Buying or Selling? Homes Gaining Value Across Fargo

New data released shows that homes in the Fargo area are increasing in value.

Experts indicate that home prices will continue to rise as the year goes on.

If there’s ever a time to start looking to sell your home; it could very well be now.

2015 was a strong year for the housing market but this year is said to be even better.

“It’s a good time, prices are going up,” says Jason Carrier of Park Company Realtors.

Data from Corelogic experts report that national home prices have increased by 6.3% in November 2015 in comparison to the previous year.

In the Fargo area, home prices rose by 8%, making it a good time to place homes on the market.

“Great news for us, yeah. We’re looking forward to it. I have friends in other places in the U.S that are selling homes that are going to lose money. Their homes have been on the market for six months, seven months now,” says Fargo homeowner Jeff Overholt.

Overholt says with half of their kids out of the house, it’s time to downsize.

Six bedrooms in a 4,000 square foot home aren’t necessary for a family of four.

With their home being on the market for only a month, there have been already some favorable bids.

But first time home buyers are also searching for a good deal.

“In a fast moving market, you need that letter of approval from your lender when you present your offer. If you haven’t gotten that piece, the buyer that did present an offer with an approval letter will of course be the one that gets the home,” says Bernie Erickson of Park Company Realtors.

But for this first time home buyer, Diana Balboa of Moorhead, says she’s making sure to get the facts before she jumps to bidding on a new place.

“We were going to go ahead and do the classes they have for first time home buyer’s classes and see what we can get out of that before we actually start looking and actually find the one we actually like,” says Balboa.

Home price growth is in the sweet spots for homeowners.

But first time buyers should take advantage of programs designed for them because the momentum of home values only seems to be going up.

Carrie adds,”Over the last five years, they’ve continued to go up year after year. So we see no real slow down in that.”

Realtors say that if interest rates stay low, buyers will continue to be out there purchasing.

That, is what they say, drives the price of homes up.