Yes the economy is roaring along. The stock market is at an all-time high, unemployment is near record lows, and inflation is minimal.
The growth of home values has slowed or decreased nationwide over the last year, and home sales are down nationwide.
This may bring to mind the Great Recession of 2008. I personally do not believe this will happen with the next recession for two reasons:
- There Is No Housing Bubble
Unlike 2006 there is not a glut of bad mortgages driving the current market. Home prices are a a record high. This is a reflection of the lack of supply rather than speculation.
- The Looming Recession Will NOT Be The Exception
Historically, housing prices remain relatively unaffected during a recession. The next recession will not be different from the norm. It’s because the last recession was different – and uniquely bad.
In my opinion when the next recession hits, attractive homes will still sell quickly. Less than ideal homes will have a harder time selling than now. We will see some corrections – but the fundamentals will remain the same.
I advise you to think of your own goals, needs and circumstances.
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