Buyers returning to the market is a great sign for the economy, as housing is still leading the way toward a recovery. If you’re ready to buy a home this year, reach out to Stovall Team 714.343.9294 to make sure you have the best possible guide with you each step of the way.
Category Archives: Real Estate News
How Much House Can I Afford? Taking Advantage of Affordability in Today’s Market
If you feel ready to buy, purchasing a home this season may save you significantly over time based on historic affordability trends. Reach out to Stovall Team today to determine if now is the right time for you to make your move.
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Older Workers May Be Retiring Early Because of the Coronavirus
One of the bright spots of the 2020 real estate market is the growth in equity homeowners are experiencing across the country. According to the recently released Homeowner Equity Insights Report from CoreLogic, in nearly every state there was a year-over-year first-quarter equity increase, averaging out to a 6.5% overall gain. That’s a huge win for homeowners, especially for those looking to sell their houses and make a move this summer. Having equity to re-invest in your next home is a major force that can make moving a reality, especially while buyers are expressing such a high demand for homes to purchase. Equity paired with early retirement is putting many older workers in a unique situation. Call the Stovall Team today if you feel it may be time to make your move. 714.343.9294
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Real Estate Will Lead the Economic Recovery
With so many unknowns today, especially in the wake of a worldwide pandemic, one known factor is the bright spark the housing market can play in local and national recovery. Buying and selling a home goes well beyond personal growth and satisfaction – it supports our economy as a whole. According to experts, the economy will begin to recover in the second half of this year. With real estate as a driver, that recovery may start sooner than we think.
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The Beginning of an Economic Recovery
The news these days seems to have a mix of highs and lows. We may hear that an economic recovery is starting, but we’ve also seen some of the worst economic data in the history of our country. The challenge today is to understand exactly what’s going on and what it means relative to the road ahead. We’ve talked before about what experts expect in the second half of this year, and today that progress largely hinges upon the continued course of the virus.
A recent Wall Street Journal survey of economists noted, “A strong economic recovery depends on effective and sustained containment of Covid-19.” Given the uncertainty around the virus, we can also see what economists are forecasting for GDP in the third quarter of this year (see graph below):
The Beginning of an Economic Recovery | Keeping Current Matters
Overwhelmingly, economists are projecting GDP growth in the third quarter of 2020, with 5 of the 9 experts indicating over 20% growth.
Lisa Shalett, Chief Investment Officer for Morgan Stanley puts it this way:
“Indeed, the ‘worst ever’ GDP reading could be followed by the ‘best ever’ growth in the third quarter.”
As we look forward, we can expect consumer spending to improve as well. According to Opportunity Insights, as of August 1, consumer spending was down just 7.8% as compared to January 1 of this year.
Bottom Line
An economic recovery is beginning to happen throughout the country. While there are still questions that need to be answered about the road ahead, we can expect to see improvement this quarter.