Daily Archives: January 26, 2024

RE/MAX Voted ‘#1 Most Trusted Real Estate Agents’ by Consumers in U.S. and Canada

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Consumers trust RE/MAX professionals most – and have for several years – according to a leading independent survey

Denver, CO – Jan. 25, 2024 (PRNewswire) RE/MAX, LLC, one of the world’s leading franchisors of real estate brokerage services, today announced that consumers voted RE/MAX as the brand with the #1 Most Trusted Real Estate Agents in the USA* and Canada**. In an independent annual survey conducted by BrandSpark International, in collaboration with Newsweek magazine in the U.S., more than 26,000 American shoppers and 25,000 Canadian shoppers provided unaided, top-of-mind responses on service providers they trust and use the most.

For the fourth year in the U.S. and the sixth year in Canada, RE/MAX agents have been recognized as being the most trusted.

RE/MAX agents average more sales than other real estate agents and, with more than 140,000 agents in over 9,000 offices in more than 110 countries and territories, each year RE/MAX agents help hundreds of thousands of families buy or sell a home. The survey results reinforce the high productivity and superior support for which RE/MAX agents are known.   

“The real estate industry is built on trust and customer service,” says RE/MAX President and CEO Nick Bailey. “Homebuyers and sellers want a trusted advisor – a qualified agent who puts their interests at the forefront of the transaction. Through their excellence and industry-leading productivity, RE/MAX agents consistently display why they’re the best option for consumers who want an elevated experience and outstanding results.”

To view the full results of the 2024 BrandSpark Most Trusted Awards and each of its categories, visit https://www.brandsparkmosttrusted.com.

*Voted most trusted Real Estate Agency brand by American shoppers based on the BrandSpark® American Trust Study, years 2019, and 2022-2024. **Voted most trusted Real Estate Agency brand by Canadian shoppers based on the BrandSpark® Canadian Trust Study, years 2017, 2019, and 2021-2024.

About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in over 9,000 offices and a presence in more than 110 countries and territories. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit www.remax.com. For the latest news about RE/MAX, please visit news.remax.com.

Pending Home Sales Climbed 8.3% in December

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NAR forecasts a 13% increase in existing-home sales from 2023 to 4.62 million

Key Highlights

  • Pending home sales increased 8.3% in December.
  • Month over month, contract signings grew in the Midwest, South and West but reduced in the Northeast.
  • Compared to one year ago, pending home sales decreased in the Northeast but improved in the Midwest, South and West.

Washington, D.C. – January 26, 2024 (nar.realtor) Pending home sales in December elevated 8.3%, according to the National Association of REALTORS®. The Midwest, South and West posted monthly gains in transactions while the Northeast recorded a loss. The Midwest, South and West also registered year-over-year increases while the Northeast had a decline in transactions compared to last year.

The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – increased to 77.3 in December. Year over year, pending transactions were up 1.3%. An index of 100 is equal to the level of contract activity in 2001.

“The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” said Lawrence Yun, NAR chief economist. “Job additions and income growth will further help with housing affordability, but increased supply will be essential to satisfying all potential demand.”

NAR Quarterly U.S. Economic Forecast

NAR also released its Economic Outlook as of January 2024, projecting a 13% increase in existing-home sales in 2024 (from 2023) to 4.62 million and a 15.8% increase in 2025 (from 2024) to 5.35 million. The annual median home price is expected to rise 1.4% to $395,100 in 2024, and then increase 2.6% to $405,200 in 2025.

“Home sales are projected to rise significantly in each of the next two years as the market steadily returns to normal sales activity,” added Yun.

The Federal Reserve will likely cut interest rates four times. The 30-year fixed mortgage rate will bounce along the 6% to 7% range for most of the year.

NAR forecasts that due to sizable growth in apartment construction over the past three years, rent growth will calm, which will help bring consumer price inflation to less than 3% in 2024.

Pending Home Sales Regional Breakdown

The Northeast PHSI dropped 3.0% from last month to 62.3, a decline of 3.9% from December 2022. The Midwest index increased 5.6% to 80.5 in December, up 4.3% from one year ago.

The South PHSI jumped 11.9% to 93.0 in December, rising 1.5% from the prior year. The West index surged 14.0% in December to 61.0, up 1.5% from December 2022.

About the National Association of REALTORS®

The National Association of REALTORS® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.

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*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

Pending contracts are good early indicators of upcoming sales closings. However, the amount of time between pending contracts and completed sales is not identical for all home sales. Variations in the length of the process from pending contract to closed sale can be caused by issues such as buyer difficulties with obtaining mortgage financing, home inspection problems, or appraisal issues.

The index is based on a sample that covers about 40% of multiple listing service data each month. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.

NOTE: Existing-Home Sales for January will be released February 22. The next Pending Home Sales Index will be released February 29. All release times are 10 a.m. Eastern. View the NAR Statistical News Release Schedule.