Deciphering the 2024 Real Estate Forecast: Insights from Craig Cheatham

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Join me each episode as we unpack the reality behind what it takes to make it in this great business . Welcome to reality podcast . I'm your host , gary Scott , excited to be here . We're going to do a replay from a year ago where we did the 12 days of Christmas , or the 12 real estate predictions .

As seen through the eyes of a good friend of mine , most importantly in a real estate housing market colleague , mr Craig Cheatham Craig , how are you today ?

We are recording this on December 15th and I always get on with the guests and we chit chat about a lot of different things . And Craig asked me a question about did I have an appreciation for Division 2 and Division 3 football ?

And the answer to that , for our listeners , is the answer is absolutely yes , and I think that tomorrow is a big day for Craig because his alma mater is playing in the Division 2 national championship game . So I'm going to go first and foremost .

Good luck to you tomorrow , my friend , and thanks for taking time on a Friday afternoon to share with us your vision , from your lens , of what we look forward to in 2024 . And the football part of Craig looked at the game film or listened to the audio film of his predictions last year .

So you are in for a treat today and we're going to jump right in to 12 days of Christmas and or 12 real estate predictions . I'm going to start with inventory . What does Craig Cheatham think is going to happen with inventory in 2024 ?

We're going to start with one where I was incorrect . I don't know in the alentate markets if this holds true or not , but I was optimistic . I believed , because of the interest rate challenges , that inventory would rise , and I did go against the consensus in making that and I checked in with Lawrence .

You know he says I was incorrect that inventory actually dropped 15% in 2023 versus 2022 . And so I'm going to double down and feel like our inventory may slide up just a little bit in 2024 . And if I'm going to be wrong on anything , I'm going to let it be this one .

Craig goes in a meeting and the guy in the back raises hands as hey , the experts next year predict 7% interest rates throughout the course of 2024 . And I asked this question and I know you'll appreciate this . I said are they the same experts that predicted that in the fourth quarter of 2023 , they would be back into the fives ?

So so I think our message here is we're not exactly sure , but it is a wonderful and necessary exercise , as you create your business plan for next year , to have a sense of what the market's going to do and how you can take advantage of the market that is presented to you and how you can impact and influence .

So Craig Cheatham believes that inventory is certainly the challenge is not going to be solved , but that you see relief in inventory next year . Is that correct ?

I'm very hopeful that we took advantage of the challenges of 2023 to sharpen our skills , to improve our habits and to invest in ourselves and doing things better , more efficiently spending our time on things that are productive , and , if so , we really should have a good 2024 in comparison .

So on the second day of Christmas I was correct and I think we all see that next year things will improve . Now this is an interesting topic and I think we come back to it on number eight . But I'm very glad you gave the time stamp for December 15th because this we may look back as a very odd week .

For months we watched the Fed talk about raising rates and raising rates they did it over and over and they seemed out of sync and out of step with the rest of certainly our industry and maybe the rest of the economy at the pace and the frequency that they were doing that , and I think we sense they succumbed a little bit to pressure .

There was a lot of pressure on the Fed why do you keep raising these rates ? And so the conversation had been about raising versus holding steady , and somehow this week they seem to have caught the Christmas spirit or some kind of exuberance and are now talking about not just the potential of one cut in rates in 2024 , but multiple cuts .

The market had not priced in this change and now the market is racing ahead and we all benefit . Of course , but I'm going to hold a little bit of skepticism when we get to number eight about what the actual number is . But in general , on our second day of Christmas we were just predicting up or down .

I'm going to very confidently say they will be lower in 2024 than 2023 .

You know we spend three quarters of a billion dollars on people that do this , so I'm highly confident . So I thought that was an interesting takeaway from the CEO at Bank of America .

I'm pulling in usually the National Association of Realtors , the Mortgage Bankers Association , redfin , which I'm not really really Bond of , including them I don't think there is a reliable source , but Fannie May for sure . I put a lot of stock in what they say and with some of my consensus reports I'll include Wells Fargo .

