 'Wow, I've got to get a real job,'" said Richard Leonard, who owns Arcadia Realtors in Roseland.
I haven't seen data from other states on this, but I would imagine this trend is playing out in other parts of the country as well. And quite frankly, this is good news for the full-time real estate professionals with the resources to weather the downturn. Less new competition entering the market now should put brokers who can stay afloat in a better position to land commissions when the market picks up.