Are you thinking of becoming a homeowner in the Sioux Falls area or are you a current Sioux Falls homeowner thinking of listing your home? Before you get started, take a look at the Sioux Falls real estate trends over the first quarter of 2016. The results are in… and the market is looking pretty good!
Overall Market Indicators
The housing market is on the rise! Employment and wages are increasing, and employers are hiring in the area. Home buyers are being more careful, doing their research, shopping around, and holding out for the right deal. This means no reckless decisions or diving into risky mortgages, and it means the promise of a steady market in the coming years.
Sioux Falls Real Estate for Home Buyers
Home prices are on the rise, but they’re still comparatively low. With the inventory of available homes decreasing, a rise in new construction homes is expected. And with the highest increase in pricing seen through the pre-owned sector of the market, these new construction homes equipped with highly desirable new features should maintain an affordable price tag. What does this mean for buyers? Now is the time to start looking!
Sioux Falls for Sellers
With buyer confidence increasing, so are the number of buyers. And with the number of buyers increasing, prices are rising and inventory is falling—which is good news for sellers. Competition is low, sale prices are up 5.3%, and the number of days houses sit on the market is down 2.9%. And that’s just the first quarter of 2016—the second quarter is typically seen as the best time to list a home, and 2016 should be no exception. So if you’re thinking of listing, stop thinking and start taking steps to prepare your home to sell.
Buyers & Sellers… Now is the Time to Embark!
Whether you’re buying or selling in Sioux Falls, now is the time! Get started today by contacting us to learn more about the home buyer or home seller services we can offer. You can also explore communities in Sioux Falls, view our featured listings, or learn more about our professional real estate team.