Experts Predict Economic Recovery Should Begin in the Second Half of the Year
As I was driving to Historical Downtown Waynesville NC yesterday, I noted that every other car had an out of state license plate. So, I could not help but ask one of the biggest questions we all seem to be asking these days is:
“When are we going to start to see an economic recovery? As the country begins to slowly reopen, moving forward in strategic phases, business activity will help bring our nation back to life. Many economists indicate a recovery should begin to happen in the second half of this year. Here’s a look at what some of the experts have to say.
But first I must say after leaving Lowes the other day I was so disappointed seeing that most people did not have a face mask on. A friend told me Wal Mart in Waynesville NC the same. I cannot help but feel the economy will be based mostly on how smart or foolish we are protecting ourselves and others from the Covid-19. A sharp increase of Covid-19 patience infected and death will spiral the recovering economy to a holt. Now I’m not an expert nor am I using economic history or an XL sheet with bar graphs to make a point. I’m just using common sense.
Here is what the experts say:
“I think there’s a good chance that there’ll be positive growth in the third quarter. And I think it’s a reasonable expectation that there’ll be growth in the second half of the year”
“So, in the long run, I would say the U.S. economy will recover. We’ll get back to the place we were in February; we’ll get to an even better place than that. I’m highly confident of that. And it won’t take that long to get there.”
“The economy is expected to begin recovering during the second half of 2020 as concerns about the pandemic diminish and as state and local governments ease stay-at-home orders, bans on public gatherings, and other measures. The labor market is projected to materially improve after the third quarter; hiring will rebound and job losses will drop significantly as the degree of social distancing diminishes.”
The experts note a turnaround is on the horizon, starting as early as later this year. If you paused your 2020 real estate plans, let’s connect today to determine how you can re-engage in the process as the country reopens and the economy begins a much-anticipated rebound.
Some interesting facts is in Haywood County NC, that include cities like Waynesville, Maggie Valley, Canton, Clyde and Lake Junaluska homes sales have not slowed down.
In 2020 new listings taken year to date was 376 homes compared to 2019 of 447 a -15.9% decline however homes under contract in 2020 year to date is 349 and same time in 2019 a small deference of 371 or -5.9%. Now here is the real news, homes Sold (closed) year to date in 2020 was 327 compared to 2019 of 286 or a +14.3.
The average sale price year to date increased 11.6% in 2020 compared to same time 2019. This is a direct effect of less inventory in 2020 than 2019 ($245,531 in 2019 and $274,040 in 2020).