The housing market has been slanted in the seller's favor for many months, and everyone has been wondering how long the market can remain on this trend. Housing markets are in constant flux, and there are some definite pluses to staying updated on the latest in what is going on in the industry as a whole right now. These are some of the top trends to look for in today's real estate market.

Not Enough Homes for Sale

Currently, there aren't enough homes for sale in most parts of the country compared to the number of people who are buying. The good news for buyers is that this is starting to change slightly. During a typical year, most houses are listed in the spring, but the number of houses that were listed in the summer has actually grown slightly. This is good news for homebuyers, but you should remember that it's still a seller's market.

There Are Still Plenty of Bidding Wars

Many of us have heard of people who miss out on a house that they make an offer on the day after it was listed because it was already sold. We also know that person who lost out on a house in a bidding war even though they offered the seller full price. This phenomenon is still on-trend, and homebuyers can expect to be in a fight for houses that are priced well or are particularly desirable for other reasons. Buyers need to go above and beyond to make sure that their offers stand out in a crowd, and buyers need to act quickly to snag the house that just popped up on the market.

Homes Are Appreciating In Value

When you look at the value of houses even a year ago, you'll notice that they are gaining value quickly. In fact, the gain in home prices was the highest from May 2020 to May 2021 since November of 2005. That's why homes are often seen as a good investment. We know that homes often increase in value over time, and currently, the increase in value is putting people who already own houses in a great position to sell and make great money.

Rise In Equity

There are a few ways that homeowners gain equity. One of the first ways that people think of gaining equity on a house is by paying the loan down so that they own more of the house outright. Another way that a homeowner gains equity in their house is if the value of the house rises. Because so many people are seeing an increase in home value, they're also seeing an increase in their equity. This is a great thing for people who would like to use that equity to accomplish other life goals.

If you're looking to stay updated on the latest housing market trends, you're in good company. The industry has been exciting the last year, and things should remain interesting for the next several months, at least. And if you're interested in homes for sale in Sherburne County, talk to us there at Mandy Kruse Real Estate to find out more about how we could help you sell or buy a house.