They've definitely got skin in the game . The consensus is to say we're going to average probably four and a half million in terms of the rate of existing home sales . It doesn't come as a surprise . Nar has the most sunny forecast of all . I think that's what they're paid to do in that department but they're predicting right at five million .

I am going to say 2024 . Existing home sales will be 2023 . I don't believe I earn a profile and courage for that prediction , but I will say I think we're going to miss the 4.5 million mark just by a hair . I'm not as optimistic as some about the rate of the improvement next year , but we will definitely see growth in existing home sales .

I'll make that prediction pretty confidently .

He did not get a preview of the Allentate Company presented by Neil Hanks , phyllis Brookshire , pat Riley and myself . We landed at 4.4 million . So , craig , I think that you probably are pretty darn close of your assessment on existing home sales . Be very curious as to your take .

You've got such a broad and expansive knowledge and just an awareness of our industry , really chapter to verse . So , from an existing home or from new home sales , what are your thoughts ? And I know I have a follow up question for you on the new home front , so that number might look like .

So we it's going to come down to the wire . I may turn out to be right on that , but we'll be by a hair , or I could be wrong . And so it's also Hair that quarter one . So skewed the numbers it was just abysmal . So back in 2019 , to put real numbers to it , we were just shy of a 7 million annual rate . There's no consensus looking forward .

I Think NAR thinks we're gonna do eight and a half million . I I just don't see it . I do think that 20 24 , we will beat 2019 levels , but I just don't see us going over 7.5 on that . I just our builders never build them fast enough for us and I think that's what's gonna hold us back . I think there will be demand .

So , again , directionally that correct and it'll be interesting to see how we get out of the gate . I Know that last year we had an amazing conversation on our podcast , craig , regarding Wall Street in real estate and I remember of all the great answers and insight that you provided , the what you provided there really resonated .

So Like , let's talk about Wall Street , main Street . You know I'm super proud of our company , our , our partner company , our family of companies , howard Hannah , being featured in T 360's . You know kind of company if you will really talked about . You know kind of what we bring to the table .

But we also know that the competitive landscape , you know provides some Influx of dollars and investment from Wall Street and our industry . So , as I said , you provided great insight a year ago .

Some of them are technology companies , some of them are actual real estate brokerage who are Pretending , when seeking investment , to be technology companies because you get a whole lot more investment when you claim to be a technology company but that those would be so influential in our industry .

The reason was that the rules that the rest of us have to play by like you need to spend less than you bring in , you need to be profitable in your business to be sustainable they didn't apply and they were coming into our marketplaces and Creating a stir disruption while not having to be sustainable , and what we're now seeing I don't wish you know on anyone ,

but what we're seeing is that they are running out of that cash .

Investors are much more Lettucent to invest in these and , in fact , some of the biggest names from the last five years , who entered our industry with a lot of Celebration and attention grabbing and claiming to fix our industry and set things right and do a better job for the consumer , may not in fact exist in their current form in the future .

So Companies like Alan tape that just use the old-fashioned business principles of delivering great service , great advice , and Run their business as well , expenses and and make good business plans and and live by all the the fundamentals of being a good Corporate community member , are going to look a lot better going forward .

All the shiny objects are a little bit tarnished right now . I think that's the closest outcome of your prediction there . But these companies are on the struggle bus and I think we all know Eventually the fundamentals do play out and we've taken them as truth for a reason over the long haul .

You know , and the data proves it out , particularly over the last three years , where Somewhere around 90% of buyers and sellers use a real estate professional .

So I think we'll see more of these , but we just have a prime example this week one of these firms I'm talking about where the very founder is stepping away from the company interesting .

spheres of influence . You know , not every nine to eleven years , but 24 7365 be part of the fabric of their life , Not just in the housing piece but in the life piece .

And you know it's that basic blocking and tackling that you know , I just I'm so passionate and believe that if we do the right things Consistently , we'll get the right results , and I think that's exactly what you just said . You know , really in a good , good way .

