Due to improved job market and high rent prices, making it cheaper to own than rent, this years housing market has been improving and it will continue to improve, according to Kiplinger.  Even though it’s good news for buyers and sellers, there is a catch. According to Redfin Research Center, there are not enough houses for sale, which leads to multiple offers on homes and makes the buying process pretty frustrating. Even though, According to Minneapolis Area Association of Realtors data, it is a great time to sell many people are reluctant to sell. There are a couple of reasons for that. Of course, there are people who simply do not want to sell because they are satisfied with what they have; but, according to Redfin Research Center, there are more than 7 million of homeowners that cannot sell their homes because they owe more than the house is worth. In addition, according to Fortune Magazine, not many single-houses are being built and that is due to the fact that many Millennials prefer to rent instead of buying, and they want to live in an expensive and difficult to build neighborhoods. Thus, it is likely that the prices will be going up to attract more sellers back to the market.

Photo from Flickr Creative Commons: Mark Moz
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