Navigating the 2024 Spring Real Estate Market: Strategies for Success
Lisa Mailhot | January 26, 2024
Buyers
Lisa Mailhot | January 26, 2024
Buyers
As we step into 2024, the real estate landscape presents a mix of challenges and opportunities, especially for those eyeing the spring market. The key takeaway from the recent Inman Connect New York, as emphasized by Realtor.com Chief Economist Danielle Hale, is the fierce competition for listings this year.
Agents, it's time to gear up! With Realtor.com predicting just three listings per agent in 2024, down from four in pre-pandemic times, the market demands your A-game. Despite the recent drop in mortgage rates potentially increasing inventory, the competition remains stiff.
Back in 2019, the market was already competitive, but 2024 has upped the ante. Current inventory levels are a stark 36% lower than the pre-pandemic period. To reach the inventory levels of 2017-19, a dramatic 56% increase is needed. This intensifies the importance for agents to proactively seek listings instead of waiting for opportunities to knock.
For sellers, timing is crucial. Mid-April is pinpointed as the optimal time for closing deals. With the preparation and marketing efforts required, those looking to close in April should already be scouting for the right representation.
The landscape is not just about the numbers. It’s about relationships too. As Lauren Bowen of Robert Slack brokerage highlights, agents should tap into their buyer database for potential seller leads. Those buyers, nurtured over years, are today’s sellers. Leveraging these relationships can be a game-changer in a market where every listing is precious.
The 2024 spring market in Orange County is shaping up to be a battlefield for listings. Agents must employ strategic thinking, utilize their networks, and leverage available tools to navigate this competitive landscape. For those looking to buy or sell in Orange County, the time to act is now. Let's connect and transform your real estate dreams into successful outcomes.
Reference: Matt Carter's article from January 24, 2024, discussing Realtor.com data shared at Inman Connect.
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