The NAR reports there's still 1.3 million used home salesmen out there.
I fully expect to see in the next ten years the death of the REALTOR profession and the NAR.
Yes, there will still be people paid to help clueless homedebtors out with housing transactions, but they will be paid an hourly or fixed amount fee. There will be no such thing as the NAR's MLS. Google will likely be the leading freely accessible online database of homes for sale.
And future generations will be amazed that an illegal uneducated immoral monopolistic cartel was able to steal 6% of the price of a home for doing jack sh*t.
Want a glimpse of what's to come? Think about the last trip you took, and how you did your air and hotel reservations. Then think back 10 or 20 years when you used to use a travel agent to do the same thing.
As housing slumps, realtors quit
"They've tasted success and big money, and now their standard of living has been rocked and reality has set in," says John Baen, a real estate professor at the in Denton. "The whole [economy] has been built on real estate. When the music stops, what is left?"
Evidence is growing that agents, especially in hard-hit markets like, , and Georgia, are closing up shop in large numbers, experts say.
In Cape Coral, Fla., where only 30 percent of agents sold even a single home last year, real estate agents are "dropping out" daily, says local realtor Ginette Young. The Oregon Association of Realtors reports an 11.5 percent decline statewide of licensed agents in the past year."It's a gold-rush mentality," says Michael Davis, an economist at Southern Methodist University's Cox School of Business in Dallas. He has been struck by how many agents, brokers, and investors, acting against conventional wisdom of portfolio management, converted large percentages of cash holdings into only a single and somewhat risky investment: property. "I don't know whether they're ignorant or optimistic, perhaps a little of both," says Dr. Davis.