A majority of homebuyers reported that they believe a recession will hit the U.S. in the next three years.
Yet, that hasn’t deterred these would-be homebuyers from their plan to purchase a property this spring, according to a recent realtor.com® survey. More than half of buyers said that they believe home prices have peaked, while 45% said they feel optimistic about owning a home after the 2008 recession.
About 12% said they believe the recession will begin
sometime this year, while close to 30% reported it will start in 2020. 2021 is the year, said 16%, while 12% said 2022. Still, close to 10% think we have at least another five years before a recession.
“The U.S. economy has been on a hot streak for the last seven years, producing steady economic growth and low unemployment rates. Historically, this type of growth hasn’t continued indefinitely, and U.S. home shoppers think it will come to an end sooner rather than later,” said Danielle Hale, realtor.com® ‘s chief economist. “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.”
The 2008 recession ended in mid-2009, and since 2010, home prices in the nation have increased 49%. In the same time period, the U.S. also saw significant job growth and economy gains.