There’s no news like good news and Federal Reserve Chairman Ben Bernanke delivered some great news to a gathering of financial gurus in Jackson Hole, Wyo. Friday (Aug. 21) according to an Associated Press report released Friday morning.
Bernanke told participants at a conference sponsored by the Federal Reserve Bank of Kansas City that the U.S. economy is on the verge of recovery. While optimistic about the future of the U.S. economy, Bernanke emphasized the importance of continued collaboration between world financial leaders and institutions.
What does that mean for the real estate industry? It means tight credit holds are loosening and while many people and businesses are still struggling to get loans, the system is on the mend. That could translate to more completed sales for agents and desperate home sellers. It could also mean greater opportunities for home buyers.
Wait, there’s more. If people and businesses are able to secure loans to build new construction as a result of the improving economy, it will eventually mean a complete turn around in local economies. As unemployed construction workers, struggling contractors and all associated support services from material suppliers to coffee shops start earning and circulating more dollars, economic gears will begin to turn more freely. New rules and regulations aimed at tightening control of the real estate and lending industries will forever change the way we do business. These changes resulted from a frightening economic crisis and the impact of those regulations remain to be seen.
Bernanke’s assessment was in line with Federal observations in early August that prompted the Fed’s to take “a small step toward pulling back some emergency programs to revive the economy,” according to the AP report.
Any news of a positive nature is welcome news after a dismal economic storm.
If you’re ready to buy your dream home while prices are still reduced, now is the time to begin your search! If you’re looking for a great opportunity to sell, contact us today.