It’s a good time to buy a house in Dickinson

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It’s been widely reported that during the oil boom trying to find a home in Dickinson was simply a headache.

But, as Ray Strickland, things are starting to change.

Brittany Wood and her husband were in the same boat as most Western North Dakotans.

Trying to find a property that wasn’t going to break the bank was nearly impossible during the boom a few years ago.

“We just couldn’t afford it,” she said. “We couldn’t afford the mortgage to build a $200,000 house we have to pay a $300,000 mortgage on. It was crazy.”

Brittany’s husband builds homes. So, they were looking for land to build their house on, but back then the lot they were looking at suddenly became too expensive.

“The lot was really affordable, a great price and then within the next year the lot had tripled,” she said.

President of the Badlands Board of Realtors Nicole Schoeder says during the oil boom, it definitely was not a “buyers market”.

“It did price a lot of people out of the market there was so much new construction plus it pushed existing home prices up so much that it did push a lot of people out of that market,” Schoeder said.

That was a byproduct of the oil boom. Schoeder says, prices and demand were so high, people had to move 30-40 miles outside of town, just to find a home.

“it was hard to find a house under $150,000-$200,000, they didn’t exist,” she said.

In 2015, the average price of a home was around 270,000, still similar to the oil boom.

But, a year later, that number decreased to 246,000, a seven percent decline.

“The buyers have a lot more negotiating power than they did a few years ago,” Schoeder said. “The options for homes have definitely improved,” 

“It’s nice to see people be able to say this is what we want and we can find a house in our price range to get it,” Brittany said.

Now, that prices have stabilized, Brittany and her husband are now selling their house and building their dream home on a more affordable lot .

“It’s a sigh of relief.”

The timing couldn’t have been better.

Schoeder says Dickinson has had more sales this year compared to this time last year.

 

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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