And the tech companies a lot of the basis of their Business plan was that they could automate this industry and they can use junk email , they can use notifications , but they cannot build authentic relationships and maintain those , and ultimately , people are looking for a human being , a trusted advisor , an expert in the market who Can , does , doesn't have artificial

intelligence , but has actual intelligence about the market , where things are headed and about real estate . And so I think too many people bought into the hype and got nervous about the future of their role in this industry and as the tide went out , we are seeing that ultimately , the realistic professionals like those that out and take Are the solution .

You predicted that this fractional ownership Would rise and that it was going to become a much more integral part of our business . Gosh , speak to that . I think that was so fascinating a year ago . And Tell me what you've learned in your study of 23 fractional ownership and your kind of beliefs going forward .

The downward direction was just a result of the pie getting smaller , but it enhanced the potential of their value proposition as Large chunks of the consumer market decided they were priced out of the real estate market .

To go about with that starter property and Moving up over time may not be the path anymore , and so , while the market went down and it was a challenge for some of these fractional ownership providers they saw more interest .

At the same time , with people who saw they could Invest even smaller amounts of money than I quoted , maybe last year on the podcast , I've seen a couple of new players letting people come in for as little as a hundred dollars to own a piece of real estate .

I believe that the pandemic emphasized the value of home and the value of real estate as an investment , and , although it was a tough market for some people in terms of the math , sometimes the psychology got in the way and Put people on sidelines who probably shouldn't have been on the sidelines , but it has forced more people to think well , maybe fractional

ownership is how I get in on the game Because I believe I can't get in the traditional way now .

I believe our sales professionals will be able to have some meaningful conversations and help people understand how they can participate in the traditional market , but I think real estate professionals should continue to monitor these fractional ownership Opportunities that are being offered directly to consumers and perhaps even figure out a way to include this in their trusted

advisor conversations with potential customers and clients .

There's four couples from Concord , north Carolina , that bought it together and you know they what . They didn't go through a fractional ownership and entity or platform and it's interesting . I talked to all four of them over time because they each get a week and they love it and they've said exactly what you said like left to their own device .

None of the four would have done it and today they all get 10 , 12 , 14 weeks . Concord is 30 minutes from Lake Norman . Therefore , it's not this huge commute from , say , city A to Beach B where you got to travel a couple of hours . So interesting , interesting .

One of the other things that is out there , always out there , when the market returns to normal or whatever the term you want to use is and that is what happens to agent count , and I always like to preface it with a little history . Lesson Craig , and I think my numbers are accurate .

They were in 2005 when we were in the heat of the great real estate market . Back then there were a million for realtors and then we had the financial crisis in 2010 . A million four went to 900,000 . I always say there was a GNC cleansing of real estate professionals during that financial crisis .

Over the last couple of years we got into the million , 7 , million , 732 , million , 750 . And I think it is a popular belief that agent count across the country is probably going to go down and we talked about . Numbers of transactions have gone down . The cost of being in the business has not gone down .

So what do you think is going to happen to agent count in 2024 ?

Now , I did not define significantly , but NAR membership went down only 2% , and I don't think anyone would consider 2% to be significant , unless you're in charge of the NAR budget , and that's 2% still a big number . But I'm going to declare myself wrong that by significant , I meant more than 2% .

Now , there is obviously with licensees , be it North Carolina or across the country , there's a lagging indicator because of the length of a real estate license that people secure . Nar membership is an annual thing . But because we're having this optimism about 2024 , as real tours decide whether to renew or not , I'm going to say they're going to stick with it .

I'm going to predict down 2% , mostly just because of those who washed out during 2023 . I do not consider it significant , but I felt like I should name a specific figure for 2024 . And I'm going to say down 2% and I think that will be somewhere in the neighborhood . I'm surprised how little NAR is budgeting downward for 2024 as well .

When you look back at that history little lesson I gave of 0 , 4 to 10 , like we could have thought , or 0 , 5 to 10 , in 0 , 8 , it didn't go from a million 4 to a 900,000 in 0 , 8 , which was the year of the crisis , but two years later it went to 900,000 . So I'm a little more aggressive .

I think it will decline more in 2024 than you recommend or you suggest , but I also think that I fell dramatically short in 2023 .

