Author: barthorowitz

Low Inventory Could Push Home Prices Higher

As we enter the summer months and work through the challenges associated with the current health crisis, many are wondering what impact the economic slowdown will have on home prices. Looking at the big picture, supply and demand will give us the clearest idea of what’s to come. Making our way through the month of June and entering the second half of the year, we face an undersupply of homes on the market. Keep in mind, this undersupply is going to vary by location and by price point. According to the National Association of Realtors (NAR), across the country, we currently...

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Now is a Great Time to Reflect on the Benefits of Homeownership

More than ever, our homes have become an integral part of our lives. Today they are much more than the houses we live in. They’re evolving into our workplaces, schools for our children, and safe havens that provide shelter, stability, and protection for our families through the evolving health crisis. Today, 65.3% of Americans are able to call their homes their own, a rate that has risen to its highest point in 8 years. June is National Homeownership Month, and it’s a great time to reflect on the benefits of owning your own home. Below are some highlights and quotes recently shared by the National...

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Economists: Recovery to Begin in Second Half of 2020

With the U.S. economy on everyone’s minds right now, questions about the country’s financial outlook continue to come up daily. The one that seems to keep rising to the top is: when will the economy begin to recover? While no one knows exactly how a rebound will play out, expert economists around the country are becoming more aligned on when the recovery will begin. According to the latest Wall Street Journal Economic Forecasting Survey, which polls more than 60 economists on a monthly basis, 85.3% believe a recovery will begin in the second half of 2020 (see graph below): There seems to be a growing consensus...

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2020 Spring Real Estate Season Shifts to Summer

Realtor members of the Staten Island Board of Realtors® (SIBOR) can help you list safely and effectively With stay-at-home orders starting to gradually lift throughout parts of the country, data indicates home buyers are jumping back into the market. After many families put their plans on hold due to the COVID-19 pandemic, what we once called the busy spring real estate season is shifting into the summer. In 2020, summer is the new spring for real estate. Joel Kan, Economist at The Mortgage Bankers Association (MBA) notes: “Applications for home purchases continue to recover from April’s sizable drop and have now increased for five consecutive weeks…Government purchase applications, which...

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Economic Experts: Recovery Should Begin in Second Half of This Year

One of the biggest questions we all seem to be asking these days is: When are we going to start to see an economic recovery?  As the country begins to slowly reopen, moving forward in strategic phases, business activity will help bring our nation back to life. Many economists indicate a recovery should begin to happen in the second half of this year. Here’s a look at what some of the experts have to say. Jerome Powell, Federal Reserve Chairman “I think there’s a good chance that there’ll be positive growth in the third quarter. And I think it’s a reasonable expectation that...

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