Roughly every 10 years, we go into a recession. After 12 years since the Great Recession, the coronavirus pandemic is pushing us into our next recession.
Unlike the last recession, which was caused by the subprime mortgage crisis, this recession came on fast and its cause is not associated with our banks or real estate system.
The impact on the stock market took less than a month and home sellers immediately started pulling their homes off the market.
Experts expect to see significant drops in real estate prices, especially in overly inflated markets. However, low-interest rates coupled with low inventory could help to stabilize prices once we move past this highly critical time.
“Regardless, instead of fearing this market or what may transpire in the near future, I recommend using this time to acquire property. Mortgage rates are unbelievably low, and in the short term, there will certainly be deals in your local market.”