Jim Marchese is a successful mortgage broker and an avid follower of the ups and downs of the economy. He talks more about its growth and shares his advice on what we’re likely to see in the future.
The economy has been under some serious pressure lately. Between the unpredictable growth and general anxiety in the wake of COVID, there’s a lot of people who are wondering if and when the bubble will burst.
From rising home prices to inflation, there’s also plenty of speculation about what’s ahead and how people can best prepare. James Marchese is the President and CEO of Mortgage NOW, Inc, shares his advice based on the trends.
Watch the property prices
Property sales are always going to be a good indication of how the economy is doing. Even if the majority of properties are being purchased by investors, they won’t bid if they don’t believe there will be renters to fill them. As a mortgage broker, Jim Marchese has been able to see the bigger picture behind the economy based on who is buying, what they’re buying, and how much they’re offering.
Sales have largely been increasing at record numbers during the pandemic, and most experts are predicting steady climbs well into 2022. Jim Marchese says that while there’s no such thing as perfectly timing the market, it does look like we’ll have some insulation from a potentially devastating recession.
Jim Marchese on cautious optimism
Whether you’re planning to purchase a home or property in the near future or not, Marchese encourages people to approach their finances with cautious optimism. The spending trajectory the country is on — even when factoring in inflation — is a strong reflection of the economy’s resiliency.
This is not to say that now is a good time to behave with reckless abandon. From cryptocurrency to virtual workflows, the country is in limbo in many respects. As we wait for the dust to settle, people should consider how both global and national events will affect their bottom line. For instance, another spike in COVID cases will mean more shutdowns and a slow-down in consumer spending.
James Marchese explains that now is also an excellent time to examine how local trends are impacting different areas around the US. Because our financial growth is ultimately determined by the patchwork activity of various neighborhoods, you can glean a lot by paying attention to the average salary, unemployment rate, and prices of goods and services in your city or town. These data points can give you the confidence to invest, save, or diversify. No matter what you do, Marchese advises everyone to pay ongoing attention to the indirect events and warning signs that can spell future changes to the economy.
Story by Caroline Hunter
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