There’s no question that the housing market today is very different from the crazy one of the past few years. In the second half of 2022, there was a significant change in the real estate market, which made many people think of the housing crisis of 2008. Even though there may be some similarities, there are big differences when you look at key factors between now and the last housing cycle.
In the most recent Real Estate Forecast Summit, Lawrence Yun, the Chief Economist at the National Association of Realtors (NAR), compared the current housing market to the last one:
When you look at the facts, it’s clear that the housing market today is very different from the market 15 years ago.
There Is Opportunity In Residential Real Estate Today
Right now is a good time to buy because there are more homes on the market and less competition from other buyers. David Stevens, who used to be the Assistant Secretary of Housing, says:
“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 Ken has to say on the subject:
The housing market of 15 years ago was completely different than the market of today. Right now, if you want to buy a home, this could be the chance you’ve been waiting for. If you’re ready to buy or sell a home in Cobb County or Metro Atlanta, reach out to us at CompleteRealtyTeam.com