Kent Williams

There are telltale signs of an economic downturn, says Kent Williams, senior vice president and managing director of Marcus & Millichap Real Estate Investment Services. The price of gasoline jumps. The stock market crashes. Panic ensues.

Economic recovery, meanwhile, is harder to pinpoint.

“When the market comes back up, especially in the beginning stages, it’s very subtle. You don’t really notice it. Usually you’re looking over your shoulder a year later and say, ‘You know, that’s when the bottom of the market was.’ That’s happening right now.”