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Linda Bosch & Harry Bosch |
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| Websit: www.BoschHomeTeam.com |
As I write this, I am embraced by the warmth of the February sun. This community is fortunate to celebrate all four seasons of the year. Fargo, North Dakota is a thriving metropolis. It is located along the Red River and is sprawled out in the lush Red River Valley. Fargo is the hub of bedroom communities on both the North Dakota and Minnesota side. Fargo is known as the twin city to Moorhead, Minnesota, just over the bridge. In the summer, we are less then 40 miles from one the many lakes of Minnesota. The lakes area also offers bountiful excursions during the four seasons. Winter brings snowmobiles, cross country skiing, skating, hockey, and ice fishing. In the Spring there is fishing, hiking in the state parks, walking paths, ball diamonds, soccer and plenty more. Fishing and boat excursions are also seen on the Red River. Summer is full of water skiing, boating, fishing, personal water crafts, and camping. During the fall there is plenty of hunting on both sides of the river. Deer, ducks, geese, and pheasants, among other species, are plentiful. On the cultural side there is an art museum, zoo, plays, musicals, symphony, and various school related events.
Because of the vast entertainment that all four seasons bring, this community is fortunate to have a strong economic foundation to support those living within the metro area. We have a healthy diversity of businesses which include agriculture, manufacturing, high tech and hospitals, one being a major VA Hospital, many clinics, schools, retail and eating establishments to accommodate anyone’s needs or desires. Within the city of Fargo and Moorhead, there are two state universities, one private university, two business colleges, tech colleges, several salon and spa colleges, Army and Air Force National Guard units. A medical school located 70 miles north sends students to our community to learn within our medical facilities. Our city hosts two interstate highway systems, I-29 from the Canadian border to the South Dakota border and I-94 from the Montana border to the Minnesota border; this makes the FM area the center of distribution in a 250 mile radius.
Our community has a strong first time home buyer market. With many financial programs available to assist them into their first home. Some of the bedroom communities offer tax incentives or land for new home construction. Our new home constructions meets the needs of entry level homes to half million dollar homes. We have outlying rural land, close to the city, for existing or new construction homes with acreage and outbuildings. Some of these areas offer daily mass transportation to and from work. Our home sales are primarily single family purchases. Our investor market is pretty minimal. Those are normally rental homes located near the college campuses.
North Dakota is one of the few states that boasts an excess of funds in their coffers. The state rewards the residents for this excess by cutting property taxes. To entice the new construction market, cities offer two year property tax abatements. Fargo offers 2 types of incentive programs to assist the buyers. First is the $5000 interest free loan to be used for down payment, lender fees, and closing costs. Repayment is made when home is sold. Fargo also hosts a Neighborhood Revitalization Program. In the older neighborhoods, a home owner can apply for a low interest 2nd mortgage for home improvement projects of an owner-occupied property. Loans are repayable over a 10-year term and can range from $10,000 to $40,000.
North Dakota hosts incentive programs for first time home buyers as well. This allows qualified applicants to reduce their interest rate, downpayment assistance or low interest mortgages. For purchasing in the nearby bedroom communities, USDA offers a 100% mortgage.
Another unique feature in purchasing homes is specials. Specials are the costs of building the infrastructure in the newer developments. Instead of having it built into the cost of the home, cities will finance the specials at a low interest rate or a period of time. This cost is not built into the purchase price so it does not raise the amount needed for a mortgage.
Our communities offer many types of home buying experiences. We have condos with association fees as well as townhouses without association fees where monthly costs are cheaper then paying rent. They start as low as $42,000. There are more mature neighborhoods with homes dating back to the early 1900s that have lower home values. They are situated close to the schools, or closer to the downtown area. Some of these homes are in need of updating and will be offered on the market at the low end of the price point.
Newer to our market are the short sales. Where the seller is coming to the closing table owing money. Very few of these sellers have the funds to write a check at closing. Within the first few weeks the property is placed on the market, negotiations are common between the seller and the bank to sell the home at a price that will move the property within a short period of time. This opportunity allows the bank to recapture more money than letting the property go into foreclosure and sheriff’s sale.
HUD properties are also available throughout the metro community. The majority of these properies are distressed properties so the opportunity to purchase a home at a low price is more likely. These homes are mainly habitable and may not need renovations done immediately but over a time period that would be less upfront costs for the buyer.
Seller disclosures are a necessary part of the home buying process but not part of the contract. Sellers will provide information about the home since their ownership. It is an opportunity for the buyer to see what is working, and what may need replacing or repair. In the older homes, there may be old non energy efficeint heating systems or wall air conditioners or no air conditioning. Older windows are also indicated as a reason for lowering the market value of a property. These are items that are taken into consideration when preparing an offer for purchase. During the winter months, roofs are under snow cover. This is a good sign indicating that there is sufficient insulation in the attic. Also, the absence of icicles provides the same insight. These are items that are taken into consideration when preparing an offer for purchase. Although not part of the contract, it is sometimes used as a negotiation for counter offers
Every buyer wants the feeling that they received a good deal when purchasing a home. They need the best bang for their “Buck†without sacrificing quality. Purchasing properties allows you that opportunity as well as open land, no bumper to bumper traffic on interstate or highways and fresh clean air.
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