Chicago Real Estate Perspective

Dave Nimick: What Happens to Real Estate in a Recession?

Episode Summary

In this episode, Dave discusses: The relationship between recessions and real estate. What a recession is and the stages of a recession. Reasons for a recession. A historical look at real estate in past recessions. Key Takeaways: Inflation tends to be a big cause of recessions, which we are seeing right now. In a recession, buyer demand almost always falls. Unlike in the past, there is likely a lower supply of homes due to fewer new construction homes. Potential sellers who bought/refinanced with lower interest rates may be more inclined to stay in their home at that low rate rather than sell. "None of us want to see a recession … but it’s better to be realistic and prepared, and figure that one may be happening now or in the near future. Nonetheless, it's not going to last forever - these things don't - and the economy comes back." — Dave Nimick Connect with Dave Nimick: Website: https://thenimickteam.com/ Email: dave@thenimickteam.com YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos LinkedIn: https://www.linkedin.com/in/davenimick/ Facebook: https://www.facebook.com/thenimickteam Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty Show notes by Podcastologist: Chelsea Taylor-Sturkie Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

Episode Notes

In this episode, Dave discusses:

• The relationship between recessions and real estate.
• What a recession is and the stages of a recession. 
• Reasons for a recession. 
• A historical look at real estate in past recessions. 

Key Takeaways:

• Inflation tends to be a big cause of recessions, which we are seeing right now. 
• In a recession, buyer demand almost always falls.
• Unlike in the past, there is likely a lower supply of homes due to fewer new construction homes.
• Potential sellers who bought/refinanced with lower interest rates may be more inclined to stay in their home at that low rate rather than sell.

"None of us want to see a recession … but it’s better to be realistic and prepared, and figure that one may be happening now or in the near future. Nonetheless, it's not going to last forever - these things don't - and the economy comes back."  —  Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by  Turnkey Podcast Productions. You're the expert. Your podcast will prove it.