The Massachusetts economy is facing rising concerns about a potential recession affecting the Boston condominium market. Historical data from past recessions reveals that while many fear a significant drop in home values like in 2008, such steep declines are rare. In fact, home prices have often increased during past economic downturns, largely unaffected by rising inventory levels. Additionally, mortgage rates tend to decrease during recessions, which could enhance buyer power, although rates may not return to previous lows. Overall, current trends suggest stability in the Boston housing market despite recession concerns.
Many people think that if a recession hits, national real estate prices will fall like they did in 2008. But that was an exception, not the rule.
In fact, according to data from Cotality, in four of the last six recessions, home prices actually went up.
Home prices usually follow whatever trajectory they're already on. And right now, nationally, home prices are still rising, just at a more normal pace.
So, a recession means rates could decline. And while that would help with your buying power, don't expect the return of a 3% rate.
Collection
[
|
...
]