A recent survey reveals that 63% of homebuyers anticipate an imminent recession. While many express concern about economic downturn, a significant number (30%) view a recession as a potentially favorable time for homebuying due to decreased mortgage rates, while more than half report that it won't impact their purchasing decisions. However, rising unemployment may still deter some buyers. Recent easing of trade tensions has slightly lowered recession fears, though obstacles like limited inventory remain significant for homebuyers.
If the economy enters a recession, the Federal Reserve may respond by lowering interest rates to stimulate activity, potentially putting downward pressure on mortgage rates and easing affordability concerns, says Realtor.com Economist Jiayi Xu.
The administration's recent dialing down of some of the more draconian tariffs placed on China should reduce the risk that the U.S. economy slips into recession this year, says Michael Feroli, chief U.S. economist at J.P. Morgan.
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