Home prices increased 7% since last year & rates are 7%. With that being said, this is an exciting time for homeowners but a daunting time for those still looking to purchase a home.Should you
Today’s Housing Market Is Nothing Like 15 Years Ago
Dated: January 11 2023
Views: 180
Today’s Housing Market Is Nothing Like 15 Years Ago
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, and it caused many people to make comparisons to the 2008 housing crisis. While there may be a few similarities, when looking at 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: 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 opportunity right now. 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 nothing like the real estate market 15 years ago. If you’re a buyer right now, this may be the chance you’ve been waiting for.
Yuri Carvalho
I'm passionate about serving people! I've been working in the Charlotte/Lake Norman area for the past 8 years and have served over 1500 families. What I love doing in Real Estate is connecting with my....
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Today’s Housing Market Is Nothing Like 15 Years AgoThere’s no doubt today’s housing market is very different than the frenzied one from the past couple of years. In the
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