Undoubtedly, today’s housing market is very different from the frantic one from the past couple of years. In the second half of 2022, there was a dramatic shift in real estate, and it caused many people to make comparisons to the 2008 housing crisis. However, while there may be a few similarities, there are significant differences when looking at critical variables now compared to the last housing cycle.
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 from 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. 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.”
Bottom Line
Today’s housing market is unlike the real estate market of 15 years ago. But, if you’re a buyer, this may be the chance you’ve been waiting for.