A combined report that merges statewide 2026 drivers with a metro-level breakdown
(Seattle, Tacoma/South Sound, North End/North Sound, and Eastern Washington),
plus guidance for first-time buyers and investors.
WA follows national drivers, with sharper local variation
In 2026, small interest-rate shifts can unlock (or freeze) demand. Many buyers are payment-bound,
so rate dips tend to create bursts of activity and tighter competition for “A+” homes.
Washington’s higher-demand areas tend to hold value because supply remains constrained,
but affordability limits rapid appreciation. Expect a year of micro-markets more than a single narrative.
More listings create better choice and negotiating room, yet most regions remain below “easy” inventory levels.
The market feels more balanced, with less frenzy but not a true buyer’s market everywhere.
| Indicator | 2026 expectation | What it means in WA |
|---|---|---|
| Mortgage rates | Modest easing vs peak, still elevated | Payment changes can swing demand quickly; “rate dips” can re-tighten competition |
| Home prices | Flat to low-single-digit changes overall | Core metros are stickier; more affordability-driven metros can be more negotiable |
| Inventory | Gradual improvement, uneven by region | More choices; concessions rise outside the hottest areas |
| Sales volume | Slow recovery from low-activity years | Activity returns first where affordability is strongest (relative to incomes) |
How 2026 may feel on the ground
High price floor · demand supported by strong incomes
Competition: medium-high
More accessible entry points · commuter & local demand
Competition: medium
Whatcom + Skagit · lifestyle demand + constrained supply
Competition: medium
Spokane · Tri-Cities · Yakima · Wenatchee/Chelan
Competition: low-medium
| Region | Price behavior | Buyer leverage | Best fit |
|---|---|---|---|
| Seattle | Sticky / resilient | Moderate (varies by segment) | Move-up buyers; well-qualified first-timers; long-horizon investors |
| Tacoma/South Sound | Range-bound | Moderate-to-stronger | First-timers; investors hunting reasonable bases |
| North Sound | Stable with “pocket spikes” | Moderate | Lifestyle buyers; selective investors in strong-demand nodes |
| Eastern WA | Measured; can be choppy | Often stronger | First-timers; value investors; buyers prioritizing payment over zip code |
Choose the strategy that fits your constraints
2026 tends to reward patience and preparation: more listings, fewer panic offers, and better odds of winning
with clean terms instead of extreme overbids.
The biggest 2026 variable is still financing cost. Deals that work tend to be
value-add, strong rent-to-price, or exceptional micro-location.
Simple moves that tend to matter most
There was a 23.9% increase in total number of properties listed for sale year-over-year, with 15,557 active listings on the market at the end of November 2025, compared to 12,558 at the end of November 2024. When compared to the previous month, active inventory decreased by 3,234 listings (-17.2%), down from 18,791 in October 2025.
The number of homes for sale year-over-year increased in all of NWMLS’s coverage area, with 20 out of 27 counties seeing a double-digit year-over-year increase. The six counties with highest year-over-year increases in active inventory for sale were Jefferson (+47.9%), Thurston (+46.6%), Snohomish (+41.7%), Walla Walla (+38.7%), Clallam (+35.6%), and Okanogan (+33.8%).
Use the drop-down menu in the chart below to view the available inventory counts in each county:
NWMLS brokers added 4,677 new listings to the database in November 2025, a year-over-year decrease of 1.9% compared to November 2024 (4,768). When compared to the previous month (October 2025), new listings decreased by 41.5%, when 7,991 listings were added to the NWMLS database.
When looking at the 27 individual counties in NWMLS’s primary service area, the number of new listings decreased year-over-year in 12 counties, increased year-over-year in 12 counties, and remained the same in 3 counties. The six counties with the largest year-over-year decreases were Pacific (-41.4%), Mason (-28.7%), Skagit (-27.5%), Island (-21.4%), Douglas (-18%), and Whatcom (-14%).
Use the drop-down menu in the chart below to view the number of new listings added in each county:
There were 5,600 residential units & condo units under contract in November 2025, a slight increase of 1.5% when compared to November 2024 (5,516). When compared to the previous month, the number of pending listings decreased by 16.9%, down from 6,739 listings under contract in October 2025.
Use the drop-down menu in the chart below to view the pending sales in each county:
The number of closed sales decreased by 10.9% year-over-year (4,870 in November 2025 compared to 5,446 in November 2024). When compared to the previous month, the number of closed sales decreased by 21.7%, down from 6,222 sales in October 2025.
