The Housing Crash of 2008 still has everyone nervous. Toluna Research surveyed home buyers and the majority of home buyers expressed concern that there will be a recession soon.
- 36% percent expect a recession to begin in 2020
- 17% percent expect a recession to start in 2019
- 14% in 2021
- 7% in 2022
Just eight percent expect a recession in 2024. The remaining 17 percent weren't sure.
One statistic that is most important to any homeowner considering selling their home: 56 percent of shoppers will stop looking if there's a recession.
If you're considering selling your home in the next few years, you might consider moving forward now. The 36 percent that thinks that the recession will hit in 2020 are right, your window to sell your house might close quickly.
If a recession hits, more than half the customers might disappear in just a few weeks.
There are many economists who agree with the home buyers that a recession might materialize soon, but no one can agree on when it might start.
There is also a psychological factor in this survey. If correct, thirty-six percent of home buyers might pull back even without a substantive recession starting.
What this all means for home sellers
This survey is a bit of a warning. If you're considering selling your house anytime in the next few years, now might be the right time.
The biggest takeaway though is this: There is no reason to think that any recession that arrives in the next few years will be as bad as the last one.
There will still be home buyers. The economy will continue. There will probably simply be a slowing down of everything for a while.