Dear Monica: I would like to buy a house but I’m wondering if, with all the talk of a coming recession, I should wait to see what develops. What would you advise? Julia T.
Dear Julia: Your question is reasonable given the current state of a fluctuating stock market, trade tariffs, and other economic issues. Buying a house is a big decision and it would not feel good to buy a property and then have the market drop. Seasonal real estate fluctuations are normal occurrences, even in our strong Bay Area market, and there is nothing significantly negative on the horizon. Employment continues to be strong and there have been several IPOs in recent months.
If you intend to buy a house you will keep for the next 7-10 years at least, my advice would be to buy now while interest rates are very low, prices are down, and inventory is higher than it has been in a long time. This is a good time to buy if it’s for the long term.