A new year has dawned, and with it an optimistic outlook for working real estate professionals. 

Despite the sales slump of 2023, home prices have remained stable. Interest rates appear to have peaked and are expected to settle somewhere in the six percent range. At the same time, according to the latest forecast by NAR Chief Economist Lawrence Yun, housing inventory will likely increase as life events such as marriages, births and deaths force homeowners who have been sitting on low mortgage rates to make the moves they have thus far resisted. 

“In essence,” said Yun, “the real estate market is poised for an uptick of both buyers and sellers in 2024. We will start to bridge the gap between supply and demand and bring about a more dynamic and balanced marketplace.” 

Yun notes that sales of newly constructed homes are up 5% over last year.  

“Despite facing high interest rates, home builders have been able to generate inventory and elevate supply,” he said.  

Still, as mortgage rates decrease and inventory increases, Yun said, a rise in home sales of about 13 percent is anticipated in 2024, along with another year of stable pricing. 

In a time when work-from home needs and technology-driven options are changing the wish lists of younger home buyers, agents dedicated to earning their share of the rise may want to consider the value of additional education and/or specialization. 

To stay ahead of any market shift, real estate professionals look to diversify their business to build additional income streams, said Ryan Serhant, CEO of Serhant Real Estate and star of Bravo’s “Million Dollar Listing New York. “The best agents—the ones who win the race—are the ones who speed into the curve.  

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This material is meant for general illustration and/or informational purposes only. Although the information has been gathered from sources believed to be reliable, no representation is made as to its accuracy. This material is not intended to be construed as legal, tax or investment advice. You are encouraged to consult your legal, tax or investment professional for specific advice.  

About Bobbi Pronin  

Bobbi Pronin is an award-winning writer based in Orange County, Calif. A former news editor with more than 30 years of experience in journalism and corporate communications, she has specialized in real estate topics for over a decade.  

Bobbi is not an employee of Anywhere Integrated Services or affiliated with its title companies.