With Covid-19 taking over our world and how we operate, the economy is a hot topic. While things seem to be looking up, there are a lot of people who are nervous for a second wave and what that could do. From the very beginning of this pandemic, a lot of experts predicted that we’d see recovery in the last half of the year, or the 3rd and 4th quarters. While that still seems to be the main prediction, there are a lot of folks that are weighing in on the type of recovery we will see. A majority of experts expect us to see a V recovery. This is where there is a sharp drop and a sharp rebound. The Wall Street Journal recently released this in their monthly Survey of Economists:
“The U.S. economy will be in recovery by the third quarter of this year, economists said in a survey that also concluded the labor market will fare better than previously expected following the effects of the coronavirus pandemic.”
The good news is that the latest jobs report from the U.S. Bureau of Labor Statistics confirmed that 2.5 million jobs were added and the labor market is outperforming expectations. In fact, a majority of economists surveyed said that they felt the recovery had already began. While we do have a long recovery ahead, it appears for now that the worst could be behind us. So what does this mean for buyers and sellers interested in Lake Tahoe real estate this year?
For sellers, it means now is a great time to list. We went into this with low inventory, which means not enough homes for sale in Lake Tahoe to satisfy the demand. Additionally, the mortgage rates are amazingly low which has spurred a lot of buyer activity. Lenders have gotten stricter with the guidelines and now with so many tours being virtual and buyers having to jump through hoops to tour homes for sale in Lake Tahoe, you can rest assured that the buyers you are dealing with are serious.
For buyers, now is a great time to take advantage of the low interest rates. The more you save on your interest rates, the more money you save over time. The one thing to know is that inventory is low and demand is high so you may find yourself being outbid when putting in offers on homes for sale in Lake Tahoe. Go in flexible and patient as this is not a recession that has impacted the Lake Tahoe real estate market. Yet, anyway. While that could change depending on whether a second wave of the virus comes into play, housing values and prices stayed steady throughout the first wave so waiting would not be advisable if you are serious about purchasing this year.
For more information on buying or selling Lake Tahoe real estate, feel free to reach out, I would be happy to help.