We have seen the real estate market over the past several years constantly change during the pandemic. While we may not be in a recession right now we have some signs that it’s to come. One question we get often is do you or do you not buy a house during a recession. Unfortunately, there is no clear cut answer on that as everyone’s situation is different.
Factors to consider are unemployment rates, home prices, interest rates and your individual financial situation. Between 2019 – 2022 the housing market saw a 45 percent increase in home value. However, in the past few months we have seen home pricing slightly decrease which could be a sign of things to come. Bidding wars have seem to calm down so many homes are now selling at or below listing price. Interest rates are still really high right now, however, you can refinance in 6 months or a year when rates get better.
In summary, there is no easy answer if you should buy a house now or not. Best thing you can do is keep informed of the most recent trends in the real estate market and hire an experienced realtor if you choose to shop around.