If you’re looking for a new home, some parts of the state might offer a better deal right now.
Interest rates on a 30 year mortgage are just above 4%.
We sent Heidi Werosta to see how that could impact the housing market.
The average home in the Bismarck area costs 270-thousand dollars.
Stacey Herreid owns a home in Minot and now Bismarck.
Stacey Herreid, New Bismarck Homeowner, says, “We looked for a house that was similar in square footage for our Minot home. This one is really close.”
She just moved to the Capital City and says it costs more here.
Herreid says, “I’ve heard a lot of people say that they just can’t afford it and looking at homes I fully understand that.”
Herreid moved in 2 months ago — so she fully understands what it takes to find a home.
“Being more expensive here in Bismarck also being a complete remodel a fixer upper, our house in Minot is completely finished,” adds Herreid.
Her home in Minot is valued less.
Despite that, local real estate agent Justin Sackman says it’s not far off from the national average.
Justin Sackman, Real Estate Agent, says, “Compared to national it’s really not and then when you compare it to new construction its actually very competitive.”
Real estate agents in Bismarck say that it’s both a buyers and sellers market.
Sackman says, “Buyers still have a very low interest rate so it’s helping them on the purchasing power. On the selling side in some price ranges actually the market is showing less inventory so we are actually seeing where houses are turning over pretty quick as far as offers.”
Herreid’s Minot home is for sale and hopes it goes fast since there is a demand with the younger generation.
“The millennials are actually buying. It was in the last year or 2 that we’ve actually seen a lot of people in that age group purchasing,” says Sackman.
Homeowners say it can be tougher to find a home in an area that fits.
Herreid says, “I think this is the right house for the right price.”
Luckily, she bought at a time when there is a lot to choose from making it a good time to buy.
Sackman says the price of houses stayed steady from the years of 2016 to 2017.
It shows the economy is still strong.