How the F-M housing market is shaping up
FARGO, N.D. (Valley News Live) - Patience is key when it comes to buying a home in the Fargo-Moorhead area these days. Local realtors say they expect the warmer temperatures to heat up the competition when it comes to home buying.
Fargo-Moorhead Area Association of Realtors President Shane Cullen offered anecdotal evidence of just how competitive the F-M housing market is. Earlier this spring, he said 50 people attended a showing of a home that had just hit the market. That same house received 18 offers in the same week. Cullen said stories like that aren’t uncommon in the metro.
Cullen said a healthy housing market would see an appreciation, or increase in value, at a rate of 3.5-4% per year. For the single-family home market in Fargo-Moorhead in 2021, the appreciation was 13%. Cullen said the average sale price year-to-date in the metro is $297,000.
“We have even lower inventory and we have just as many buyers if not more buyers with the growing population in the Fargo-Moorhead area,” explained Cullen.
For Spring 2022, Cullen said the housing market will heat up as more homeowners list their houses for sale.
“When the weather turns for the better, the market also turns for the better,” said Cullen, “Even though we are seeing inventory shortages right now, I’m confident we will see an influx of listings in the next 4-6 weeks. We’ll still be shorter than we need because there is a nationwide inventory shortage, but that [influx of listings] will certainly help to find more home buyers and more homes and get sellers onto the next phase of their lives.”
For those looking to buy a home this spring, Cullen advises getting in touch with a local realtor. He said when putting an offer on a house, make sure it’s your best because more often than not listings in the area will receive multiple offers.
For people wanting to sell their home, Cullen said you can expect to get the price you want, or maybe more. Because of the lack of homes on the market, offers are becoming more competitve between buyers. He said when a homeowner is ready to list they need to be sure they’ve done their spring cleaning and have their house show-ready.
When it comes to home inspections, many people are opting to forego the inspection to speed up the buying process. While skipping the inspection does make for a smoother transaction for the seller, Cullen recommends all buyers have a home inspection done to ensure they get the best deal on the home.
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