Most Experts Are Not Worried About a Recession

Homebuyers are paying close attention to the economy right now, and it makes sense. Purchasing a home is one of the biggest financial decisions most people ever make. With all the recession chatter in the media, many buyers are starting to second guess their plans.

A recent LendingTree survey found that nearly two-thirds of Americans believe a recession is on the horizon, and 74% say it’s influencing their financial choices.

But here’s the encouraging part most experts don’t share that same level of concern.

Most Americans Expect a Recession, but Most Experts Don’t

The Wall Street Journal reported in October that only one in three economists think a recession is likely within the next year. If the experts aren’t overly worried, should you be We’re not in a recession right now, and there’s no guarantee we’re heading into one.

What we are dealing with is uncertainty and the best way to navigate uncertainty is by relying on facts, not fear. That starts with having the right information to make a confident decision.

Tips for Buying a Home During Economic Uncertainty

The most important advice right now is this while it’s smart to stay aware of what’s happening in the economy, it shouldn’t overshadow your real life needs. Markets shift, but the reasons people buy homes stay pretty steady. Danielle Hale, Chief Economist at Realtor.com, puts it well:

“Well-prepared buyers who have been waiting on the sidelines are likely motivated by personal and lifestyle needs like growing families, new jobs, or retirement. And these considerations can outweigh short-term economic uncertainties . . .”

Timing your move around your life not the headlines is what truly matters.

If you’re thinking about buying right now, job stability is essential. You should feel confident in your income and know you can comfortably manage your payments, even if things change.

If you’ve got a stable job and a healthy savings cushion, there’s no rule saying you need to wait. Just keep these tips from Redfin’s economists in mind:

Set a budget and stick to it
Know what you can comfortably afford, and factor in expenses that may rise over time, like insurance and taxes.

Negotiate
There are more homes on the market, and some buyers are stepping back. That gives you more room to negotiate and get the best deal possible.

Be strategic with payments and mortgage rates
Talk with lenders about what your monthly payment will look like today and what your options are if rates drop later.

Consider selling before buying
If you already own a home, selling first can reduce financial pressure and give you more clarity on your next purchase.

And above all else, surround yourself with a trusted team. Bankrate puts it simply:

“Buying a home during a recession can sometimes be a good idea – but only for people who are lucky enough to remain financially stable . . . Be sure to enlist the help of an experienced local real estate agent. Not only do agents know their markets well, they will also work to get you the best deal in any given situation, including a recession.”

Bottom Line

Most Americans think a recession is coming. Most experts don’t.

So you don’t necessarily need to hit pause on your plans. If your finances are solid, your job feels secure, and you have a real reason to make a move, you can still take that next step with confidence.

Thinking about your next move here in New Hampshire Let’s talk it through and figure out what makes the most sense for you.