When speaking with my friends and clients about the current situation due to the COVID-19 outbreak, the top discussion topic is the local economy and how real estate will recover after the crisis ends. I have been reading articles about what certain economists are saying and the consensus between a lot of them are that once the States start to slowly reopen they are hopeful that a lot of the people laid off will slowly go back to work in a safe manner. We may have to still deal with restrictions and ways to protect us in the office, but that will not keep people from doing the job. My focus in today's blog is give you my opinion as a professional Real Estate Agent on things compare to events like the 2008-2009 recession and today's crisis. One of factors we look at when comparing the reason for the recession in 2008-2009 and what is happening now is that the housing market has nothing to do with what we are experiencing . While housing led to the recession in 2008-2009, this time it may be poised to bring us out of it. Here are a few differences…. - The Housing market is not Over valued as it was in 2008-2009.
- The Housing Market is Under Built.
- The Housing Market is showing Historic Equity High.  Unfortunately the service industries like Hospitality and Leisure will suffer the immediate pain from COVID-19 outbreak. The housing market will not escape unscathed. Consumer confidence along with a strong labor market that are essential in consumers decision to purchase a home. But this time the housing market is a casualty of the public health crisis/economic crisis… not the cause. These are several more larger employers in our area which I think leaves us in better shape than a lot of other areas. With that said we do understand that other business sectors are being impacted. The good news is that our largest employers are Education, Medical and Government and are likely keep employees or even call back those employees laid off during the crisis. Below are the Centre Counties top 10 Employers 1. **Penn State** 2. **Mount Nittany**
3. **State Government**
4. **SCASD**
5. **Glenn O Hawbaker**
6. **Wal-Mart**
7. **Centre County**
8. **Mt Nittany Health services**
9. **Geisinger** 10. **Weis** I do believe that our community along with real estate will come out of this crisis even stronger. I have learned from this experience to personally keep my family safe and my clients are number one. We need to continue to support our local small business as the crisis has been very hard on that sector. I believe, better days are coming and I can tell you The Annette Yorks Group is ready to get back into the office… just like all of you! Share This Post
