Stay-at-home orders are being lifted, and we are all ready to see the economy rebound. While this will take time as we all navigate the new normal, it will happen; and the housing market seems poised to play a key role.
Keeping Current Matters (KCM) has posted several recent blogs citing economists that tout the housing markets role in our economic recovery. We promise these posts are short and worth the read.
This article, from May 19th, includes recent quotes from three economists who all looked at the role the housing market has played during economic downturns, how this time is different, and what we could see.
A May 21st article looks at predictions of when an economic recovery could take place. Many economists are noting that this recovery will come in the second half of 2020. This would make sense as businesses reopen to breathe life back into the economy.
And, another blog posted from today, shares a similar forecast for the economy.
Finally, and what might be the most important post for the housing market, a May 27th article notes that in 2020 summer will be the real estate season. Yes, we know spring has traditionally been the time when most buyers and sellers are out looking, but this spring was drastically different…we don’t need to tell you. As the economy starts to rebound, there are benefits for buyers and sellers. We are talking about low interest rates and low inventory. This could make the summer of 2020 a sizzling one for real estate.
Bottom line in all this, if you were thinking of buying or selling this year, now might just be the right time. A local realtor will be able to give you additional insight and guidance. As always, we are here and happy to talk with you about your options.