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March 1, 2024

2023 Real Estate Drama Recap: Mortgage Rates Soar, Lawsuits Rain, and Hope for 2024 Shines

“2023 Real Estate Drama – A Recap”

  1. Mortgage rates took off to the moon, leaving would-be buyers stranded on Earth. Put on your astronaut gear, folks!
  2. Consumer sentiment took a slide down a slippery slope, all the way to rock bottom. Time to dust off those confidence-booster workbooks.
  3. Lawsuits rained down, threatening buyer-broker commissions like a turf war. Better bring out those business umbrellas!
  4. The National Association of Realtors frequently visited the ‘Principal’s Office’ for drawing on the walls. Attention-seeking much?
  5. Hope for 2024 glimmers on the horizon. Better grab a spyglass to find it!
  6. Gary Keller whispers dark prophecies of upcoming bitter headwinds. Time to practice our ‘we shall overcome’ speeches.

Mortgage Rate Rocket to the Moon, Buyers Grounded

When mortgage rates decided to have a Rendez-You with the moon, the potential buyers (ahem, astronauts), had to hang their spacesuits in the closet. Hopefully, they saved a good book or two to pass the time!

Consumer Sentiment, the King of Downhill Racing

2023 saw consumer sentiment crash-land itself to the bottom of a new-found low. Looks like we need to call in the life-coaches for an emergency pep-talk!

Buyer-Broker Commissions Amidst a Legal Siege

The buyer-broker commissions found themselves in amidst a legal onslaught, and the castle needs defending. Legal-Eagles, it’s time to rise up!

National Association of Realtors, Class Clown?

The National Association of Realtors took a tour to ‘Principal’s Office’ so regularly that they might as well have packed lunch! Is it a silent plea for fame or are they simply keen on interior design?

A Glimmer of Hope for 2024, But Wait, Where’s My Magnifying Glass?

With hurt left a painful bruise on 2023, the industry cautions hopeful glances at 2024. But one moment, let me grab my binoculars!

Dark Prophecies from Gary Keller, Time to Gear-Up!

Gary Keller, the co-founder of Keller Williams, unscrolls the scroll of doom, predicting more bitter headwinds. Suit up, soldiers, for a tough span lies ahead.

In Conclusion…

Despite all the drama, here’s your final update in what can only be described as the best soap opera ever sans the weeping and the background music. The real estate market had a wild 2023 above and beyond any Game of Thrones episode. It played a larger-than-life game of snakes and ladders with none other than the mortgage rates, consumer sentiments, buyer-broker commissions, and the National Association of Realtors.

The blame falls on the frenemies – mortgage rates for channeling their inner Elon Musk, consumer sentiments for being drama-kings/queens, buyer-broker commissions for playing hide-and-seek with lawsuits, and the National Association of Realtors for its penchant for red paint. However, 2024 is knocking and we better answer it with a cup of strong coffee and a brave smile.

But wait, there’s more! Our Dark Knight, Gary Keller, has brought ominous tidings for a turbulent road ahead. So hold on to your jester hats, folks. Real estate news in this land sure is a wild roller rollercoaster. Seatbelts? Check. Popcorn? Check. A sense of humour? Definitely, check.

Original article: https://www.inman.com/2024/02/27/gary-keller-says-right-now-real-estate-is-in-a-recession/

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Martin Towers


Martin is an ex Real Estate Agent turned digital marketer and entrepreneur now specialising in helping Realtors all around the world

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