Economic Recovery from KCM

Experts Predict Economic Recovery Should Begin in the Second Half of the Year

Experts Predict Economic Recovery Should Begin in the Second Half of the Year | MyKCM

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 there’ll be growth in the second half of the year…

So, in the long run, I would say the U.S. economy will recover. We’ll get back to the place we were in February; we’ll get to an even better place than that. I’m highly confident of that. And it won’t take that long to get there.”

Nonpartisan Analysis for the U.S Congress

“The economy is expected to begin recovering during the second half of 2020 as concerns about the pandemic diminish and as state and local governments ease stay-at-home orders, bans on public gatherings, and other measures. The labor market is projected to materially improve after the third quarter; hiring will rebound and job losses will drop significantly as the degree of social distancing diminishes.”

Neel Kashkari, President, Minneapolis Federal Reserve Bank

“I think we need to prepare for a more gradual recovery while we hope for that quicker rebound.”

We’re certainly not out of the woods yet, but clearly many experts anticipate we’ll see a recovery starting this year. It may be a bumpy ride for the next few months, but most agree that a turnaround will begin sooner rather than later.

During the planned shutdown, as the economic slowdown pressed pause on the nation, many potential buyers and sellers put their real estate plans on hold. That time coincided with the traditionally busy spring real estate season. As we look ahead at this economic recovery and we begin to emerge back into our communities over the coming weeks and months, perhaps it’s time to think about putting your real estate plans back into play.

Bottom Line

The experts note a turnaround is on the horizon, starting as early as later this year. If you paused your 2020 real estate plans, let’s connect today to determine how you can re-engage in the process as the country reopens and the economy begins a much-anticipated rebound.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

This article was published by Keeping Current Matters and shared in its entirety by Angela Barrett, REALTOR®. Full credit for article should be given to KCM.

What’s Happening in the Local Market?

CMLS recently released the monthly research report for April 2020. Here’s what’s happening in the local market.

Housing Supply ~

Pending sales were up 4.1% in the 12-month period spanning from May 2019 through April 2020. The price range with the largest gain was sales of $300,001 and above, which increased 16.5%. The overall median sales price was up 7.6% to $185,000. The property type with the largest gain was the Single-Family Homes sector. Prices here were up 7.3% with an average price of $189,900. Inventory levels were down 4.4%.

Quick Facts

+16.5%+6.1%+4.5%
Price range with the strongest sales: $300,001 and AboveBedroom Count with strongest sales: 4 Bedrooms or MoreProperty type with strongest sales: Single-Family

Monthly Market Indicators ~

Economic activity continued to slow in April. With more than 20 million unemployment claims filed nationwide, much of the country is out of work, at least temporarily. The dramatic economic downturn is reflected in this month’s real estate activity.

New listings were down 18%. Pending sales decreased 6.6%. Inventory declined 4.4%. Prices moved higher by 6.1% averaging $188,900. Days on the market reduced to 51 days, a decrease of 15%.  Months Supply of inventory was down 8% to 2.3 months, indicating demand increased relative to supply.

Quick Facts

-12.5%+6.1%-4.4%
One-Year Change in Closed SalesOne-Year Change in Median Sales PriceOne-Year Change in Inventory

The effects of COVID-19 varies widely across the country, but it is expected to continue to play an impact on the amount of real estate activity in the near term.

To read the Full Housing Supply Report, go here.

To read the Full Market Indicator Report, visit here.

Living Room Updates That Make A Big Impact

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Ready for a change, but not prepared for a complete overhaul? Try one, or try them all – easy updates to jazz up your living space.

Mix & Match Accents. Add a little whimsy to your room with accent pillows by combining a variety of fabrics and prints in similar colors. Amazing what little pops of color can do to bring cheer and impact to a dull and dreary room.

Use Area Rugs. Add subtle definition and create the allusion of division without compromising your open floor plan with rugs that act as dividers. Rugs can help differentiate where the living room ends & dining room begins.

Incorporate Some Oversized Art. Hang a large piece of artwork to create a focal point. Quick and easy and helps fill up some of that empty wall space.

Add Some Greenery. House plants not only clean the air but also bring visual appeal to your living space. Make sure you remember to water to keep them green and lively for years to come.

Find the Perfect Coffee Table. A coffee table is a fairly inexpensive way to completely change the look of your space. Be sure to choose a table that not only highlights your style but also is durable enough to withstand whatever’s thrown its way.

Upgrade Your Lampshades. Changing the lampshades is an easy and update that can completely change the ambiance of your room. Tie the shades with existing design with visually appealing shades and think about how they will look both during the daytime and nighttime.

Refresh the Curtains. Swapping out curtains can do wonders for the look of your living room. Consider a bold color or high-quality fabric to breathe new life into your living space.

