There is a lot of confusion among both Buyers and Sellers in the Minot North Dakota Real Estate market.
Those who do not follow the news closely or are getting their information from non-traditional sources are getting bits and pieces of news, some true, some myth.
In a nutshell the truth is that despite the slowdown in the oil field oil is not dead or dying. There is a natural transition going on and the job field in the oil market is changing. Yes some jobs have been lost but at the same time other oil field related jobs are growing.
North Dakota is still growing and Western North Dakota is still leading the way. Each key City in Western North Dakota is still growing at a rate that is the envy of the rest of the United States.
The Minot North Dakota housing market has changed substantially over the last year alone. In my opinion the rental market has been greatly over built. This glut (something we have not seen in 20 years) has not only brought rental rates down it has several renters who were home shoppers wondering if they may not just be better off where they are now instead of purchasing a home that may be at the pinnacle of its value for the next several years.
The housing market is not over built at this time but the 225 homes currently on the market (see the blue shaded area above) is nearly double the amount of homes that were available at this time last year. The larger selection today coupled with the effect of the rental market mentioned above we are seeing prices coming down overall. The lower housing prices is not large. Referring again to the blue shaded box above the average home price is $292,450 today compared to about $315,000 a year ago.
In my 13 years in this market I have never seen so many open houses listed in last Wednesdays paper as there was. I'm eager to see how many will be in tomorrows newspaper. That being said I held an open house last week and had ZERO visitors. This coming Thursday I will be holding an open house at 814 SW 5th Street, and am optimistic that maybe YOU will come see me there.
Purchasing a home in Minot North Dakota still makes sense for those who plan on being here for two or more years. In the Rent verses Ownership comparison I believe if you hold on to your home for two years you will break even whereas when you rent you know what you have after two years... zip, zero, nodda.
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