And I do think that , whether it's 4 and 1 half million and 4.4 million , at the end of the day , when you transition all those transactions across , all the number of realtors , I do believe they'll continue to be a little more of a cleansing in 24 . Mortgage industry challenges anticipated in 2024 .

Boy , we could have an entire podcast , which we actually we just did with Mark McGaldrick on the mortgage industry in 2023 . But I think we talked about interest rates . So let's talk about , in addition to interest rates , what other challenges or opportunities , craig , do you see ahead of us in 2024? .

The other two things I thought that rates would be stable enough for consumers to make plans , and it's not about what the rate is , it's predicting the future and knowing your own situation , trying to be able to guess what your situation is how long would you be in this property , et cetera .

But knowing where rates are going to go is part of that , and I believed we were going to land in the 5.5 to 6.5 range for the year and there would be stability where consumers , even though they didn't like those rates , they could at least make a plan on that . And so I consider that two different predictions and got both of them wrong .

Unprecedented obviously in 2023 for rates to do what they did and the time period that they did . So everything's going to look better in 2024 than it did , and sometimes it's relative and that's where we get momentum because of that psychology . The consensus is that we're going to have rates in Q1 of about 7 and 1 quarter . Then we'll drop just under 7 in Q2 .

Then we'll be kind of 6.6 maybe in Q3 and drop below 6 and 1 half in Q4 . And that's where the consensus is . I would say I am on the upper end of that . I don't know if I could add a 1 quarter percent on each of those , but that's pretty close . I would certainly be above that consensus . But obviously mortgage will look better and better .

I just don't believe that the Fed is going to continue this week's enthusiasm . I believe they really hold to that 2% goal for inflation and that they are not going to be able to cut rates 2 , 3 , 4 times next year and be able to maintain that .

I appreciate their sensitivity to try to achieve a soft landing , to try to respect the real estate industry because shelter is a huge component of their inflation calculation but I'm just not as optimistic as everybody else is that they're going to cut like that . That's why I'm predicting a bit higher than that consensus .

I think Freddie Fannie Mae is probably on the high end of predictions and I'm a lot closer to what they believe on that . But still in comparison it's going to feel a whole lot better in 2024 , even if it's not our favorite year ever in retrospect .

I was just thinking to myself I'm not sure how relevant it is in today's world just because it's news and noise we don't hear as much about today as we did 12 months , 24 months , 36 months ago . So I was actually thinking about replacing it with another question , which I may do if time permits , at the end .

So last year we talked about the I buyer and again , I think it's not nearly in the news or the noise that it was 12 , 14 , 18 months ago . From your lens , craig , what are you seeing 2024 ? I buyer resurgence , no resurgence , status quo . Thoughts on I buyer 2024 .

I will believe they will continue to struggle . Now , if anyone's dreaming that I buyers will go away , I don't believe that is to be the case . There will always be consumers willing to pay a whole lot more for convenience , and , in fact , that trend is just increasing .

And there's a lot of things I was skeptical about , thinking surely no consumer would overpay to that degree just for the convenience , and I've been proven wrong almost every time . We have convenience stores on every corner and the prices there are not great , but people will pay .

People will pay amazing amounts to have Taco Bell delivered to their home just for the convenience . So I buyers will be with us .

It will be perhaps the best option for a very , very small percentage of the market , but I would encourage the professionals affiliated with Alan Tate to be on top of these , to know that their consumers , their sellers are looking at these options and before they have a conversation about listing with Alan Tate , they will have done their research on what someone

promises they would receive today , without all of the things they think that are obstacles along the way that I know the Alan Tate professionals can help them overcome .

But it could be that we need to be bringing these things up and talking about whether that's a good option or not and most all cases it would not be but I think we'll be making a mistake not to acknowledge that this is out there and the consumers are shopping . We need to be prepared to have those conversations and show people the math .

But today there is because there's a perspective , and I think the Ibuyer provides that same perspective . You've just very clearly shared that it's not going away .

But you and I and our listeners all remember when it was a frenzy Like it was this thing , it was coming , it was changing the world , it was , it was , it was , and in some markets it took some share and many of them bought high , got in trouble , et cetera . So it's not going away , and it's really what you said a year ago about Wall Street .

