Some of the biggest questions on everyone’s minds these days are: When will the economy recover, and what’s the outlook for the housing market? Based on recent data on the economy, unemployment, real estate, and more, many economists are indicating that an economic recovery is slowly taking place, but the extent of the recovery is largely dependent on the course of the virus over time.
Here’s a look at what some experts have to say about key areas that will power the housing market and the economy forward this year.
Bill Banfield, Executive Vice President of Capital Markets, Quicken Loans: “No matter what you’re looking for, this is a great time to buy since the current low interest rates can stretch your spending power…With interest rates in the two’s available, a buyer can afford much more home than they could have just a few years ago.”
National Association of Realtors (NAR): “Homebuying demand is strong, which means that the rebound in sales as a result from the end of shelter in place measures is likely to be sustained in the coming months.”
Danielle Hale, Chief Economist, realtor.com: “The good news for potential buyers is: Competitive conditions should help bring more sellers to the housing market, so they have options to choose from.”
George Ratiu, Senior Economist, realtor.com: “With the supply of homes expected to lag demand, prices will likely remain on an upward trajectory for the remainder of 2020.”
Bottom Line
The experts are optimistic about the rest of the year. If you pressed pause on your 2020 real estate plans, let’s connect today to determine how you can re-engage in the process.
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