Search
    Dashboard
    Listings
    Searches
    Sign in / Sign up

Daytona Beach Property Search

Buy Or Sell With James Jestes and eXp Realty

386 315 4744
James@JamesJestes.com

Serving The Greater Daytona Beach Area

  • Menu
  • Home
  • Buy
  • Sell Your Home
  • Blog
  • About
  • Contact

3 Reasons This is NOT the 2008 Real Estate Market

3 Reasons This is NOT the 2008 Real Estate Market | Simplifying The Market

Today’s real estate market is nothing like the 2008 market. When an economic slowdown happens, it won’t resemble the last one.

 

No one knows for sure when the next recession will occur. What is known, however, is that the upcoming economic slowdown will not be caused by a housing market crash, as was the case in 2008. There are those who disagree and are comparing today’s real estate market to the market in 2005-2006, which preceded the crash. In many ways, however, the market is very different now. Here are three suppositions being put forward by some, and why they don’t hold up.

SUPPOSITION #1

A critical warning sign last time was the surging gap between the growth in home prices and household income. Today, home values have also outpaced wage gains. As in 2006, a lack of affordability will kill the market.

DOWNLOAD MY BUYERS GUIDE HERE
Or View The Buyers Guide Online Here

Counterpoint

The “gap” between wages and home price growth has existed since 2012. If that is a sign of a recession, why didn’t we have one sometime in the last seven years? Also, a buyer’s purchasing power is MUCH GREATER today than it was thirteen years ago. The equation to determine affordability has three elements:  home prices, wages, AND MORTGAGE INTEREST RATES. Today, the mortgage rate is about 3.5% versus 6.41% in 2006.

SUPPOSITION #2

In 2018, as in 2005, housing-price growth began slowing, with significant price drops occurring in some major markets. Look at Manhattan where home prices are in a “near free-fall.”

Counterpoint

The only major market showing true depreciation is Seattle, and it looks like home values in that city are about to reverse and start appreciating again. CoreLogic is projecting home price appreciation to reaccelerate across the country over the next twelve months.

Regarding Manhattan, home prices are dropping because the city’s new “mansion tax” is sapping demand. Additionally, the new federal tax code that went into effect last year continues to impact the market, capping deductions for state and local taxes, known as SALT, at $10,000. That had the effect of making it more expensive to own homes in states like New York.

SUPPOSITION #3

Prices will crash because that is what happened during the last recession.

Counterpoint

It is true that home values sank by almost 20% during the 2008 recession. However, it is also true that in the four previous recessions, home values depreciated only once (by less than 2%). In the other three, residential real estate values increased by 3.5%, 6.1%, and 6.6%.

Price is determined by supply and demand. In 2008, there was an overabundance of housing inventory (a 9-month supply). Today, housing inventory is less than half of that (a 4-month supply).

Bottom Line

We need to realize that today’s real estate market is nothing like the 2008 market. Therefore, when a recession occurs, it won’t resemble the last one.

GIVE ME A CALL AND LETS TALK ABOUT YOUR REAL ESTATE NEEDS – JAMES JESTES 386-315-4744

Most Recent MLS Listings Today

580 Rio Vista Avenue Daytona Beach FL 32114
Featured
1 / 69
$799,000
3
BEDS
2
TOTAL BATHS
1,841
SQFT
580 Rio Vista Avenue Daytona Beach, FL 32114
Single Family Residence For Sale
- Active

Embrace the ultimate waterfront lifestyle in this stunning riverfront retreat, offering breathtaking views, deep-water access, and a private dock with a brand-new boat lift. This 3-bed, 2-bath, 1,841 sq. ft. home sits on 100 ft of deep water frontage

Listing courtesy of James Jestes of EXP Realty LLC
1 Butternut Drive Palm Coast FL 32137
New Listing - 7 hours on site
1 / 68
$449,000
3
BEDS
3
TOTAL BATHS
2,346
SQFT
1 Butternut Drive Palm Coast, FL 32137
Single Family Residence For Sale
- Active

Welcome to 1 Butternut Dr—spanning over 2,300 sq ft, this 3BR/2.5BA pool home offers a bright open layout with seamless indoor-outdoor flow. Built in 2001 on a corner lot, it features a tile roof, double horseshoe driveway, screened side-entry garage

Listing courtesy of Kristen Rand of Oceans Luxury Realty Full Service LLC
7 Heather Lane Ormond Beach FL 32174
New Listing - 9 hours on site
1 / 51
$500,000
3
BEDS
2
TOTAL BATHS
1,933
SQFT
7 Heather Lane Ormond Beach, FL 32174
Single Family Residence For Sale
- Active

Welcome to 7 Heather Lane, where the Ormond Beach lifestyle comes to life. This beautifully renovated pool home features a sparkling private pool and a breezy, coastal vibe that feels like vacation every day. From the moment you step inside, natur

Listing courtesy of Chris Schwarz of White Whale Real Estate
126 Briargate Look Ormond Beach FL 32174
New Listing - 9 hours on site
1 / 44
$725,000
3
BEDS
3
TOTAL BATHS
2,028
SQFT
126 Briargate Look Ormond Beach, FL 32174
Single Family Residence For Sale
- Active

Step into luxury with this stunning 3BR/2.5BA custom-built home featuring an open floor plan, 3-car garage, and a heated saltwater pool under screened lanai—perfect for enjoying Florida living year-round. From the moment you enter, you're welcomed by

Listing courtesy of Rose Roberts of Realty Pros Assured

Check out some of these most popular home searches here at Daytona Beach Property Search

