September 2020 – National Market Update

So what’s happening in our real estate market globally? Well, 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 and stating. I personally, nor anyone else can actually control or predict what’s actually going to happen. But according to Goldman Sachs, JP Morgan, Wells Fargo, Bank of America, and several other analysts, they are predicting economic growth in the third quarter, ranging from 15 to 25%. A graph statistic from Opportunity Insights shows that most businesses ranging from healthcare 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, it’s good news that their predictions from the analysts that are we’re actually going to 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? 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. Realtor.com, “Astonishing rebound.” Housing Wire, “Shockingly strong.” Attom Data Solutions, “Pulled something of a high wired 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 showing of housing, people are out in full force. They’re looking at homes across the nation. People are actually looking now more than they have throughout the entire year. According to the National Association of Realtors, The Housing Market Index looks at four things, demand, supply, price and time on market. Combining those together and creates an index. And we saw the rise and it dipped down and now you’re actually above what we were in February of this year. So it shows that we are recovering strong. So the question is, what is going to happen with pricing? What should you do? Well, continue watching and we’ll get into more details in the next video. Krista Mashore, here with Homes by Krista and I cannot wait to help keep you informed.