I know the majority of america is freaking out about our nations economy right now, and some of it is rightly deserved, but i think the majority of americans have some misunderstandings about what it actually means. A recession is when the economy has two quarters of downward growth in a row. Can this have some negative affects? Yes, but what you need to keep in mind is that recession doesnt mean depression. Since the great depression during World War II, there have been 10 recessions and although people have struggled, they have made it through rough times. Most importantly, the longest recession only lasted 15 months, so there should already be an end in sight if you look at how things have corrected themselves in the past. What does this mean? Much cheaper home prices across the board-both new construction home sales and resales which is perfect for first time home buyers. Another benefit first time home buyers are reaping right now is the lowest interest rates ever. If you know of somebody who is thinking about buying a home, get them in one today-i promise you five years down the road they will be thanking you for the little push. Dont follow the national doom and gloom portrayal of how the market is, look for the opportunity which has presented itself for all of us.
Joshua Matthews-Licensed Realtor in NH & ME
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