As we start to see more opening up of our lives and economy we continue to get lots of conflicting information. We have varying opinions and emotions. I think we can all use some encouragement!
One of the things I really value about working at Ruhl&Ruhl REALTORS® is a culture of care for agents and staff that leads to care for our clients, friends and family. While we are a regional company, spread throughout eastern Iowa and western Illinois, our owners, Chris Beason and Caroline Ruhl have been staying in touch weekly through video calls.
This week there was some helpful information shared to keep us in a positive state of mind. It was helpful to me and so I thought I would share some of the ideas with you as well:
- Consider what you can be grateful for because of the place we are at with this pandemic. Have you connected with someone you haven’t heard from in awhile? Were you able to serve someone in need? Are you still employed? Have you seen someone recover?
- What good things have you experienced or learned through this period? I’ve learned new ways to do real estate and continue to safely serve people. Maybe you’ve learned a new game or found a new exercise routine.
- Is there something you are willing to let go of that used to seem normal or necessary? Maybe you’ve found that letting go has really been a blessing.
Keeping a positive mindset helps each of us cope with change and challenges.
Our livelihoods and economy are weighing heavily on many people. The information shared this week also focused on information about this aspect of our lives.
The Chief Economist for the National Association of REALTORS predicts housing prices to remain stable. This is a national view and it’s encouraging. Housing is a large piece of the economy. When one area of the economy may be struggling, it’s good for another aspect to stay strong.
Why is housing different now than it was in 2008? One big reason is because people have much more equity in their homes than in 2008. Forty-two percent of homeowners currently are mortgage-free. Less than 7.3% of homeowners have less than 10% equity in their homes. As the economy was booming in the early 2000’s, people were not saving and borrowing heavily against their home equity. When the economy started to change, many homeowners were in a delicate position.
Historically low interest rates continue, the millennial generation has matured and are ready to buy homes, genXers are moving up and baby boomers are making changes in their housing needs. There is a strong buyer demand for homes.
Keeping Current Matters does lots of research relating to the real estate market. In discussions with economists, they see a possible economic slow-down in the 2nd quarter of 2020, but a strong 3rd and 4th quarter. A lot of this has to do with a strong economy coming into the pandemic and much of the unemployment we’re experiencing being temporary. There is already evidence of unemployment numbers coming down. Economists are having to look at more factors than normal. Business factors, health/medical factors and human factors.
There’s a lot we don’t know, but we can focus on our attitudes and behaviors. What we think about has a tendency to expand! Stay hopeful. Stay healthy. Start deciding how you want to live your life today and going forward!