Can you believe it’s 2024?? I know, it’s crazy. Are you ready for what the year has in store? We’re coming off of a historic year with rising interest rates and we’re heading directly into an election year (and a leap year!). No one knows exactly what is going to happen, but here are my predictions.
Last week, we delved into the 2023 real estate market, examining its highs, lows, and notable points. If you missed it, I recommend checking that out. This week, however, we’re focusing on my top four predictions for 2024.
Before diving into these predictions, I’d like to express my gratitude to Kimsey Evans Real Estate for allowing us to tour and feature the beautiful home at 143 North Smallwood Place.
Prediction #1: More Transactions in 2024
In 2023, we saw transaction counts and mortgage applications taper off as interest rates soared. However, with rumors of potential rate decreases in the election year, I predict more transactions in 2024.
Historically, interest rates drop 1 to 1.5% during election years. So, if you’re considering buying or selling, be prepared: get pre-approved, have your proof of funds ready, and choose the right agent.
Prediction #2: More Buyers
Economists suggest that for every 1% decrease in interest rates, 5 million new buyers emerge. Many potential buyers have been sidelined by the high rates, but with expected decreases in 2024, we anticipate a surge in buyer activity, fueling competition.
Prediction #3: Shift in the Agent World
We’re observing a trend where solo agents, independent and local brokerages are merging or transitioning into larger global firms. Agents are seeking more resources, networking opportunities, and innovative sales strategies. This movement is driven by the desire for growth and the need to stay current with market trends and technology.
Prediction #4: The Importance of Video in Real Estate
Video has become an essential tool for agents. Whether it’s walkthrough videos for sellers or educational content for buyers, video is key to staying visible. I’ve worked with Rooster Fish Media for over three years, and their support has significantly impacted my business growth. If you’re an agent not utilizing video, it’s time to start. Subscribe to my newsletter if you’d like to watch my videos this year.
Conclusion
2024 looks set to be an eventful year in real estate. Whether you’re an agent, buyer, or seller, it’s important to stay informed and prepared for the changes ahead. If you have thoughts, questions, or need assistance, feel free to reach out.
And remember, whether it makes sense to buy or sell in 2024 depends on your unique situation, but you won’t know unless you explore your options. Let’s get ready for an exciting year ahead!
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