What buyers and sellers get wrong about recessions

A lot of people hit pause on their moving plans when there's economic uncertainty, but it may not be for the reasons you think. New survey data shows 3 in 10 homebuyers say a recession would actually make them more likely to buy. Why? They're hoping for lower mortgage rates and lower prices. But here's the catch: while rates often dip during recessions, prices usually don't. In 4 of the last 6 recessions, home prices actually went up. That's because prices tend to stay on the path they're already on, and right now they're holding steady or rising slowly in most areas. The big drop in 2008 was the outlier, not the norm. A recession might bring lower rates, but don't count on a price drop. Let's make a smart plan for today's market, not one that may never come.