Economic crisis forces realtors out

Friday, the Roanoke Valley Association of Realtors released its September numbers.
   
Last month, only 323 houses were sold, compared to 372 in August.  The value of houses has also fallen off since June with an average of just under $200,000.

The changes in the economy are hitting realtors a little close to home.

Michelle Elegy is a 40 something mother of two and now three weeks in to her new job.
   
The downfall in the economy has forced her out of real estate and into business technology.

“In a couple of years the market will turn around, but I do think it will be a 2 to 5 year window and I couldn’t wait that long to make money,” said Elegy, a former real estate agent.
   
Elegy says she was working 15 hours a day, sometimes 7 days a week, selling between $6 and $9 million worth of property, but getting almost nothing in return.
“After expenses it was nothing for me, I mean honestly.  Last year I spent $60,000 or $70,000 in advertising, my office expenses, my business expenses were another $50,000, so I had staff I also had to pay for,” Elegy said.

There are plenty more realtors out there running for the hills just like Elegy.  In July of 2007 the Virginia Real Estate Board licensed more that 45,000 active realtors.  In July of this year that number fell nearly 3,500 and October 1st they recorded again another decrease to 40,942.

Potential realtors are falling by the wayside as well, with 4,000 less people taking the licensing exam this year.

“It’s depressing, it’s very depressing,” she said.  “There have been several small firms at the lake that have closed.”
   
As buzz continues around the uncertainty of the economy, Elegy knows her next paycheck is sure thing.