Introduction:In recent years, a significant shift has occurred in the real estate market, with Millennials emerging as the largest group of homebuyers in the country. As a 40-year real estate,
Dated: January 11 2023
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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.
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.”
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.
Richard J. Freedkin, Realtor - eXp Realty, LLC is a Full-Time Licensed Realtor who has spent over 40 years in the Real Estate Arena where he has acquired considerable in-depth real estate knowledge an....
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