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Bakken Updates from Erik Peterson
Every day, we are asked, “How is the Market?”
Unfortunately, there is no easy answer. It depends on whether you are a buyer or a seller and what type of property you have. Our local current real estate market is a seller's market. There are more buyers than sellers, which is driving up prices; this is compounded by overall low inventory. There is next to no new building and residential development in our area, so we are playing the game of musical homes.
If you are thinking about selling your home, now is a great time to do it. However, real estate remains a strong investment, so it is not a bad time to buy. There will be more challenges due to competition, but going into an offer with a solid strategy can help buyers come out victorious without overpaying. Working with someone to face these challenges with you and guide you through them with expertise, is critical.
While interest rates have increased in recent months; the cost of a monthly mortgage is often equal or less than the high rental rates we see in the Bakken, so there is still a significant market of buyers. Mortgage rates are still lower than historic rates over the last several decades.
We have some exciting news. After two years of working with Proven, our very own Courtney Law, received her real estate license. I am definitely biased, but she is fantastic. She has a wealth of experience in marketing and healthcare, where she continues to work as a Family Nurse Practitioner. She is passionate about helping others, is brilliant, and is committed to providing her clients with the best possible service.
I'm confident our team will continue to be successful in helping our clients achieve their real estate goals. If you're thinking about buying or selling a home, please don't hesitate to contact us. We'd be happy to answer any questions you have and help you find the perfect property for your needs.
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