Survey: Real estate and mortgage professionals are cautiously optimistic about the housing market
The HousingWire pulse survey for the fourth quarter of 2024 provides valuable insights into the current state of the real estate market from several perspectives: broker leaders, mortgage professionals, and real estate agents.
The quarterly survey collected responses from three groups: real estate brokerage leaders, real estate agents and appraisers, and mortgage professionals. This diversity provides a comprehensive insight into market dynamics.
Demographics of respondents
- Leaders in real estate brokerage: The majority of responses came from individuals in leadership roles, including brokers and team leaders.
- Mortgage Professionals: Lenders consisted mainly of lenders and mortgage brokers, which offered a perspective on financing.
- Real estate agents: Real estate agents provided insights based on their direct interactions with buyers and sellers.
Home sales prospects
The outlook for home sales shows a mix of optimism and caution among respondents in all groups.
House price predictions
The expectation for house prices reflects a more conservative view.
Interest rate projections
Interest rates are a major concern for all respondents, but the survey says the outlook reflects a consensus on possible declines in mortgage rates.
General market sentiment
Overall sentiment towards the housing market remains cautiously optimistic, with most respondents expressing a neutral to optimistic view.
Regional analysis
Geographically, responses varied, with the Southeast being the most represented region among broker leaders and lenders, followed by the Northeast and the Midwest.
Challenges facing the sector
Several areas of concern emerge from the challenges identified by respondents.
Leaders in the real estate industry
- Increase production per agent: 26% highlighted this as a significant challenge.
- Train agents in new business practices: 16% mentioned this as a concern.
- Reducing operational costs: 11% called this an ongoing challenge.
Lenders
- Loans disappear: 11% identified this as a primary problem.
- Stability of the lender: 8% expressed their concerns here.
- Lead generation: 13% highlighted challenges in lead generation.
Agents
- Low stock: 37% of agents cited low inventory as their biggest challenge.
- Get ads: 22% said it was difficult to get mentions.
- Business planning: 2% cited challenges in planning their business.
While expectations for home sales remain positive, the outlook for home prices shows a more reserved attitude, indicating that stakeholders are preparing for a stabilized housing market. The overwhelming expectation of falling interest rates offers a glimmer of hope for buyers and sellers.
Looking ahead, it is essential that industry leaders foster collaboration, share best practices and adapt to changing market dynamics, especially in the new post-NAR real estate market.
HousingWire Pulse is a quarterly, forward-looking housing market and industry trend survey focusing on the real estate and mortgage sectors. The Q4 2024 survey had 602 respondents, of which 56% were in the real estate sector and 44% in the mortgage sector.
