As the economy recovers from this year’s health crisis, the housing market is playing a leading role in the turnaround. It’s safe to say that what we call “home” is taking on a new meaning, causing many of us to consider buying or selling sooner rather than later. Housing, therefore, has thrived in an otherwise down year.
Today’s high buyer demand combined with low housing inventory means we’re seeing home prices appreciate at an above-average pace. This demand is being driven by those who want to take advantage of historically low mortgage rates. According to Freddie Mac:
"The record low mortgage rate environment is providing tangible support to the economy at a critical time, as housing continues to propel growth."
These factors are driving a positive impact on the economy as a whole. According to the National Association of Realtors (NAR), the real estate industry provided $3.7 billion dollars of economic impact to the country last year. To break it down, in 2019, the average newly constructed home contributed just over $88,000 per build to local economies. Across the country, real estate clearly makes a significant impact (See map below):In addition, last week, the Bureau of Economic Analysis announced the U.S. Gross Domestic Product increased at an annual rate of 33.1% in the 3rd quarter of this year, after decreasing by 31.4% in the second quarter. There’s no doubt the growing economy is being fueled in part by the soaring housing market. Experts forecast this housing growth to carry into 2021, continuing to make a big impact on the economy next year as well.
The American Dream of homeownership has continued to thrive in the midst of this year’s economic downturn, and “home” has taken on a new meaning for many of us during this time. Best of all, the housing market is making a significant impact as the economy recovers.
Author:Melkys Martinez Dated: November 4th 2020 Views: 7 About Melkys: With over 14 years experience, Melkys Martinez provides real estate services to buyers and sellers l...
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With over 14 years experience, Melkys Martinez provides real estate services to buyers and sellers located in and around Tri county area. Having grown up in South Florida, Melkys is incredibly well-versed in the area's housing market and always manages to find her clients those hidden gems that other agents tend to overlook.
Melkys' nurturing style and dedication allow her to hold client satisfaction as her highest priority, she works hard to make the entire home buying and selling experience as productive and enjoyable as possible. Melkys wanted to be a real estate agent ever since she was a teenager and is passionate about servicing her clientele.
Whether her clients are first time buyers or sea soned investors; Melkys works tirelessly to accommodate their needs and exceed their expectations. Melkys works diligently to advertise and promote your home for sale. The efforts pays off because many clients have said she gets them more for their home than expected. Melkys works alongside a team of highly-skilled professionals, guaranteeing a smooth experience from beginning to end.