Are you looking for somewhere
Realtor Tim Bernhardt mentioned that Grand Forks was not as severely affected by the pandemic-induced surge in home prices compared to other cities. He heard stories about places like Montana, California, and urban Minnesota where prices skyrocketed due to a rush of buyers. As we have seen in many of these states inflation has made it very difficult to find affordable housing for the local income rates of these states. Grand Forks, on the other hand, was more fortunate and “conservative” in terms of price increases. Making it a very appealing place to move and a very affordable place for first time buyers to purchase.
While Grand Forks may not have experienced the same extreme price hikes, it has still seen significant growth in housing prices in recent years. According to data from the Federal Housing Finance Agency, housing prices in the third quarter of 2022 were more than 22% higher than in early 2020. This trend was observed statewide, with many North Dakotans seeing their home values increase.
The increase in prices can be attributed to factors such as historically low interest rates and the desire for more space among families who were affected by lockdowns. This surge in demand led to a significant rise in housing costs across the country, with housing prices growing by over 42% from late 2019 to late last year, according to one FHFA index.
The substantial increase in prices has posed challenges for local and state leaders who have been working to attract more workers to North Dakota. The limited inventory of available homes, coupled with the rising cost of building materials, has made it difficult to meet the demand. This has also led to fewer builders willing to take the risk of constructing speculative houses. As there have been people who have moved up to build there dream home, but have had to come to an abrupt stop because they can no longer afford the material’s to continue building there homes.
Is this going to cause bigger problems in the long run? only time will tell. It is my opinion separate from bargainhousenetwork.com that North Dakota is a stunningly beautiful place to move and has some of the kindest people. I saw many family’s in North Dakota un abele to afford the house they started building in the beginning of 2021. Prices for material’s caused these family’s to have to sell there land and buy a home within there price range because it was more affordable. In place of continuing to build there dream home.
It was devastating to see there dreams come to an abrupt halt due to inflation of material’s. I hope to see prices go down so more people can afford there dream home. If your interested in this story and would like more like it please check out our websight bargainhousenetwork.com were we bring you up to date real estate news all over the US!