Ask the Professionals: Beth Keller, real estate
The owner/broker of RE/MAX Now answers questions on the current state of real estate in Jamestown.
Beth Keller, owner/broker of RE/MAX Now for Jamestown and Valley City, answers questions related to the real estate market in Jamestown.
How has the market been during the coronavirus pandemic?
The market in the Jamestown/Valley City area and across the entire state has been strong during the coronavirus. Sometimes a little slow when the numbers increased but for the most part very good due to the increase of people moving to North Dakota. The increase is due to people finding the need to social distance in remote areas and the increase of people being able to work from home. Overall, North Dakota has lower taxes than most larger metropolitan areas; this also was a draw.
How long do you think interest rates will stay low?
People predict the interest rates will be staying low at least through 2021. This has also had a great impact on the past year in sales.
What is the residential and commercial real estate inventory like in Jamestown?
Currently, overall we have a low inventory of residential properties. We are needing more listings in every price point. We have many buyers particularly interested in farmsteads. Regarding commercial inventory, we do not have a shortage, we are in need of more industry which will allow for the commercial market to pick up.
Is it currently a buyer’s market or a seller’s market?
Due to the low inventory, this typically would be called a seller's market. However, buyers are still very careful in their purchase and will not spend more than market value. Therefore, list your home within the market. Not too high and not too low. It is also necessary from the very start to list the price right. Most sellers think, "I can always come down." This may be true but many times a buyer won't come back for a second look if priced too high from the start.
What are the 2 things that people can do to better prepare for purchasing a home?
1) Get prequalified from your favorite lender from the very begining. Therefore, you will know what you can afford upfront and won't waste time looking at properties that you may not be able to afford. 2) Find a Realtor that you can trust. The first Realtor you engage may not be the perfect one for you. Don't hesitate to shop around and interview a few before making the decision to buy your dream home! Remember all the Realtors are part of the Jamestown Board of Realtors and can show you any listings from any agencies.