18 out of 27 counties saw a decrease in the number of closed sales year-over-year, while 6 saw an increase, and 3 showed no change. The six counties with the largest decreases were Okanogan (-34.3%), Chelan (-26.7%), Skagit (-23.2%), Kitsap (-20.1%), Mason (-14.6%), and Snohomish (-14.6%). The total dollar value of closed sales in November 2025 for residential homes was $3,379,724,300 and was $374,081,902 for condominiums ($3,753,806,202 in total).
Use the drop-down menu in the chart below to view the number of closed sales in each county:
A balanced market is considered to be 4 to 6 months by most industry experts. At the current rate of sales, it would take a little more than 3 months (3.19) to sell every home that is active in the NWMLS inventory. The six counties with the lowest months of inventory in November 2025 were Kitsap (2.24), Snohomish (2.28), King (2.82), Pierce (2.85), Island (3.03), and Thurston (3.03).
Use the drop-down menu in the chart below to view the months of inventory in each county:
A balanced market is considered to be 4 to 6 months by most industry experts. At the current rate of sales, it would take a little more than 3 months (3.19) to sell every home that is active in the NWMLS inventory. The six counties with the lowest months of inventory in November 2025 were Kitsap (2.24), Snohomish (2.28), King (2.82), Pierce (2.85), Island (3.03), and Thurston (3.03).
Use the drop-down menu in the chart below to view the median sales price in each county:
Market Snapshot VideoWatch a short video with the most current real estate statistics –
Remodeling and renovating your home can make your home more enjoyable, and— if done right—increase your home’s value along the way. But not all renovations are created equal. While some projects can add significant value to your home, others can actually reduce the sale price. So what’s a homeowner to do?
Updates to the kitchen pay off. Many prospective homebuyers are looking for modern, updated kitchens.
According to Remodeling Magazine’s annual Cost vs. Value Report, you can expect to recoup 62.7 to 81.6 percent of your investment on a kitchen remodel. But don’t go overboard. Adding an $80,000 kitchen to a $125,000 home isn’t a smart move.
When remodeling a kitchen, start small at first. Replace the kitchen faucet, add new cabinet hardware, and replace old light fixtures with modern, energy-efficient options.
Rather than replacing cabinets, paint the cabinets a new color or hire a refacing company to refinish the cabinet boxes and install new cabinet doors, drawers, and hardware. These small updates will improve the overall look of your kitchen.
If your appliances don’t match, consider ordering new doors and face panels from the manufacturer. This will give your kitchen a more cohesive look without the high costs of replacing the appliances.
Consider replacing older appliances with new energy-efficient models, which are better for the environment and use less energy. You many even qualify for a rebate through Seattle City Light. Potential buyers are often looking for ways to save money when shopping for a new home.
Bathroom remodels will recoup 87.7 to 93.5 percent of your investment, according to the Cost vs. Value Report. Like the kitchen, don’t go crazy. Install new fixtures, brighten the room with paint, and re-grout the bathtub. A new mirror and light fixtures can easily transform the look of a bathroom.
Adding square footage to your home can quickly escalate and end up costing more than originally budgeted. Instead of trying to add on, renovate the existing space in your home. Imagine the attic as another bedroom or a workout area. Convert the basement into a family room. The more versatile the room, the more appeal to potential buyers who can personalize the space.
A high return on investment makes adding a deck worthwhile. One reason for this is decks increase the living area but cost less to build per square foot.
According to the Cost vs. Value report, in the Seattle area a wooden deck that costs around $13,084 to build will recoup an average of 106.7 percent of its value at resale. A composite deck costs around $19,227 and will recoup an average of 122 percent of its value at resale.
First impressions count. Enhancing your home’s curb appeal can be as simple as scrubbing your home’s siding or as intricate as adding a new walkway. It does not need to be expensive to be effective.
Installing a new front door is a fast, inexpensive way to instantly improve your home’s appearance. A new front door is one of the top ranking home improvements on the Cost vs. Value Report.
Prune shrubs; surround bushes and trees with mulch for a finished look. Add a touch of color with a flowerbed or pots of geraniums.
Scrub your home’s siding to remove years of dirt buildup. Retouch any worn areas.
Like most items on this list, don’t go overboard. Creating a backyard paradise is nice, but it won’t add to your asking price. A well-kept lawn and some well placed shrubbery and vegetation is all you really need to boost the “wow” factor.
