Take a look at the data from 2014 and how it resembles today’s market.

There is a sense of deja vu in today’s market; it’s reminding people a lot of how things were back in 2014. Is this sentiment true? To find out, I’m taking a look at the latest market stats and comparing them to how things were 10 years ago. 

Right now, the median number of days on the market for an accepted contract is 30 days. Almost the same amount of time it took back in 2014. In fact, 2014 was the last time we had a truly balanced market. The headlines back then were also surprisingly familiar with what we are seeing today.

“All of these parallels mean that we need to pay attention to the data, not just the headlines.”

Back in 2014, everyone was talking about how student loan debt and tight credit were keeping people from buying homes. Today, it’s all over the news again. Also, like today, home values have been steadily rising for years, leading many to believe that a market crash is going to happen. But just like then, the luxury market was still strong, and news about the wealth gap was all over the place.

We are also seeing a similar shift in the types of buyers. In 2014, we had investors that went away, and demand fell. Right now, we have a lot of investors that pulled away with an increase in regular homebuyers. The median home price back then was around $197,000, and even with that relatively low price, people were still convinced the market was going to crash.

All of these parallels mean that we need to pay attention to the data, not just the headlines. We understand these trends and can help you navigate this market. Reach out to us by phone at (480) 267-9368 or send us an email at Office@GoodCompanyRE.com. We can guide you to make the right decisions when it comes to real estate.