This is a question I’m sure many people are thinking about…
If the US economy is in a recession, that mean there will be a corresponding housing crisis?
Thankfully, the answer is no.
A recession is a period of economic slowdown. Unemployment goes up, manufacturing production declines, and there is a general decline in activity.
This may or may not affect housing.
A slow down definitely will affect the demand for housing. But in the current situation, we have already been living through a historic period of LOW housing inventory.
The net affect in much of the country will most likely be a general slowdown in housing, but not a loss if real estate values.
I expect to see some seasonal erosion of values as we head into the fall and winter, but this is true every year.
I do NOT expect to see a significant collapse in values like we saw in 2008 – 2011.
In the central Ohio area, we expect to see demand remain steady as this area has excellent long term growth projections and the addition of the Intel manufacturing center only heightens this demand.
David Baker, Broker/Owner