Coronavirus
Coronavirus Information Center
Severe weather outlook South Dakota

Officials say housing market is in great shape despite pandemic

Local News

The housing market has already seen a lot of movement this year.

Some worried that if preventative steps weren’t taken, the pandemic would lead us into a market crash similar to 2009.

As a response, the federal government chose to lower interest rates for home buyers.

Financial officials tell us that, while overall, most people are being conservative with their money, many have chosen to seize the opportunity.

“The lower interest rate just means that the same house is more affordable now than it was a year ago probably. That’s a big deal when people are budget conscious and they’re looking at making the transition from renting to buying or maybe upgrading, things like that. The simple fact that financial institutions are collecting less interest right now, that just gives more buying power back to the members,” said Zachary Dosch, Vice President of First Community Credit Union.

Right now, houses under $300,000 are on the market for just about 30 days or less.
Plus, homes priced above that only sit for about 65 days.

Realtor Patrick Koski says this winter season is unlike anything he’s seen before.

“You hear the national economy news or local economy news of job loss and layoffs. So, we were expecting maybe a slow down in the real estate market for the next six months, but it’s just done the exact opposite. They’re just lining up to buy houses. We’re in a situation where if a house is at, let’s say $250,000 in the market, there’s probably five or six buyers willing to buy that house right now, today,” said Koski.

He says most people are getting their asking prices, if not more than what they originally listed for.
However, whether or not this surge in buying and selling will continue throughout the spring is uncertain.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Recent Videos

Minot State Basketball

Class B Basketball

High school basketball

Nationwide ammo shortage hits ND

Game warden scholarship available

Special Wishes 4

WDA Swimming

Rep. O'Brien releases statement

FNF pt. 1

FNF Pt 2

The Meeting Space

KX Convo: Tigirlily

Friday, February 26th, 2021 - KX Storm Team Evening Forecast - Dave Holder

New England Growing

Black History Wrap-Up

Thank a Resident Day

KX Storm Team Full Evening Forecast w/Tom Schrader 2/26

Wrigley Stepping Down

Drug Bust

Year in Parks

More Video

COVID Symptoms infographic

North Dakota Resources

North Dakota Resources

More Resources

Don't Miss

More Don't Miss

KX News Trending Stories

Latest Stories

More Local News