The other thing you said last year about Wall Street was exactly what you said this year , with the exception of there will be new players from Wall Street that we don't know about , right ? And so I think the Ibuyer component is not going to go away .

It's not a frenzy , it's about an awareness , it's about a knowledge , to your point , it's about agent understanding that the seller today is super educated and that there is a . There is a percentage of Consumers out there , regardless of their what they're purchasing , that convenience has value .

So I think , well , well said , I am intentionally gonna stay away on this podcast from the nr lawsuit

. However , one of our topics is your nr thoughts , so I'm gonna give you a , a choice . You can speak about that if you would like . I'm in . The other would be that we spoke about on our predictions , kind of your thoughts about impact of election twenty twenty four . So you got a choice . Thoughts on nr .

I think we all know not only did he read an ounces retirement , he actually made good on his retirement . So check , that went off as positive . Obviously , the lawsuits you mentioned have dominated the conversation . We won't go into that .

I had predicted that they would dominate the conversation and they would door any conversation about advocacy , which is in many people's eyes in a number one Value , and I think nr does a lot of great things and advocacy is one of them . But gridlock in dc has been part of the reason you haven't heard about their advocacy .

There's been a lot more talk about the culture there and of course that we didn't predict the kind of explosion there on the culture , organization in terms of volunteers and their relationships with staff and all of that .

So that was a big topic in twenty twenty three and I am working hard now to try to address that culture and that culture is also brought up , just questions about effectiveness , efficiency , bureaucracy and all that , and I believe in a hour is focused on that as well .

They have an interim , I see you , which usually means they want to bring someone in to make some very dramatic changes to one who's not worried about their legacy , can do what they see needs to be done .

I've heard nothing but good things about this interim CEO , so I expect that what they will do is make a lot of progress on the culture , address their processes , how they do their work . That will take years to address and then later , a latter half of twenty twenty four , we will actually see the process restarted to search for a new CEO .

That will tell us a lot about what their goals are , what they really hope to achieve based on the woman I expect they will hire in twenty twenty four .

Advocacy , however , you know you shared your gridlock in DC , and and then some of the other I'll call non brokerage , non enterprise , non consumer challenges that they have had to deal with and and will be stronger for it on , for either fortune or unfortunately when they come out of it . So great , thank you .

We are down to the eleventh and twelfth day of christmas , and you know we don't put these in any particular order though , though I could probably do it in a strategic fashion , but I think the last two are very interesting for twenty twenty four . One is Rental rates . We have seen rents over the last three years Do nothing but go up .

That you know really incredible levels , craig . What do you think is going to happen to rent rates in twenty twenty four ?

I do believe our inventory shortages , rising sales prices , inflation in general is going to see rents increase and I think the pace of increases in twenty twenty four will be Close to twenty twenty three . Twenty twenty two , that's gonna be the prediction I make .

But we also find out that those who predict on those shows are typically not as accurate either , as evidence of some of the predictions we all saw a year ago . So we talked about inventory . Supply and demand will still have a gap .

We're not close to Six months supply of inventory , month supply of inventory In the twos and threes and many markets , and so prices continued to rise this year in twenty three . A lot depended on where you lived and where you did business . So let's talk about your thought on appreciating appreciating home values or not in twenty twenty four .

So looks like , according to laurence , you're gonna end up Broad brush across the nation . Values three percent higher than twenty twenty two . It's not a lot , but it's technically . The consensus that I look at is showing lower prices in twenty twenty four , the twenty twenty three . So once again , the experts are all saying things are gonna go down .

I am gonna once again go against the consensus . I believe that prices will actually be higher on average twenty twenty four , the twenty twenty three and some of the same reasons I would say . This is why I'm saying rents will also go . So I'm gonna feel good about this prediction that home prices will go up . I think everything is gonna continue to go up .

I think inflation has an effect on everything . These interest rates are still significant and inventory is short and people value real estate it's worth paying for . So I'm gonna once again go against the crowd and hope I'm right next year as well .

