Spring Weather Helps Real Estate Market - KFYRTV.COM - Bismarck, ND - News, Weather, Sports

Spring Weather Helps Real Estate Market

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At theend of last summer, there were 360 homes on the market in Minot.  But, like any cold weatherstate, the demand for homes goes down due to the extreme winter weather. With so many homes still for sale, we take a look at what the spring has in store.

As the snow continues to melt, forsale signs are starting to become more visible as you drive around Minot.

"Buyer traffic was very slowover the winter," says Mike Pellenwessel of Signal Realtors. 

With the extreme winter weatherwe've experienced, it slowed down thehousing mark.  So, there are still more than 200 homes on themarket.  But, with warmer weather, more homes are expected to sell.

"With thenice weather and the snow melting and the thaw so to speak, there's been a lotmore traffic," says Pellenwessel. 

Right now, a three-bedroom home with atwo car garage is selling for around $232,000. But, there's onething that's helping house hunters.

"Interest rates are still verygood," says Pellenwessel.  "Historically, they're verylow. They're anywhere from 4 to 4.25 percent on a 30 yearloan."

As people continue to recover fromthe 2011 flood, the housing market is starting to catch up with thedemand. 

"We expect a good strong market again thissummer.  There is a lot of buyer traffic, lots of new homes beingconstructed, and there's lots of new developments around town for new homes tobe built.  We expect it to continue," says Pellenwessel.

Since the housing market has begun tolevel off, it's taking about 105 days to sell a home.

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