Thursday, June 11, 2020 / by Chris/Jennie Irwin Realtors®
As the health crisis started making its way throughout our country earlier this spring, sellers have been cautious about putting their homes on the market. This hesitation stemmed primarily from fear of the spread of the coronavirus, and understandably so. This abundant caution has greatly impacted the number of homes for sale and slowed the pace of a typically busy spring real estate season. Mark Fleming, Chief Economist at First American notes:
“As more homeowners are reluctant to list their homes for sale amid the pandemic, the supply of homes available to potential home buyers continues to dwindle.”
With many states beginning a phased approach to reopening, virtual best practices and health and safety guidelines for the industry are in place to increase the comfort level of buyers and sellers. What we see today, though, is that sellers are still making a very calculated return to the market. In their latest Weekly Housi ...
Wednesday, June 10, 2020 / by Chris/Jennie Irwin Realtors®
On Monday, the National Bureau of Economic Research (NBER) announced that the U.S. economy is officially in a recession. This did not come as a surprise to many, as the Bureau defines a recession this way:
“A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion.”
Everyone realizes that the pandemic shut down the country earlier this year, causing a “significant decline in economic activity.”
Though not surprising, headlines announcing the country is in a recession will cause consumers to remember the devastating impact the last recession had on the housing market just over a decade ago.
The real estate market, however, is in a totally different position than i ...
Tuesday, June 9, 2020 / by Chris/Jennie Irwin Realtors®
With more U.S. states reopening for business this summer, and as people start to return to work, we can expect the economy to begin improving. Most expert forecasts indicate this economic recovery will start to happen in the second half of this year. As we get back to work and the financial landscape of the country begins to turn around, many experts also agree that real estate has the potential to lead the way in the recovery process.
According to Ivy Zelman of Zelman & Associates:
“Housing will fare better than expected during this severe downturn.”
In addition, CNBC notes:
“Mortgage demand from home buyers shows unexpectedly strong and quick recovery…The quick recovery has surprised most forecasters.”
Robert Dietz, Chief Economist and Senior Vice President for Economics and Housing Policy of the National Association of Home Builders (NAHB) says:
“Overall, the data len ...
Monday, June 8, 2020 / by Chris/Jennie Irwin Realtors®
Last Friday, the U.S. Bureau of Labor Statistics released their May Employment Situation Summary. Leading up to the release, most experts predicted the unemployment rate would jump up to approximately 20% from the 14.7% rate announced last month.
The experts were shocked.
The Wall Street Journal put it this way:
“The May U.S. jobless rate fell to 13.3% and employers added 2.5 million jobs, blowing Wall Street expectations out of the water: Economists had forecast a loss of 8.3 million jobs and a 19.5% unemployment rate.”
In addition, CNBC revealed:
“The May gain was by far the biggest one-month jobs surge in U.S. history since at least 1939.”
Here are some of the job gains by sector:
Food Service and Bartenders – 1,400,000
Construction – 464,000
Education and Health Services – 424,000
Retail – 368,000
Other Services – 272,000
Manufacturing – 225,000
Professional Services ...
Friday, June 5, 2020 / by Chris/Jennie Irwin Realtors®
National Homeownership Month is a great time to reflect on how we can each promote stronger community growth.
Homeownership helps families build financial freedom, find greater happiness and satisfaction, and make a positive impact on our local communities.
Let’s connect today if homeownership is part of your future plans.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Corcoran Global Living does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Corcoran Global Living will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein. ...