What is happening in the real estate market globally? That is the question of the hour. Now, I just want to say I’m here to report on what the national experts are predicting. That neither I nor any of these experts really has an effect or can truly predict what will actually happen.
According to Goldman Sachs, JP Morgan Wells Fargo B of A and many other national experts, they’re all predicting in the third quarter to see economic growth anywhere between 15% and 25%. A statistic from Opportunity Insights shows that businesses ranging from healthcare to transportation, all saw a decrease in consumer spending the first half of the year, except for groceries that actually went up. So it’s a very good thing that the analysts are predicting to see an increase the third quarter as compared to the first half of the year. In fact, according to Lisa Shallet, Chief Investment Officer for Morgan Stanley, she states, “Indeed the worst ever GDP reading could be followed by the best ever growth in the third quarter.”
Small businesses obviously have been impacted with the issues and stresses going on across the globe. But how is this affected the real estate market globally? How have we started to recover there? Well, below are several quotes from economists and real estate analysts from across the globe on how they feel the housing market is recovering 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 housing may play a critical role in the recovery since about the middle of May, weekly showings of housing has shown that people are out in full force looking at homes across the nation. People are out looking now more so than they have been previously throughout the year. According to the National Association of Realtors, the housing market index takes into account four factors: demand supply, price and time on the market. It combines these to create the index and we saw a rise and a dip down and now we are above where we were in February of this year. So it shows that we are recovering nicely.
Now the question is, what’s going to happen with pricing? What should you do? Well, continue reading up on our latest blogs and videos and we will be addressing pricing next.