A home inspector will note if your home lacks solid insulation or has drafty doors and windows. All of this leads to higher energy use, which costs the homeowner. You can start with small updates, such as adding extra insulation to your attic. Seal cracks around doors, windows, light switches and electrical sockets to prevent energy losses.
Drafty, single pane windows may turn off potential buyers. Installing Energy Star-rated windows can help save money on heating and cooling costs. Upgrading to Energy Star-rated also qualifies you for a green energy tax credit.
Since buyers expect windows to be in good condition before they buy, replacing them might not significantly add to your asking price. But not replacing them could decrease it.
Some home improvement projects can actually negatively affect the resale value of your home. The general rule is the more customized the project is to your own personality, needs, and taste, the less likely it is to have a positive effect on the resale value. While you may love your home recording studio, a young family might not see the appeal. Having to redesign the room could turn them off from the home completely.
But this doesn’t mean you can’t do any of the projects on the list. Just don’t expect a potential homebuyer to pay extra for your $10,000 kitchen range or the marble floors in the bathroom.
Here are some projects that can have a negative resale value.
While an in-ground swimming pool may seem like the ultimate luxury to you, it could negatively impact your home’s value. Families with small children may consider pools to be safety hazards. Some prospective buyers aren’t interested in paying the additional energy and insurance costs associated with pools. Also consider whether it’s usable all year. If you live in southern California or Florida, a pool might be a nice selling point. But a pool in Seattle? Not so much.
While you may love your bathroom’s marble flooring, a buyer might not be interested in paying more for it. The highest quality upgrades often don’t have the same resale value as quality mid-range upgrades, unless you’re in a very high-end home. Instead, invest in quality appliances, flooring and upgrades that appeal to a wide audience.
Try to keep your upgrades on par with your neighbors. You don’t want your home to be the most expensive on the block.
Converting garages can add square footage to your home’s living area, but most buyers want garages. This won’t increase your home’s value.
Start by focusing on smaller projects that make your home more appealing and energy efficient, but remember that it’s your home after all. Enjoy the house while you live there, but be aware that not all projects will pay for themselves when it comes time to sell.
Thinking about buying a house before the end of the year? Good news: The 2025 housing market is finally looking up after a rocky few years.Mortgage rates have eased from last year’s highs, and in many markets, buyers have more home choices. Housing prices are still high, but the breakneck rate of increases from years past has slowed. If your goal is to buy a home before the end of 2025, here’s what you need to know about rates, prices, and how to make the numbers work in your favor.
For many home buyers, mortgage rates are the biggest affordability factor. Thankfully, rates have eased somewhat in 2025 compared to previous years. According to Freddie Mac, 30-year fixed mortgage rates have been hovering in the mid-6% range — down from the 7.79% high in October of 2023.
Where mortgage rates go next is anyone’s guess, but here’s the backdrop. Mortgage rates tend to follow the 10-year Treasury yield, which has hovered in the 4.2% to 4.3% range lately.
If inflation cools or the economy slows, Treasury yields could slip lower, and mortgage rates might follow. If not, rates on both could bounce right back up.
That’s why the best advice isn’t to try timing the market to score a more favorable interest rate. Instead, shop aggressively. Get quotes from multiple mortgage lenders on the same day, and compare the annual percentage rate (APR) instead of just the advertised rate. Ask about programs like a rate float-down option, which lets you capture a lower rate if rates decrease after you lock in a rate.
To put the numbers in perspective: On a $350,000 mortgage, the difference between 6.5% and 7% is about $117 per month on a 30-year fixed-rate mortgage. That may not seem like a lot, but over a 30-year term, it adds up to more than $40,000 in interest. Locking in at the right moment could save you the cost of a new car.
One of the main issues for buyers in the last few years? The lack of listings. In recent years, seller have stayed put because they didn’t want to give up their low mortgage rates and the affordable monthly payments that accompanied them — a phenomenon called the “rate lock effect.”
Today, that gridlock shows signs of easing.
The National Association of Realtors reported that existing home sales hit a seasonally-adjusted annual pace of 4.01 million in July 2025. More importantly, inventory climbed to 1.55 million homes — a 15.7% increase from July 2024. That works out to about 4.6 months’ supply, up from 4.0 months a year ago. More supply means buyers have a bit more leverage than they did even 12 months back.
