(MT Newswires) -- Robert Reffkin, CEO and founder of Compass, highlights the current state of the property market, saying that buyers are more influenced by changes in mortgage rates than by the rates themselves. Perceptions have changed: after reaching 8.1%, rates of 6.7% look attractive, which is stimulating demand compared to last year.

He cites the 'five Ds' (diapers, diplomas, diamonds, divorce, and death) as constant drivers of the market, but notes that inventory is tight, partly because 59% of owners have benefited from rates below 4%, deterring them from selling.

The 'five Ds' mentioned by Robert Reffkin represent significant life events that usually influence property decisions: 'diapers' (birth of children), 'diplomas' (graduation), 'diamonds' (marriage), 'divorce' (separation) and 'death' (death). These factors are often catalysts for buying or selling property, as they lead to changes in people's housing needs.

Robert Reffkin has noticed an increase in demand for condominiums in San Francisco, a trend stimulated by the return of employees to face-to-face work. He also notes that people are moving from larger cities to more affordable nearby towns, a migration in response to soaring property prices in urban centres.

For housebuilders, demand for move-in ready homes has been a factor in their recent success. Compass is developing a customer dashboard to visually summarise the estate agent's actions at the end of a transaction. On the subject of buyer broker commissions, Reffkin did not comment on ongoing disputes, but expressed confidence in the value provided by Compass agents.

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