Home buyers are accepting higher mortgage rates, says Compass CEO Robert Reffkin

Robert Reffkin, Compass co-founder and CEO, joins CNBC's 'Squawk on the Street' to discuss the state of the real estate market, where inventory is building, and more. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/42d859g
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[@Katadori09]

“Home buyers are accepting higher interest rates.” Well yeah, by definition. The ones who aren’t accepting it aren’t home buyers. This is just a tautology. The fact is that we have the smallest demand since the mid 90’s. It’s even less than the bottom of the gfc. There’s a lot of potential buyers who have been priced out.

[@TinaMyles]

It's time to acknowledge that a return to 3% mortgage rates may be unrealistic. If homeowners are forced to sell, we will likely see a drop in home prices, leading to lower property valuations. I know I'm not the only one who shares this outlook.

[@Erikkurilla01]

If you're in the market, now is the time to buy. Home prices are unlikely to decrease further, and if interest rates do decline in the future, refinancing is always an option.

[@KentBrono]

In my opinion, home prices need to decrease by at least 40% before the market finds balance. For those unsure about buying property right now, seeking advice from an experienced financial advisor for optimal portfolio allocation is crucial. This approach has worked for me-I’ve managed to stay profitable over the past five years, accumulating nearly $1 million in investment returns.

[@jessicasquire]

That's impressive! I'd be happy to share more details. I understand the hesitation, especially when it feels like many firms offer similar services. However, finding a trustworthy advisor has been key to my success

[@KentBrono]

Julianne Niemann Iwersen has consistently been my top recommendation. She’s widely recognized for her expertise in financial markets and has a strong track record. I highly recommend her.

[@jessicasquire]

Thank you for taking my advice. I'm glad you were able to research her background and feel confident moving forward. I hope your call goes well-her track record speaks for itself, and I'm optimistic you'll find her guidance valuable

[@top3331]

Corporate guys never surprise me on sugar coating the big picture and analyzing the pocket data where his pitch is fit!

[@raulp8191]

This guy called the bottom like in January. Only reason there was an uptick in anything in October was due to rates finally coming down slightly and people refinancing. What needs to happen is home prices going lower. Houses would sell if they were priced at a level that the normal person in the area could afford.

[@luck9837]

This dude sounds like every instagram Realtor lol

[@jamesosteen09]

This guy doesnt even believe the nonsense coming out of his mouth. I keep hearing affordability is a problem because of inventory. Well some areas in TX and FL are back to pre-pandemic inventory and prices havent come down much so thats a lie. The market will return to "normal" when prices come down....not when the interest rates drops below 6%. People cannot afford these avg home prices. People spending 50-60% of their monthly income on their mortgage is not sustainable. Exactly why 90 day late delinquencies are steadily rising.

[@user-fb6hy2eh5y]

Who are these homebuyers going to resell their homes to to makeup the cost. Shrinking market of people that can afford it. Supply surge of either rental or home units and this deck of cards goes down.

[@bobbyward2440]

I just bought an apartment and not once during my search did it even cross my mind to base my decision on the presidential election

[@matbob7249]

More inventory…WHERE? In Tx and Fl right? That skews all data because Midwest, east and most west have way less. Every 4th starter home owned by Blackrock type cash hogs. I’ll take 7% 8% whatever, there’s NOTHING to buy, average DO, - 2 days. This guy is all positive lol

[@Ramesh-f2g3c]

Compass is a really bad agent of real estate with poor service, and most of our friends stopped to deal with their agents.

[@Merdle]

Richard is eye candy : )]

[@kenvalenti5414]

My first home was 14% 7% is way too low

[@Dakid015]

Say that to 2009-2015 homeowners

[@marcelrodriguez2067]

Lmao and you bought your home for 100k in the 80s whats your point 😂