3 things that could happen to the housing market during a recession
Here are three things that could happen to the housing market during a recession.
1) The demand for housing typically decreases as people have less disposable income to spend on a home.
2) As demand decreases, the prices of homes also decrease, leading to a drop in property values.
3) Foreclosures may increase as some homeowners are unable to make their mortgage payments.
But guys it’s not all doom and gloom you should note that not all areas are affected equally
Some areas may experience less of an impact while others may be significantly affected.
If you are looking to buy during a recession consider your financial situation before purchasing a home and consult with a qualified, real estate agent.
All in all a recession can bring challenging times for the housing market but ultimately, it is a temporary shift that can lead to opportunities for buyers in the long run.