Carlsbad, CA, July 25, 2023 (GLOBE NEWSWIRE) -- Brian Buffini, the iconic founder and chairman of Buffini & Company, predicts that the combination of declining mortgage rates and a “pent-up demand” of eager buyers, will result in a very active spring 2024 real estate market.
Buffini shared these projections and more in an online broadcast, “Brian Buffini’s Bold Predictions 2023: Mid-Year Update,” on July 10.
Lower Rates will Lead to ‘Pent-Up Demand’
In the broadcast, Buffini predicts rates may drop in 2023, eventually settling into the mid-4% range by early next year, which will bring many eager buyers back to the market.
These would-be buyers include the nearly 3 million high-end households (those who make at least $150,000 a year) as well as current homeowners who are looking to downsize or move to a bigger home.
Millennials will become the biggest generation of potential homebuyers, according to Buffini. David Stevens, the former president and CEO of the Mortgage Bankers Association, joined Buffini on the broadcast. “There is one core reality,” said Stevens, who currently serves as CEO of Mountain Lake Consulting, Inc., a financial services consulting firm focused on real estate finance.
“Rates are coming down again. By the end of the year, they will drop and drop more next year,” Stevens predicted during the broadcast.
Stevens also said that he believes although the banking industry “is not yet out of the woods,” after two major banks failed earlier this year, the average consumer need not worry about the safety of their own funds.
“They should keep their accounts under the [respective financial institutions] limits and make sure their bank is FDIC-insured,” he added.
Strategic Advice for Agents Now
Buffini shared practical, strategic advice for agents designed to help them feel calm, confident and ready to finish the year strong and prepare for a busy 2024.
"When the market becomes hot again, if you don’t want to be a ‘chaos agent’ and burn out, then you need to be a listing agent,” Buffini stressed.
Working with an experienced Buffini & Company coach will help agents develop a well-crafted business plan and action items that will help them finish the year strong and be ready for 2024, he noted. Those interested may sign up for a free Business Consultation to learn more.
View the replay of the online broadcast at www.buffiniandcompany.com/bp2023.
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