Economic Insights from Matthew Gardner
As we all hunker down through these challenging times, it is comforting to remember that there will be light at the end of the tunnel.
A voice of calm and reason in this time of uncertainty has been our Windermere Chief Economist, Matthew Gardner. While he is expecting an economic slowdown accompanied by a temporary 15-20% reduction in the number of homes sold, he believes the housing market will bounce back once we find our new normal.
Click here to watch his latest videos, or scroll down for some key takeaways…
The US economy will contract sharply but should perk up by Q4.
We’re in for a rough few quarters as the economy enters a recession. Just how rough—and how long—is still under debate. What economists do agree on is that the 4th quarter is looking remarkably positive…assuming we get through the COVID-19 crisis and the economy can resume somewhat normal activity before the fall.
Housing prices will likely remain stable.
Seattle home prices should remain steady—or even rise slowly as we come out of the recession—for a few reasons:
- DIVERSE INDUSTRIES IN OUR AREA which allow us to better weather the economic storm.
- SOLID FINANCIAL FOOTING as one third of local home owners have 50% or greater equity in their homes.
- STRONG DEMAND with more buyers than homes available, as well as rock-bottom interest rates.
This will be different than 2008…
We’re experiencing a health crisis, not a housing crisis.
- WE’LL SEE A PAUSE, NOT A COLLAPSE. Unlike last time, the housing market was strong going into this crisis and should rebound quickly. Why? Because this recession will be due to specific external factors rather than any fundamental problem with the housing market.
- FORECLOSURES WILL BE FEWER with most lenders offering relief to homeowners in distress due to temporary employment issues. Unlike 2008’s mortgage crisis caused by lax lending standards and low down payments, today’s home owners are better qualified and have more equity in their homes.
Find a Home | Sell Your Home | Property Research
Neighborhoods | Market Reports | Our Team
We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.
2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446
© Copyright 2020, Windermere Real Estate / Mercer Island
COVID-19 Resources
Make Working From Home Work for You…
- 5 Small Things You Can Do to Improve Your Home Office
- WRE’s “Work from Home” Spotify playlist
- Working remote tips from Time Magazine
- Staying productive during the coronavirus while managing stress/anxiety/fear
- Making the perfect office to work from home
Kids at Home?
- Information about how to talk to littler kids about the coronavirus.
- Some essential steps to take to protect children from getting sick (mostly common sense stuff)
- 50 boredom busters
- Some great virtual tour links to visit various Louvre exhibits + the Tokyo National Museum, the Guggenheim Museum, and the Smithsonian Museum of Natural History.
- Activities, educational videos, and games from the San Diego Zoo
- Take a virtual visit to a national park, including the Clara Burton in Maryland, the Hot Spring National Park, the island of St. John in the Virgin Islands, and more!
- Explore Mars and meet the Curiosity Rover in an interactive experiences, videos and animations, raw images, and more!
- Check out the Cherry Blossoms at the University of Washington virtually!
- Take a cooking class with your kids from Better Homes and Gardens or through BBC! MilkStreet is also offering free cooking classes through the end of April.
- Enjoy a trial to the BroadwayHD.com site and watch Broadway online!
- Learn guitar from Fender during your time inside!
- The Seahawks Weekly Challenge kicked off this week by Coach Pete Carrol!
Bring Your Favorite Restaurants Home
- The Seattle Time’s guide to Seattle & Eastside restaurants offering takeout and/or delivery
- Eater’s neighborhood-by-neighborhood breakdown of restaurants for Seattle
- Takeout and delivery deals compiled by Seattle Metropolitan Magazine
- In-city deals compiled by The Stranger
Feeling Vulnerable?
Here Are Stores Offering Special Hours for Seniors and the Immunocompromised…
- Albertsons: Tuesdays and Thursdays from 7-9 a.m.
- Costco: Tuesdays and Thursdays from 8-9 a.m. (must have a membership)
- Fred Meyer: Monday through Thursday from 7-8 a.m.
- Metropolitan Market: Daily from 7-8 a.m.
- PCC: Daily from 7-8 a.m.
- QFC: Monday through Thursday from 7-9 a.m.
- Red Apple: Tuesday and Thursday from 7-9 a.m.
- Rite Aid: Mondays from 8-10 a.m.
- Safeway: Tuesdays and Thursdays from 7-9 a.m.
- Target: The first hour of Tuesdays and Wednesdays. Check Target’s website for specific opening hours at locations throughout the Greater Seattle area.
- Thiftway: Tuesdays and Thursdays from 7-9 a.m.
- Town & Country Markets: Monday and Wednesday, 7-9 a.m.
- Trader Joe’s: Daily from 9-10 a.m.
- Uwajimaya: Daily, 8-9 a.m. in Seattle; all other locations on Tuesdays from 8-9 a.m.
- Walgreens: Tuesdays from 8-9 a.m.
- Walmart: Tuesdays from 6-7 a.m.
- Whole Foods: Daily, one hour before the store opens to the public. Check Whole Foods’ website for specific opening hours at locations throughout the Greater Seattle area.
More Resources…
- General COVID-19 info for Washington State
- Government Support for Washington State
- Mortgage Relief Fact Sheet
Find a Home | Sell Your Home | Property Research
Neighborhoods | Market Reports | Our Team
We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.
2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446
© Copyright 2020, Windermere Real Estate / Mercer Island