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What Experts Are Saying about the 2021 Job Market

What Experts Are Saying about the 2021 Job Market | Simplifying The Market

Earlier this month, the Bureau of Labor Statistics (BLS) released their most recent Jobs Report. The report revealed that the economy lost 140,000 jobs in December. That’s a devastating number and dramatically impacts those households that lost a source of income. However, we need to give it some context. Greg Ip, Chief Economics Commentator at the Wall Street Journal (WSJ), explains:

“The economy is probably not slipping back into recession. The drop was induced by new restrictions on activity as the pandemic raged out of control. Leisure and hospitality, which includes restaurants, hotels, and amusement parks, tumbled 498,000.”

In the same report, Michael Pearce, Senior U.S. Economist of Capital Economics, agreed:

“The 140,000 drop in non-farm payrolls was entirely due to a massive plunge in leisure and hospitality employment, as bars and restaurants across the country have been forced to close in response to the surge in coronavirus infections. With employment in most other sectors rising strongly, the economy appears to be carrying more momentum into 2021 than we had thought.”

Once the vaccine is distributed throughout the country and the pandemic is successfully under control, the vast majority of those 480,000 jobs will come back.

Here are two additional comments from other experts, also reported by the WSJ that day:

Nick Bunker, Head of Research in North America for Indeed:

“These numbers are distressing, but they are reflective of the time when coronavirus vaccines were not rolled out and federal fiscal policy was still deadlocked. Hopefully, the recent legislation can help build a bridge to a time when vaccines are fully rolled out and the labor market can sustainably heal.”

Michael Feroli, Chief U.S. Economist for JPMorgan Chase:

“The good news in today’s report is that outside the hopefully temporary hit to the food service industry, the rest of the labor market appears to be holding in despite the latest public health challenges.”

What impact will this have on the real estate market in 2021?

Some are concerned that with millions of Americans unemployed, we may see distressed properties (foreclosures and short sales) dominate the housing market once again. Rick Sharga, Executive Vice President at RealtyTrac, along with most other experts, doesn’t believe that will be the case:

“There are reasons to be cautiously optimistic despite massive unemployment levels and uncertainty about government policies under the new Administration. But while anything is possible, it’s highly unlikely that we’ll see another foreclosure tsunami or housing market crash.”

Bottom Line

For the households that lost a wage earner, these are extremely difficult times. Hopefully, the new stimulus package will lessen some of their pain. The health crisis, however, should vastly improve by mid-year with expectations that the jobs market will also progress significantly.


Source: KMC

Posted in: Distressed Properties, For Buyers, For Sellers, Foreclosures, Housing Market Updates Tagged: Real Estate

© Margo Borkin Real Estate 2010

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Margo Borkin Real Estate
4 hours ago
Margo Borkin Real Estate
Planning to sell soon? Hit a HOME run as as a seller by avoiding these seller strikeouts. ⁣
⁣
• Don’t take low offers personally. ⁣
• Don’t overprice your home "just to see" if anyone will bite".
• Don't underestimate the importance of listing photos.⁣
• Don't hide major issues from your agent.⁣
• Don’t hang around during showings or leave pets roaming around.⁣
• Don’t hide your thoughts from your agent.⁣
⁣
Selling a home is incredibly exciting and sometimes stressful. Hiring an agent to guide you through the entire process is the right choice if you want to actually ENJOY selling your home.⁣
⁣
Was this info helpful? Tag someone who needs to see this!⁣

#oaklandcountymichigan #oaklandcountyrealestate #oaklandcountymi #oaklandcounty
... See MoreSee Less
Planning to sell soon? Hit a HOME run as as a seller by avoiding these seller strikeouts. ⁣
⁣
• Don’t take low offers personally. ⁣
• Don’t overprice your home just to see if anyone will bite.
• Dont underestimate the importance of listing photos.⁣
• Dont hide major issues from your agent.⁣
• Don’t hang around during showings or leave pets roaming around.⁣
• Don’t hide your thoughts from your agent.⁣
⁣
Selling a home is incredibly exciting and sometimes stressful. Hiring an agent to guide you through the entire process is the right choice if you want to actually ENJOY selling your home.⁣
⁣
Was this info helpful? Tag someone who needs to see this!⁣

#oaklandcountymichigan #oaklandcountyrealestate #oaklandcountymi #oaklandcounty
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Margo Borkin Real Estate
2 days ago
Margo Borkin Real Estate
It's the question every homeowner asks at one point or another: Should I sell or should I remodel? Here are a few questions to ask as you make the king-size decision.⁣
⁣
First up, Team Remodeling: ⁣
• Do I love my current home's location? ⁣
• Do I have space (inside and out) for an addition?⁣
• Will remodeling address my biggest concerns about my home? ⁣
• Do I have a place to temporarily move during the remodel (or the patience of a saint to live in an "under construction" house)?⁣
A YES to most of the above means remodeling is probably in your future.⁣
⁣
Next up, Team Time-to-Move:⁣
• Do you anticipate needing more space than a remodel can provide in the next 5 years? (more bedrooms, bathrooms, etc.)⁣
• Will remodeling put your home above neighborhood value?⁣
• Would you prefer a home that's closer to your everyday places (work, school, shopping) or do you desire a different school district or a larger lot?⁣

