BISMARCK, N.D. (KXNET) — Despite the high-interest rates associated with buying homes, the market is steady and construction is a big factor in the market.
According to Will Gardner with Century 21, the Bismarck/Mandan area isn’t really experiencing a buyer’s or a seller’s market.
“So the prices like I said I think they are steady and they are growing a little bit. I have not really seen any drops myself. If something is priced right it will sell. Even if it is priced a little bit higher it will probably still sell within 30 days, 60 days,” said Will Gardner, a realtor with Century 21 Morrison Realty.
But right now, the market is still pretty good for sellers. Realtors say if the homes are accurately priced, they are sold in less than a week.
“I think the key to remember is people buy not just because of the interest rates, they buy because of situations. So, outgrowing a home, or empty nesters, or relocating here due to a job is way more what we are seeing than just the interest rate itself,” said Desri Neether, a realtor and associate broker with Century 21 Morison Realty.
People are still coming to the area and they’re bringing spouses and families, with them.
One advice from the realtors is to buy based on what your monthly affordability is.
In established neighborhoods, the city’s special assessments are going to be lower and that helps keep the cost low.
But a lot of families like new construction however, if you’re looking for a starter home in the capital city there aren’t many that are brand new. Most starter homes are older.
“But I would say traditionally most buyers again because of where the price points are looking for a home that is ready to move into where they are not going to have a whole lot of repairs or issues because of where they are at with their monthly affordability,” said Neether.
Trends also influence home buying and selling and can include anything from kitchen backsplashes to wanting more acreage.
Both realtors mentioned that millennials currently make up our largest group of home buyers. And, that they are moving into the city and looking for walkability, specifically