There’s no question that the current housing market is much different than it was a few years ago. The market shifted dramatically in the second half of 2020, and observers have noted some similarities to the 2008 housing crisis.
However, there are also significant differences between the two periods when key variables are considered. When looking at today’s market, it’s important to keep these distinctions in mind.
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), recently gave a talk at the Real Estate Forecast Summit, where he drew comparisons between the current housing market and the market during the previous cycle. Some of the key points he made are summarized below:
There’s Opportunity in Real Estate Today
There are plenty of opportunities available in today’s market. With inventory rising and less competition from other buyers, now is a great time to take advantage. David Stevens, former Assistant Secretary of Housing, believes this to be true.
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.
Here’s What We Say…
Today’s housing market is nothing like the real estate market from 15 years ago. If you’re a buyers right now, this may be the chance you’ve been waiting for.
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