The small decline in year-over-year transaction volumes last month hasn’t dampened agents’ enthusiasm, per the June 2024 Agent Survey by The Real Brokerage Inc. Almost half of agents surveyed remain optimistic about the next 12 months, though still worried about affordability difficulties.
“June’s survey showed that our agents are optimistic about the future, despite the prevailing interest rate environment. We are hopeful that potential lower rates in the near future could help ease the affordability challenges many buyers face,” said Tamir Poleg, Chairman and CEO of Real. “At Real, we are equipping our agents with cutting-edge technology and innovative tools to ensure they can offer personalized, strategic insights that truly make a difference in the home buying and selling journey.”
Some key findings from the survey include:
Agents are optimistic about the future: Almost half of agents surveyed (46%) were optimistic about their market for the next 12 months, with only 18% feeling pessimistic. That combination scored 59.1 on a weighted index scale of 0-100, up 0.1 from May for the combined U.S./Canada markets. Anything above 50 is seen as a net positive outlook.
It’s still a seller’s market: Over half of agents (51%) surveyed thought sellers had the upper hand, where 20% felt buyers had the advantage (both groups up 2% from May). Less than one-third (30%) saw the market as balanced, a small decrease since last month (3%).
Year-over-year home sales expected to decline in June: Agents expect an aggregate decline in North American industry transactions year-over-year, with June’s score of 47.4 slightly better than May’s (45.7). But May was the lowest score this year, so that’s not saying much. Transactions were higher than in June (46.8 vs. May’s 44.8), but still below June 2023.
Affordability is still the top concern: Over half the agents surveyed (60%) once again rated affordability and mortgage rates the greatest concerns for home buyers. That was the highest score since the survey began in January, and up slightly since May (1%). Other concerns included lack of inventory (26%, up 1%) and economic uncertainty (7%, down 1%). The least cited concern was buyer competition (4%, down 2%).
Agents provide comprehensive support to prospective home buyers: Of course, there were the expected services such as negotiations (76% of respondents), deep knowledge of local markets (75%), assistance with paperwork and legalities (60%), and access to off-market properties (29%). But the survey also showed where agents go above and beyond, such as providing emotional support to clients (60%) and connections to off-market properties (29%). “While buyers are more than capable of finding a home they like,” as one agent said, “they often lack the ability to effectively navigate beyond that point in a way that both ensures a smooth transaction and mitigates their risk.”
Clients view 6-10 homes on average before buying: So say over half of agents surveyed (56%). Most buyers (73%) closed on their new home in six months or less. On the flip side, 8% of agents saw clients view more than 10 homes, and 5% of agents had clients taking more than a year before closing on a new residence.
“More than just market experts, our agents are trusted advisors who understand the pulse of local communities and the intricacies of the market,” said Sharran Srivatsaa, President of Real. “This month’s survey reaffirms the diverse expertise agents bring to their clients to successfully navigate today’s competitive real estate landscape.”
The Real Brokerage Inc. June 2024 Agent Survey included responses from approximately 200 real estate agents across the United States and Canada, and was launched in the last week of June 2024.
Click here to read more on Real Brokerage’s June 2024 Agent Survey.
