Rising Rates Spark Recession Fears and Shift Housing Market Dynamics
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Interest rates are rising, leading some to predict a housing market recession like the 1980s when rates hit 17% and demand crashed.
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Higher mortgage rates are cooling demand now, which could give buyers more leverage to negotiate lower prices.
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No one knows for sure when rates will fall again - it took until 1990 last time.
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Consider buying now and refinancing later when rates hopefully drop.
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Alternatively, make a larger down payment to get better terms or invest in renovations to improve your existing home.