The coronavirus pandemic shut down the US economy in the second quarter of 2020, leading to the largest decline in annualized GDP growth since the second world war. Now, economists at Fannie Mae are predicting a rebound thanks to the housing market.
Fannie Mae’s Economic and Strategic Research (ESR) Group sees the low interest rates and low home inventory driving housing demand among buyers and helping to support economic growth.
They noted that the economy began its rebound at the end of May. It continues its upward trajectory, and while the virus remains active, the group expects consumers will keep saving and that the government will pass another stimulus bill if necessary.
Of course, the biggest threat to these predictions is the coronavirus. The ESR warns that if additional shutdowns are needed, economic recovery may slow.
Regardless, with low-interest rates, it is a great time to buy a home. And low housing inventory makes it a great time to sell a home, too. I would love to help you. Let’s talk about your goals and how to make your housing dreams happen!