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A Recession Doesn’t Equal a Housing Crisis

A Recession Doesn’t Equal a Housing Crisis | Keeping Current Matters
The recent news about a potential recession has many people worried about the housing market. After all, the last recession in 2008 was caused by a housing crisis. However, it's important to remember that not all recessions lead to housing crises. In fact, the housing market has actually performed well during some recessions.
So, what does this mean for the housing market in Novi, Northville, South Lyon, and Metro Detroit? It's hard to say for sure, but the market will likely continue to be strong. The economy in these areas is strong, and there is a lot of demand for housing. Additionally, interest rates are still relatively low, making buying a home more affordable. Of course, some risks are always associated with buying a home, even during a strong market. But if you're considering buying a home, don't let the fear of a recession stop you. The housing market in Novi, Northville, South Lyon, and Metro Detroit is still a great place to invest. Here are some things to keep in mind if you're thinking about buying a home during a recession:
  • Do your research. Make sure you understand the local market and the current economic conditions.
  • Get pre-approved for a mortgage. This will show you how much you can afford to borrow and make the home-buying process go more smoothly.
  • Be patient. It may take longer to find a home during a recession, so be prepared to be patient.
  • Be prepared to negotiate. Buyers may have more leverage during a recession, so don't be afraid to negotiate the price of the home.
If you're considering buying a home in Novi, Northville, South Lyon, or Metro Detroit, don't let the fear of a recession stop you. The housing market in these areas is still a great place to invest. Contact me today to learn more about the current market conditions and how I can help you find the perfect home.

Jeff Duneske

With over 23 years of experience in the real estate industry, Jeff Duneske, Broker/Owner of Duneske Real Estate Advisors at Keller Williams Advantage, has established himself as a leading expert. With a career volume of over $325 million and over 1,200 properties sold, Jeff has built a reputation for excellence, earning the trust of over 1,000 clients. Born and raised in Novi, Michigan, Jeff earned the distinguished rank of Eagle Scout at just 15 years old. After graduating from Novi High School in 1996 and the Oakland Fire Academy, Jeff initially set out to become a full-time firefighter. However, after serving as an auxiliary firefighter and EMT in Novi and Walled Lake for several years without securing a full-time position, Jeff decided to shift gears and begin his real estate career in 2000. Jeff has consistently demonstrated his drive to achieve his goals throughout his career without compromising his morals, standards, or ethics for anyone or any transaction. He has served on the Professional Standards Committee for ten years and is committed to conducting business with the highest morals, ethics, and standards. Jeff's unwavering commitment to ethical and moral standards has led to a successful real estate career. Still, more importantly, it has enriched his life and the lives of others in immeasurable ways. With a steadfast purpose to lead with honor and great promise, Jeff continues to guide his clients through one of life's most significant financial transactions, helping them achieve their American Dream. If you're looking for a real estate professional who will go above and beyond to help you achieve your goals, look no further than Jeff Duneske. Contact him today to schedule a consultation and let him guide you through buying or selling your home.
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