A Word From the PresidentThe Fargo-Moorhead area housing market is strong. So why is the Red River Valley experiencing a strong market while other areas are in a slump?
Some of the factors that contribute to our strong housing market are a strong local economy, little speculative buying, which artificially drives up prices and an appreciation factor that is in line with the wage. Fargo-Moorhead Area Association of REALTORS® 2007 statistics are quite impressive. The area saw an overall increase in sales volume of single family, twin homes, town homes, condos and duplexes of almost 7.50%. The sales price of existing homes increased from $150,500 in 2006 to $156,300 in 2007. We are currently seeing a 4% increase in home prices, which is in line with our wages. Another important item to note is the area saw approximately the same number of homes for sale during this year as we did last year, with a 4% increase in the number of homes sold which was over 2700 single family homes. There is a great inventory of homes to choose from right now in the Red River Valley. Couple that with the low interest rate and you have the recipe for a prime time to buy. You will want to contact a local professional REALTOR® to help you with your buying process. They know the market and can guide you through the entire home buying experience from financing prequalification, to searching for your dream home, to negotiations, to inspections and finally closing. Happy Home Hunting in 2008! --Brenda Martinson |
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813 North University Dr. | P.O. Box 5254 | Fargo, ND 58105 | phone: (701) 235-6679 | fax: (701) 232-1831 © NATIONAL ASSOCIATION OF REALTORS® Headquarters: 430 North Michigan Avenue, Chicago, IL. 60611-4087 DC Office: 500 New Jersey Avenue, NW, Washington, DC 20001-2020 Phone: 1-800-874-6500 |
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