I'll have to admit, it has its appeal. In Palo Alto, where the average dinky 2 bedroom 1 bath single family dwelling* goes for about $1 million in about a week, 3% sounds very sweet. But, before you start studying for the California real estate exam, consider the competition. The chart below shows the number of real estate licenses per month issued in the State of California since mid-2001. Astounding isn't it?
From June 2001 to January 2005, 171,918 brokers and salespersons were added to the ranks for a grand total of 423,315 licensees. The estimated population of California in 2003 was 35.5 million. That makes 1 out of every 100 people you meet a real estate broker or a salesperson. How does this match up to, say, physicians? According to USA today, there are about 2.5 active physicians per 1000 residents.
*May require some fixer-uppering before being actually dwellable.