Will your real estate selling income take a hit in the near future? Top economic and housing experts foretell of a dip in housing prices by 2020. Now sellers may join the throngs of buyers under pressure in the current market, rushing to unload their homes while the market is hot.
How Soon Might the Effects of a Downturn be Felt?
Surveyed by Zillow and research firm Pulsenomics, 100 real estate experts and economists had previously predicted a recession in late 2019. Now, however, roughly half have predicted the onset within the first quarter of 2020. This parallels predictions by economists in a Wall Street Journal survey, noting the current market expansion, which began in 2009, is ‘long in the tooth by historical standards’ and cannot hold.
Should You Ramp Up Real Estate Selling Efforts?
Though the housing market played a major role in the last recession, experts generally agree it won’t play a central role in the next. Much remains unknown about the recession’s precise path, however, though there are some known factors expected to play a role:
A critical issue in nearly every market nationwide.
If the Fed raises short-term rates too quickly, slower growth is a logical result.
The impact of tariffs continues to impact the national/global economy.
Stock market correction.
2018 volatility foreshadows a crisis/correction.
Impacts on the Real Estate Market
With widespread job losses, and with long-term unemployment in particular, the housing market will soften regardless. The extent of the economy’s spillover into the housing market will depend largely on the length and severity of the next recession. Some regions of the country will feel the impact more than others, particularly high-value markets such as NYC, Seattle, Miami, L.A., San Francisco, and San Diego.
Should you be listening to chicken little? Stay up on the real estate selling market news, avoiding calamity with the help of Properties Online today.