It is incredible what a human can get used to. Some people are afraid of moving into a more normal, more balanced market. We got used to operating under extreme pressure due to high demand and low inventory. That market isn’t healthy and it peaked in March. Now, we are, very slowly, moving towards a healthier market and it is a good thing.
Many economists are bracing for a rough winter. Consumer sentiment may take a hit. There are struggles with continued lockdowns leading to continued layoffs and high unemployment. But as the vaccine continues its roll out and the economy reopens these economists expect a strong recovery in Q2 or Q3 of this year. Businesses will open back up, people will go back to work, people will spend money on entertainment again. Since it was not an economic event that stopped the machine, they expect for it to start right back up again and go straight back into a bullish economy.
No matter what the headlines say, this is not a buyer’s market. With 4 buyers for every listing, we are still very much in a seller’s market.
There are 160 million employed Americans who are looking at their home as their castle. Now home is the focus, more so than ever before.
Many economists are calling this a K shaped recovery. That means that some are having a positive recovery or are fully recovered while for others the struggle continues to worsen. Economist and real estate consultant, Elliott Pollack calls it the “have and have not economy.” Those with jobs have saved money and are in good financial standing. Those who have lost their jobs, who are usually not homeowners, are finding themselves with fewer job prospects and, with the expiration of the CARES Act, significantly smaller unemployment checks.
Every Monday afternoon Amber Kovarik and I talk about what happened this week in our local and national real estate market in 15 minutes or less. Today’s Takeaways: Second Quarter Earnings: In the second quarter of 2020, the total number of closed residential real estate transactions was down 17.8% year over year. This is becauseContinue reading “Afternoon Bite 8/17/2020 (Video)”
Jobs, mortgages, 1031, schools and what it all means for housing.
Every Monday afternoon Amber Kovarik and I talk about what happened this week in our local and national real estate market in 15 minutes or less. Today’s Takeaways: Communication with your clients is key. Be sure to share what is going on in real estate. The real estate industry is the driving force in ourContinue reading “Afternoon Bite 8/3/2020 (Video)”
Every Monday Amber Kovarik with Guild Mortgage and I spend 15 minutes (or less) talking about what is currently happening in the real estate market, title, and lending. We give a few key points to share without taking up too much time. Today’s Big Takeaways: May’s job report was way better than predicted. Rather thanContinue reading “Afternoon Bite 6/8/2020 (Video)”