Most experts predict that following a seven-year period of economic growth the US economy is headed towards a recession (most likely sometime in 2020). But while The Great Recession devastated the housing market, house shoppers remain optimistic about how the market will handle a potential recession in the coming years.
According to a recent survey from Realtor.com, nearly 70 percent of home shoppers said they expect a recession to hit the US economy sometime in the next three years (by 2022). But despite the fact that most believe a recession is looming, many remain optimistic about the housing market, with 41 percent of home shoppers predicting the market would fare better than it did in 2008.
The experts agree. “When the U.S. enters its next recession, it is unlikely that the housing market will see a sharp nationwide downturn. The same record low inventory levels that have made buying a home so difficult recently will likely protect home prices in the next recession,” said Realtor.com’s chief economist Danielle Hale in the article.
If you’re thinking about buying a home, don’t be nervous. There might be talk of an upcoming recession (and, obviously, you’ll want to do your own financial due diligence), but the optimism about the housing market from consumers and experts alike is a good sign.