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The Housing Market Is Not What It Was 15 Years Ago

Friday, January 13, 2023   /   by Laura Larson

The Housing Market Is Not What It Was 15 Years Ago

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Without a question, the real estate market today is significantly different from the high-paced market of the previous several years. Real estate saw a significant change in the second half of 2022, which led many observers to draw parallels with the 2008 housing crisis. While there may be some similarities, there are noticeable differences when comparing important factors between the current housing cycle and the previous one.
 
There’s Opportunity in Real Estate Today
In today’s market, with inventory rising and less competition from other buyers, there’s an 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.”
 
Bottom Line
Today’s housing market is nothing like the real estate market 15 years ago. If you’re a home buyer right now, this may be the chance you’ve been waiting for.