Are you wondering what a recession could do to home values? Historical data proves an economic slowdown doesn’t mean prices will fall. In four of the last six recessions, home prices actually appreciated. This goes to show that 2008 wasn’t the norm. However, of the 887 homes that sold in the San Fernando Valley in July 2020, 354 sold at a reduced price. There are also more homes available which have resulted in fewer multiple offers. Most activity was concentrated in homes selling between $1,000,000 - $1,499,000 accounting for 129 Sales. We will discuss this in a subsequent post.
Would you like to see how many homes have been sold or are on the market in your price range and area? Call or text me, and let’s discuss why history shows an economic slowdown doesn’t equal a housing crisis. And how you can still market your home to get multiple offers.