Thereâ€™s no doubt todayâ€™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 todayâ€™s housing market and the previous cycle:
Looking at the facts, itâ€™s clear: today is very different than the housing market of 15 years ago.
And in todayâ€™s market, with inventory rising and less competition from other buyers, thereâ€™s opportunity right now. According to David Stevens, former Assistant Secretary of Housing:
â€œSo be advisedâ€¦this may be the one and only window for the next few years to get into a buyerâ€™s market. And rememberâ€¦as the Federal Reserve data showsâ€¦home prices only go up and always recover from recessions no matter how mild or severe. Long term homeowners should view this marketâ€¦right nowâ€¦as a unique buying opportunity.â€
Todayâ€™s housing market is nothing like the real estate market 15 years ago. If youâ€™re a buyer right now, this may be the chance youâ€™ve been waiting for.