What’s happening in our real estate market globally? That’s the question of the hour. Well, first of all, let me just start off by saying that I am just reporting what analysts and real estate experts across the nation are predicting. I personally, nor anyone else, can control or predict what will actually happen. But according to Goldman Sachs, JP Morgan, Wells Fargo, Bank of America, and several other analysts, they’re 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 are that we’ll 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 at 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’re starting to see a rebound.
Small businesses obviously have been impacted due to the stresses and the issues that are happening across the globe. But how has that impacted the real estate market nationally? How have we recovered there? Here are 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 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 that housing may play a critical role in the recovery. Since about the middle of May, the weekly showings of housing, people are out in full force, looking at homes across the nation. People are out in full force now more than they have been previous throughout the entire year.
According to the National Association of Realtors, the housing market index looks into four things: demand, supply, price, and time on the market. It combines those together and it creates an index. We saw a rise and a dip down, and now we’re above what we were in February of this year. So it shows that we’re recovering strongly. So the question is, what’s going to happen with pricing? What should you do? To get up to date pricing for your local area, send us a message for an accurate pricing quote.