First Western Bank and Trust Vice President Commercial Lender Brock Schoch joined Good Day Dakota to discuss the current real estate enironment and consumer confidence.
As COVID restrictions continue to lift we have more certainty than we did a year ago.
Schoch says that life in North Dakota is moving toward a new normal. The hospitality market is getting busy again with restaurants and hotels seeing higher numbers. This year is expected to show big numbers for in-state tourism. Events the bolster the local economy, such as the McQades Charity Softball Tournament, are back on for this year.
The current real estate environment in the Bismarck-Mandan area is experiencing high demand. Schoch explains that existing homes are selling sometimes within a matter of hours after being posted because there are not too many available. The issue is compounded by the fact that there is not much new development and commodities such as lumber and other home building materials are up 30 – 40%.
“It’s a pretty active residential real estate market right now. There is a limited number of inventory out there for supply whether that’s existing homes for sale, or new construction in developments. So, when a house does hit the market is usually sitting there relatively not too long. It’s selling pretty quick, you’re seeing multiple offers on these,” explained Schoch.
Schoch says a big driver of the home buying boom is the low rate market we are in.
First Western Bank and Trust is a full-service bank and commercial trust. They offer consumer and commercial lending, trust services, insurance and more.
“We really want to get behind our communities. That involves our business owners. The local business owners, the small business owners. We’re very fortunate to have the businesses we do have in our community and it would be nice to see everyone go out and support them,” explained Schoch.
Now that we are heading into a new normal, Schoch recommends we all go out and support our local businesses who supply jobs, products and services to our community