This week we had our Bi-annual Bold Predictions with Buffini & Company and Brian was on fire 🔥 as usual! He tends to be 85-95% accurate every 6 months because he has so many industry resources in his network.
In 2024, the averages reached all-time highs, as the average age of home buyers increased. Notably, the all-cash factor accounted for 26% of closed transactions. The average age of first-time buyers rose from 35 to 38 years, driven by continuously rising prices. Additionally, 73% of buyers did not have children under the age of 18 living in their homes.
Conversely, we saw some all-time lows in 2024 too!
And this meant that 77% of all homes sold in the US Market
did not have children under the age of 18 residing in the home.
And in the age of discount brokers, online portals and literally the most technology available to any generation on this planet (except when the Ancient Aliens were here), For Sale By Owners dropped to an all-time low of 6% from a more traditional 11% annually. People are drowning in information and starving for wisdom from their local REALTOR®.
Inventory is starting to rise back towards 2022 levels.
What about The Fed?
Politics aside, here's a bold prediction:
- By the way, if you sold anything in 2023, you're among the top 53% of REALTORS®!
- If you know you’ll remain in the industry through 2025, you’re in the top 73% of REALTORS®—27% are unsure!
- Additionally, if you have less than 15 years of experience in real estate, you may lack the breadth of experience and knowledge possessed by the other 50% of the industry.
Here’s why:
11 years of prices predominantly rising.
14 years of inventory shortages.
Changes in the industry since August 17, 2024.
Let's sum it up:
The only reason real estate appears easy is that you're either watching a professional at work or being misled by a TV show. There’s no app for what we do, and there are no shortcuts. It's time to roll up your sleeves and get to work—or step aside! ~ Thomas J. Nelson
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