What’s happening in our real estate market globally. That’s the question of the hour.
Well, first off let me just start off by saying that I am just reporting what analysts and real estate experts across the nation are predicting. I personally nor anyone else can control or predict what will actually happen. But, according to Goldman Sacks, Jp Morgan, Wells Fargo, B of A, and several other analysts, they are predicting economic growth in the third quarter ranging from 15 fifteen to twenty-five percent. A graph statistic from Opportunity Insights shows that most businesses ranging from health care to transportation, all had a decline in consumer spending in the first half of the year with the exception of Groceries, which actually went up. So, its good news that their predictions are that we will see progress in the third quarter as compared to the first half of the year.
In fact, according to Lisa Shalett the Chief Investment Officer of Morgan Stanley, she states and I quote, “Indeed, the worst ever GDP reading could be followed by the best ever growth in the third quarter.” So we are starting to see a rebound. Small businesses obviously have been impacted due to the stresses and issues that are happening across the globe. But how has this impacted the real estate market nationally? How have we recovered there? Well, I’m going to show you a few quotes from several economists and real estate analysts regarding the recovery of the housing market and it’s very interesting, it almost reads like a movie trailer here.
Realtor.com “ Astonishing Rebound……Housing Wire “Shockingly Strong. ATTOM Data Solutions “pulled something of a high-wire act in the second quarter” …Zillow. “Stared the pandemic right in the eye and hasn’t blinked”. Meyers Research. “Has been nothing short of remarkable”.
So it seems that housing may play a critical role in the recovery. Since about the middle of May the weekly showings of housing, people are out in full force looking at homes across the nation. People are out in full force now more than they have been previous throughout the entire year. According to the National Association of Realtors The Housing Market Index looks into four things, Demand, Supply, Price and Time on the Market. It combines those together and creates an index, and (refer to index) we saw a rise and a dip down, and now we are above what we were in February of this year, so it shows that we are recovering strongly.
So the question is, what’ going to happen with pricing. What should you do? Well, continue watching and we’ll get more into the details on that. Ines Gomez-Acebo broker and owner at Iga Realty group. We can’t wait to hear from you.