There’s no doubt today’s housing market is very different than the frenzied one from the past couple of years. In the second half of 2022, there was a dramatic shift in real estate. This shift caused many people to make comparisons to the 2008 housing crisis. While there may be a few similarities when looking at key variables. However, now compared to the last housing cycle, there are significant differences.
Housing Market Today is Not Like in Previous Cycles
In the latest Real Estate Forecast Summit, Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), drew the comparisons below comparing today’s market to the previous cycles:
Looking at the facts, it’s clear: today is very different than the housing market of 15 years ago.
There’s Opportunity in Real Estate Today
And in today’s market, with inventory rising and less competition from other buyers, there’s an opportunity right now for buyers to purchase. According to David Stevens, former Assistant Secretary of Housing:
“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.”
Key Takeaway
Today’s real estate market was nothing like the real estate market 15 years ago. If you’re a buyer, this may be the chance you’ve been waiting for.
Other educational articles about the market and your home search are under Karen’s Blog.
