What A Recession Could Mean For Macomb County Michigan Real Estate

By: Rick Giese RE/MAX First
 
 
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Recession

Industry:
Real Estate

Location:
Chesterfield Twp - Michigan - US

CHESTERFIELD TWP, Mich. - Oct. 5, 2019 - PRLog -- A scary word has been popping up in the news a lot lately: recession. Though there's a good reason to be worried when people start throwing the term recession around, we probably shouldn't panic just yet. Many experts believe that the impending recession won't be nearly as bad as the one in 2008 and that the housing market, in particular, is in a much better position than it was back then. What could a recession mean for the real estate market though? There has to be some type of repercussion, right?

Will Home Prices and Sales Fall?

The simple answer is no. If you're waiting for home prices to crash to buy a come, you're probably wasting your time. At the moment, there aren't enough homes being built in the United States in order to satisfy every buyer in the market. On top of that, more millennials are looking to buy homes in order to raise families, so demand will likely remain as-is if not grow over time. But while prices likely won't fall, the housing shortage still has the potential to become worse. Potential sellers might decide to hold off on listing until they can get prices they're happy with.

Could Rentals Become Cheaper?

As with home prices, rentals are not likely to fall in price. experts feel that there will be a small impact but nothing to write home. Instead of apartment prices increasing 3% annually, Greg believes they'll slow to 1.5% or 2% over the next few years. The reason for this is because there will likely be a buffer due to individuals being wary about purchasing a home in uncertain economic times.

Will There Be Another Foreclosure Crisis?

During the Great Recession, foreclosed homes were commonplace. Luckily, foreclosures aren't likely to be as prominent this time around. . Regardless of this, foreclosures will likely increase during the recession if only for the fact that foreclosures are currently at an astronomically low number.

With a possible recession coming, there are probably many things you might be worried about. Luckily, real estate is one area that you shouldn't have to think about too much.

If you are living in a house or condo that no longer fits your needs, at least consider checking out other homes in your area that would meet your lifestyle needs before taking on the cost and hassle of remodeling your current house. Call or text Rick Giese associate broker RE/MAX First 586.242.3100

Enter your home address here to find out what your home is currently worth at Visit: https://www.searchallproperties.com:443/propertyvaluation (https://www.searchallproperties.com/propertyvaluation)

BY PETER PALIVOS (https://activerain.com/profile/peterpalivos)
Real Estate Attorney with LV Angelo LLC

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Rick Giese RE/MAX First
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Tags:Recession
Industry:Real Estate
Location:Chesterfield Twp - Michigan - United States
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