The Housing Market Has Changed: Here's What's New Since 2020

Remember the world back in 2020? The housing market was as unpredictable as everything else. But now, as we're cruising into 2024, let's chat about how things have shifted. You might be thinking about buying a home or curious about what's changed. Either way, I've got some insights that'll catch you up to speed. The journey from 2020's housing market to today's is like night and day; whether in the market or just interested, these updates are for you.

Okay, let's break down what's been happening with houses since 2020 – think of it as a quick catch-up with an old friend.

• Interest Rates Were Like a Clearance Sale Back in 2020

Think of 2020 as when interest rates hit the 'sale of the century.' Money was cheap to borrow, and folks were rushing to get mortgages that were a steal. Now, those days are behind us. Rates are inching up again, which means borrowing money for a home is more challenging on the wallet than it was. It's like the difference between shopping during a Black Friday sale and returning a week later when everything's back to the total price.

• Home Prices Have Taken Off

If you're surprised by how much more that "For Sale" house down the street costs now compared to 2020, you're not alone. Prices have been climbing, thanks to things costing more to build or fix up houses and lots of people wanting to buy them. Everyone suddenly decided they wanted a new home simultaneously, and the prices went along for the ride.

• More People Are House Hunting These Days

Back in 2020, fewer folks were looking to buy houses. It was a quieter time for the market, partly because everyone was figuring out how to handle the world turning upside down. But jump to today, and it's a whole different ball game. More people are ready to buy, which means more competition to find that perfect place to call home.

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