A Remarkable Recovery for the Housing Market

posted by: George Sykes, Managing Broker, Worth Clark Realty on Tuesday July 21, 2020

For months now the vast majority of Americans have been asking the same question: When will the economy turn around? Many experts have been saying the housing market will lead the way to a recovery, and today we’re seeing signs of that coming to light. With record-low mortgage rates driving high demand from potential buyers, homes are being purchased at an accelerating pace, and it’s keeping the housing market and the economy moving.

Here’s a look at what a few of the experts have to say about today’s astonishing recovery. In more than one instance, it’s being noted as truly remarkable.

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Buying or Selling? Let's talk numbers.

posted by: George Sykes, Managing Broker, Worth Clark Realty on Tuesday July 7, 2020

Homeowner equity is continuing to rise year-over-year, meaning many families have more wealth to leverage than they may realize. DM me to learn how you can put your equity to use when selling your house and making your next move.

Are New Homes Going to Be Available to Buy This Year?

posted by: George Sykes, Managing Broker, Worth Clark Realty on Wednesday July 1, 2020

In today’s economy, everyone seems to be searching for signs that a recovery is coming soon. Many experts agree that it may actually already be in motion or will be starting by the 3rd quarter of this year. With the housing market positioned to lead the way out of this recession, builder confidence might be a bright spark that gets the recovery fire started. The construction of new homes coming right around the corner is a huge part of that effort, and it may drive your opportunity to make a move this year.

According to the National Association of Home Builders (NAHB):

Everything You Need to Know About Buying a Home in St Louis

posted by: George Sykes, Managing Broker, Worth Clark Realty on Friday June 19, 2020

Three Reasons Homebuyers Are Ready to Purchase This Year in Cities like St Louis

posted by: George Sykes, Managing Broker, Worth Clark Realty on Wednesday June 17, 2020

A recent survey by Lending Tree tapped into behaviors of over 1,000 prospective buyers. The results indicated 53% of all homebuyers are more likely to buy a home in the next year, even amid the current health crisis. The survey further revealed why, naming several reasons buyers are more likely to move this year (see graph below):

Is a Recession Here? Yes. Does that Mean a Housing Crash? No.

posted by: George Sykes, Managing Broker, Worth Clark Realty on Wednesday June 10, 2020

On Monday, the National Bureau of Economic Research (NBER) announced that the U.S. economy is officially in a recession. This did not come as a surprise to many, as the Bureau defines a recession this way:

“A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion.”

Everyone realizes that the pandemic shut down the country earlier this year, causing a “significant decline in economic activity.”

Though not surprising, headlines announcing the country is in a recession will cause consumers to remember the devastating impact the last recession had on the housing market just over a decade ago.

The real estate market, however, is in a totally different position:

Housing Market Positioned to Bring Back the Economy

posted by: George Sykes, Managing Broker, Worth Clark Realty on Thursday May 21, 2020

All eyes are on the American economy. As it goes, so does the world economy. With states beginning to reopen, the question becomes: which sectors of the economy will drive its recovery? There seems to be a growing consensus that the housing market is positioned to be that driving force, the tailwind that is necessary. Some may question that assertion as they look back on the last recession in 2008 when housing was the anchor to the economy – holding it back from sailing forward. But even then, the overall economy did not begin to recover until the real estate market started to regain its strength. This time, the housing market was in great shape when the virus hit. As Mark Fleming, Chief Economist of First American, recently explained: (Article Continues)

Why the Housing Market Is a Powerful Economic Driver

posted by: George Sykes, Managing Broker, Worth Clark Realty on Thursday April 30, 2020

With businesses starting to slowly open back up again in some parts of the country, it’s important to understand how housing can have a major impact on the recovery of the U.S. economy. As we’ve mentioned before, buying a home is a driving financial force in this process. Today, many analysts believe one of the first things we’ll be able to safely bring back is the home building sector, creating more jobs and impacting local neighborhoods in a big way. According to Robert Dietz in The Eye on Housing:

The Pain of Unemployment: It Will Be Deep, But Not for Long

posted by: George Sykes, Managing Broker, Worth Clark Realty on Tuesday April 21, 2020

There are two crises in this country right now: a health crisis that has forced everyone into their homes and a financial crisis caused by our inability to move around as we normally would. Over 20 million people in the U.S. became instantly unemployed when it was determined that the only way to defeat this horrific virus was to shut down businesses across the nation. One second a person was gainfully employed, a switch was turned, and then the room went dark on their livelihood.

The financial pain so many families are facing right now is deep.

How deep will the pain cut?

Major institutions are forecasting unemployment rates last seen during the Great Depression. Here are a few projections:

Today’s Homebuyers Want Lower Prices. Sellers Disagree.

posted by: George Sykes, Managing Broker, Worth Clark Realty on Friday April 17, 2020

The uncertainty the world faces today due to the COVID-19 pandemic is causing so many things to change. The way we interact, the way we do business, even the way we buy and sell real estate is changing. This is a moment in time that’s even sparking some buyers to search for a better deal on a home. Sellers, however, aren’t offering a discount these days; they’re holding steady on price.

According to the most recent NAR Flash Survey (a survey of real estate agents from across the country), agents were asked the following two questions: