Nationwide housing market shortage has not yet hit ND
BISMARCK, N.D. (KFYR) - Realtors say they’ve noticed a nationwide shortage of houses for sale.
They attribute that shortage to the pandemic. But local agents say North Dakota has not been impacted as drastically as the rest of the U.S.
Bianco Realty employees say extremely low interest rates and work-at-home orders have contributed to a home-buying frenzy.
They say that our state remains a great place for both buyers and sellers.
Realtors say homes for sale in Bismarck are down by about half the amount from what was on the market this time last year. Realtors at Bianco Realty say sales have increased as well, and buyers are looking for homes they can work from.
“A lot of people are looking for homes that have an office, maybe two offices because of both in a situation are going to work from the home,” said realtor Judy Maslowski.
One of Judy Maslowski’s clients who recently bought a home says she noticed the shortage, but it didn’t deter her from finding a good home at a fair price.
“There weren’t an awful lot of properties in the location we wanted, we did see that there were some that were in the Bismarck area that we did like,” said Bismarck homebuyer Lu Dahme.
While the inventory is low, realtors say that it’s still a good market for buyers in the area due to low interest rates.
“Is it a buyers or a sellers' market? Right now it’s both. Because the inventory is kind of lower, it becomes a seller’s market. But because of the phenomenal interest rates, it is definitely a buyer’s market as well. So, it’s a win-win,” Maslowski said.
Maslowski says so far, the state hasn’t been hit by the shortage as hard as the rest of the country. But, she says that could change in the near future.
Maslowski says typically the spring and summer months in North Dakota have the highest rate of people buying and selling homes. She says this trend could increase the shortage of homes on the market if only a few homes are listed this winter.
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