A strong housing market isn’t just good news for sellers. There are many companies, contractors, freelancers and business professionals who also benefit when prices are high–and suffer during a recession or when housing markets are low. No man (or businessperson) is an island, and it’s important to think holistically.
It’s still a buyer’s market, but the housing market is slowly improving. Here are 5 industries that are benefitting along with it–and might just be great professions to get into right now.
1. Real Estate Agents
When a home sells for a good price, that’s a higher commission for real estate agents. While the best of the best survived the recession, others didn’t fare so well. The housing market dictates how fat an agent’s wallet is. They have to be able to ride out the highs and lows, which is why this isn’t a career for everyone.
2. Home Contractors
Home contractors in Beverly Hills, Miami, New York and Seattle also ride the housing market wave. When people have money to put into their house, contractors benefit. While there are many instances where a contractor is necessary no matter what–such as if a roof caves in–a lot of the times, contractors are used for optional things like solar panels or a new office space.
3. Mortgage Brokers
Most mortgage brokers work for banks, which means they’ll get paid their base fee no matter what. However, when housing markets drop, banks start trimming the fat and brokers might be the first to go. This can be a difficult job, and stability is tied to something uncontrollable. Even worse, brokers were blamed for handing out loans that shouldn’t have happened, and a few bad apples marred the reputation of the entire industry.
4. Interior Designers
These professionals depend on homeowners having funds to beautify their home. While their skills are vast, luxury items like this are often the first to go. When homeowners are cutting corners, they often nix things like interior designers and try to take on the task themselves. When the market is good, interior designers have a bustling client portfolio.
Everyone wants a gorgeous lawn, and it’s a must for curb appeal when trying to sell. During a good housing market, more people are inclined to let the pros handle things or up their monthly maintenance to once a week. Landscaping can be a lucrative business, but it’s tied directly to the market.
There are many professionals whose income is largely dependent on how the housing market is doing. Now that the economy is trudging forward, is it the right time to get in on one of these professions?