Meanwhile, the new home market is practically brimming. Builders sold at an annual pace of 652,000 in July and had 499,000 homes for sale — equal to 9.2 months’ supply. That’s a deep backlog compared to the 7.5 months’ supply of July 2024, and builders are motivated to move homes. Translation: You’re more likely to see builder incentives like closing cost credits, interest rate buydowns, or even upgrades thrown in, giving you more bang for your buck at the closing table.
It’s a far cry from the days when buyers were waiving inspections just to win a bidding war. Now, buyers can take their time, negotiate repairs, or push for help with closing costs — especially if a property has been on the market for some time.
If you’ve been holding off on buying until a housing market crash, you’ll probably have a long wait ahead. Prices haven’t fallen nationally, but the pace of growth is much slower.
The Federal Housing Finance Agency (FHFA) reported that annual home prices increased by 2.9% in the second quarter of 2025. Case-Shiller’s national housing price index was even softer, showing a 1.9% gain in June 2025. Both are a far cry from the rate of home price increases that frustrated buyers just a couple of years ago.
National numbers only tell part of the story, however. Buyers in some cities may encounter flat prices or slight dips, while those in other cities could experience bidding wars. The key is to look local. Your real estate agent can pull real estate comps and price trends for your preferred neighborhood, and those details matter more than any national index when it comes time for an appraisal.
For example, let’s say you’re looking at a $450,000 home in Phoenix. If comparable homes in that ZIP code are selling for $425,000, that’s your leverage. National data might indicate that prices are still rising, but a neighborhood snapshot will help determine if you can negotiate the list price down.
The rent line is worth watching for renters debating whether to keep renting or buy a home. According to the Bureau of Labor Statistics, both the rent of primary residence and something called “owners’ equivalent rent” rose 0.3% from June to July 2025.
That second term — owner’s equivalent rent — might sound like jargon, but it’s important. It’s the way government statisticians estimate what homeowners would have to pay if they rented their home. In other words, it’s a stand-in for the housing cost of the two-thirds of Americans who own rather than rent. Currently, the national owner’s equivalent rent is running about 4.1% higher than it was a year ago.
What does this mean for you? Simply put, shelter costs are still rising faster than overall inflation. If your landlord bumps your rent up every year, you’re feeling this number for sure. For would-be buyers, ever-increasing rents can make a fixed mortgage payment look appealing, even if today’s rates don’t feel like a steal, because it locks in a big part of your monthly budget.
Here’s an example: If you’re paying $1,500 a month in rent, a 4.1% increase adds about $60 to your monthly payment. Over one year, that’s $720 gone without building any wealth through home equity. Multiply that over several years, and the case for buying — even in a higher interest rate environment — could start to look stronger.
So, what do you need to do to buy a house in this market before you ring in the new year? A few considerations stand out.
Don’t just look at the interest rate on the page; look at what it costs to get there. Lenders often advertise mortgage rates with a hefty number of points built in. Mortgage discount points are optional fees you pay up front to reduce your interest rate. A payment of 1% of your total loan amount typically translates to a 0.25% reduction in interest rate.
Let’s say you apply for a $300,000 mortgage, and the lender advertises a 6.25% rate. You look a little closer and realize the 6.25% rate includes one discount point, meaning you’ll pay $3,000 extra at closing to get this rate. If you choose not to pay for a discount point, your rate will be 6.5% instead.
Whether paying for points is the right decision depends on how long you expect to stay in the house. If you’ll be in the house for decades, buying down the rate can be a worthwhile investment. However, if you might refinance or move in a few years, you may never break even.
Builders have plenty of inventory right now, so you could see perks like design upgrades, rate buydowns, or closing cost credits. New construction homes also offer modern layouts and energy efficiency, but be aware of additional costs, such as HOA fees and lot premiums.
Existing homes may be less expensive and come with established infrastructure, such as parks and convenient access to shopping and schools. With more homes on the market, sellers may also be more receptive to price negotiations. The trade-off? Older homes could need updates or more maintenance, so factor those expenses into your budget as you weigh your options.
When you consider your monthly mortgage payment, you might just think about the principal and interest. Several other factors make up your mortgage payment, though.
Homeowners insurance and property taxes will increase your monthly mortgage payment, and it’s important to get quotes early. Depending on various factors, you could also owe mortgage insurance. You may need to adjust your target home purchase price to ensure you can comfortably afford your monthly payment.
