Buying a home in a recession can be risky. Click link to see past recessions and housing market /PAST-RECESSIONS-AND-HOUSING-MARKET---32819---32836---Dr-Phillips-6-24053.html
Here are the pros and cons in buying a home in these critical times. Less competition, a recession often puts people in a difficult financial position, leaving them unable to afford a new home which results in less competition within the market for those who can still afford it. Lower prices is another, with fewer buyers, home sellers will likely no longer see multiple offers or bidding wars for their properties which can lead to lower home prices. The last pro is lower interest rates, during a recession the federal reserve will often lower interest rates to stimulate the economy, which can result in more favorable rates for borrowers getting mortgage loans. Click link to see if are we in a recession /ARE-WE-IN-A-RECESSION---32819---32836---Central-Florida-6-22139.html
The cons are stricter lending requirements to protect their business during recession, lenders may institute stricter requirements on mortgages to decrease the possibility of a borrower being unable to fulfill a loan buy a default. There are fewer options available with less competition and much lower prices, some sellers will take their home off the market or opt to wait it out, leaving less available inventory for buyers to choose from. lastly economic uncertainty that typically many people lose their jobs during a recession and other conditions may cause people finances to be less than stable as well. Liquidity can be important during a period of economic instability and having your cash tied up in real estate may not be ideal. Click link to see will there be a recession /WILL-THERE-BE-A-RECESSION---32819---32836---Dr-Phillips-6-23568.html
Consult your trusted advisor.
As a trusted advisor, professional realtor and military veteran I am here to serve you and always on the pulse of the housing market for the Dr Phillips and Central Florida area. Always stay in tuned, educated and connected in this volatile housing market to purchase or for the sale of your home. In the absence of trustworthy up to date information whether it's a housing crisis or local housing market, real estate decisions are increasingly being driven by fear, uncertainty and doubt. We as trusted advisors drive the real estate community and always preaching the truth of real estate. I emphasize that education is a must for the community to ensure you are making the right decision. Don't let this shifting housing market delay your dreams, data reveals home values typically appreciate over time and that gives your net worth a nice boost. When you are getting help with a home, look for your realtor with the heart of a teacher. If you are ready to start your journey, contact me today at 850 496-6412 to help begin a new walk to homeownership and all your real estate needs. Click link to learn more about Kevin /ABOUT-KEVIN-STRAWTER-P-A---MRP--GRI--ABR-6-14330.html