Try Some Cover-Ups. If you don’t want to reupholster but have couch cushions that have seen better days, consider using a slipcover. There is so many fabrics, colors, and patterns out there to choose from, and this simple swap can pack a punch to a fresh, new look.

Summer Home Maintenance

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Summer means cooking out, swimming and warmer weather. It also means taking advantage of nicer weather to make some home improvements that you put off during the cooler months. If you’re not sure where to start, try one of these top ten home maintenance projects perfect for the hot summer months.

Pressure Wash. Give your walkways and home exterior a high-power shower. Summer is the perfect time for pressure washing so that you can wash off all the dirt and grime that’s built up through the year.

Re-stain the deck. Protect your deck from the elements with a new coat of deck stain.

Repair and re-stain the fence. The summer is a great time to make repairs to your fence. Walk the perimeter and replace boards, pressure wash and put on a new coat of stain. This ensures your fence will stay in great working condition.

Replace siding. Give your home a much-needed face lift. The warmer months are a perfect time to do outdoor work.

Install a ceiling fan. Ceiling fans help to cool down the home and are a fairly inexpensive way to add energy-efficiency to your home.

Drain your water heater. This will help clear away any built-up sediment and get more hot water for you and your family.

Correct your concrete. Repair cracks and buckling in your walkways and driveway. Hotter weather means faster drying times.

Invest in your outdoor living space. Outdoor living spaces provide a place to cook, relax and entertain. It may be time to spruce up the patio furniture or create a cooking area so you can maximize your outdoor enjoyment.

Buying a Home: Build a Plan of Action & Get Ready

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Buying a home will most likely be the biggest personal purchase you will ever make! Being organized will contribute significantly to getting the best deal possible and to help avoid buyer’s remorse. It’s important to know the steps that go in to making a home purchase and to create a plan so that you can move forward in your decision when you’re ready.

Before you build your plan of action, it’s important to lay the groundwork for your decision-making process. First, figure out how much home you can afford. Pre-approval will help you figure out how much you can afford so you look at homes that are within your price range. Getting pre-approved also enables you to know what you qualify for and what your mortgage payments will be. When you find a home that you are ready to make an offer on, the guesswork is gone and you can make your offer without hesitation.

Next, consider where you want to live. Location plays a big part in finding happiness in your new home. You may want to consider proximity to work, crime rate, access to local transportation, types of homes (condo, single-family, etc), convenience to shopping and restaurants, and what the school district is like if you have school-age children. It is up to you determine what is important. You can change the interior of a home, but you can never change the location.

Finally, enlist the help of an experienced REALTOR®. When choosing someone to work with, you should feel comfortable with them and that they understand your needs and wishes. You also want someone who will be honest with you and keep your expectations realistic, even if it’s not what you want to hear. It’s important to have trust in your REALTOR® as they will be helping you make this significant purchase. It is a REALTOR®’s job to look out for your best interest and negotiate on your behalf. A REALTOR® will be the most valuable tool you have in your arsenal. They are experienced and know the market, the area, the process and how to negotiate. And best of all, for home buyers, most of the time their services are FREE.

Contact me and see what I can do and let me help you build your plan of action toward home ownership today.

Countdown to Summer – Get Outdoor Ready

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Summer is coming and with it comes relaxing days by the pool , tropical cocktails and the unbearable heat! Now is the perfect time to prep your outdoor space for the lazy days of summer ahead.

Check your outdoor cushions. Your outdoor pillow and cushions take a beating so give them a good look to make sure they’re in decent condition. Remove covers and wash them, or consider replacing them altogether.

Wipe down outdoor furniture. While rain washes away some dirt and pollen, a thorough wipe down with cleaner is in order to keep furniture looking its best.

Clean outdoor rugs. Vacuum, hose off & let them dry in the sun. Even outdoor rugs need an occasional TLC.

Pressure wash the patio. A few minutes of pressure washing can remove years of dirt and grime. When you see the instant results, you’ll wonder why you haven’t done this before now!

Re-paint your front door. This will not only give your entry a much needed facelift but helps seal and protect the wood as well.

Get the grill ready. Disconnect the gas and do a deep-clean with a scrub-down of cooking grates, burner protectors and cook box. Don’t forget the exterior!

Repair damaged screens. Even the smallest tear in a screen can let countless mosquitoes and bugs in. This year, keep them out by fixing those screens once and for all.

Switch directions on ceiling fans. In the summer, blades should rotate counterclockwise to move air down, helping to keep you cooler in the hot summer months.

Re-caulk windows and doors. Re-caulking windows can help to maintain a properly sealed house, which keeps the cool air in. What could this mean? A cooler home and ower energy bills for you.

