Not too long ago, I was reading a CoreLogic’s Special report that gave a nice chart on the sales trends since the Great Recession. It said the average nationwide home prices are about 1% higher than what they were at its peak in 2006 –with the West Coast States having the greatest price growth. (CoreLogic. Evaluating the Market Since the Great Recession. February 2018). As we know, the high unemployment rate between 2007-2009 had a major impact in the crash in addition to other known reasons (luckily, that is not the case today).
However, there is still uncertainty. As many other things in life, real estate trends function in cycles. So, rumors have been that we are overdue for another market shift. Perhaps, we are…Perhaps, we are not. I understand data speaks for itself but as our country has experienced recently, data can still surprise us. We have experts who believe we are bound to continuous growth; while others believe the recession is coming soon. Zillow recently published an article, which said that half the experts interviewed believe the next recession is starting in 2020 and price growth will begin to slow down. (Zillow.com. 2020 Vision: Experts Say Next Recession Looms at Decade’s End. May 2018).
Thankfully, we have recovered and many homeowners have had the opportunity to sell their homes and downsize or relocate while investors have had the business opportunity to invest and flip for profit. We can only forecast and rely on data. We do not know for sure what will happen in the next few years. But, we can make decisions based on the information we do have. Personally, I have already started to see some changes in the market that have led me to believe we will see a shift in the next few years.
So, if you have been considering selling your home and have been sitting on the fence, today might be the time to sell. Contact me if you or anyone you know would like to sit down and strategize on the best price and marketing plan for your home!