Housing Market Trends
Local and National Housing Market Trends
Let’s be honest. Nobody can predict the future though we can look at trends and data and use them to create reasonable scenarios of what the months ahead will hold in store for us. Why is studying trends significant? Those who prefer to plan for tomorrow help us make better decisions that get us closer to achieving our goals.
While we may not know what will happen, it is safe to say trends are constantly evolving. Real estate isn’t different in that respect. What was hot in housing last year, maybe so over now. That is not to say we can keep up with the latest, and let’s face facts, if you expect to live in your current home for the next ten years or more, you probably don’t care.
But if you are in the process, on the brink, or planning to buy or sell a home in the coming months, knowing what’s happening in the market today can make the difference between a good or bad experience. What makes it even more critical is the effects COVID-19 has had on just about everything in our lives, including how we search for, buy, sell, and perceive real estate.
Housing Trends That Affect Buyers and Sellers in MN
Here is what you may want to know about some of the current real estate trends and the ways they may affect buyers and sellers both nationally and in our own Twin Cities Housing Market.
When housing demand outstrips the supply of available homes for sale, we experience a seller’s market. It seems like it’s been this way forever at times. While it may not be that long, the housing market has been trending in favor of sellers since 2012, a long stretch. We were very wrong for any of us who thought the pandemic might change the trend. If anything, the demand for housing seems to be more robust than ever.
Both locally and across most of the nation, property showings were higher in July than last year, with multiple offers...