You may be eligible to put down as little as 0% to 3.5% with specialty mortgages, such as VA loans and FHA loans. In many cases, you can even get a conventional loan with just 3% down.
The idealistic 20% down payment means you won’t have to pay for private mortgage insurance (PMI) with a conventional loan. However, it’s more important to have cash reserves left over each month for repairs or emergencies.
If you plan to buy before the end of the year, locking in the right mortgage rate is crucial. Standard rate locks generally run for 30 to 60 days, which means buyers going under contract in October or November may want to explore an extended lock period.
Always check the cost of extending your rate lock. Some lenders offer attractive rates but tack on steep extension fees, especially for longer extension terms.
You can’t time the real estate market — there’s no guarantee that rates will increase or decrease from one day to the next. Locking in your rate at the right time is more about planning ahead so your rate lock term doesn’t expire before you’re ready to buy a house.
Of course, buying a house before the end of 2025 may not be the right call for everyone. If your budget feels stretched — even after seller concessions and rate buydowns — or if you’re unsure about your job stability, waiting could be the better move. Similarly, if your local market trends show an increasing number of listings and days on market per listing, you may very well find a better deal in 2026.
Another reason to press pause? If you’re planning a significant life change, like starting a family, changing your marital status, or switching jobs. In these cases, flexibility may be more valuable than locking into a mortgage right now. Rest assured, houses will still be there in the new year.
It depends less on the calendar year and more on your personal finances. Rates have stayed under 7% for most of this year, inventory is improving, and price growth has cooled — all positives for buyers in 2025. But a “good” time to buy a house depends on whether you can comfortably afford the payment, have a stable income, and plan to stay put for a while. If you can check these boxes, 2025 offers opportunities that weren’t around a few years ago in the frenzied pandemic market.
Nationally, a big price drop isn’t on the horizon. Data from FHFA and Case-Shiller show prices are still inching up, just at a slower pace than in past years. That said, some local markets are experiencing flat or slightly lower prices, particularly where inventory is building. If you’re house hunting, don’t count on a nationwide discount. Instead, focus on your area’s trends — days on market, number of listings, and seller concessions can matter more than national averages.
Waiting for a recession to trigger lower mortgage rates or decrease home prices is risky because markets don’t always move the way buyers hope. Prices haven’t collapsed during past downturns, and mortgage rates can stay stubbornly high if inflation lingers. The safer bet is to buy when your finances and lifestyle are ready, not when headlines predict the “perfect” moment. If a recession does come, you can always refinance to capture a lower interest rate. But if the numbers work for you today, waiting may not bring a better deal.
The U.S. real estate market might be starting to thaw.
Homebuyers have been hampered with soaring home prices and high mortgage rates for years. But economists see signs that market conditions are improving for house hunters.
For instance, pending home sales, a forward-looking metric of signed contracts, edged up by 0.7% on an annual basis in July according to the National Association of Realtors.1 Month-to-month pending home sales did tick 0.4% lower, NAR said, but there are other positive indicators.
A similar report from real estate data firm Redfin showed that the number of pending home sales climbed 1.6% year-over-year in August.2
“Buyers are circling,” said Ali Mafi, a Redfin Premier agent in San Francisco. “House hunters are feeling more confident about buying a home now that mortgage rates have started to decline.”
Mortgage rates remain stubbornly high at 6.56%, but they are at their lowest levels since October 2024, according to Freddie Mac.34Additionally, the growth rate of home prices is slowing after years of shooting higher, and the number of listings on the market has increased.56 That gives buyers a larger inventory to choose from, and could pressure sellers to price their homes more competitively.
Recent data on mortgage applications also shows that more serious buyers are coming back onto the market. Purchase application volumes were up 2% over last week and 25% over last year, according to the Mortgage Bankers Association.7
All of this may help move some potential buyers off the sidelines.
“Prospective buyers appear to be less sensitive to rates at these levels and are more active, bolstered by more inventory and cooling home-price growth in many parts of the country,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist.
Buy now, or wait? That’s the question prospective homeowners have been struggling to answer, as home prices keep skyrocketing and mortgage rates remain elevated.
The combination has led many would-be buyers to pick the “wait” side of the equation. The median sale price of an existing home in the U.S. was $422,400 in July 2025 — the highest July price ever recorded by the National Association of Realtors (NAR). And, according to the July Fannie Mae Home Purchase Sentiment Index, about three-quarters of consumers — 77 percent — believe it’s a bad time to buy a house.
