Experts update predictions on the economic crisis

I know this is a very scary 😨 time and with all the negative and pessimistic news πŸ“°, I think it is important to take a look πŸ”Ž at what the experts are saying πŸ—£ and base our decisions on that information πŸ“.

Hi, πŸ‘‹ I’m Carlos Zapata from Pitbull 🐢 Realty. They always ask us β€œwhat is happening πŸ€·β€β™‚οΈ in the real estate market 🏘?” What is going to happen to our economy πŸ’° and whether we should be thinking πŸ€” about buying or selling a home 🏑 here in South Florida? Well, let’s take a look πŸ‘€ at what is happening at the national level.

According to Sam Khater, chief economist πŸ’΅ at Freddie Mac, and quotes: β€œAlthough the uncertainty 😬 of the crisis means that economic πŸ’² activity forecasts are more confusing πŸ˜• than usual, we expect most of the economic πŸ’΅ damage from the virus 😷 to be contained in the first half of the year πŸ“…. In the future, we should see πŸ”Ž a recovery from the second half of 2020. ” Locally, we are still seeing buyers πŸ’°in full force and inventory is very low πŸ“‰ right now. We are having multiple offers πŸ“₯ on most of our properties, and they are still moving quite fast πŸƒβ€β™€οΈ.

Obviously, the economy πŸ’² has a lot of unknowns πŸ€·β€β™‚οΈ right now that can increase πŸ“ˆ our anxiety and stress, but if we look πŸ‘€ at what we DO know, that can help us 🀝 make more accurate decisions about buying or selling πŸ’° a home in our counties again.

Β We know that we are starting this year stronger πŸ’ͺ than ever, however, due to the pandemic 😷, we have a high unemployment rate πŸ“ˆ right now, and we know πŸ€” that the Fed is doing everything possible to help πŸ‘. The good news πŸ“° is that we are in an environment 🌏 of unprecedented low interest rates πŸ“‰, which makes people want to buy πŸ’° because they have more purchasing power πŸ’ͺ. Also, the good πŸ‘ news is that the usefulness of the properties 🏘 is solid, according to John Burns Consulting, 42.1% of the owners πŸ“ have their home 🏑 paid, which means that they do not 🚫 have a mortgage. 16.6% of Americans πŸ—Ί have between 60 and 99% utility in their homes 🏑. Only 7.3% of Americans have less ⬇️ than 10% utility in their homes. This is very different πŸ’₯ from 2008, when many people used their homes 🏑 as ATMs, that is not happening now, homeowners seem to have learned the lesson πŸ€”, since 58.7% of all Americans have at least 60% utility, what that will help 😁 offset a housing crisis.

This is very good news πŸ“° for Americans. Also, rents continue to go up πŸ“ˆ, we have seen rents go up ⬆️ since 1988 πŸ“…, and still continue to rise, this again promotes buyers πŸ’° who want to buy πŸ’² as they don’t get the tax advantages and other benefits 🀝 of owning.

However, since the week of April 12 πŸ“…, we are seeing an increase πŸ“ˆ in the rate of home 🏑 showings, which have increased ⬆ as the confinement restrictions β›” are easing. So the buyers πŸ’² are still out there and it’s not all doom and gloom 😣. Feel free to reach out to us ☎ anytime here at Pitbull 🐢 Realty, your local digital πŸ’» community market leaders to ask questions ❓ or just need advice on what to do to buy or sell your home 🏑 in South Florida.

This is your friend πŸ‘ Carlitos Zapata from PITBULL 🐢 REALTY


Experts update predictions on economic crisis
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