Nobody likes to be the bearer of bad news but that one word, dismal, is the way to summarize the Minot Area Chamber of Commerce report labeled "Economy at a Glance" released this month (April 2019).
No longer being part of the Minot MLS I could only judge by what I could see around me until I received a copy of this quarters "Economy at a Glance". I recently described our market as sluggish when asked in the Q & A section of the Active Rain Real Estate blogging site. I may have been more accurate to say comatose.
There are a few bright spots about the Minot ND economy but Real Estate new construction is not one that I'd describe as bright. Here are some amazing numbers that drive home the point. Keep in mind that Minot is a city of approximately 50,000 people.
As Realtors know a building boom or bust can seem to happen over night. One bright spot on Minot's building horizon is the progress of the new Trinity Hospital under construction in South West Minot. Physical construction started last year but that in it self does not spark other building as evidenced by the numbers above.
There are a few homes near the Trinity construction site but as you can see between me and a half mile of the construction site is a wheat field.
Why isn't home and apartment construction booming around the new hospital site? Let me answer that with another question... who wants to live in a major construction zone that will for the most part close down all access to your home while infrastructure is being put in place? This area is going to be a real heck hole for the next 2 to 3 years.
Once that infrastructure is in place you can bet the building of homes and apartments will be fast and furious for at least a couple of years if not a decade.
Another reason I'm optimistic about Minot's growth is the verbal report given by Senior Mortgage Banker Chad Vogel . With interest rates around 4% and Construction loans below 3% you know there will be some building going on this Summer.
In the above interview I note that I am a Notary Public and much of my activity is closing loans that people have taken out over the Internet. Thus far, this year, all of my closings have been refi's because of the great interest rates but I want to encourage you to give Chad a call and see what he and Bremer can do for you, especially in the area of a new Construction loan.
As I mention while visiting with Chad NOW is the perfect time to build. You have builders who have not applied for a building permit in a year and you have low rates. The builders I know not only need to keep food on their own table but the ones I know care deeply about the men and women who work under them and want to keep them employed.
This post also serves as an entry into Hannah Williams April Challenge, April Showers Marketing Reports. If you are a blogger and you have not checked out this challenge you need to do so... it's a great way to keep up with YOUR market as well as to what is happening Nationally.