Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the market value of your home and the amount you owe on your mortgage. The National Association of Realtors (NAR) explains how your equity grows over time:
If you’re trying to decide if now’s the time to sell your house, here’s what you should know. The limited number of homes available right now gives you a big advantage. That’s because there are more buyers out there than there are homes for sale. And, with so few homes on the market, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house.
The spring housing market has been surprisingly active this year. Even with affordability challenges and a limited number of homes for sale, buyer demand is strong, and getting stronger. One way we know there are interested buyers right now is because showing traffic is up.
In the United States, there are over 72 million millennials. If you’re part of that generation and have thought about buying a home, you aren’t alone. According to Zonda, 98% of millennials want to become a homeowner at some point if they aren’t already. But why?
There have been a lot of shifts in the housing market recently. Mortgage rates rose dramatically last year, impacting many people’s ability to buy a home. And after several years of rapid price appreciation, home prices finally peaked last summer. These changes led to a rise in headlines saying prices would end up crashing.
Spring has arrived, and that means more and more people are getting their homes ready to sell. But with recent shifts in real estate, this year’s spring housing market will be different from the frenzy of the past several years. To sell your house quickly, without hassles, and for the most money, be sure to follow these four simple tips:
Though the housing market is no longer experiencing the frenzy of a year ago, buyers are showing their interest in purchasing a home. Even with elevated interest rates, demand remains high.
Even with a shifting market, 2023 provides excellent opportunities to sell your Minnesota home. However, it may take a bit more planning than the frenzy of the past two years. The good news is, homes that are updated and priced at market value are still selling fast.
More homes are anticipated to hit the market this year, but still below pre-pandemic levels. Home price appreciation is slowing from the recent frenzy, mortgage rates are coming down, inflation is easing. All great news for buyers. However, you will still need a competitive strategy to come out ahead. Here’s how to get started:
Curious what regions around Otter Tail County have the hottest real estate markets? Using data from Zillow, we’ve compiled the top 10 places with the fastest growing home prices in this corner of Minnesota!
