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Source: Bureau of Economic Analysis and Freddie Mac  As we continue to work through the health crisis that plagues this country, more and more conversations are turning to economic recovery. While we look for signs that we have reached a plateau in cases of COVID-19, the concern and fear of what will happen as businesses open up again is on all of our minds. This causes confusion about what an economic recovery will look like. With this in mind, it is important to understand how economists are using three types of sciences to formulate their forecasts and to work toward clearer answers. 1. Business Science: How has the economy rebounded from similar slowdowns in the past? 2. Health Science: When will COVID-19 be under control? Will there be another flareup of the virus this fall? 3. People Science: After businesses are fully operational, how long will it take American consumers to return to normal consumption patterns? (Ex: going to the movies, attending a sporting event, or flying). Sam Khater, Chief Economist at Freddie Mac, says: Although the uncertainty of the crisis means forecasts of economic activity are more unclear than usual, we expect that most of the economic damage from the virus will be contained to the first half of the year. Going forward, we should see a recovery starting in the second half of 2020. This past week, the Bureau of Economic Analysis released the advanced estimate for Gross Domestic Product (GDP) for the first quarter of 2020. That estimate came in at -4.8%. It was a clear indicator showing how the U.S. economy slowed as businesses shut down and consumers retreated to their homes in fear of the health crisis and of contracting COVID-19.  Experts agree that the second quarter of 2020 will be an even greater slowdown, a sign more businesses are feeling the effects of this health crisis. The same experts, however, project businesses will rebound, and a recovery will start to happen in the second half of this year. Bottom Line As time goes on, we will have more clarity around what the true economic recovery will look like, and we will have more information on the sciences that will affect it. As the nations economy comes back to life and businesses embrace new waves of innovation to serve their customers. If you are considering buying a home this year, let us connect to set a plan that will help you get one step closer to achieving your dream. |
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It is a common misconception that a real estate agent primarily learns of someone looking to buy or sell a home when someone simply calls an agency looking for an agent to help them. Although this can happen, it is very rare. In fact, over 80% of the referrals I receive come from past clients and past coworkers just like you. The other 15-20% of referrals comes from our national network of relocation companies and other Coldwell Banker agencies across the country. The greatest compliment I can receive is when someone like you refers me to a friend, coworker or family member of theirs. If you, or someone you know, are looking to either buy or sell a home then I would certainly appreciate the opportunity to earn your business. Do you know of someone looking to buy or sell a home?  Click the vCard below to download my contact information to load on your phone and to share with anyone you know that would benefit from my help in buying or selling a home. 
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 12401 Old Meridian Street Carmel, In 46032 Email brad@btgough.com Mobile (317) 590-3571 Office (317) 844-1131 Website www.btgough.com |