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’m grateful for her leadership and excited to be part of the ever-evolving role Realtors play nationally and in our local communities.
As Greater Chattanooga Realtors looks toward what the future holds for real estate, I’m reminded of recent comments by Lawrence Yun, chief economist at the National Association of Realtors, who gave his 2020 projections during the Commercial Economic Issues & Trends Forum in November.
“I don’t 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 a recession, some analysts believe the country is due for one.
But Yun counters that theory, saying current conditions are better than they were before other recessions.
“The U.S. is in need of more new housing,” he said. “Historically, anytime 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’ll have at least 12 consecutive years of economic expansion.”
Kenneth Rosen, chairman of the Rosen Consulting Group, slightly disagreed with Yun’s outlook. “I think there’s 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’ll 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 thrilled to lead the Greater Chattanooga Realtors in 2020 and excited about serving our members and our community. That’s Who We R.
Greater Chattanooga Realtors is The Voice of Real Estate in Greater Chattanooga. A regional organization with more than 2,000 members, Greater Chattanooga Realtors is one of some 1,300 local boards and associations of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors services Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade and Walker counties in northwest Georgia. For more information, visit www.gcar.net or call 423 698-8001.