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Bakken Updates from Erik Peterson
Its hard to believe we are into September and summer is fading into Fall. We are pleased to announce the arrival of our new Marketing Director, Jeri Atkins. She is a dynamic Texan with over 10 years of experience in the real estate industry. She began her career as an abstractor and examiner, then in 2017, she obtained her real estate license and excelled as a Marketing Director at Century 21. Jeri then joined RE/MAX as a licensed assistant, mastering various roles from website maintenance to property photography. Jeri's experience, creativity, skills in photography and kind nature make her a perfect fit for our team, welcome Jeri!
The big news this month has been rising interest rates. As you know, interest rates have been rising steadily in recent months, but did you know to the highest levels in 22 years? This is having a significant impact on the real estate market across the country and now into western North Dakota. While less impacted than the rest of the country, our market has also cooled off as buyers aren’t able to qualify for enough financing. This has led to an increase in inventory, providing buyers with more options.
Sellers, don't fret, as a direct result of higher rental rates, there are more buyers chasing a limited supply, good news for future price appreciation.
We strongly believe property price appreciation will be significant in ND's future and would recommend locking in these prices and interest rates today before they go up. You can always refinance when rates eventually drop. The concern is, waiting until they drop and then competing against exponentially more buyers when trying to purchase a home. Speak to your local lender and see what programs are available to you.
Rising oil prices: Oil prices have recently rallied to around $90 per barrel, which is the highest level in several years. This is due to a number of factors, including OPEC curbing supply and the ongoing War in Ukraine.
The rising price on oil is great news for oil companies and the uptick in activity in our region has been significant. This can have a number of implications for the real estate market, including higher transportation costs for builders and sellers, and increased demand qualified labor.
Finally, if you haven't had an opportunity to check out our newly revamped website, please go to www.ProvenRealtyND.com. The time, effort and investment into it is paying off already. Our clients love the professional look, immense educational resources, up-to-date market data, and blogs.
Please consider us when needing help with your next real estate move!
Thank you!
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