Around the metro area here in Minnesota, there are more real estate agents than houses for sale, and it's been that way for some time.
I'm expecting some to drop out of the business, at least temporarily. Lots of housewives have their real estate licence, but don't really manage to sell any houses, or maybe one a year or so. I think they're going bye-bye for now.
The ones that stay are the ones who are generally best at it in the first place. They are good enough at their jobs to weather the storm.
If you are good, you are good, and your clients do not forget you. And if you are smart, you saved some for the leaner years. I retired before the huge R.E. boom, but the investments I made have given me a comfortable living, praise God! It seems these deep lulls occur every 10 years or so, and it does weed the industry out. But you are a sharp guy, so hang in there, MM.
I can understand why people would want to sell a house in Minnesota, but why would anybody want to buy one?