There is no doubt that today’s real estate market is very different from the hectic one of the last few years. The second half of 2022 will see dramatic changes in real estate, leading many to compare him to the 2008 real estate crisis. While there may be some similarities, there are significant differences when comparing key variables to the previous housing cycle.
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 is clear that, Today’s housing market is very different from the housing market of 15 years ago.
There’s Opportunity in Real Estate Today
In today’s market with more inventory and less competition from other buyers, now is your chance. Former Deputy Housing Secretary David Stevens said:
“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 very different from the real estate market of 15 years ago. If you’re buying now, this could be the opportunity you’ve been waiting for. find out why Kaya Homes is the leader in Long Island Real Estate and are your go-to realtor in the Lynbrook, Oceanside, Malverne, Hewlett, Valley Stream, East Rockaway, Woodmere, Cedarhurst, Baldwin, North Woodmere, Woodsburgh, Hewlett Neck Hewlett Harbor, Bellmore,Wantagh,Merrick and Freeport area.
Thu, 19 Jan 2023 19:57:34 +0000
