Will the 2020 Housing Market Crash?
If you were a homeowner between 2006 - 2012, or simply paying attention to national news, you’re aware of the housing bubble — also referred to as the housing market crash or the Great Recession. Housing prices across the United States began to fall drastically from 2007 - 2009. By 2010, housing prices stagnated.
Recently, however, housing prices have been on somewhat of an upswing due to higher demand and a drop in supply. Simply put, more people are moving and there’s not enough space. That being said, this rise has many in the housing industry concerned that recession is on the way. Here’s what you should know.
2020 Housing Market Predictions
A recent report by Zillow polled 100 real estate experts and economists about their 2020 predictions. Here are some of the key takeaways:
More than 50% of respondents said the next recession is likely to happen in 2020.
The main reason for this impending housing recession is monetary policy.
Current home prices have exceeded pre-2009 valuations across the country.
According to Zillow, the past few years post-housing bubble has been one of the longest economic expansions in U.S history.
The Long Island Housing Market
As housing affordability remains an issue across the United States, the number of homes sold on Long Island continues to drop. The Multiple Listing Service of Long Island (MLSLI) released a report in September that shows a continued trend of higher prices, but lower inventory. Additionally, as sale prices rise, actual sales are dropping. According to the MLSI, there were 1,501 homes sold last August compared to 1,321 this year, which is a 12% decline.
Here at P.T.R.C., Inc. we are determined to help our clients pay the lowest amount of property tax as required by law. Contact us today to see how we can help you:
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