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Bakken Updates from Erik Peterson
Dear Friends,
After spending the week in Las Vegas at eXp Con, our brokerage's annual real estate convention, I realize how lucky we are. Lucky to be from one of the few economic bright spots in our country. Lucky to be part of the #1 independent brokerage in the world, where our total annual sales increased 7% in the last year in a market that is down over 20%. Lucky to have a team of dedicated agents who always go the extra mile for our clients. And lucky to earn your business.
Our team of Courtney, Emery, Laura, and myself were able to learn from the top leaders in real estate today, hand-picked from over 89,000 agents from 24 countries. Top highlights included how to maximize efficiencies with AI while maintaining authenticity, taking our marketing to the next level, and how to create evergreen educational materials for our clients. The big takeaway is always how can we continuously improve the real estate experience for our clients? We show up and learn in order to provide the best service possible. That is what our clients deserve.
Market Overview
Interest rates remain in the 7% range and many people are waiting for housing to shift and prices to drop. However, the market is not showing signs of doing so.
The balance between inventory and demand remains a crucial factor in our region. Low unemployment, limited foreclosure activity, and limitations on new construction (workers and supply chain) indicate that demand continues to outpace supply. What does that mean? That there are multiple factors keeping prices stable.
Property price appreciation is expected to continue in North Dakota. With a strong local economy and favorable conditions for job seekers, our region remains attractive to new residents. If you're a homeowner considering selling, this is the perfect time to list your property. Give us a call to discuss how our advanced marketing can help you put the most dollars in your pocket.
What does this mean for buyers and sellers?
If you're a buyer, it's important to be prepared to act quickly when you find a home you love. The inventory of available homes is still relatively low, so homes are selling quickly. It's also a good idea to get pre-approved for a mortgage before you start shopping, so you know what you can afford and can act quickly when you find the right home.
If you're a seller, now is a great time to list your property. Demand is high and inventory is low, so you're likely to get a good price for your home. However, it's important to price your home competitively and to work with a qualified real estate agent to market your property effectively.
If you have any questions about the real estate market or are considering buying or selling a home, please don't hesitate to contact us. We're here to help you make the best decision for your needs.
Erik & The Proven Team
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