OPERATIONS: BUYER-AGENT RELATIONSHIPS
An Agent’s Survival Guide to 2024’s Market Shake-Up YOU CAN MASTER 2024’S MARKET FOLLOWING THESE THREE ESSENTIAL AGENT TIPS.
RYAN MICHAELIS
R elationships between buyers and agents are undergoing a major shake-up this year. Thanks to shifts in market conditions and rapid technological advancements, 2024 is shaping up to be a year when well-informed and demanding buyers are setting new rules. Real estate professionals are finding that the same old tactics just don’t cut it anymore. Keeping an eye on these evolving trends is crucial for agents aiming to stay ahead. During the past year, U.S. median home prices experienced a slight decline, decreasing by roughly 2%. This slim price adjustment mildly enhanced affordability for prospective buyers. However, any benefit was
largely counterbalanced by an uptick in mortgage rates, with rates remaining stubbornly above 7% and adversely affecting both buyers and sellers. Consequently, the financial accessibility for homebuyers remained stringent, sustaining a challenging buying environment. Despite these hurdles, the approximately 15% increase in home inventory as of February compared to last year suggests a potential for price negotiations and could be seen as a silver lining for buyers in this tough market. Real estate agents must skillfully handle these challenges with plenty of patience, consistent effort, and strong client advocacy. Getting a real grip
on these market dynamics can help agents guide their clients through the rollercoaster of buying and selling homes today. Strengthening the real estate agent-client relationship should always be top of mind and emphasize building trust, staying responsive, and delivering service. UNDERSTANDING NEW BUYER EXPECTATIONS The pursuit of homeownership has indeed reached new heights of complexity. With the rising cost of living and many potential buyers’ purchasing power diminishing, the dream of owning a home has become more daunting. Extended search periods
68 | think realty magazine :: july - august 2024
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