Each Friday, Russ Anderson, the president and CEO of Briggs Freeman Sotheby’s International Realty and the president of Pacific Sotheby's International Realty writes about luxury, trends, business and more in the advertising pages of the Mansion section of The Wall Street Journal. Below is his letter of December 20, 2024.
FROM THE PRESIDENT'S P.O.V.
And here we are — at another juncture.
I hope there is peace for you and yours, here at the last gleam of 2024 and the first flash of 2025.
What a year it was in real estate. Despite the sometimes-sensational and sometimes-true headlines about our industry — not enough supply, too much demand, new commission structures — the real estate advisors of Briggs Freeman Sotheby’s International Realty did what they do every day.
Advise. Connect. Solve.
This is a team of magic-makers, of information-knowers. In every situation imaginable, they come through for their clients. It’s amazing to watch. And they did it again in 2024.
Now, what about 2025? I have some intel about what the year should bring, straight from the National Association of REALTORS.
Home sales should rise — as high as nine percent for existing homes and 11 percent for new — and mortgage rates should stabilize, likely staying closer to six percent than seven.
More buyers may skip mortgages altogether. With the sizable equity gains many owners have experienced, all-cash deals have surged to a record 26 percent of sales.
First-time buyers will be older. The median age is now 38, an all-time high. And, single women buyers will continue to outpace the single men. A drop in marriage rates has triggered more people to buy a home on their own, and single women held a 24-percent share of the market in 2024. Single men? Just 11 percent.
The allure of cities grows. The pandemic touched off a migration to the suburbs, but people are heading back to city centers — in the largest uptick in a decade.
How does your 2025 look? Taking a cue from our magic-makers, I say don’t just ponder — plan.
In the meantime, happy new year, from our homes to yours.
Russ Anderson
President and CEO, Briggs Freeman Sotheby’s International Realty
President, Pacific Sotheby’s International Realty
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