Table of Contents
- October Is the Time for Real Estate Business Planning
- Trends We’re Seeing
- Median Regional Home Prices
- National Average Mortgage Interest Rates
- AgentUp Per-File Transaction Coordination Service
As the leaves change and the days grow shorter, October marks a subtle shift in the real estate market. While sales activity doesn’t come to a complete standstill, the overall volume tends to decrease. Let’s take a look at an October 2024 real estate update.
AgentUp Podcast
Listen to a summary of the October 2024 Real Estate Update on the AgentUp Podcast.
October Is the Time for Real Estate Business Planning
This seasonal slowdown offers agents a unique opportunity to step back from the hustle and bustle of daily transactions and focus on strategic planning and professional development.
Business planning is a crucial aspect of real estate success, and agents need to use the last quarter of 2024 for the following activities:
- Review your 2024 sales and marketing performance, looking for areas of improvement
- Establish a clear and concise business plan for 2025
- Wrap up your continuing education requirements for the year
- Revise and upgrade your real estate marketing efforts (AgentUp can help you with this!)
- Set realistic but ambitious sales and professional goals for 2025 sales
October also allows agents to attend industry conferences, workshops, or online webinars to enhance their knowledge and skills.
By taking advantage of this time to set goals, upgrade marketing strategies, and complete continuing education requirements, agents can position themselves for long-term success in next year’s market.
Trends We’re Seeing
The significant trend of the last two weeks has been the Federal Reserve interest rate cut.
On September 25, 2024, the Fed lowered its prime borrowing rate by .05%, setting the target rate to 4.75-5.0%. Near-future rate cuts, likely at .25% each, were also indicated.
This decision aims to stimulate the economy by making borrowing cheaper. Mortgage rates typically follow the Federal Funds Rate, so this cut is expected to lower them.
However, the impact on mortgage rates may not be immediate or uniform for two main reasons:
- Many lenders were anticipating the recent cut and were already lowering their rates
- Additionally, lenders will reach different conclusions concerning market risks and conditions
Still, the recent interest rate cut should make it more affordable for some people to purchase a home or refinance their current mortgage. It seems safe to say that we can anticipate rates dropping moderately over the next few months.
Median Regional Home Prices
As of September 30, 2024 (Zillow)
| City | Median Home Price | Increase / Decrease |
| New York | $755,100 | Up 1.3% from the previous year |
| Chicago | $299,800 | Up 3.4% from the previous year |
| San Diego | $1,013,200 | Up 8.6% from the previous year |
| Seattle | $851,200 | Up 3.3% from the previous year |
| Austin | $527,200 | Down 4.9% from the previous year |
| Denver | $559,100 | Down 0.9% from the previous year |
| Atlanta | $395,200 | Up .5% from the previous year |
National Average Mortgage Interest Rates
As of September 30, 2024 (BankRate)
| Mortgage | Current Rate | Last Month |
| 30-year Fixed | 6.27% | 6.43% |
| 20-year Fixed | 6.04% | 6.14% |
| 15-year Fixed | 5.49% | 5.84% |
| 30-year Jumbo | 6.41% | 6.62% |
AgentUp Per-File Transaction Coordination Service
Transaction coordination services save brokers and sales agents precious time and effort by handling the closing process of contracted real estate deals.
There are different ways to work with transaction coordinators, one of which is a per-file system.
This system operates in the following manner:
- The agent uploads their files and instructions, and the file management system handles the rest
- Fully trained TCs manage the file from behind the scenes
- The agent can see the progress of their file at any time
- If a problem arises, an experienced TC will step in to address the issue immediately
This model is not only economical, but it also reduces the need for communication, thus saving agents time.
AgentUp is committed to helping you find the right transaction coordinator solutions for your business needs. To this end, we offer a free 15-minute telephone consultation.
Schedule a free consultation call today!
We hope this blog post gave you some insights into what’s going on in the real estate market for October. Before you go, you may also want to check out the following related resources:
