Local real estate agents looking to branch off and start their own firm or expand their current business don’t need to look very far for opportunity, if a recent ranking by an online recruiting service is to be believed.
Yuba City was rated as the top market around, according to a recent report released by WizeHire.
The Tuesday report suggests Yuba City is the hottest market in the United States for the opportunity it provides real estate firms looking to expand.
“The red-hot real estate market of 2018 essentially made life easy for firms,” said Sid Upadhyay, president and cofounder of WizeHire, an service that helps small businesses find employees. “We saw a big increase in solo agents starting their own firms, which led to more competition for talent this year, particularly in the popular cities like Seattle, Denver, Columbus and Phoenix that we’re used to seeing on lists of hot markets. What we’ve uncovered now is where agents should turn their attention to catch the next booming communities.”
WizeHire identified the top markets for real estate agents by analyzing the country’s 300 largest markets and assessing the supply and demand of real estate talent in those communities. To help identify the best markets for recruiting, the company came up with the “opportunity index,” which is based on the attractiveness of the underlying real estate market (buyer demand and housing supply) and the number of licensed real estate agents actively seeking new opportunities relative to the number of available jobs.
Yuba City scored a perfect 10 on the opportunity index and a 92.8 in “market hotness.” Homes up for sale stay on the market an average of 58.5 days, and a total of 59 agents were reportedly seeking new positions at the time of the report. The report states Yuba City has experienced massive economic growth in recent years, and it noted the favorable ranking the city received in 2018 by the Milken Institute.
“The growth in Yuba (City) has created a booming real estate market. The area has a high median home price of $317,700 and homes sell quickly, typically within two months. With these ideal conditions, our labor supply data shows agents are eager for new opportunity in the Yuba (City) area,” the report states.
Other markets rounding out the top five include Pueblo, Colorado (only other city to receive a perfect Opportunity Index score); Beaumont-Port Arthur, Texas; Salinas, California; and Lafayette-West Lafayette, Indiana.
With new technology like Opendoor and Zillow gaining market share as an alternative to traditional agents, specifically in the larger markets, smaller communities like Yuba City provide a ripe opportunity for agents to capitalize on, according to the report.
To view the report, go to https://bit.ly/30pPYvA.