However, after being at a constant disadvantage for the past few years, things are actually looking up for homebuyers in many respects. For starters, mortgage rates are currently at their lowest level in nearly a year, with the 30-year fixed rate averaging 6.62 percent as of mid-August, according to Bankrate’s weekly survey of large lenders. This certainly helps with affordability. In addition, days-on-market figures are up a bit, with July NAR data showing that homes typically spent 28 days on the market before selling, up from 24 days a year ago. And available housing inventory has risen significantly — up a healthy 15.7 percent from last year and at its highest level in five years. That gives buyers more options to choose from, and more time to make their decision.
So, is it a good time to buy a home? Or is it better to wait on the sidelines, in the hopes that either prices or rates see a significant drop soon? And what if there’s a recession? Here are some key considerations to help determine the way forward.
Mortgage rates have backed off from the high of 8 percent hit in late 2023, but they’re still elevated. And home prices are sky-high, with NAR’s July data reflecting an incredible 25 consecutive months of year-over-year increases. Together, these factors might dissuade you from buying right now, and that’s understandable.
No matter which way the real estate market is leaning, though, buying now means you can start building equity immediately. It also means avoiding the potential for mortgage rate fluctuations later: Rising rates can wreak havoc on your monthly budget, and they also result in paying more in interest over the life of the loan.
“If a buyer finds a property they would like to call home, they should not delay,” says Stacey Froelich, a broker with Compass in New York City. “You cannot time the market, and a home should be a long-term investment.”
“Remember, you ‘marry the house and date the rate,’” Melissa Cohn, regional vice president of William Raveis Mortgage in Connecticut, has told her newsletter subscribers. To put it another way, if you find the right place, buy now — you can always refinance later if rates do drop significantly.
In general, if you can answer yes to these three questions, then yes, now is a good time to buy.
Ultimately, the decision of when to buy a home is up to you. Life goes on, whether the timing is perfect or not. If you’re anxious to become a homeowner, you’ve met the criteria above and you’re financially stable, go ahead and start house-hunting.
If you’re holding out for lower mortgage rates after the next potential Fed rate cut, well, keep in mind that the past few cuts did not bring lower rates with them.
Your mortgage rate can make a big difference in how much house you can afford over the long run. For example, Bankrate’s mortgage calculator shows that if you buy a $350,000 home with a 20 percent down payment, the monthly payment for principal and interest on a 30-year loan with a 6.5 percent interest rate is $1,770. The same loan at 7.0 percent brings those monthly payments up to $1,863 — $93 higher every month. That’s $1,116 each year, or more than $33,000 over the life of the loan.
Of course, it’s impossible to predict where rates will land eventually. But here are three instances in which it might make more sense to wait out the market for at least a while:
Deciding whether to buy a house now or wait depends a lot on where you want to call home. Regardless of national headlines, real estate is a local game and can vary greatly from one market to another, even within the same state or metro area.
Consider this Redfin data from North Carolina’s Research Triangle cities of Raleigh and Chapel Hill, only about 30 miles away from each other: In July, both cities had relatively similar median home prices of $450,000 and $495,000, respectively. But Raleigh’s median price represents a 5.9 percent increase over last year, whereas Chapel Hill’s marks a big 18.2 percent slide. They’re near in proximity, with similar pricing, but one market is on the upswing while the other is in decline. That can make a big difference for your buying strategy.
In today’s homebuying market, it’s more important than ever to find a real estate agent who really knows your local area — down to your specific neighborhood — and can help you successfully navigate its unique quirks.
Talk of a possible recession has been increasing lately, and as you might imagine, recessions are a risky time to buy a home. If you lose your job, for example, a lender will be much less likely to approve your loan application.
Even if a recession doesn’t affect you directly, if your geographic area is hard-hit, that could have a serious effect on the local real estate market. Fewer people with the means to buy means a lower chance of homes selling, which could keep homeowners from listing and decrease your options as a buyer.
There are some potential upsides to buying a home during a recession, though, if you’re financially able to do so. Notably, there will be less competition, which could help you find a great property that you otherwise couldn’t.
Trying to buy a house right now might feel overwhelming, but waiting too long can present challenges as well. Review your finances in detail, and think about how much you’re able to pay upfront as a down payment. Be sure to take the pulse of the town in which you’re hoping to live. Then, talk with an experienced local real estate agent to figure out whether you should buy now or wait until the market is a bit more friendly to your bank account.
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