So I agree , we agree with you . I agree with you . We were blessed . In the carolinas you did a broad brush of three . In the carolinas , our broad brush was about five , five and a half and in some parts of our fine states even higher than that . I think we're we're blessed to do what we do where we do it for sure . So we're wrapping it up .

Interesting , the day .

So if anyone's listening Three months from now and it does actually follow a cyclical path they may think boy craig's finally got it wrong on this one . But look out , those same people are predicting it will swing way up the rest of the year . So we may have a bit of a roller coaster if those people are right .

But I'm going to say we're just steadily going to see those prices increase throughout the year . So it's kind of prediction number two wrapped into this number 12 .

I enjoy it each and every one that I do . This one is particularly enlightening to me because , really , I've studied the same Kind of data points that craig studied .

But even when we look at the same data and we either talk to the same experts or read from them , we all draw conclusion based on our intuition and our experience and people that have been in the business . As long as Craig and I , we can agree to disagree and only will we know Whether we were right or wrong in 12 months .

So , but one of our , one of our changes and I know craig remembers this is for 18 months now rapid fire and we've decided to change the questions .

And not only have we decided to change the questions but , as I said a little bit earlier , we're gonna memorialize the information from the podcast and at the end of the year we're gonna actually publish some of the key points , quotes , concept strategies , tactics and answers to the final five questions .

So Craig had some time to prepare for the 12 days of Christmas . He had no time To prepare for the next five , where we're gonna wrap a bow around this . Episode number one craig . If you could have lunch with one person , who would that be you ?

It is called the Coggling of the American Mind . It sounds provocative , it sounds politically partisan . It is not . It will surprise you . I think it really does a great job at explaining a lot of the dynamics in our society , a lot of our dynamics generationally , and it's all based on research .

That's solid and it's been so eye-opening to me and I think all of the folks that I'll entail , who are participating in their communities and are wrestling with some of the angst and all the headlines of the vitriol , might find this to be a very good explanation for where we find ourselves as a society . It's been very , very helpful to me .

The Coggling of the American Mind .

We're super excited that we're going to aggregate particularly the book recommendations and put together a book list each quarter and share out both our podcast and some other internal communications , because this wealth of knowledge that is gained and garnered when we read and when you talk to all of the incredibly successful people in the world , inevitably one of the

top two or three things they will give credit to their successes . I read , I read , I read , I learn Constant learning . So thank you .

Maybe the things that got you to where you are today are going to be different than the things that are going to get you success going forward and it's a great exercise in taking a fresh look at everything we do , every attitude , every habit , and I highly recommend that one and I think last year I recommended at home by Bill Bryson also for anyone involved in

real estate . This is more of pleasure reading it's , it's edutainment Bryson is amazing . You can't put the book down . But for those of us who are in real estate , to have a book that walks through every aspect of a home and the historical and social aspects of that , it will make you much more interesting at dinner parties .

So I'm going to recommend that one as well , if I get a chance to do three . Two of those are repeats from last year , just to make sure they make the book .

Who is the one mentor that you really lean in on , either actually , or at least I'll call it functionally ?

I don't know how much longer he'll be with us , but I have made sure to tell him while he's with us what he means to me , what he's meant to me , and I'll be hopping on a plane in early 2024 to spend time with him to make sure that I get to say all those things . Well , he's still with us .

He was one of the most amazing people I've ever encountered . I know Abraham Lincoln said the best career path is to work for people who are the best at what they do and try to line yourself up as many times as you can with them . He was the best His instincts , his heart , his honesty , his character , his passion .

He would have been for many years the CEO of the Alabama Association of Realtors and had an amazing career before he did that . He's known and beloved all throughout Washington DC and then the real tour circles , but he taught me most of the best things I know and do in my career . I just love the opportunity to say his name out loud .

People would ask him what's the J for , and he'd say just just Danny Cooper .

So I'm going to piggyback on a recommendation that Craig just made , and it's an exercise , Craig , that I do often . I have this fundamental theory called the multiple mentor theory . You know , I traditionally talk about it when a leader might be leaving and the folks they lead are troubled by it , and I share with folks that .

