Although there seems to be plenty of evidence pointing toward the inevitability of a global recession, local analysts are still convinced that the Puget Sound area will be relatively insulated.
Pointing to factors including the thriving tech sector, a bolstering of homebuyers, and the continuous pattern of limited inventory, Metrostudy’s Todd Britsch says he doesn’t think the recession will be particularly deep in our area.
Even while we’ve seen a dip in the median sales prices and much lower inventory than a year ago, Windermere Real Estate President OB Jacobi says that it’s normal to see prices taper in the fall, “so this isn’t cause for concern.”
With the kind of growth that the Pacific Northwest continues to see, and no foreseeable jump in inventory, it looks like our supply and demand is likely to keep us buffered from any bigger recession impacts.
If you’re like us and you’d just feel better if you set yourself up for success no matter what the next few years look like, here are a few suggestions from the experts:
-Build up your emergency fund and pay down debt
-maximize your professional value
-Build your portfolio based on your goals and not the market
-Create a plan that can ensure you profit from a market crash
-Allocate your portfolio so you are able to buy during the downtick