𝐀 𝐫𝐞𝐜𝐞𝐬𝐬𝐢𝐨𝐧 𝐝𝐨𝐞𝐬 𝐍𝐎𝐓 𝐞𝐪𝐮𝐚𝐥 𝐚 𝐡𝐨𝐮𝐬𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭 𝐜𝐫𝐢𝐬𝐢𝐬.
We've been getting a lot of questions lately (from customers, on social media, etc) about how the drop in the stock market, and the recession that results, could potentially affect the housing market.
It is one of our greatest responsibilities - keeping you informed of what is happening in the real estate market. So here is the what we know... We're thankful to report that we believe the housing market will spring back nicely after the Covid crisis passes.
𝐁𝐮𝐭 𝐝𝐨𝐧'𝐭 𝐣𝐮𝐬𝐭 𝐭𝐚𝐤𝐞 𝐢𝐭 𝐟𝐫𝐨𝐦 𝐮𝐬! (Take a look at the video for more info!)
Most people, when they hear recession, think of the Housing and Mortgage crash in 2008. We get it - it's super close in the rearview mirror, and it's hard to forget what a tumultuous time in our nation's history that was. In that case, yes, a stock market crash and recession DID include a housing market crisis.
However, let's look a little further back. In 3 of the last 5 recessions, housing values actually APPRECIATED. So while the economy was experiencing a recession, housing prices were actually going UP.
𝐓𝐡𝐚𝐭'𝐬 𝐩𝐫𝐞𝐭𝐭𝐲 𝐞𝐱𝐜𝐢𝐭𝐢𝐧𝐠 𝐧𝐞𝐰𝐬!