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.