Housing market outlook in FM area

FARGO, N.D. (Valley News Live) - Many people may be gearing up to purchase a home this spring, but is it the right time to buy as the housing market continues to be impacted by economic setbacks.

Some real estate experts say it is the right time to buy a home, but they so do it sooner rather than later.

The housing market typically sees an uptick in buyers between January and May. Experts say right now many homebuyers aren’t battling the increased competition to buy compared to last year. The market also continues to endure low inventory and rising prices.

“It is making it more difficult for affordability. That’s one of our constant struggles everywhere in the nation and here locally. Affordability is hard to come by,” said Amber Carlton, the president of the FM Area Association of Realtors.

Carlton also says there are now more programs available to help with the home-buying process.

“With the interest rates going up, we’re seeing more secondary mortgage investors allowing more programs than there were before. Some of them are with first-time home buyer down payment assistance programs, and some of those for low-income levels are even given grants,” she said.      

Locally, the average price for a home in 2022 was around $301,000 compared to $283,000 in 2021.

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