Today’s Housing Market Is Nothing Like 15 Years Ago

There’s no doubt today’s [housing market](https://www.simplifyingthemarket.com/2023/01/09/what-experts-are-saying-about-the-2023-housing-market/?a=713258-9a8342bcf821027012880bf1d7cccbf7) 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_](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), Lawrence Yun, Chief Economist at the _National Association of Realtors_ (NAR), drew the comparisons below between today’s housing market and the previous cycle: [](https://files.simplifyingthemarket.com/wp-content/uploads/2023/01/10123857/today-is-nothing-like-15-years-ago-MEM.png) Looking at the facts, it’s clear: today is very different than the [housing market](https://www.simplifyingthemarket.com/2022/12/21/what-to-expect-from-the-housing-market-in-2023/?a=713258-9a8342bcf821027012880bf1d7cccbf7) of 15 years ago. #### There’s Opportunity in Real Estate Today And in today’s market, with inventory rising and [less competition](https://www.simplifyingthemarket.com/2022/12/14/you-may-have-more-negotiation-power-when-you-buy-a-home-today/?a=713258-9a8342bcf821027012880bf1d7cccbf7) from other buyers, there’s opportunity right now. According to [David Stevens](https://www.linkedin.com/pulse/reminder-home-prices-always-rise-over-time-david-h-stevens-cmb/?trackingId=v4Fg7EqLTTCx94toGrR%2Ffw%3D%3D), 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.”_ ### Bottom Line 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.