You know it's about taking the best of that person and then the next person that comes in take the best of that person and the more wonderful mentors we have . We're then able to kind of mold it to our own selves .

And you know , I've been blessed beyond deserving of the quality of mentors that I've had in my life , and so my recommendation to our listeners I make this throughout the year If you have mentors that have impacted and influenced your life over the holiday , call them and let them know and thank them and tell them the things that you would tell me on this podcast

. So we have them , we lean in on them , my high school football coach . We have them , we lean in on them . You know my kids , my kids , are like my mentors . Now , obviously , they know that we all have them . Call Dick Christopher , great mentor of mine . Call them and thank them . Do it over the holidays . It'll make a difference . It'll be a gift .

I got two more . I got two more , and then we are putting a bow around it . Craig Cheatham , what do you love about your job ?

But that entrepreneurial spirit is just something , even in a tough market like 2023, . We just had our gathering this past fall . I thought the mood was going to be like a funeral , based on all the issues swirling around the industry and the market . I saw an energy and a focus that really gave me a boost .

It just reminded me of the opportunity to work with these very successful entrepreneurial minds .

I appreciate that perspective on faith because in Manhattan you can't get away with anything . You've really got to have your thought together intellectually . Your look at the logic needs to be solid . That's a great part of every day .

For me is that Tim Keller , his approach , his humility , his openness , how he relates to ideas that he doesn't necessarily agree with . And it helps me set my thinking each day in a very , very positive way as I engage others and consider the meaning of what it is we all are .

We all see around us and the things that we can't see that we know are real , excellent , excellent .

Craig , I want to tell you how much I appreciate you sharing that I think sometimes individuals are more likely to have a lot of faith in their own , and that individuals will stay away from that for reasons that they determine are reasons that work for them . And so I want to say a couple of things . Number one thank you for being with us again .

Insight into our industry Very few have the experience and the study that you provide . We've got some predictions for 2024 . I'm gonna send you the ones that we did . Let you listen to Pat , neil , gary and Phyllis , compare them to your notes and maybe , as we look at the beginning of next year , we'll begin to determine what direction that's gonna go .

So I just simply wanna say to Craig Cheatham and thank you again . Second year in a row , 12 days of Christmas or 12 real estate predictions . My friend , happy holidays to you . Thanks for being with us .

We appreciate your time , your talent , your energy , your passion and your enthusiasm for our industry , and when we talk about advocacy and those people who are out there helping all of us prepare for a better tomorrow and we are both bullish on 2024 , excited about 2024 and looking forward to success and meeting the challenges and headwinds head on , because , as Craig

said early in the podcast , we had no choice but in 2023 to get better at our craft . Craig , thanks for joining us on reality podcast .

But the thing I would say to your listeners as we part is we have been so good in our industry at serving our clients and customers so well and shielding them from all the inconvenience and effort that we are making on your behalf behind the scenes to get the deal done , to make things come together for the best interests of our clients and customers and we

thought it would appropriate to never really let them know all the nights and weekends and all the sacrifices that we make for them .

And I think we're entering a new world in 2024 where we might need to tune around horn just a bit , pull back the curtain just a bit and give them a greater sense of all the things that we do for them and all the time and effort that we do for them and those times where our expertise avoided disaster or inconvenience or some added expense .

It may be a real shift for us to try to start taking credit and enumerate those , but I believe very strongly , from 2020 forward , we need to do a better job of selling our value in advance , as we make the pitch with our buyers and sellers of all the things we'll do for them and then , in the process of the transaction , to be outlining those things very

specifically for those . I know that's a shift .

That's not part of our servant mentality , perhaps , but with all of the threats and misconceptions swirling around us , I think it's time for us to establish our value more clearly and I think we've earned the right to do that and it's appropriate and I absolve everyone in advance of any guilt they might feel in doing that going forward .

But I give that some real consideration in the content of our conversations and the content of the pieces that we pushed across the table to our customers and clients going forward . I think that will be a necessity .

I'm not gonna say we're under attack , but I think consumers earn a new place at this point and we need to meet them where they are in this respect .

Thanks for tuning into Reality Podcast and we will see you here you soon . Take care , bye .