Replace house numbers. Make sure your house numbers are in full view and consider positioning under a light fixture for better visibility after the sun goes down.

Update outdoor fixtures. Now is a good time to consider upgrades and to check fixtures to make sure they’re working properly. Proper lighting helps light up walkways and entrances and can also be used to create a better ambiance.

Guest room spruce up. Consider some new bedding or adding a few accessories to freshen the look of your guest room. It will make the space much more inviting for your summer visitors.

Spring Cleaning Rooms 4 & 5: The Bathrooms & Bedrooms

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Although the bathrooms are cleaned more often than any other room in the house, a thorough cleaning, and possible remodel, can bring beauty to the bathroom.

  1. Using a scrub brush and cloth, clean out the bottom of your bathtub. This is where bacteria can linger. Treat yourself to a bubble bath for a job well done when finished! Clean an existing bath mat or buy a new one; a bath mat not only prevents slipping but also can dress up the space.
  2. Clean the grout, floors, and all side of the shower. Be sure to include the showerhead, where calcium deposits and grime can clog up the holes where the water pours out. Helpful tip – try using 1/2 cup water and 1/2 cup white vinegar in a plastic bag wrapped around the shower head and let soak for up to an hour to clear built-up deposits.
  3. Use an all-purpose cleaner and mist your toilet from the top to the bottom. Don’t forget to lift the lid and spray underneath and the toilet base. Use toilet bowl cleaner under the rim. Wipe the exterior, paying particular attention to areas of contact such as the handle and lid. Consider using a toothbrush for hard to reach areas like the hinges. Finally, scrub out the bowl with a toilet brush and get under the rim and deep down into the bowl.
  4. Replace old shower curtains with new ones. While they might look clean, they could be covered in mold.
  5. Make sure you hang clean towels and fill or replace soaps and soap dispensers.
  6. Add and light a scented candle to help remove unwanted smells and help turn your bathroom into a room you (and your guests) want to walk into.

Nothing is more inviting than a clean bed and bedroom when you turn in at night. If you’re getting enough sleep, you should spend 8 hours a night in this private oasis – you should enjoy this time without feeling cluttered or dirty.

  1. Pull off all of your bedding from sheets, comforters and bed skirts and wash. You may need to consider going to a Laundromat to wash bulkier items if your washing machine isn’t large enough to hold them.
  2. Once your bedding is stripped, start dusting. Begin at the top with ceiling fans and light fixtures. Consider replacing any burnt-out or dimming bulbs. Work your way to lamps and furniture.
  3. Reorganize your dressers and night stands. Sometimes, this can lead to extra space you didn’t even know you were missing!
  4. Clean off your bedframe and vacuum underneath it. If you have items stored underneath the bed, reorganize and relinquish items you no longer need or use.
  5. Vacuum and spot clean your mattress and box spring. They can collect dust and oils. It may be time to even consider purchasing a new one, one that will provide you with a better, more relaxing sleep.
  6. Put your pillows in the dryer with a scented dryer sheet to help them smell fresh and clean and get them plumped and cozy. You can even hand wash them if you feel they need it.
  7. Polish any furniture or surfaces with appropriate cleaners to help them shine.
  8. Remake your bed with the clean, fresh sheets and blankets. I guarantee you’ll have a great night sleep!
  9. And finally, reorganize and clean out your closet space to make way for some new clothing and shoes! 

Spring Cleaning Room #3: The Living Room

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The living room typically needs the most attention since you and your guests will spend a lot of time here lounging and talking.

  1. Begin with the ceiling fan. Dust packs on the blades so you may want to cover furniture before cleaning. Use a dust mop to get off surface dust, and then, with soapy water and a rag, wipe each blade of your ceiling fan.
  2. Dust and/or vacuum any blinds or curtains. If it is safe to throw in the washer, do so. Don’t forget the rods and window sills, which also are dust collectors.
  3. If you have electronics using wires, carefully wipe clean with a dry or lightly damp cloth. Use same method to clean TV screen. You may need to turn off the power breaker before wiping anything plugged in.
  4. Whether fake or real, dust any plants.
  5. All tables should be thoroughly cleaned. Wooden tables should be oiled. Don’t forget the legs!
  6. Vacuum out couches and chairs that may have collected pet hair or food crumbs. It may be a good time to clean the fabric of the cushions with an appropriate cleaner for the material.
  7. Wash any throws or spot clean any decorative pillows missed in the step above.
  8. Vacuum and spot clean your carpets. If you’re ambitious, pull out the rug cleaner and go to work.
  9. Dust and clean with soapy water any remain surfaces.
  10. Mop floors with appropriate cleaners or a mild soap and water.