What has affected our economy?
We ended 2019 and began 2020 with COVID-19 which has been with us for a while now. Therefore the economy has suffered due to the attempt to save lives and control the spread of COVID-19. This is a global issue that has affected the economic status of the world.
Are we in a recession? How does this affect selling my home?
The National Bureau of Economic Research says that we are officially in a recession. This is not a big surprise to anyone that has read the news over the past several months. Notice I said “read the news”. I highly recommend reading your news from reputable sources and turn off the television. As a result you will gain a greater understanding of any subject – including Covid-19 – and find that you make a more informed opinion which leads to better decisions in your financial future.
Unlike the The Global Financial Crisis of 2008 we are not having a housing market crash. Therefore the financial investment you made in your home has been a sound financial move.
What makes the real estate market better today compared to the Global Financial Crisis of 2008?
- The equity in your home is solid and has seen an increase in value.
- There is a shortage of inventory in the housing market and demand is high.
- Lending practices are sound and following responsible rules & guidelines.
- Homes have increased in value but have not been “overvalued” as they were in 2008.
- A recession does not mean a housing market crash. There were 3 out of 4 recessions before 2008 where home values increased.
Yes, we are in a recession. The great news is that if you want to sell your home today you will be happy to know you can capture the reward of a great investment.
- The Carswell Team is available to offer you a personalized plan to market and sell your real estate. We do not charge to meet with you and create your plan. Call us today to schedule your Zoom Conference or we will be happy to meet with you at your home.
Have a wonderful day and be thankful for the wonderful place we call home here in the USA.
– Meredith Miller Carswell Realtor/Broker