The Prescott housing market and the economy are intrinsically linked- if one crashes or rises, it affects the other. However, as America enters another recession, many Prescott homebuyers are worried about the fate of their plans, "will a recession affect buying Prescott home?" Buyers (mostly) needn’t worry, a recession will bring a relatively low risk to homebuyers in our oasis.
Much like the Great Recession of 2007-2009, a recession is considered a “downturn” in the economy for a minimum of six continuous months. During a recession, jobs are affected via trade and industry, taking a big hit along with the GDP.
Is a Housing Collapse on the Horizon
No one person can say for sure what exactly will happen in the coming months and years, especially with America still in the throes of the COVID-19 Pandemic. A recession will slow things in the housing market down considerably. Still, it will also offer Prescott homebuyers unique and unmatched opportunities to purchase a house in Prescott as prices drop.
The best course of action for those looking to buy a home for sale in Prescott is to stay informed, keep an eye on the market, and consult professionals to help to make tough decisions. If you are looking to buy one of the Prescott homes and would like a recommendation on professionals in the area, please reach out and we’ll be happy to help.