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Navigating the Shift - Opening Doors in 2024

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Real Estate Agent with Savvy + Company (704) 491-3310 228209

Navigating the Shift - Opening Doors in 2024

Here we are at the end of Q4, December 2023 and the real estate industry is facing several significant challenges. Let's review those for a moment...

  • Inflation and Interest Rates: The real estate market is being heavily impacted by high inflation and rising interest rates. These economic factors have been influencing consumer spending all year. We have, thankfully, avoided a recession which would affect demand for both residential and commercial real estate.

  • Housing Imbalance: There remains a significant imbalance in the availability of housing, relative to the number of workers. This continues to lead to a shortage of rental units, affecting home ownership opportunities.

  • Hybrid Work Models: The shift towards remote and hybrid work models is significantly impacting the office sector. With a considerable percentage of the workforce continuing to work in a hybrid format, there are implications for urban real estate markets, such as increased office vacancies and changes in tax bases.

  • Supply Chain Disruption: Challenges in the supply chain are causing delays in new-home construction, renovations, and repairs, leading to increased costs. This disruption affects the availability and affordability of housing and commercial spaces.

  • Labor Shortages: A mismatch between job openings and available workers is affecting productivity and compounding supply chain issues, further impacting the real estate sector.

 

What will 2024 look like? We will be opening doors in 2024!  Changing trends will begin Q2 of the new year. Interest rates will fall slightly during the first quarter, leading to movement in the market. Simultaneously, the rental market will soften as it already has this year.

 

The 10-year treasury yield dipped earlier this month below 4%, leading the mortgage interest rates to drop from 8% to the mid 6’s. If interest rates continue to dip as expected, we will see more people coming into the market. We expect to see even more movement beginning Q2.

 

Current ‘hot’ cities for homebuyers include Austin, Green Bay, Boulder & Huntsville, AL; these cities are leading the charge for destination cities. Charlotte remains a strong destination city for buyers as well.

 

With national inventory levels being down 20.8% year-over-year, sellers who have a great product to sell, are selling their properties very quickly. Charlotte’s inventory is down approximately 2% year-over-year.

 

The challenges we faced this year truly highlight the need for real estate professionals to adapt and innovate in response to evolving market conditions and external factors​​​​​​​​. I don’t know about you but, as a Charlotte North Carolina real estate professional, I plan to be opening MANY doors in 2024!


Thinking of making a move in 2024? Let's talk! I keep my finger on the pulse of the Charlotte Metro real estate market and am here to guide you through. Call or text me at (704) 491-3310

 

© Debe Maxwell, CRS | The Maxwell House Group | Savvy + Company | SavvyBroker@me.com |Navigating the Shift - Opening Doors in 2024

Comments(33)

Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

It's totally up to us to educate our sphere because the talking-heads media surely doesn't do that for us, Dorie Dillard Austin TX!

Dec 28, 2023 06:49 AM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Absolutely, Jim Paulson - I love the way you think! I plan to do just that! It's time to dominate this 2024 shift!

Dec 28, 2023 06:52 AM
Debe Maxwell, CRS

Interesting, Jim Paulson - did I say I love the way you think?! I have also read this book and agree, it's definitely very appropriate for today!

Dec 30, 2023 06:49 PM
Jim Paulson

Debe Maxwell, CRS I just downloaded the audiobook "Who Moved My Cheese".  It was a best seller years ago and still very appropriate today (maybe even more so).

Dec 28, 2023 07:47 AM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Thank you so much, Roy Kelley! You know I always appreciate your support.

Dec 28, 2023 06:54 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Debe and thank you for sharing this information with us here in the Rain.  Make it a great New Year Eve.

Dec 28, 2023 08:27 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Debe:

It's very clear we need to continue to play a major role in the buying and selling equation in 2024. It's essential that buyers and sellers understand the impact of the local market conditions, rather than relying on the media for guidance, and realize the housing market is always changing and to be prepared to make quick but informed decisions. We CAN open doors! 

Jeff

Dec 28, 2023 09:36 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Debe you should send this to the present administration.  According to them everything is peachy.   😋

Dec 28, 2023 12:44 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Debe Maxwell, CRS - Long live the professionals in the Real Estate Industry. In 2024 we all have our work cut out but those who have been doing the right thing and are prepared will most likely survive. I'm not a person who gets intimidated by the Media, predictions, and/or fictitious crystal balls. 

Thank you for this excellent blog post Debe! Have an outstanding 2024!

Dec 29, 2023 09:54 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Debe- You have to have a plan or blueprint for the future and you've shared some excellent ideas for anyone to get started. 

Dec 30, 2023 06:36 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher
I always say to pay attention to signs where and whenever they might come? Love and light and all the best!!
Dec 30, 2023 10:44 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Keep up the good work, and all the progress and take everything from there, I say and everything else falls into place

Dec 30, 2023 10:47 PM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Hi Debe,
The only thing I know for sure is that no one knows anything for sure. It's a matter of watching the local trends, adjusting, and adapting.

Dec 31, 2023 04:42 AM
Leanne Smith
Dirt Road Real Estate - Golden Valley, AZ
The Grit and Gratitude Agent

Your attitude makes all the difference. Henry Ford is quoted as saying "If you think you can, or you think you cannot, either way is correct."

Dec 31, 2023 10:02 AM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Thank you and you're welcome, Will Hamm!! Happy New Year!

Jan 01, 2024 07:09 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

You bet, Jeff Dowler, CRS - ditto to everything you said! It's up to us to educate so, here's to an educational 2024! Happy New Year to you and yours!

Jan 01, 2024 07:10 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

I was almost convinced watching the news the other day - but, having my finger on the pulse of our market...well, I think that trumps their 'wishful' news, George Souto

Jan 01, 2024 07:12 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

I hope you have a wonderful 2024 as well, Patricia Feager, MBA, CRS, GRI,MRP! It's up to us to educate since the media seems to have an agenda that doesn't fit with the truth of what is going on in our industry. I do believe that we will survive this, despite our forced membership in a 'national' organization (union'ish) who can't seem to defend our integrity. Personally, I vote for secession! Let each state lobby for themselves. 

Anyway, off my soapbox now!

Jan 01, 2024 07:16 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Thank you so much, Kathy Streib! We simply must take our businesses seriously and I worry that more agents ignore business planning than actually do it. Sad, but true.

Jan 01, 2024 07:17 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Love, light and all the best to you too, Laura Cerrano! Happy New Year!

Jan 01, 2024 07:18 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Oh, no truer words have been spoken, Carol Williams! I do wish I had a crystal ball - but, then I wouldn't be in this profession, would I?! Happy New Year!

Jan 01, 2024 07:19 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Oh, you're SO right, Leanne Smith! My glass will forever be half-full (if not running over!) and sometimes a little tweaking (topping off), is all we need to keep the positivity going. Happy New Year!

Jan 01, 2024 07:21 PM