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Economists have been warning that a recession is coming in the near future, but now with the coronavirus affecting businesses, consumer spending and employment, we have been launched into what is likely to be officially defined as one. Recessions aren't anything new, lasting an average of 11 months as part of our typical economic cycle. Past recessions have brought falling stock prices, high unemployment rates, and a loss of consumer confidence. But they share something else … they were often good times to buy a home.

Is this the time for you to buy? Maybe. There are two major things to consider.

The first is income security. If your income is from a business sector that is stable, and one in which consumers are still spending money, you are likely more confident in your future income, and ability to make a long-term financial commitment. Ask yourself if you're comfortably sure that your income won't be directly impacted by the current market conditions, or that your business will continue to thrive in the current economy, and be honest with your answer.

The second consideration is your financial standing, including savings, credit score and debt-to-income ratio. When times are tough, lenders may have stricter requirements for approval or require a larger down payment. Home prices may remain flat or even decrease, and getting a good price is just as important as being able to hold on and ride it out. The question isn't really how low can prices go during a recession. It's how much home you can afford to buy regardless of the day-to-day market changes.

A home is not just an investment, but a place to live. And with today’s low interest rates (the lowest in nearly 50 years), it may be the time to make the move.

When you are ready to begin your house hunt, start by locating a MMHA member retailer or lender in your area.