Real Estate
All eyes are on the economy right now. Uncertainty is concerning people from all walks of life. In real estate we are questioning what interest rates will look like. You wonder if there will be people to buy your home. What would a recession do to the real estate market, and how could it affect you?
History of Recession and Home Prices
This would of course not be the first time we went into a recession. We even experienced one within the last few years. With the 2008 Market crash, many equate recession with a major decrease in housing prices. However, this is definitely not always the case.
The below graphic shows 6 recent recession and the effect they have had on the housing market.
While 2008 was not an anomaly in home prices dropping during a recession, it should not be the only example you think about when observing how you feel the market should react.
Mortgage Rates During A Recession
Unlike home prices, mortgage rates have a consistent history in terms of recession reactions. Every time that the United States has seen a recession, the mortgage rates have dropped as shown on the chart below.
While this speaks in the favor of buyers, when paired with housing prices, we really don’t know the type of market that we could see in the event of a recession.
Stop Guessing And Sell Your Home Fast
Eric with ASDM Homes offers an easier alternative to selling your house fast in San Joaquin and Stanislaus county. When we buy your home, we help you avoid extra costs by skipping repairs, covering closing costs, and giving you a closing date that works for you!
Cash offers can help you sell your house quickly, for a fair price, without the need for repairs, inspections, or having a line of strangers walk through.
Don’t waste time guessing about and waiting on the market. Connect with Eric with ASDM Homes! We can give you a fair cash offer, help with all the legalities, and streamline the process to help get your home sold fast! Contact Eric today to find out what you can get for your home and how quickly you can get that cash in hand!
