Home buying trends have been unpredictable in recent decades. There was a drastic increase in people buying homes between the years 1990 and 2004. Then, the 2007 to 2009 recession hit, and those numbers started to drop. In recent years, they began to climb again. Now, we’re in another recession. The economy is anything but stable or predictable. And this instability is caused by something very specific: a pandemic. So while this may seem like the last time in history people want to be out house hunting, home purchasing is actually on the rise.
Any time a recession hits, Americans are reminded that having all of their savings in the stock market could leave them with nothing, should they retire at the wrong time (like during another recession). So, they diversify, and buying property is one way to do that. Of course, if a property is meant to be part of your retirement plan, you want to buy one that will appreciate. We spoke to Leneiva Head, owner of Welcome Home Realty in Antioch, Tennessee, about how to spot a place that might appreciate.
You can’t see the future
Head started with the important disclaimer that nobody, including your realtor, can promise appreciation, or see the future. With that in mind, she added, “If you’re trying to buy a house with the intent to have it appreciate, while we can’t see the future, we can look at the statistics of the past.” So, see how properties have appreciated over time, in that area.