Resonate with these questions? Find a realtor and at the very least, take a look at what's on the market. Sometimes moving in one direction is just what you need to clarify your thinking.⁣
⁣
Whether you're leaning towards remodeling or moving, send me a message. I'd love to do a quick analysis on your neighborhood and give you the stats you need to go along with your intuition!

#oaklandcountymichigan #oaklandcountyrealestate #oaklandcountymi #oaklandcounty
#realestateexperts⁠
#iloverealestate⁠
#realestatexpert⁠
#realtorslife⁠
#realestateforsale⁠
#sellinghouses⁠
#realestateagent⁠
#realtorsofinstagram⁠
#realtorsofig⁠
#realestatelife⁠
#realtorsofinsta⁠
#instarealestate⁠
#realtorstyle⁠
#realestateblogger⁠
#realestateblog
... See MoreSee Less
Its the question every homeowner asks at one point or another: Should I sell or should I remodel? Here are a few questions to ask as you make the king-size decision.⁣
⁣
First up, Team Remodeling: ⁣
• Do I love my current homes location? ⁣
• Do I have space (inside and out) for an addition?⁣
• Will remodeling address my biggest concerns about my home? ⁣
• Do I have a place to temporarily move during the remodel (or the patience of a saint to live in an under construction house)?⁣
A YES to most of the above means remodeling is probably in your future.⁣
⁣
Next up, Team Time-to-Move:⁣
• Do you anticipate needing more space than a remodel can provide in the next 5 years? (more bedrooms, bathrooms, etc.)⁣
• Will remodeling put your home above neighborhood value?⁣
• Would you prefer a home thats closer to your everyday places (work, school, shopping) or do you desire a different school district or a larger lot?⁣

Resonate with these questions? Find a realtor and at the very least, take a look at whats on the market. Sometimes moving in one direction is just what you need to clarify your thinking.⁣
⁣
Whether youre leaning towards remodeling or moving, send me a message. Id love to do a quick analysis on your neighborhood and give you the stats you need to go along with your intuition!  

#oaklandcountymichigan #oaklandcountyrealestate #oaklandcountymi #oaklandcounty
#realestateexperts⁠
#iloverealestate⁠
#realestatexpert⁠
#realtorslife⁠
#realestateforsale⁠
#sellinghouses⁠
#realestateagent⁠
#realtorsofinstagram⁠
#realtorsofig⁠
#realestatelife⁠
#realtorsofinsta⁠
#instarealestate⁠
#realtorstyle⁠
#realestateblogger⁠
#realestateblog
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Margo Borkin Real Estate
3 days ago
Margo Borkin Real Estate
Our next FAF (Frequently Asked Friday) is often a source of confusion when buying a home. Let me clear it up once and for all!⁣
⁣
Q: Can you show me any house on the market or only the ones you have listed?⁣
⁣
A: Any licensed real estate agent (that’s me!) can show any home that’s listed for sale in the Multiple Listing Service (MLS)—not just the ones they have listed. ⁣We can also arrange showings with for sale by owner properties, and even "pocket listings" that may not be fully on the market yet.
⁣
So while you’ll see an agent’s name and brokerage firm on the listing, that agent isn’t the only one who can show the home. (In fact, it’s advantageous NOT to use the listing agent. As a buyer, you need a dedicated advocate all your own. Not one already looking out for the seller.)⁣
⁣
See a home you like and want to schedule a showing? Stop thinking about it and get inside it—send me a message and let’s go check it out!⁣
... See MoreSee Less
Our next FAF (Frequently Asked Friday) is often a source of confusion when buying a home. Let me clear it up once and for all!⁣
 ⁣
Q: Can you show me any house on the market or only the ones you have listed?⁣
 ⁣
A: Any licensed real estate agent (that’s me!) can show any home that’s listed for sale in the Multiple Listing Service (MLS)—not just the ones they have listed. ⁣We can also arrange showings with for sale by owner properties, and even pocket listings that may not be fully on the market yet. 
 ⁣
So while you’ll see an agent’s name and brokerage firm on the listing, that agent isn’t the only one who can show the home. (In fact, it’s advantageous NOT to use the listing agent. As a buyer, you need a dedicated advocate all your own. Not one already looking out for the seller.)⁣
 ⁣
See a home you like and want to schedule a showing? Stop thinking about it and get inside it—send me a message and let’s go check it out!⁣
View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
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