#ChrisBJohnsonRealtor #TimeToSell #FirstTimeBuyers #HousingRecovery #AJIBoom #TimeToBuy #HomeBuyingStimulus
There are two crises in this country right now: a health crisis that has forced everyone into their homes and a financial crisis caused by our inability to move around as we normally would. Over 20 million people in the U.S. became instantly unemployed when it was determined that the only way to defeat this horrific virus was to shut down businesses across the nation. One second a person was gainfully employed, a switch was turned, and then the room went dark on their livelihood.
The financial pain so many families are facing right now is deep.
How deep will the pain cut?
Major institutions are forecasting unemployment rates last seen during the Great Depression. Here are a few projections:
- Goldman Sachs – 15%
- Merrill Lynch – 10.6%
- JP Morgan – 8.5%
- Wells Fargo – 7.3%
How long will the pain last?
As horrific as those numbers are, there is some good news. The pain will be deep, but it won’t last as long as it did after previous crises. Taking the direst projection from Goldman Sachs, we can see that 15% unemployment quickly drops to 6-8% as we head into next year, continues to drop, and then returns to about 4% in 2023.
When we compare that to the length of time it took to get back to work during both the Great Recession (9 years long) and the Great Depression (12 years long), we can see how the current timetable is much more favorable.
Bottom Line
It’s devastating to think about how the financial heartache families are going through right now is adding to the uncertainty surrounding their health as well. Hopefully, we will soon have the virus contained and then we will, slowly and safely, return to work.
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About Me
- Chris B Johnson REALTOR®
- Chris B. Johnson REALTOR® Specializes in Luxury Estates and Home Auctions. Your home is probably the biggest asset you own. This is why you should hire a professional to guide you through all your real estate transactions. My goal is to help 24 to 28 families each year either buy or sell a home. I am NOT interested in Selling 100 or 200 homes a year because I would not be able to give each family the time, attention and energy they deserve. I believe in Quality, NOT Quantity.
#SellYourHomeForMoreandPayLess, #TimeToSell #ChrisBJohnsonRealtor, #SellersPayZEROCommission, #ListYourHomeAndPayNoCommission, #BetterThanFSBO, #5StarREALTOR®, #FixandFlip, #RealEstateInvestor, #TopProducer, #AJIBoom, #XomeAgentNetwork, #BidOnHomes,
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.- TOPIC: Home Selling
- LOCATION:
- California Ventura County LA County
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