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July 2022 Market Recap

Due to Global and Political events, a recession is bracing. Recession is an economical crisis that leads to depreciation of properties and even the value of money.

 

During a recession, interest rates rise but eventually falls in order to stimulate economy. Historically, this premise has been proven right as repeated uptick in interest rates is followed by a decrease.

But recession doesn't equate to a housing crisis. Data shows the home price change in the last six recessions and it proves that home prices are independent.

 

 

The question is, despite the unpredictable recession and World current events, is now the time to purchase a home?

The answer depends on the movement of the market price within your preferred area.

 

Another thing to consider is your age. Lenders take consideration on your capacity to fulfill your financial responsibilities.

Buyers are advised to take advantage of their age for their lenders to easily approve their request and to take advantage of their capacity to earn.

 

 

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