Okay...How Bad Was 2024?
The last few years have been a true roller coaster ride for residential real estate. According to recent NAR data, sales of existing homes during 2024 were at an even lower level than in 2023. Only 4.06 million homes sold last year, which added up to the weakest year for home sales since 1995.
While inventory shortages were one reason for the poor showing, rising home prices also kept buyers away. Last year, the national median price rose to an all-time high of $407,500, which was 4.7% higher than in 2023.1
New Auto Dialer Rules in Effect
Earlier this week—January 27—the Telephone Consumer Protection Act (TCPA) was updated to change rules for businesses that use auto dialers.
The new One-to-One Consent rule means that if you call, text, or send prerecorded messages with an auto dialer, you must have your recipients' written consent.
Here are some examples of written consent:
- A signed document;
- An email with explicit permission for automated contact; or
- An online opt-in where they can check a box and accept clearly defined terms.
Eight Strategies for Acquiring Expired Listings
If you're looking for new listings, contacting the owners of expired listings is well worth the effort. These prospects have already shown an interest in selling, and their circumstances may have changed recently. Here are some tips and strategies:
- If possible, visit in person with pre-listing materials to leave if they're not home. Many people ignore unknown callers and are more receptive in person.
- Don't let your limiting beliefs get in the way of opportunity. Continue to reach out to them until they re-list or tell you to stop contacting them.
- Master your scripts and responses, so you'll feel more confident when making visits and calls.
- Study the market data, trends and relevant information so you'll impress as the market expert.
- Don't rule out calling those where the price seems extremely high. They might be ready to reconsider and lower their price.
- You may want to search back to capture older expired and cancelled opportunities. Your timing could be perfect.
- Whenever you have a new buyer, cross-reference them against your expired listings for potential matches.
- Collect powerful testimonials from the owners of expired listings you've rescued to share with prospects.3
The Changing Face of the Luxury Market
While media often portrays luxury homeowners as mature couples, this won't be accurate for much longer. Millennials and Generation Zers will be taking over as they acquire $84 trillion of inherited wealth during the next 20 years. If you specialize in luxury listings, you'll probably be seeing more buyers in their 20s through mid-40s.
"Many young buyers are using an inheritance to purchase their first home or to trade up to their second," a Sotheby's researcher said. "Wealthy parents are also buying homes for their adult children, in some cases with money placed in a trust."
Women will also take over a bigger portion of the luxury market, as they'll control $34 trillion—or 38% of all investable assets—by 2030. Younger women are particularly active home buyers, with many pursuing wealth building opportunities and autonomy.4
Put AI To Work for You In 2025
Offrs uses predictive analytics to help you locate, qualify and convert listing leads. New users can check into the new Lead Feed product, which guarantees delivery of a number of leads per month.
Style to Design provides users with plenty of virtual staging options to enhance a property's looks. If you're selling a fixer-upper, the Style Renovation tool shows your prospects how much potential is waiting.
Top Producer offers more than an irresistible name...it automatically sends home valuation and equity reports to the homes you specify. It also new listings and price changes to prospects.5
Sources: 1apnews.com, 2darrylspeaks.com, 3housingwire.com, 4housingwire.com, 5theclose.com
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