Think It’s Better To Wait for a Recession Before You Move? Think Again.

Lately, recession fears are back in the news. If you’re thinking of buying or selling a home, that might make you wonder if you should wait.

A recent survey shows that 68% of people are delaying their move due to economic uncertainty. But here’s the interesting part—not everyone is waiting because they’re worried. Some are actually hopeful.

Why? Because in past recessions, the Federal Reserve has often lowered interest rates to boost the economy. And lower interest rates can mean lower mortgage rates, which makes buying a home more affordable.

But there’s another side to this story. Many people assume a recession will also bring lower home prices. History shows that’s not usually the case. In fact, in four of the last six recessions, home prices actually went up. The 2008 crash was an exception, caused by a housing market crisis—not the norm.

Today, housing inventory is still tight, which is why prices are holding steady or even rising slowly in many areas. That means waiting for prices to fall may not pay off.

Bottom Line

If you’re waiting for a recession to buy a home, keep this in mind:

• Mortgage rates may fall if the economy slows down.

• But home prices are less likely to drop.

If you’re ready, it may be better to make your move now—rather than gamble on what might happen.

Finding ways to make your credit score better could help you get a lower mortgage rate. When you’re ready to get the process started, let’s connect.