Today’s Housing Market Is Nothing Like 15 Years Ago
There's no denying that today's housing market is vastly different from the frenzy of recent years. A dramatic shift in real estate occurred in the second half of 2022, prompting many people to draw comparisons to the 2008 housing crisis. While there are some similarities, there are significant differences when comparing key variables now to the previous housing cycle.
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), made the following comparisons between today's housing market and the previous cycle at the latest Real Estate Forecast Summit:
Looking at the facts, it's clear that today's housing market is very different from that of 15 years ago.
Today, there is opportunity in real estate.
And there is an opportunity right now in today's market, with inventory rising and less competition from other buyers. Former Assistant Secretary of Housing David Stevens stated:
“So be advised…this may be the one and only window for the next few years to get into a buyer’s market. And remember…as the Federal Reserve data shows…home prices only go up and always recover from recessions no matter how mild or severe. Long-term homeowners should view this market…right now…as a unique buying opportunity.”
The real estate market today is nothing like it was 15 years ago. If you're looking to buy right now, this could be the opportunity you've been looking for.
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