Realtors say they’ve seen a shift to a seller’s market
BISMARCK, N.D. (KFYR) - The real estate market has shifted over the course of the pandemic. At the start, experts say housing activity across the U.S. slowed to a near halt. Today, realtors say the market has shifted to a seller’s market.
According to Realtor.com, in just one year, home prices have risen 14.3 percent, across the U.S. there are 50 percent fewer homes on the market and they’re taking less time to sell.
Local agents say North Dakota rarely reflects the rest of the nation’s high highs and low lows in the housing market.
However, they say we have shifted to a seller’s market, meaning, prices here have gone up and homes are selling faster.
Homes have become a hot ticket item.
Karla Suhr put her Mandan home on the market, and by day two she had two offers. By day three she says she accepted the higher bid, and her home was sold.
“We expected the house to take months. So, we were so shocked and surprised. The people just want to get into things. And, the offers were above asking price,” said Karla Suhr.
Realtor Jim Jeromcheck says Suhr’s experience is the norm right now. He says the buyer pool is bigger than it’s been in about a year, making the process of selling a home faster and more profitable.
“For one, I think it’s post-pandemic, somewhat. We’re not over it yet. But also, people have got more faith in the economy. They’re working. Wages are up, and the interest rates are very good,” said Bianco Realty Agent Jim Jeromchek.
Jeromchek says it’s harder for buyers because homes are now receiving multiple offers, which gives them less negotiating power. But, he says it’s still not a bad time to buy. “If you’re seriously looking to buy a house, be pre-approved.
Come in with a reasonable offer. You don’t want to overpay,” said Jeromchek.
Jeromchek says the best thing you can do as a buyer is to come into the process prepared.
Jeromchek says although it’s a seller’s market, the low interest rates help buyers by increasing the size of mortgage they can qualify for.
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