With each new year comes a time of reflection and planning, both personally and professionally. As I take over the reins from 2019 President Kim Bass, I am grateful for her leadership and excited to be part of the ever-evolving role that Realtors play nationally and in our local communities.
As Greater Chattanooga Realtors looks towards to what the future holds for real estate, I am reminded of recent comments by the Chief Economist at the National Association of Realtors®, Lawrence Yun, who gave his 2020 projections during Commercial Economic Issues & Trends Forum in November.
“I do not foresee a recession in 2020,” said Yun, citing healthy consumer activity and job creation. Yun added that because the country has gone more than 10 years without one, some analysts believe the country is “due for a recession.” But Yun counters that theory, saying that current conditions are better than they were before other recessions.
“The U.S. is in need of more new housing,” he said. “Historically, anytime that we have needed to build, there was never a recession. This is an incentive for builders to start more construction. If they do, I think we will have at least 12 consecutive years of economic expansion.”
Kenneth T. Rosen, chairman of the Rosen Consulting Group, slightly disagreed with Yun’s outlook. “I think there is a rising risk of recession. If some things go wrong, we could get a recession,” he said. Rosen said failing to form a truce with China over tariffs, combined with political ramifications in the 2020 presidential election, could spur a decline of some sort.
After the year-end numbers come in for 2019, we will be able to analyze better what we might expect nationally and locally for the housing market. In addition to national efforts, Greater Chattanooga Realtors will continue to work with local decision-makers on issues that impact housing affordability and inventory.
I’m very thrilled to lead the Greater Chattanooga Realtors® in 2020, and I’m excited about serving our members and our community. That’s Who We R®.