1. Fluctuations in interest rates are expected to be the most significant influence on the real estate market in 2024, with 59% of professionals believing that rising interest rates will have the most impact.
2. The low supply of house stock is identified as the most significant stressor for businesses, with 41% raising this concern. High interest rates and inflation rates are also seen as additional challenges.
3. Despite expected fluctuations in interest rates, 57% of property professionals expect some economic growth in 2024. 46% expect a modest increase of 1-5% in house prices, while 13% anticipate a more substantial rise of over 5%. 16% believe house prices will decline.
4. Face-to-face client interactions are recognized as highly valuable, with 8 out of 10 professionals seeing it as important. Nurturing CRM databases through emails, SMS, and calls is seen as the most effective strategy for building brand and driving new business.
5. Social media engagement is considered a high priority for building brand awareness and generating new business, with 29% endorsing its effectiveness. Traditional advertising methods have a lower perceived impact on brand building and new business generation.
Overall, the real estate industry expects interest rates to shape the market in 2024, with a focus on building stronger brands through customer nurturing and utilizing digital and social media platforms. There is also a trend towards improving in-house capabilities and adopting proptech solutions to navigate the challenges of digital marketing.
CoreLogic’s Comprehensive Report Unveils Key Industry Insights
CoreLogic’s latest report, “Decoding 2024: Real Estate’s Trends and Goals,” offers a deep dive into the current sentiments and strategies shaping the real estate industry. This insightful report, based on a survey of industry professionals, covers a range of topics from economic forecasts to housing market trends, providing valuable perspectives for those navigating the real estate landscape in 2024.
Key Highlights of the Report
- Economic Insights from the Industry: The report explores economic predictions for 2024, sharing insights from professionals in the field. This section is crucial for understanding the broader economic factors influencing the real estate market.
- Perspectives on the Housing Market: Gain firsthand knowledge of the latest trends and projections in the housing market, directly from industry peers. This section offers a ground-level view of the market dynamics.
- Collective Business Outlook: The report uncovers the business outlook for the year ahead, shaped by the sentiments and strategies of real estate professionals. This provides a comprehensive understanding of the industry’s direction.
Industries Covered in the Report
The report encompasses a wide range of sectors within the real estate industry, including Banking & Lending, Residential Real Estate, Government, Insurance, Developers, and Valuers. This broad coverage ensures a holistic view of the market.
“Decoding 2024: Real Estate’s Trends and Goals” is an essential guide for anyone looking to stay ahead in the ever-changing landscape of the real estate industry in 2024. The report’s insights into economic trends, housing market dynamics, and business strategies make it a valuable resource for industry professionals.