How's the Minot Real Estate Market?

Asked by Daniel Del Real, Modesto, CA Thu Jul 22, 2010

I lived in Minot ND from 1999-2003 and I am curious to see how the market is doing? I have heard good things from friends still in the area. How active is the market?

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Kausha Bakk, ABR, e-Pro’s answer
Kausha Bakk,…, , Minot, ND
Fri Jul 23, 2010
Hi Daniel! The market when you lived here was very consistent, as it is today. We did see price increases the end of 2003 and in 2007 another increase of about 15%. It is a great time to sell in the Minot area with so many people moving into the market, as well as a great time to buy with the interest being at all time low's (4.25%!). Our market tends to stay strong because of the Minot Air Force Base, they are a great asset to our local economy. We have also become home to many oil companies who have brought workers from across the country. So it is also a great time to scoop up some investment properties since there is a demand for rentals as well! Please let me know if there are any other questions or information I can get for you!!
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colv2490, Both Buyer And Seller, Minot, ND
Sat Oct 20, 2012
The market is amazing on top of the hill. Over the next 3 years, Minot AFB is meeting the needs of other nuclear bases downsizing (which means jobs are being increased for the base) so the demand for single family homes are skyrocketing. The military have at least a year long wait to get into base housing & so you have a surplus of military who are forced to make a quick decision to rent from not planning their housing needs ahead of time. The rental inventory is slim pickings & after the flood anyone with a family or a pet are just out of luck finding a fair deal beyond a 1 BR. As you know having lived here yourself, even if there wasn't a recent flood, the homes built near the Mouse River have ineffecient storm drains. When the snow leaves from end of OCT-MAR you get the crazy ice & debris back up if you aren't on North Hill. Nearly every basement is a damp mess & several have sewer back up. So, as long as you don't try to buy a home that is built near the railroad tracks you will make a super smart investment. Each year you wait to buy in Minot, you'll end up paying that 15% more for the exact same property which requires you to pay more money for the same house. Buy now, sell in 3-5.
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