Looking to Buy a Home in Sioux Falls Right Now? Good Luck!
Chances are, if you have a house to sell in Sioux Falls, it won't be on the market for long.
One thing COVID cannot kill is the housing market. It still remains as robust as ever here in the Sioux Empire.
Dakota News Now reports that Sioux Falls still continues to see a housing shortage.
Since the middle of 2020, it has been a seller's market here in Sioux Falls. More people are looking for homes right now than there are homes available on the market.
With the chatter out there of possible interest rate hikes on the horizon, now might be an excellent time to get your home on the market before those rates start to inch up.
Kate Patrick, with Realtor Association of the Sioux Empire, told Dakota News Now, “It's very much a sellers’ market right now with the lack of inventory. February 2021 versus February last year we’re down about 50% in homes.”
Houses around that $200,000 mark appear to be the sweet spot on the housing market at this time. That price range literally has been flying off the market. I know my wife and I sold a home about 3 years ago for around $240,000, and it was on the market for under six hours. It sold crazy fast!
First-time home buyers are really feeling the pinch.
Jim Schmidt, the President of Sioux Empire Housing Partnership told Dakota News Now, “There aren’t many of those available, and when they come on they are gone within a day, so the young couple that’s trying to find that first home really has a challenge."
Anyone that's looking to buy a home right now already knows it is not uncommon to get into a bidding war with someone. Schmidt wants to remind potential home buyers to be careful not to outbid their income.
According to Dakota News Now, as of this February, there were 348 new listings here in Sioux Falls. That's down from 496 from the previous year at that time.
Realtors predict the current housing shortage in the Sioux Empire will last well into this summer.
Source: Dakota News Now
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