Sioux Falls Housing Market Causing Problems for First Time Buyers
SIOUX FALLS, S.D. – Buying a home is a big decision and a stressful one. That stress can be worse for first time home buyers trying to find something affordable.
“Interest rates are low, so when interest rates are low, prices of a home have a tendency to go up,” says John Maurer, owner of Meritus Group Real Estate.
Maurer sees the struggle many home buyers are facing in Sioux Falls.
“The average price range of the homes in Sioux Falls is around two-hundred, two-twenty range, and not so long ago, I’ve been doing this 17 years you know, it was in the one-seventies,” says Maurer.
While the increased value of homes sounds positive, it is pushing budget boundaries for many first-time buyers. Maurer says those with a budget of fewer than $200,000 are having a difficult time finding something affordable.
“There is definitely a shortage of homes,” says Maurer.
So, how do you improve your odds of finding a good deal? Maurer says its all about preparation and a good agent.
“Agents have kind of a book of listings they know are coming on, but they’re not marketed yet, so its really good to network your agents between offices, and say ‘hey, I have a buyer looking in this range, what do you got?’,” said Maurer.
Helping make the hunt for the right home a little less daunting.