New: 🧠 Market Minds Issue #005

We appreciate each and every one of you for taking the time to read Market Minds. Buckle up and enjoy the free value - and you won’t want to miss the crazy listing built around rocks with an underpaid architect.

Follow-Up with Your Buyers

Pulsenomics surveyed a national panel of over 100 economists, real estate experts, and investment and market strategists.

Their estimate? Home prices will continue to rise.

Start prospecting NOW to give yourself a head start for 2024. The next time a potential buyer says they’re going to wait for rates to come down, respond with this:

“If home prices were expected to rise over the next 4 years, wouldn't you want to take advantage of that appreciation on your biggest investment?”

Then they should say something along the lines of… “duh.”

Tell Your Buyers to Stop Freaking Out

Here are some key findings for buyers and sellers in 2024 from BrightMLS:

1. Mortgage Rates: Mortgage rates are expected to fall below 7% in the first quarter and range between 6-6.5% before reaching 6.2% at year-end.

2. Home Sales: Existing home sales are expected to end the year at 4.6 million, which is a 12.1% increase from the record low numbers in 2023. However, this is still below the number of home sales in a typical year.

3. Inventory: Changing family and financial circumstances will prompt more sellers to enter the market, leading to a 7.6% increase in inventory at the end of 2024.

4. Home Prices: The median home price in the U.S. is projected to rise by just 1.5% to $394,200. Growing affordability challenges and an increase in the supply of new homes will send home prices lower in some markets, particularly in California and Florida.

2024 Recession?!

Here’s what Wall Street thinks.

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Rock On 🤘

Who doesn’t want a ginormous rock in every room of their $3.5M house when you live in Carefree, AZ? What a fitting city name. View the full listing here.

No, but seriously… you have to see the rest of the photos 😂

TL;DR (Too Long; Didn’t Read)

The real estate market is anticipated to see continued growth in home prices. To get a head start for 2024, start prospecting now and address concerns about waiting for lower interest rates by highlighting the potential appreciation of their investment over the next four years. Reassure buyers that mortgage rates are expected to decrease, home sales will increase, and inventory will rise, creating a more favorable market despite some localized variations in home prices.

Have a great weekend - we’ll see you next Saturday.

Cheers 🍻

-Market Minds Team