If you are an aspiring real estate agent in Texas, now is the time to launch your career in the state. To know the reasons, let us take a quick look at the 2024 predictions for the Texas housing market.
What 2024 Has in Store for the Texas Housing Market
Growing sellers’ market: In 2023, sellers chose to remain on the sidelines but that is about to change. It is estimated that those who want to downsize will add about 30 million housing units to the market. There will also be people wanting to move to a more affordable place.
Stabilized mortgage rates: The mortgage rate of 7.79% in October 2023 was the highest in 23 years but it fell to 7.35% the next month due to a slowing economy. Even though the rates will remain above 6%, they will stabilize at comparatively low rates in the second half of this year.
Rise in home buyers: House hunters will be back in 2024 after mortgage rates that had been historically high in Oct 2023, showed a gradual decline. House buyers will be back riding on the back of easing inflation and stabilized mortgage rates.
Rise in new home construction sales: Texas leads the nation in the construction of new homes with more than 200,000 permits issued in 2023. Houston alone saw 23,000 permits issued for new home construction. These new units will be up for sale next year.
Whether you are looking at the future of the real estate industry in Texas from a buyer’s or seller’s perspective, things look upbeat. With more sellers and buyers and stabilized mortgage rates, take the plunge now into a lucrative real estate career.
How Do You Become A Real Estate Agent in Texas
Make a comparison of the steps to become a real estate agent in various states and you will not find many differences. The main variance is the number of hours of pre-licensing education required in the states. For example, the real estate license Texas course is 180 hours while in California it is 135 hours.
Here are the steps to acquire a license and become a real estate agent in Texas
Step 1
Age requirements: You must be at least 18 years of age and a citizen of the USA. Leeway is given to legally-admitted aliens too provided they have working rights in the country.
Step 2
Real estate license Texas course: To get a license, you must complete 180 hours of a real estate license Texas course. There are 6 modules of 30 hours each covering the following topics:
- Principles of Real Estate 1&2 (2 x 30hours)
- Law of Contracts (30 hours)
- Promulgated Contract Forms (30 hours)
- Law of Agency (30 hours)
- Real Estate Finance (30 hours)
When you choose a pre-licensing course, ensure that the course provider and the study materials are approved by the Texas Real Estate Commission (TREC). It is the controlling body for issuing licenses to real estate professionals and establishes the laws governing the industry in the state.
A real estate license Texas course may be either in an in-person or online environment. However, an online course gives you the flexibility to study at your own pace and convenience.
Click here to know more about real estate license Texas course.
For instance, check out the online course offered by RealEstateU, a leading provider of real estate pre-licensing coursework. The course is designed from scratch by experienced real estate professionals in the field and is the most affordable in this niche.
Most importantly, you can also get an additional guide and exam prep with practice questions and mock tests. It will help you to better get ready for the real estate exam.
Step 3
Verification of fingerprints: You have to submit your fingerprints to the Texas Department of Public Safety for verification of any past criminal records. This is required as real estate agents are expected to maintain high standards of honesty and integrity without any adverse past.
Step 4
Apply for a Texas real estate license
You must now apply for a real estate license online on the website of TREC. Proof of having completed the 180 hours of real estate license Texas course and the Fitness Determination Certificate of the fingerprint verification need to be attached to the license application.
Step 5
Pass the Texas real estate licensing exam
You must now schedule and pass the licensing exam conducted by TREC. The exam has two parts, one is the national component that is common to all states and the other is the state-specific part. The second focuses on the rules and regulations covering the real estate sector in Texas.
The exam is held at fixed centers designated by TREC and is conducted online. Examinees must score at least 70% to crack the exam. Since the exam is held online, the results are announced at the center itself immediately after the test is completed.
You have three attempts to pass the exam. After that, you must go through the module of the real estate license Texas course again where you were unsuccessful.
Step 6
Join a brokerage firm: In the initial stages of your career, you must be mentored by a broker who will teach you the ropes about the industry. This step is mandated by TREC as a part of issuing a real estate license.
After completing all the steps, inform the TREC about it. You will be issued a Texas real estate license to launch a very lucrative and rewarding career.
