Recent Rise in Homes Sales in Kentucky Prompt Increase In Real Estate Test-Takers
The recent rise of real estate sales in Kentucy has been credited for bringing the real estate profession back into the limelight, reported Business First.
Could this trend follow in other states?
According to the Kentucky Real Estate Commission, the increase in real estate sales is an indicator that the profession for agents and brokers are also in high demand. Between July and December of last year, nearly 418 individuals applied and took the commission exam for real estate associate, said Michelle Gray, a licensing specialist, in an interview with The Business Journal. She said at this rate, approximately 836 people would have taken the commission exam by the end of this June.
Last year's numbers reported 770 people took the associate's exam. Compared to last year's fiscal year, that would be a 8.5 percent increase in exams takers.
The housing market crisis sent the real estate profession in a downward spiral. But as the market slowly rebounded with mortgage rates at a all-time low and homeowners looking to purchase new homes, the real estate profession has responded.
Previous numbers showed 792 individuals participated in the real estate associate's exam and that was three percent more compared to the 2010 to 2011 fiscal year, reported Business First.
The commission also found test-takers increased to other exams like the broker's exam. The numbers showed 60 individuals signed up for the exam in this fiscal year that means the number would be 120 by the end of the term--a 25 percent increase from the year before.
Last month, The New York Post reported a trend has also increased to accommodate the high enrollment of students who want to take their real estate licenses as a result of high unemployment rate and a limited amount of opportunities presented in other fields.
Stephen Gilpin, the director of New York Real Estate Institute in an interview with The Post found his school's registration increased between 2011 and 2012 from 3,000 to 5,000. An increase in real estate agents hired was also reported at Douglas Elliman, where they hired 812 new agents last year, an increase from 693 in 2010, The Post reported.