Lawrence Yun

The real estate profession is one of the most competitive out there. It's almost like economic textbook definition of perfect competition.

The real estate profession is one of the most competitive out there. It's almost like economic textbook definition of perfect competition.

The real estate profession is one of the most competitive out there. It's almost like economic textbook definition of perfect competition.

Lawrence Yoon, Chief Economist for the National Association of Realtors.

Lawrence Yoon, Chief Economist for the National Association of Realtors.

Lawrence Yoon, Chief Economist for the National Association of Realtors.

Well, for homeowners, it is great news. I mean, people have seen the home price rise roughly 50% from pre-COVID days. But for the real estate professionals, the past two years has been quite difficult. High mortgage rate along with record high home prices. and limited inventory has restricted business opportunity.

Well, for homeowners, it is great news. I mean, people have seen the home price rise roughly 50% from pre-COVID days. But for the real estate professionals, the past two years has been quite difficult. High mortgage rate along with record high home prices. and limited inventory has restricted business opportunity.

Well, for homeowners, it is great news. I mean, people have seen the home price rise roughly 50% from pre-COVID days. But for the real estate professionals, the past two years has been quite difficult. High mortgage rate along with record high home prices. and limited inventory has restricted business opportunity.

Home sales essentially trending at 30-year low levels, even though their past clients are all happy, super excited about having been a homeowner.

Home sales essentially trending at 30-year low levels, even though their past clients are all happy, super excited about having been a homeowner.

Home sales essentially trending at 30-year low levels, even though their past clients are all happy, super excited about having been a homeowner.

The real estate profession is one of the most competitive out there. It's almost like economic textbook definition of perfect competition. You have so many new entrants every year, roughly 200,000 new people, entrepreneurs trying to test out their skill set. And then you have roughly 200,000 realtors who gave their best, but they said, no, it's not for me.

The real estate profession is one of the most competitive out there. It's almost like economic textbook definition of perfect competition. You have so many new entrants every year, roughly 200,000 new people, entrepreneurs trying to test out their skill set. And then you have roughly 200,000 realtors who gave their best, but they said, no, it's not for me.

The real estate profession is one of the most competitive out there. It's almost like economic textbook definition of perfect competition. You have so many new entrants every year, roughly 200,000 new people, entrepreneurs trying to test out their skill set. And then you have roughly 200,000 realtors who gave their best, but they said, no, it's not for me.

And then, of course, you had all different companies. business models, full service, limited service, discount brokerages. And great thing about America is that Americans can do it by themselves if they want to. So I thought the market was competitive, but I guess the lawyers can always convince few people to get the verdict they want.

And then, of course, you had all different companies. business models, full service, limited service, discount brokerages. And great thing about America is that Americans can do it by themselves if they want to. So I thought the market was competitive, but I guess the lawyers can always convince few people to get the verdict they want.

And then, of course, you had all different companies. business models, full service, limited service, discount brokerages. And great thing about America is that Americans can do it by themselves if they want to. So I thought the market was competitive, but I guess the lawyers can always convince few people to get the verdict they want.

Again, as an economist, I look at the competitive nature, the free entry and exit of the people in the profession. The only other industry that is more competitive, more dynamic than the real estate brokerage industry is in the restaurant, constantly coming in, constantly going out. So let's say there was a couple of unhappy consumers of a restaurant.

Again, as an economist, I look at the competitive nature, the free entry and exit of the people in the profession. The only other industry that is more competitive, more dynamic than the real estate brokerage industry is in the restaurant, constantly coming in, constantly going out. So let's say there was a couple of unhappy consumers of a restaurant.