Real Estate Blog - September, 2020

Open House in Brookings South Dakota-2312 Morning Glory Dr

2312 Morning Glory Dr, Brookings, SD

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4 BEDROOMS | 2 full, 1 ¾ baths BATHROOMS | 2378 SqFt

Meticulously cared for split foyer home has 4 bedrooms & 3 bathrooms and is in a great neighborhood. It's in like new condition and features an open floor plan with tiled back splash, 5 buner gas stove, pantry and soft close drawers/cabinets in the kitchen. ALL the appliances are included! The 3 stall garage in insulated, sheet rocked and heated. The sellers have done a beautiful job with all the landscaping and perennials they have planted,…

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Have You Ever Seen a Housing Market Like This?

The year 2020 will certainly be one to remember, with new realities and norms that changed the way we live. This year’s real estate market is certainly no exception to that shift, with historic highlights continuing to break records and challenge what many thought possible in the housing market. Here’s a look at four key areas that are fundamentally defining the market this year.

Housing Market Recovery

The economy was intentionally put on pause this spring in response to the COVID-19 health crisis. Many aspects of the common real estate transaction were placed on hold at the same time. Thankfully, technology and innovation helped the industry power forward, and business gradually ramped back up as shelter-in-place orders were lifted.

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For Sale In Volga South Dakota-407 Lincoln Ln

407 Lincoln Ln, Volga, SD

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4 BEDROOMS | 1 full, 1 ¾ baths BATHROOMS | 1881 SqFt

Beautiful corner lot is perfect for this 4 bedroom, 2 bath home. The large kitchen has a vaulted ceiling, pantry with roll-outs, and island. The dining area has sliding doors to the deck. ALL kitchen appliances are included! A pellet stove in the family room keeps you feeling warm and cozy as fall approaches. The garage has a propane heater and has a concrete pad beside the garage. Sellers have just replaced the garage doors, painted the deck, did some interior paint and had the exterior of…

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Homebuyer Demand Is Far Above Last Year's Pace

Homebuying has been on the rise over the past few months, with record-breaking sales powering through the market in June and July. Buyers are actively purchasing homes, and the momentum is continuing into the fall. It is, however, becoming harder for buyers to find homes to purchase. If you’ve been thinking about selling your house, the coming weeks might just be the timing you’ve been waiting for.

According to the Pending Home Sales Report from the National Association of Realtors (NAR):

“Pending home sales in July achieved another month of positive contract activity, marking three consecutive months of growth.

The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 5.9% to…

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The 2020 Homebuyer Wish List

Some Highlights

• The word “home” is taking on a whole new meaning this year, and buyers are starting to look for new features as they re-think their needs and what’s truly possible.
• From more outdoor space to virtual classrooms for their children, buyers have a growing list of what they’d like to see in their homes.
• Let’s connect today if your needs have changed and your wish list is expanding too.

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How Will the Presidential Election Impact Real Estate?

The year 2020 will be remembered as one of the most challenging times of our lives. A worldwide pandemic, a recession causing historic unemployment, and a level of social unrest perhaps never seen before have all changed the way we live. Only the real estate market seems to be unaffected, as a new forecast projects there may be more homes purchased this year than last year.

As we come to the end of this tumultuous year, we’re preparing for perhaps the most contentious presidential election of the century. Today, it’s important to look at the impact past presidential election years have had on the real estate market.

Is there a drop-off in home sales during a presidential election year?

BTIG, a research and analysis company, looked at…

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It's Not Just About the Price of the Home

When most of us begin searching for a home, we naturally start by looking at the price. It’s important, however, to closely consider what else impacts the purchase. It’s not just the price of the house that matters, but the overall cost in the long run. Today, that’s largely impacted by low mortgage rates. Low rates are actually making homes more affordable now than at any time since 2016, and here’s why.

Today’s low rates are off-setting rising home prices because it’s less expensive to borrow money. In essence, purchasing a home while mortgage rates are this low may save you significantly over the life of your home loan.

Taking a look at the graph below with data sourced from the National Association of Realtors (NAR), the higher the…

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For Sale in Brookings-2312 Morning Glory Dr.

2312 Morning Glory Dr, Brookings, SD

• Property Video
• Walking Virtual Tab
• Description
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• Maps & Local
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• More

$ Click for current price
4 BEDROOMS | 2 full, 1 ¾ baths BATHROOMS | 2378 SqFt

Meticulously cared for split foyer home has 4 bedrooms & 3 bathrooms and is in a great neighborhood. It's in like new condition and features an open floor plan with tiled back splash, 5 buner gas stove, pantry and soft close drawers/cabinets in the kitchen. ALL the appliances are included! The 3 stall garage in insulated, sheet rocked and heated. The sellers have done a beautiful job with all the landscaping and perennials they have planted, along with adding a paver patio off the…

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Three Ways to Win in a Bidding War

With so few houses for sale today and low mortgage rates driving buyer activity, bidding wars are becoming more common. Multiple-offer scenarios are heating up, so it’s important to get pre-approved before you start your search. This way, you can put your best foot forward – quickly and efficiently – if you’re planning to buy a home this season.

Javier Vivas, Director of Economic Research at realtor.com, explains:

“COVID-19 has accelerated earlier trends, bringing even more buyers than the market can handle. In many markets, fierce competition, bidding wars, and multiple offer scenarios may be the common theme in the weeks to come.”

Here are three things you can do to make your offer a competitive one when you’re ready to make…

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Why Is It so Important to Be Pre-Approved in the Homebuying Process?

You may have heard that pre-approval is a great first step in the homebuying process. But why is it so important? When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real. So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan. Pre-approval from a lender is the only way to do this.

According to a recent survey from realtor.com, many buyers are making the mistake of skipping the pre-approval step in the homebuying process:

“Of over 2,000 active home shoppers who plan to purchase a home in the next 12 months, only 52% obtained a pre-approval letter…

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