Are we headed into a recession and is now a good time to buy or sell?

Does unemployment factor the likelihood of a recession being right on the corner as predicted earlier in the last couple of years is starting to lessen according to several economist and analysts across the country? I know this can be so scary and I see how devastating it can be and how it can create panic and chaos.

Let’s look at Anthony Chan, chief economist at JP Morgan Chase states, “I feel really comfortable that the economy is slowing down this year, but not going into a recession. It doesn’t look to me like the odds of a recession is coming. Dean Baker, senior economist states, “However, with wages growing at a respectable pace and job growth remaining healthy, we should see enough consumption demand to keep the economy moving forward.” That means slower growth, but no recession. So if you’re fearful of buying due to recession, you may want to think again. Rents continued to go up significantly. If you look at the rent index percentage, rents are going up and mortgages are going down. You may be wondering why the difference.

Well, mortgage rates in 2005 were significantly higher. This is a perfect example that overtime it makes so much more sense to buy than to wait and continue to rent. So if you want to sell, but are waiting for prices to go down, unless you’re downsizing and purchasing a lower price home, as your house increases, so does the home that you are purchasing.

And according to Freddie Mac, interest rates are anticipated to continue to go up, which will also play a role in your mortgage payments increasing for buyers and for sellers who are looking to subsequently purchase. So it’s time to act now!

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