08/1/24

Not to scare you, but 2024 is more than halfway through. We’ve all done plenty of great things so far, but if you’re anything like us, there’s still so much more to accomplish.

Sometimes, the best way to move forward is to pause and look back. That’s why we’re focusing on some of the predictions about 2024 that haven’t come true yet and what that means for the rest of this year.

2024 was going to be the year of several rate cuts. Real estate experts and other industry observers were sure the Federal Reserve would be ready to slash its rate multiple times. Instead, the group has held the rate steady, which has caused mortgage rates to hover around 7% all year. In turn, there hasn’t been that flurry of housing activity most of us in real estate had hoped for. (One 2024 prediction was that mortgage rates could be as low as 4.25% by the end of summer.)

However, there’s growing optimism that a rate cut is still coming – and that buyers will finally be able to capitalize on lower interest costs – but nothing has come to fruition so far.     

Housing inventory would remain low. Maybe it’s because many buyers are still on the sidelines, but the number of homes for sale across the country has been steadily increasing since the spring after being at historic lows so far in 2024. The latest data shows almost a 25% rise in inventory nationwide compared to the same time last year, and experts expect even more prospective sellers to list if and when mortgage rates dip.  

The resolution of the NAR commission lawsuit was way down the road. When the Sitzer/Burnett decision was handed down in October 2023, it was unclear what would happen next. But instead of fighting the case in the courts for months – or years – the National Association of REALTORS® chose to settle the case quickly, and many like it, in March. The result? Agreed upon changes on how buyer’s agents are paid are taking effect this month, less than 10 months after the verdict.  

Of course, observers got a lot right when forecasting how 2024 would play out. Wire fraud and other cybercrime remain a danger to us all, housing prices remain strong, and AI and technology as a whole continue to revolutionize how we do business, just to name a few.

As we all know, real estate is full of surprises. However, you can always count on our teams to stay one step ahead these next few months. We’re always excited to navigate today’s challenges as we work together for a better tomorrow.