When Will Our Economy Recover? What Will It Mean For The Housing Market?
These questions seem to be on the lips of most everyone these days. Naturally, no one has a crystal ball to predict a recovery timetable with total accuracy. But it does appear that many of the experts who follow and forecast economic trends, are beginning to align in their forecasts for when we can see a recovery begin.
According to the Wall Street Journal's Economic Forecast Survery, 85.3% of the 60 economists this survery follows each month, we should see a recovery begin the second half of the year beginning in late June and with recovery becoming strong in the fourth quarter of 2020. These economists' predictions seem to be echoed by major financial institutions... so it would appear that most everyone is singing from the same hymn book right now.
Graphs Credited to Keeping Current Matters
May's unemplyment numbers help support these economic forecasts with 2.5 million jobs added this past month and unemployment down to 13.3% versus the anticipated 20% figure.
The Expert Economic Recovery Forecast: Video
What's The Outlook For The Housing Market In The Charlotte Region?
In the Charlotte region, April 2020 pending sales and home prices increased year-over-year, despite corona virus related restrictions on home showings and shelter-at-home orders. The month of May most likely will also show year-over-year increases in pending sales and home prices as we reduce restrictions. Demand for homes remains high and supply is lower than ever.
According to Robert Dietz, Chief Economist, NAHB: “As the economy begins a recovery later in 2020, we expect housing to play a leading role. Housing enters this recession underbuilt, not overbuilt…Based on demographics and current vacancy rates, the U.S. may have a housing deficit of up to one million units.” Experts feel the strength of the housing market before the COVID-19 crisis began is the same strength the economy will be able to lean on as it begins to recover.
Summer is gearing up to be the "new spring" for homebuying and selling... in Charlotte and across the country.
Why Summer 2020 Is Gearing Up To Be The New Spring 2020 Selling Season (Video)
Let's connect so you're ready to make your move this season.
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This update on what the experts are predicting for the 2020 economy and housing market is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty, your Charlotte metro area residential real estate experts serving Charlotte area home buyers and sellers for 20+ years.
If you're considering selling or purchasing a home in the Charlotte region, I'd love an opportunity to earn your business, to exceed your expectations, and to show you how:
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