As Florida Real Estate Market Heats Up, Student Agents Cash In

Looking for more signs that this is a prime time to consider Florida home loans? That the housing market is red hot? You got it: more and more students are taking time out of their schedules (of sleeping, partying … and maybe studying) to sell real estate in the area.

Take Michael Havens, for instance. The Florida State University student has been trying to sell a $589,000 house in northeast Tallahassee. In between classes, he has a job as an agent for Volare Real Estate.

Havens wanted to get his real-world experience now while the industry is strong - and the Florida real estate market is certainly a hot bed of real-estate activity.

“More people are locating here,” Havens said.

Rising popularity of Florida home loans

Dean Gatzloff, a department chairman in Florida State University’s College of Business, said over the next 25 years, Florida’s population is projected to increase by about 12 million. The historically low interest rates appeal to all buyers and are major contributors to the growing interest in real estate by consumers, investors, developers and students.

Before 2001, the college averaged about 120 real-estate students. Now it has 420.

Though there isn’t a real estate program at Florida A&M University, Booker Warren, professional-development coordinator in the School of Business and Industry, said students have shown an interest in real estate. The once-dormant Real Estate Club of FAMU resurfaced last semester.

Devin Cobb, a FAMU business student and Realtor at Keller Williams Town and Country, heads the group.

“We wanted to educate students about careers in real estate, buying a home and investing. A lot of people have built wealth owning and selling real estate,” Cobb said.

Others entering the Florida home loan market

Kevin Wattenbarger, a real estate student at FSU who’s also with Keller Williams, said it’s far from easy to juggle school, work and, in his case, the National Guard. But he considers it worth it. With real estate and Florida home loans representing a majority of Florida banking figures, it’s understandable why there’s money to be made in this field.

In Tallahassee, the median price of a home is $232,000, a 17-percent increase from last year. In Leon County, first quarter sales had an average home priced at $244,000. But there are some good deals for people who are willing to share space or buy a townhouse.

According to Haven’s calculations, a $140,000 home, with a 5-percent down payment at a 6.12 percent interest rate for 30 years, would cost $1,129 a month. The Florida home loan, which includes insurance and taxes, can be divided between three roommates, leaving the owner with no rent and more than $200 left over.

Buying a home in Tallahassee is a good, affordable investment, especially for students who plan on being here for more than four years, Havens said.

“Young people are comfortable with dealing with me,” Wattenbarger said. “If not for my experience, I don’t think some of these people would have bought a home (in college).”