The 2024 Q4 HousingWire Pulse survey provides valuable insight into the current state of the real estate market from a variety of perspectives, including brokerage leaders, mortgage professionals, and real estate agents.
The quarterly survey gathered responses from three groups: real estate broker leaders, real estate agents and appraisers, and mortgage professionals. This diversity provides a comprehensive understanding of market dynamics.
Respondent Demographics Real Estate Agent Leaders: The majority of responses came from individuals in leadership roles, such as agents and team leaders. Mortgage Specialists: Lenders are primarily comprised of loan originators and mortgage brokers who provide a financing perspective. Real estate agents: Real estate agents provided insights based on their direct interactions with buyers and sellers.
Housing sales outlook
When it comes to the outlook for home sales, we see a mix of optimism and caution among respondents across all groups.
House price prediction
House price forecasts reflect a more conservative outlook.
Interest rate outlook
While interest rates are a significant concern for all respondents, the survey shows that the outlook reflects a consensus on the potential for lower mortgage rates.
overall market sentiment
Overall sentiment on the housing market remains cautiously optimistic, with most respondents expressing a neutral to optimistic view.
regional analysis
The answers varied geographically, with the Southeast being the most represented region among major brokerages and lenders, followed by the Northeast and Midwest.
Challenges facing the industry
The challenges identified by respondents highlight several areas of concern.
Intermediary leaders Increasing production value per agency: 26% highlighted this as a significant challenge. Training agents on new business practices: 16% indicated this was a concern. Reducing operating expenses: 11% identify this as an ongoing challenge. Loan defaults by lenders: 11% cite this as their main problem. Lender stability: 8% expressed concern here. Lead generation: 13% highlighted challenges in lead generation. Agent inventory shortages: 37% of agents identify inventory shortages as their biggest challenge. Obtaining property: 22% said they had difficulty securing property. Business planning: 2% mentioned challenges in business planning.
While expectations for home sales remain positive, the outlook for home prices is more cautious, suggesting that stakeholders are preparing for a stabilization of the housing market. The overwhelming expectation of lower interest rates provides a glimmer of hope for buyers and sellers.
Looking ahead, it is imperative that industry leaders foster collaboration, share best practices, and adapt to changing market dynamics, especially in the new real estate market post-NAR settlement.
HousingWire Pulse is a quarterly forward-looking housing market and industry trends study focused on the real estate and mortgage industries. 602 people responded to the Q4 2024 survey, with 56% in the real estate industry and 44% in the mortgage industry.
