New: 🧠 Market Minds Issue #009

We appreciate each and every one of you for taking the time to read Market Minds. Thank you all for your support this year. We look forward to seeing what 2024 brings! Buckle up and enjoy the free value - and you won’t want to miss the listing perfect for those looking to dive into homeownership.

NAR’s Hottest Markets in 2024

Most people are hoping that falling mortgage rates help home sales rebound as we head into the new year.

Here are the top 10 cities expected to benefit from pent-up buyer demand, according to NAR:

1. Austin, Texas

2. Dallas, Texas

3. Dayton, Ohio

4. Durham/Chapel Hill, North Carolina

5. Harrisburg, Pennsylvania

6. Houston, Texas (yes, the complete Texas Triangle)

7. Nashville, Tennessee

8. Philadelphia, Pennsylvania

9. Portland, Maine

10. Washington, DC; Arlington/Alexandria, Virginia

Migration-Boom Settling Down

The share of homebuyers moving to a different metro area is coming down from a peak as it becomes less feasible to work remotely. For those who are relocating, the most popular destinations are relatively affordable places like Sacramento, Las Vegas, and Spokane, WA.

Despite the decline, the migration rate remains above pre-pandemic levels of around 19%. This suggests that some Americans are still chasing affordability. In fact, all 10 of the most popular migration destinations have lower prices than the most common origin of buyers moving in.

Tip: When was the last time you checked in with your referral partners?

Pump the Brakes

The National Association of Realtors (NAR) is taking steps to halt a nationwide class action lawsuit regarding buyer agent compensation. NAR attorneys have filed a motion requesting a temporary stay in the Gibson case, which is one of the "copycat" commissions lawsuits filed in Missouri following the Sitzer/Burnett verdict on October 31. The association is seeking to pause the case until post-trial motions or its appeal of the Sitzer/Burnett case are resolved.

Overall, NAR is taking proactive measures to address the nationwide class action lawsuit over buyer agent compensation. By seeking a temporary stay in the Gibson case, the association hopes to navigate the legal process strategically and potentially eliminate or minimize the impact of the lawsuit.

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Dive into Homeownership

We’re sad to say that this listing is pending. But in the event they back out and you have buyers in Arlington Heights, IL, they can dive in for only $350,000. View the full listing here.

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TL;DR (Too Long; Didn’t Read)

Falling mortgage rates are anticipated to boost home sales in the new year, with specific cities like Austin, Dallas, and Dayton expected to benefit the most. However, the recent migration boom is slowing down as remote work becomes less feasible, with popular destinations for relocating buyers being more affordable places like Sacramento and Las Vegas. Meanwhile, the National Association of Realtors (NAR) is actively addressing a nationwide class action lawsuit over buyer agent compensation, filing a motion to temporarily stay the Gibson case in an effort to strategically navigate the legal process. Dive into home ownership for < $350k.

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

Cheers & Happy New Year to you and your families 🍻

-Market Minds Team