Real Estate Will Lead the Economic Recovery

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Real Estate

Washington State and Skagit County is gradually reopening as are most states, and the economy is showing strong signs of improvement already. Most expert forecasts indicate this economic recovery gain strong momentum the second half of this year, and it is expected that real estate will lead the way in the recovery process.

CNBC notes:

“Mortgage demand from home buyers shows unexpectedly strong and quick recovery…The quick recovery has surprised most forecasters.”

Robert Dietz, Chief Economist and Senior Vice President for Economics and Housing Policy of the National Association of Home Builders (NAHB) says:  “Overall, the data lend evidence to the NAHB forecast that housing will be a leading sector in an eventual economic recovery.”

Home sales have a huge impact on the local economy.  According to a recent study by the National Association of Realtors (NAR), the average new home sale has a total economic impact of $88,416 to the community.  Buying and selling a home goes well beyond personal growth and satisfaction,  – it stimulates the economy as a whole.


Impact of home sale on economy

Homebuyers are coming to Skagit County as they search for homes outside of the city.  Working at home has started online home searched for houses with bigger offices, larger back yards so entertaining can be possible with social distancing, and more outdoor activities.  We live in one of the most beautiful parts of the Northwest, and homebuyers coming into our area will keep our local economy strong as well as the demand for homes.