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The National Association of Realtors' chief economist, Dr Lawrence Yun, has given several recent announcements regarding the housing market and our economy. You'll be encouraged by his findings and predictions. 

This is what Dr Lawrence Yun had to say: Home prices are still on the rise. According to Yun, due to an inventory shortage pre-coronavirus, the current withdrawal of homes on the market is continuing to drive prices up.

"If anything, prices appear to be rising just as if we are in a pre-pandemic period,” said Yun. “How is that the case when we have our economy on lockdown? We had an inventory shortage before the pandemic, and during the pandemic many listed properties were taken off the market. Therefore, we have even more of an acute housing shortage during the pandemic, and consequently the prices are not falling, and are in fact rising.”

While Americans are already coming off of unemployment at a rate of about one million per week, another three million are filing for the first time. That’s expected to change when schools, daycare facilities, surgical centers and doctor and dentist offices reopen, allowing education and healthcare workers to return to their jobs. The health-care sector alone lost 1.4 million jobs in April, with half a million jobs cut from dentists’ offices and nearly a quarter-million cut from physicians’ offices.

“Those areas are expected to improve once the lockdown ends,” Yun said, noting education and health represent the second largest number of jobless claims after leisure and hospitality. “At least 80% of job losses right now are temporary.”

I've had a few people reach out to me over the last month wondering if we are going to see another downturn in the market like we did in 2008 and should they sell their home now? There are no economic or industry indications pointing toward that. Many of the issues in 2008 were created by the subprime lending industry's lack of regulations which have dramatically been changed for the better. 

If you have any questions about your home's value or are thinking of selling in the future, it's really never too early to have me come take a look to plan ahead. Take care and enjoy this glorious weekend!

Much peace from my home to yours!



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Dana Robbins

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1 Old Oyster Point Rd. Ste. 210 Newport News, VA 23602 | (757) 873-6900

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