08/20/24

There are plenty of sayings out there about being patient and not getting too excited. “Don’t count your chickens before they hatch” is one. Even Albert Einstein once said, “Assumptions are made, and most assumptions are wrong,” but despite these cautions, we’re optimistic and eagerly planning for a busy fall.

Don’t worry, there’s plenty of reason for these good feelings. Mortgage rates are already falling, the Federal Reserve finally seems to be ready to cut interest rates, and for better or worse, the much-talked about National Association of REALTORS® changes have gone into effect.

So, here are a few things buyers, sellers and real estate professionals should keep in mind as we continue in 2024.

There should be plenty of activity. As mortgage rates continue to decline, prospective sellers will likely list in greater numbers. While inventory has been stronger than many experts predicted at the start of the year, surveys and data show there are still lots of prospective sellers out there, with current mortgages too good to give up. On the buyer’s side, lower rates will increase buying power and help more people qualify for a mortgage. We’re not saying sellers should soon expect multiple offers, but we’re not not saying that either.

Sellers and professionals alike should prep now. “By failing to prepare, you are preparing to fail.” We’re leaning into the quotes in this post, but for good reason. While the potential of a busy fall season should be celebrated, sellers and real estate professionals will only be able to take advantage of it if you’re getting ready for it now. If you’re in our business, think about it. Could you and your team, as currently constructed, handle an influx of transactions? What needs to be done to make things smoother and easier? Answer those questions now, before the potential flurry.

First-time buyers should continue to be a big part of the equation. This is a demographic we all love working with. However, first-timers got lost in the shuffle the last couple of years. That hasn’t been the case in 2024. While this group has been taking advantage of less competition so far, it’s important for all of us to know that many out there are ready to make their home homeownership dreams a reality sooner than later.

Fraudsters will continue to be a problem. We couldn’t make this entire piece, all unicorns and rainbows. Cybercriminals engaging in traditional wire fraud schemes and seller impersonation continue to target real estate transactions, and this nefarious activity will only become more prevalent as sales activity picks up. (More conversations mean more opportunity, after all.) Remember, you and your clients are never too busy to let your guard down. So, keep double-checking things, be suspicious and keep warning anyone who will listen that these scammers are lurking. It’s important that none of us fall for these tricks.     

No matter if football, pumpkin everything or all things harvest is your favorite part of autumn, we’re hoping that Fall 2024 is good to us for another reason: more home sales and dreams realized. But no matter what the season has in store for us, our teams are ready to work with you!