  • Homes for sale in the Inter coastal waterway
  • Homes and Condos for sale with Seller Financing Available
  • Homes for sale in Port Orange along Spruce Creek Rd
  • Port Orange Homes for sale with Boat Docks
  • New Construction Town Homes in Plantation Bay
  • Homes For Sale in LPGA
  • Homes For Sale in the Spruce Creek High School District ( TOP RATED SCHOOLS)

SEARCH ALL HOMES IN THE GREATER DAYTONA BEACH AREA HERE

[idx-omnibar styles=”1″ extra=”1″ min_price=”1″ ]

Related posts:

  1. Everybody Calm Down! This Is NOT 2008
  2. Homebuyers Shouldn’t Worry About 2008 All Over Again
  3. Seniors Are on the Move in the Real Estate Market
  4. 3 Graphs that Show What You Need to Know About Today’s Real Estate Market

Posted in: Blog, First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Move-Up Buyers

Post navigation

« 3 Reasons to Use a Real Estate Pro in a Complex Digital World
Homes Are Selling Quickly [INFOGRAPHIC] »
James Jestes Broker Associate SRN Real Estate Pros

James Jestes


Broker Associate | eXp Realty
386-315-4744
James@JamesJestes.com
I'm Available Daily:
8:00AM to 8:00PM

Call, Text or E-mail!

"As an Associate Broker with eXp Realty, I am dedicated to helping families and individuals accomplish their real estate goals by providing dedicated service when buying or selling a home. I have served my country in the U.S. Army and the U.S. Marines; I bring that same sense of service and selflessness to every one of my customers."

FEATURED LISTINGS

No Results Found.

SEARCH ALL OF THE GREATER DAYTONA BEACH AREA

Price

Latest Real Estate Information

  • 10 Great Homes For Sale In The Greater Daytona Beach Area
  • How To Get Your House Ready To Sell in 2025
  • Don’t Miss Out on the Growing Number of Down Payment Assistance Programs
  • What’s Behind Today’s Mortgage Rate Volatility?
  • Is Wall Street Really Buying All the Homes?
  • Don’t Let These Two Concerns Hold You Back from Selling Your House
  • The Big Difference Between Renter and Homeowner Net Worth
  • Should You Sell Your House or Rent It Out?

Move To Florida Check Out These Cities

  • Daytona Beach – Homes And Condos For Sale
  • Daytona Beach Shores – Homes And Condos For Sale
  • Port Orange Florida – Homes And Condos For Sale
  • Ormond Beach Florida – Homes And Condos For Sale
  • Ponce Inlet Florida – Homes And Condos For Sale
  • New Smyrna Beach – Homes And Condos For Sale
  • Flagler Beach Florida – Homes And Condos For Sale

BUY AND SELL REAL ESTATE WITH JAMES JESTES

James Jestes Broker Associate SRN Real Estate Pros

James Jestes


Broker Associate | eXp Realty
386-315-4744
James@JamesJestes.com
I'm Available Daily:
8:00AM to 8:00PM

Call, Text or E-mail!

"As an Associate Broker with eXp Realty, I am dedicated to helping families and individuals accomplish their real estate goals by providing dedicated service when buying or selling a home. I have served my country in the U.S. Army and the U.S. Marines; I bring that same sense of service and selflessness to every one of my customers."

FEATURED LISTINGS

No Results Found.

SEARCH ALL OF THE GREATER DAYTONA BEACH AREA

Price

Popular Daytona Beach Properties

  • Move To Daytona Beach
  • Condos For Sale
  • Homes For Sale
  • Gated Community Homes For Sale
  • Golf Course Homes For Sale
  • Luxury Condos For Sale
  • Riverfront Homes For Sale
  • Multi Family Homes For Sale
  • Pool Homes For Sale
  • Large Garage Homes For Sale
  • 55+ Community Homes For Sale

Popular Daytona Beach Neighborhoods

  • Pelican Bay Golf Community
  • Latitude Margaritaville Jimmy Buffet’s 55+ Community
  • LPGA Golf Community
  • Indigo

Greater Daytona Beach Area Towns

  • Daytona Beach – Homes And Condos For Sale
  • Daytona Beach Shores – Homes And Condos For Sale
  • Port Orange Florida – Homes And Condos For Sale
  • Ormond Beach Florida – Homes And Condos For Sale
  • Ponce Inlet Florida – Homes And Condos For Sale
  • New Smyrna Beach – Homes And Condos For Sale
  • Flagler Beach Florida – Homes And Condos For Sale

Today’s Real Estate Information

  • 10 Great Homes For Sale In The Greater Daytona Beach Area
  • How To Get Your House Ready To Sell in 2025
  • Don’t Miss Out on the Growing Number of Down Payment Assistance Programs
  • What’s Behind Today’s Mortgage Rate Volatility?
  • Is Wall Street Really Buying All the Homes?

James Jestes, Your new favorite Realtor.

Hello my name is James Jestes and I am a Broker Associate with eXp Realty.  I am dedicated to helping you find your perfect new home. I’m a no hassle, no pressure agent here to help you accomplish your real estate goals. Please reach out to me and let me know how I can help you purchase or sell your home.

Daytona Beach Property Search By City

  • Daytona Beach
  • Daytona Beach Shores
  • Ponce Inlet
  • Port Orange
  • Ormond Beach
  • Flagler Beach
  • New Smyrna Beach

Contact James Today

James Jestes
eXp Realty
386-315-4744
James@JamesJestes.com

Daytona Beach Property Search Sitemap