Despite the fact that most homeowners believe the the U.S. will enter a recession in the next three years, potential buyers are still looking to close on homes. According to realtor.com, 70 percent of homeowners predict a recession within the next three years, while around 30 percent of those surveyed expect the next recession to begin even sooner, sometime in 2020.
Realtor.com also notes that 56 percent of shoppers believe home prices have hit their peak, despite 63 percent of shoppers reporting that home prices are increasing compared to last year.
"The U.S. economy has been on a hot streak for the last seven years, producing steady economic growth and low unemployment rates. Historically, this type of growth hasn't continued indefinitely, and U.S. home shoppers think it will come to an end sooner rather than later," said Danielle Hale, realtor.com's Chief Economist.
Less than half of respondents, 41 percent, say that the U.S. housing market would fare better than it did in 2008, while another 36 percent it would be worse, and 23 percent expect it to be the same.
"When the U.S. enters its next recession, it is unlikely that the housing market will see a sharp nationwide downturn,” Hale added. “The same record low inventory levels that have made buying a home so difficult recently, will likely protect home prices in the next recession."
Homeowners are feeling optimistic: slightly under half, or 45 percent, of home shoppers report feeling slightly more optimistic about homeownership after the 2008 recession, while another 33 percent reported no change in their feelings on homeownership. Just 22 percent report a pessimistic outlook on homeownership.
According to realtor.com, the long recovery process following the last recession may be behind the optimism some homeowners are feeling. Fore example, home prices across the U.S. have grown by 49 percent since 2010, while the economy has grown by $3 trillion and added 18.7 million more jobs.