A Look at the 2008 and 2023 Housing Markets

The housing market today looks nothing like it did 15 years ago, when the Great Recession hit. The stock market free-fall, job losses, and foreclosure crisis of 2008 was an incredibly difficult time for many Americans. But now, fifteen years later in 2023, the housing market is in a much healthier place. Let’s take a look at what’s different between 2008 and today.

1. Unlike in 2008, Current Housing Market Fundamentals Are Healthy

The main difference between 2008 and today is that current housing market fundamentals are much stronger now. Home prices have been rising steadily since 2012 and are on track to increase again this year (2023). In addition, mortgage rates remain low and most economists expect them to stay that way for the foreseeable future. In other words, today's housing market is fundamentally healthy and stable compared with how it was fifteen years ago.

2. Inventory Today is Rising compared to 2008

Another key difference between 2020 and 2008 is that inventory levels are higher now than they were then. This means there are more homes on the market than there were fifteen years ago—which translates into more options for buyers looking to purchase a home in 2023 than there were in 2008. This higher level of inventory also means that there's less competition among buyers for a given property—which can be beneficial for those who are looking to purchase a home this year (2023).

3. There's less Buyers Competition Today

In addition to having more inventory available for buyers this year (2023), there's also less competition among buyers compared with 15 years ago (2008). This can be attributed largely to the fact that many people who would have otherwise been interested in buying a home may not feel comfortable doing so due to economic uncertainty caused by the pandemic or other factors such as job loss or pay cuts. As such, those looking to buy a home right now may find fewer competing bids when submitting offers on properties they're interested in—a stark contrast from how things were fifteen years ago when bidding wars were common due to high demand for homes coupled with limited availability of them on the market at any given time.

4. It’s a Correction and Not a Crash

While many people may be concerned about another crash similar to what happened fifteen years ago happening again this year (2023), experts say this is unlikely as current fundamentals suggest we're seeing more of a correction rather than an impending crash. That being said, it's still important for potential buyers or sellers to keep their eyes open if they plan on entering into the real estate market this year or anytime soon as anything can happen at any given time—especially during times of economic uncertainty like we're currently experiencing right now due to COVID-19 pandemic-related issues impacting our economy as well as other factors such as job loss or pay cuts causing some people not feeling comfortable entering into real estate transactions right away even if they have the means do so financially speaking right now anyway - all these factors need taken into consideration when making decisions related investing/selling/buying etc...in real estate these days too these days too you know?

5 Good Financial Hygiene Is the Best Defense

Despite all of these differences between 2008 and today's housing markets, one thing remains true: good financial hygiene is still your best defense against any potential downturns in the future regardless of which side of real estate transactions you find yourself on - whether buying or selling - always practice good financial hygiene first before anything else you know? That way no matter what happens with your investments - whether good times or bad - you will always come out ahead financially speaking because if nothing else you will have prepared yourself well with good financial hygiene practices regardless what happens down road you know? So always make sure maintain strong budgeting discipline no matter what!

Today's housing market looks nothing like it did 15 years ago but fortunately it appears much healthier overall today than it was back then thanks largely due healthy underlying fundamentals such increased inventory levels coupled with lower competition among buyers due various economic uncertainties present right now - however despite all differences between two points time one thing remains same: practicing good financial hygiene still your best defense against any potential downturns future regardless which side real estate transactions find yourself on either buying or selling always practice budgeting discipline first before anything else you know? So remember stay prepared by maintaining strong financial hygiene practices whatever comes down road! Thanks y'all! Peace out!