What a recession could mean for home buyers. With a recent Gallup poll showing that 37 percent of Americans think economic recession is looming, realtor.com® asked NAR Chief Economist Lawrence Yun what another downturn might do to home prices. Inflation driven by record-low unemployment, not housing, would likely precipitate a future slowdown, the realtor.com® article notes. Although Yun doesnât expect a recession this year or next, he says many buyers could take advantage of a potential pullback in home pricesâespecially if mortgage rates recede. âIf there is a recession, the people with stable jobs will see it as a second-chance opportunity to buy a home,â Yun says. âPrices may [or may not] come down. But certainly, buyers will be in a better negotiating position.â
How âbuy your house for cashâ operations hurt consumers. Homeowners looking to sell a property quickly may be tempted to accept an offer from an investor willing to pay cash on the spot, but the catch is that they will likely receive less than the market value of the home, NAR Chief Economist Lawrence Yun told ConsumerAffairs. âEven if it sounds great, you should seek a second opinion from a REALTOR® who can show you comps, what other houses like yours have sold for,â Yun says. âYou should also think about what youâre trading for the convenience of a quick sale.â |
