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How the economy impacts real estate

On Behalf of | Oct 23, 2019 | Residential Real Estate |

California residents may have heard predictions of an upcoming economic slowdown. However, there is no way to tell when the economy may start to slow, and there are many signs that the economic conditions may remain strong through 2020. Regardless of what the economy does, real estate professionals say that the housing market has upside to it. This is partially because there is a lack of homes available to buy today, which means that more will need to be built.

As a general rule, recessions don’t tend to occur when housing starts and permits are on the rise. Regardless of what the economy does, buyers should take their own needs and finances into account when shopping for a home. Those who feel as if they may lose their jobs in the future may want to hold off until they feel more secure about their employment status.

It is important for a buyer to account for maintenance and other costs when shopping for a home. Furthermore, individuals who are looking to buy a home should consider its long-term value potential. In other words, buyers want to look for homes that will appreciate in value and will be easy to sell when the time comes to do so. The location of a home could also determine if it will appreciate or depreciate in value over the long-term.

Those who are looking to buy a residential property may want to consult with an attorney before doing so. This may ensure that the house has been properly represented by the seller. It may also ensure that the seller has the legal right to transfer the property to the buyer.