For homebuyers, relative to the crushing frustrations of the past few years, "it will be a much better experience," he noted. While it will become increasingly expensive to take out a mortgage as rates rise, buyers will face less competition for each property. And when it comes to deciding whether to put in an offer, "they may have a couple of days to think about it instead of hours," Fratantoni said.

While you can't control the economic cycle, you can take some steps to mitigate the potential negative effects a recession might have on you.

Secure your emergency cash: For one-earner households, California-based certified financial planner Jamie Lima of Woodson Wealth Management recommends having 12 months of living expenses on hand in case you lose your job.

For dual-earner households he recommends six months, since it's less likely both earners will be laid off.

For homebuyers, relative to the crushing frustrations of the past few years, "it will be a much better experience," he noted. While it will become increasingly expensive to take out a mortgage as rates rise, buyers will face less competition for each property. And when it comes to deciding whether to put in an offer, "they may have a couple of days to think about it instead of hours," Fratantoni said.

While you can't control the economic cycle, you can take some steps to mitigate the potential negative effects a recession might have on you.

Secure your emergency cash: For one-earner households, California-based certified financial planner Jamie Lima of Woodson Wealth Management recommends having 12 months of living expenses on hand in case you lose your job.

For dual-earner households he recommends six months, since it's less likely both earners will be laid off.