7 tips for buying a house during a recession

Dated: January 25 2023

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  1. Research the market: Before investing in a house, it’s important to research the market and understand the current conditions. Look at housing prices, inventory levels, and economic indicators to get an idea of the local market.
  2. Save up a down payment: Having a down payment saved up is key to buying a house during a recession. Having a larger down payment gives you more bargaining power and allows you to get a better deal.
  3. Get pre-approved for a mortgage: Getting pre-approved for a mortgage before you start looking is a great way to know how much you can afford and what kind of loan you can get.
  4. Look for homes that need work: During a recession, you might be able to score a great deal on a house that needs some work. Look for homes that need a little TLC and are priced lower than similar homes in the area.
  5. Don’t be afraid to negotiate: Negotiating is an important part of the home buying process, even in a recession. Don’t be afraid to make an offer lower than the asking price and see if the seller is willing to negotiate.
  6. Research the neighborhood: It’s important to research the neighborhood before making a purchase. Look for crime rates, job opportunities, and local amenities. It’s important to make sure the neighborhood is a good fit for you and your family.
  7. Get an inspection: Even if you’re buying a house that needs work, it’s important to get an inspection. This will help you identify potential problems that need to be addressed and make sure the house is in good condition.
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LaShawn Peterson

TEAM PETERSON JACKSON (powered by eXp Realty) has sold more than 500 homes in the metro Detroit area. Prior to careers in Real Estate, LaShawn was an IT Project Manager with a Fortune 500 stock broker....

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