04/16/2020
Wanted to take advantage of how good Aly made me look in this pic!
1. Does a recession equal a housing crisis?
2. Will prices drop in the recession?
3. Is now a good time to buy or should I wait until prices drop in the recession like last time?
I’ve gotten these questions a lot over the last couple of weeks. All of them are good, fair questions to ask.
Answer number 1.
- a recession doesn’t equal a housing crisis. The difference from 2008 to now is that, that recession was caused by the housing market. (separate post coming with more detail on 2008 v. 2020)
Answer number 2.
- No we don’t think so. We’re basing this answer on historical data, not just piling words out of thin air. (See picture below)
With current willing and able buyers sidelined right now, combined with low inventory, we think prices will be the same ish or increase.
Answer number 3.
- if you a have secure job and a financially healthy, post shelter in place you should for explore buying. I’m basing this on rates being historically low, combined with the fact that any seller’s who are going live on the market with their property has to be highly motivated to sell.
Make sense??
📸 cred:
