When getting ready to put your home on the market in North Dakota, consider the timing before listing. Factors that can affect ideal market timing and impact the seller are the state of the economy, mortgage rates, average home prices in the area, new construction, supply and demand, and local seasonality in real estate. These factors can determine how quickly you’re able to sell and how much you’re able to profit.
But the state of your market and seasonality remain two of the most important considerations when listing your home, and the best way to time it right is to work with an experienced, local real estate agent.
Here’s what you need to know about the best time to sell in North Dakota.
Best Time to Sell in North Dakota
The best season to sell your home in North Dakota is the spring. Historically, the best month to sell is in February after the holidays dwindle down and buyers are energized and ready for change in the new year.
To nail down the exact timing to sell for the year, however, look at median home prices.
In the last several years in North Dakota, median home closing prices have been significantly outweighing median home listing prices. These high closing prices are expected to drop and the gap will close, meaning sellers should closely track listing and closing prices in the North Dakota to determine when the best time to sell is.
Key Factors That Help North Dakota Homes Sell Faster
Unemployment rates are a huge factor when determining the best time to sell your home. The national average for unemployment is somewhere around 4%. North Dakota, however, typically averages under this at closer to 3%.
One of the best ways to determine when to sell your home in North Dakota, is to take stock of the state’s unemployment rates. Any time it’s averaging below the national rate is usually a good time as it’s an indicator that people there can afford to buy homes.
North Dakota has seen a significant population rise, meaning the state is sure to continue to attract more people. More people moving to the state, means more buyers in North Dakota.
A growing number of residents, however, can drive job competition. Selling during times of high unemployment rates should be especially avoided in this state since it could mean very hard financial times since it normally sees unemployment rates below the national average.
Rental property vacancies should also be taken into consideration. North Dakota has had all-time highs in rental housing vacancies in recent years. On average, residents are paying around 35% of income on rent. If this stays the same, it could mean great things for the North Dakota selling climate as buyers could be getting the same or less, and potentially turning a profit on their investment, when buying as opposed to renting.
Loan programs can also make a difference. In the Midwest, loan amounts are typically smaller meaning that mortgage rates are forced up to cover all transaction costs in rebates. Taking low mortgage rates into consideration when looking to sell your home in North Dakota can be important.
A state’s mortgage rates are mostly dictated by supply and demand, so they can be ever changing. When the state’s economy is struggling and unemployment rates rise, fewer people will likely buy homes, meaning rates could fall to encourage borrower. This also means that if the housing demand is high and unemployment is low, demand rises along with mortgage rates.
3 Tips for Maximizing Your Profits When Selling a Home in North Dakota
1. Consider Your Specific Market
Given that much of the landscape is wilderness, many areas of North Dakota are driven by agriculture. This means that seasonal and climate changes year after year could dictate when the best time to sell is. Years and seasons with rich soil and great crop or farm conditions will be important times to consider listing your home, as individuals and companies relying on agriculture are likely to be doing well.
Proximity to schools and amenities will also be important to buyers, especially in areas of North Dakota that are more rural. Be sure to share important information with buyers who have kids, like bus routes and after-school amenities like recreation centers or parks nearby.
For families looking to line up buying a home with the perfect moving date, school breaks during summer and spring could be ideal. This could be an important consideration to make when deciding when to list your home where the market is saturated with families.
It’s very important that sellers get an accurate evaluation through a comparative market analysis.This will ensure sellers are setting the best listing price based on current market conditions and performance of similar properties in your area.
Learn More: Understanding a Comparative Market Analysis
2. Make Impactful Repairs and Renovations
Consider projects that help prevent potential seasonal problems, like updated plumbing that will withstand cold winter temperatures. This will be something that North Dakota sellers are looking for, as outdated plumbing could cost them thousands down the road.
Renovations that are ideal for families such as large, open kitchens and great outdoor entertaining spaces, are good renovations to make before selling in a midwestern state like North Dakota where family and community are considered strong midwestern values.
While outdoor spaces can be updated for minimal costs to the seller, kitchens can take on more of a financial burden. Sellers should choose carefully when making needed kitchen updates, selecting repairs that impact the size of entertaining and family space more than anything. Kitchen renovations also typically add value to the home, making these updates a smart decision for the final price tag.
Another low-cost update to consider for North Dakota homes are areas for indoor and outdoor storage. Outdoor equipment storage is important as North Dakota is home to several outdoor hobbies and careers. With drastic seasonal changes and buyers focused on family and community, North Dakotans will appreciate extra indoor space to store off-season clothes, holiday decorations, entertainment supplies, and various family items.
Learn More: 6 High-Value, Low-Cost Repairs for Home Sellers
3. Find a Great Real Estate Agent
Maximizing profit on your home sale requires a lot more than just perfectly timing the market, though. Ensuring you’re uncovering cost savings throughout the entire process will ultimately help you get a top-dollar closing price.
Clever Partner Agents are all top-rated in their local markets, and come from major brands and brokerages in your area. This means a Clever Partner Agent will help you determine the best time to sell in your market.
Ultimately, an experienced real estate agent who knows your market and can prepare a competitive market research analysis for your home will play a vital role in the final outcome of your sale price. Fill out this form to get in touch with a Clever rep who will answer your questions about the North Dakota market and connect you with a local Partner Agent for a no-obligation consultation to help you navigate the process of selling your home for maximum profit in North Dakota.