The Housing Market Is Not What It Was 15 Years Ago Today
The housing market now is unquestionably substantially different from the frenetic one of the previous few years. There will be a significant change in the real estate market in the second half of 2022, which has led many to draw comparisons with the housing crisis of 2008. While there may be a few similarities, looking at the key variables now compared to the last housing cycle, there are significant differences.
In the latest Real Estate Forecast Summit, Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), drew the comparisons below between today's housing market and the previous cycle:
Looking at the facts, it's clear that today is very different than the housing market of 15 years ago.
Opportunity in Real Estate Today
There is an opportunity in the current housing market due to the increased inventory and the reduced competition from other buyers. 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.”
The housing market today is very different from 15 years ago. If you are a buyer, this might be the best opportunity you have been waiting for.
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