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Bakken Updates from Erik Peterson
As the snow finally melts away and the weather starts to warm up, we're excited to share our latest newsletter with you. With spring officially here, it's a great time to think about making a fresh start, whether that means spring cleaning your home, looking for a new property, or simply enjoying everything the season has to offer. So sit back, relax, and take a look at what we have in store.
In the real estate market, we continue to see the market grow despite mortgage rates creeping back up. This is likely related to the influx of people coming to the state due to the strong economic promise and job opportunities.
North Dakota's Real Estate Market Booms: Despite challenges, North Dakota's real estate market is soaring, with homes selling quickly and at high prices. Some attribute this success to migration to North Dakota due to the state's low population density and affordable cost of living.
North Dakota's Unemployment Rate Drops: Despite the nation's difficulties faced in recent times, North Dakota's unemployment rate continues to drop. The state's unemployment rate dropped to 2.1% in March 2023, significantly lower than the national average of 3.5%.
Competition among Homebuyers: The increase in demand for homes and the limited supply of properties has led to a highly competitive housing market. Many buyers are making offers above the asking price, and some are even waiving inspections and appraisals to close deals. This trend is putting pressure on homebuyers and real estate agents alike.
As springtime brings sunshine and a sense of renewal, we wanted to reach out and say thank you for being a part of our real estate community. We hope this season continues to bring you renewed health and happiness. As always, our team of dedicated professionals are ready to assist you with any of your property needs. Whether you're looking to buy, sell or rent, we're here to help. We take pride in providing exceptional customer service, and we're committed to equipping you with the tools and resources you need to make informed decisions. Please feel free to reach out to us with any questions or thoughts you may have. We look forward to building a brighter future together.
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