Experts: Economy Will Improve in 2014

6:08 PM, Jun 24, 2013   |    comments
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Winston-Salem, N.C. - People who have entered the workforce over the past ten to fifteen years often feel like they're living in the shadows of the way things used to be, when jobs were a bit more stable and money wasn't so tight.

However, now experts say the "light" at the end of this economic tunnel is coming in 2014. It's all based on several key signs things are improving.

In the Triad, the Winston Salem Regional Association of Realtors (WSRAR) reports home sales are up forty percent compared to where they were last year at this time. Plus, the association says the average house is selling for $30,000 more. It's a seller's market right now.

"Buyers are out there and they are searching. They're searching now because the interest rates are lower and there are a lot of good incentives for buyers," WSRAR President Kristina Farrell said. "There is no more land that is going to be built. Land and real estate is a commodity that you can touch and you can feel. You know you've got something for your money."
Selling more homes also creates more jobs. The WSRAR says every home sale secures 45 jobs, from the realtor to the inspector to the moving company.

What can you do right now to prepare for this turnaround predicted by top economic experts? Look at your 401K. You might be able to buy some investments now at a cheaper rate.

"See if there are any areas that have proven profitable to them in the last five years that they would like to own more of. They have the ability to take advantage of this pull back, and buy certain items cheaper," Financial Expert Michael Wittenberg said.

Millennials are also now getting to the age where they are investing more and making larger purchases. The additional spending and investments from the younger generation could also boost the economy.

"I think we benefit from the challenges we've been through. I think our generation will learn to cope and learn to plan and be a little more conservative and a little more careful. I think those experiences, in the long run, will benefit us," Young Professional Charlie McCurry said.

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