Today’s Housing Market Is Nothing Like 15 Years Ago

<article class="post-605310 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-605310"><span class="entry-date">January 11, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">Today’s Housing Market Is Nothing Like 15 Years Ago</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Today%E2%80%99s+Housing+Market+Is+Nothing+Like+15+Years+Ago&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Ftodays-housing-market-is-nothing-like-15-years-ago%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Today’s Housing Market Is Nothing Like 15 Years Ago Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/todays-housing-market-is-nothing-like-15-years-ago-KCM.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>There’s no doubt today’s <a href="https://www.simplifyingthemarket.com/2023/01/09/what-experts-are-saying-about-the-2023-housing-market/?a=712984-fa409495d5d70154d03a25e81e9540e2">housing market</a> 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.<!–more–>
<p>In the latest <a href="https://www.nar.realtor/sites/default/files/documents/2022-12-13-nar-real-estate-forecast-summit-the-year-ahead-lawrence-yun-presentation-slides-12-13-2022.pdf"><em>Real Estate Forecast Summit</em></a>, Lawrence Yun, Chief Economist at the <em>National Association of Realtors</em> (NAR), drew the comparisons below between today’s housing market and the previous cycle:</p>
<p><a href="https://files.simplifyingthemarket.com/wp-content/uploads/2023/01/10123857/today-is-nothing-like-15-years-ago-MEM.png"><img alt="Today’s Housing Market Is Nothing Like 15 Years Ago | Simplifying The Market" class="aligncenter wp-image-47753" decoding="async" fetchpriority="high" height="488" src="https://files.simplifyingthemarket.com/wp-content/uploads/2023/01/10123857/today-is-nothing-like-15-years-ago-MEM.png" width="650"/></a></p>
<p>Looking at the facts, it’s clear: today is very different than the <a href="https://www.simplifyingthemarket.com/2022/12/21/what-to-expect-from-the-housing-market-in-2023/?a=712984-fa409495d5d70154d03a25e81e9540e2">housing market</a> of 15 years ago.</p>
<h4><strong>There’s Opportunity in Real Estate Today</strong></h4>
<p>And in today’s market, with inventory rising and <a href="https://www.simplifyingthemarket.com/2022/12/14/you-may-have-more-negotiation-power-when-you-buy-a-home-today/?a=712984-fa409495d5d70154d03a25e81e9540e2">less competition</a> from other buyers, there’s opportunity right now. According to <a href="https://www.linkedin.com/pulse/reminder-home-prices-always-rise-over-time-david-h-stevens-cmb/?trackingId=v4Fg7EqLTTCx94toGrR%2Ffw%3D%3D">David Stevens</a>, former Assistant Secretary of Housing:</p>
<blockquote><p><em>“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.”</em></p></blockquote>
<h3><strong>Bottom Line</strong></h3>
<p>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.</p></div>
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