To Our Customers

10 THINGS

You should know about today’s South Dakota real estate Markets.

Think locally and long-term, and do your homework.

1. There is no such thing as a national real estate market.

 If you read the newspapers, you might get the idea that real estate  markets are the same everywhere. If conditions are bad in San Diego or Miami they must be bad everywhere, right?  Wrong! Real estate markets are local; when you’re looking to buy or sell, pay attention first to sales price trends, volume, and inventory in your market or region, rather than to misleading headlines about national sales trends.

2. South Dakota home values are stable.

 The median price of a South Dakota home is $144,500.

3. A House is a place to make a home, not just a buck.

 Most purchasers don’t buy a house to flip it. They buy it to live in. The value of strong communities, rooted families, civic pride, comfortable retirement, and higher quality of life can’t be expressed on a balance sheet.

4. Housing demand in South Dakota is set to grow.

 Estimates show the population will increase by almost 47,095 by 2020. These new South Dakotans will need a place to live.

For details: US Census Bureau, Population Estimates Division.

5. There are hundreds of reputable mortgage companies ready to lend.

 Buyers with good credit and a realistic view of what they can afford should have an easier time obtaining mortgage approval. Help is also available for those with damaged credit or limited means through the South Dakota Housing Development Authority and other organizations.

6. The market favors South Dakota first-time home buyers.

 First-time homebuyers in South Dakota are younger and have higher incomes – they’re typically 25-34 years old and earn a median income of $42,791 annually. And there’s currently plenty of inventory for first-time home buyers to choose from.

7. Owning a home builds wealth in a way that renting can’t.

 According to the Federal Reserve Board, the average renter’s net worth is $4,000, while the average homeowner’s net worth is $184,400. Clearly it pays to own a home.

8. It’s prime time for second homes.

 Savvy investors and prospective retirees know real estate is important to their portfolios. About one third of all home sales are second homes or vacation properties and South Dakota has plenty of inventory and desirable locations for those seeking them.

9. Use a South Dakota REALTOR® and get 16% more for your home.

 Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. The advantage of developing an ongoing relationship with a professional REALTOR® speaks for itself.

10. NOW IS the time to buy.

 Interest rates are at a histories low. If you’re a buyer, this market is for you.  But… If you need to sell first, be patient, and price your home correctly.  Competitive pricing is important. Experts agree that well-priced homes sell faster.