The economy plays an undeniable role in the real estate industry. Every family needs a place to live, and there is always an opportunity to buy or sell a home. What should you expect as we are facing an economic rebound after the recent fallout of the COVID-19 pandemic?
Trends of the Current Recession
According to the experts, this current recession started in February. But the biggest effects were felt in mid-March because of the nationwide shutdown. Even though many businesses closed temporarily, big companies were able to stay open by offering work-from-home opportunities for employees. As a result, the income of white-collar workers has largely been unaffected.
We are starting to see companies opening back up again. Families are re-evaluating their current circumstances, with a need to move to larger houses due to continued work-from-home options.
Additionally, the Federal Reserve has responded to the recession with an effort to boost the economy. Interest rates are at rock-bottom prices right now. Mortgage providers are reporting interest rates lower than anything we’ve seen in the past 20 years or more. Families are taking advantage of these low-interest costs by investing in real estate during this great opportunity.
Demand for Homebuying in a Pandemic
The truth is that many real estate markets across the nation are seeing similar trends: there is still a demand for people who want to buy homes. At the same time, the inventory is low. This trend means that it is a competitive environment. So, you need to be ready to move fast when you find the right property.
An economic rebound is beneficial for stimulating the economy. As businesses open back up and return to the “new normal,” people can go back to work and resume their income. This flow of income in the families means that the money is available when it’s time to move.
Economic Rebound: Is it Time for You to Buy a Home?
The needs of each family vary, depending on your current stage in life. It’s important to consider your employment stability and income potential in the future when you are buying a home.
At DUFFY Realty, we specialize in helping your family find the right home for your unique needs. If you are ready to move, then we’ll help you maximize your investment by buying a home that is the perfect fit for your needs. Additionally, we have years of experience and understand the best strategies to use for selling homes in all economic conditions.
If you have questions about how Atlanta real estate is affected by the economic rebound, then contact us to learn more. The first step is to contact us at DUFFY Realty to schedule a consultation. We offer a listening ear and the experienced team you need to find the best home for your family. Call us at: (678) 318-1700.