Zillow Research recently published “2020 Vision: Experts Say Next Recession Looms at Decade’s End” on May 22, 2018. As real estate industry specialists, we’re all seeing the trends every day in our own markets – but let’s take a closer look.
Zillow states “Almost half (48 percent) of those with an opinion said they expected the next recession to occur some time in 2020, with the largest portion of those (22 percent of all respondents) saying they expected that recession to begin in the first quarter of that year. The results are from the most recent Zillow Home Price Expectations Survey (ZHPE), a quarterly survey of more than 100 U.S. real estate experts and economists sponsored by Zillow and conducted by Pulsenomics. Roughly a quarter (24 percent) of all respondents with an opinion said they expected the next recession some time in 2019, while 14 percent said they thought 2021 was the year.”
And while we can’t argue with these statistics, we can also say that our national real estate markets have been on a strong upsurge since the market corrected in 2012. In certain West Coast markets like Seattle, Portland, and San Francisco – we’ve experienced “double digit” increases over the past 20 month’s, and have broken industry records for longer than that. So, maybe we should consider that “what’s really going on” now is that our market is actually getting back to “normal” again. The pace is slower now; we’re not freaking out because our listing hasn’t sold in 5 days with multiple offers – we actually have several homes to look at on our weekend Buyer tours – and we might actually have a chance to “win” when we present our Buyer’s offer to the Seller! Wouldn’t it be nice to see our markets stabilize again, slow down a bit, encourage our Buyers to get back in the car to look for that new home, and tell the Seller’s it’s okay to sell their home now and look for something new.
The market will adjust as it always does. What matters is what you are doing in the market to grow your business despite the challenges. Take this opportunity to complete your Midyear Review and schedule your Complimentary Session with me or one of Our Coaches today and let us help you to unlock your full potential!