They say there’s no place like home. But with more families calling Williston home, there have been more single family home purchases, even as fewer new homes are being built.
“We actually have a housing shortage of new home build,” says Mitzi Bestall, president of the Williston Board of Realtors.
And that’s an issue for many millennial home buyers moving to the area.
“They’re looking for a newer home, not the older homes,” says Bestall.
And that’s led many homes in the area to close just slightly below the listing price.
“Usually, we are ending up with multiple offers again,” says Bestall.
That competitive market presents some challenges for homebuyers.
“Most millennials don’t have savings and most people who come to me don’t have a lot of money to put down,” says Joan Mainwaring, vice president of American State Bank & Trust.
But for those struggling to make down payments, there are options.
“FHA has a program with only 3 and a half percent down with no prior homeownership restrictions. And you can pair that with a ND housing loan, an FHA loan through them and get a 3% start grant, which means in actuality, you only have to put a half percent down,” says Mainwaring.
An important step for first-time homebuyers is to educate themselves about those available options.
“We can give advice on what you need to do to be home ready,” says Mainwaring.
As the city works to get more new single-family homes ready to meet the demand of a growing population.
On May 1st, the North Dakota Housing Finance Agency raised its income limits for many of its homeownership programs, including the Start program, meaning more homebuyers are able to qualify.