The housing market has changed a lot since the last recession. 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 then, 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:
Source: NAR
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 market is very different from 15 years ago. If you are looking for a home now, this may be the perfect time to buy.
Dreaming of buying a home in Orlando? Then be sure to get in touch with Florida Connexion. Our company is specialized in the real estate market and offers numerous conditions to help you in this process. We have professionals who speak Portuguese, english and Spanish and know how to finance a home in Florida. Surely, they will support you in realizing this dream quickly, safely and with financing that fits in your pocket.
