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Bob Timm |
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| Realtor Oak Park Realty 1500 Oak Park Center Minot ND 58703 Website: http://minothome.com |
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WHAT ABOUT NORTH DAKOTA?
This blog post is all about North Dakota. I grew up in the Red River Valley which boarders North Dakota on the East and for the last 15 years I have lived in Western North Dakota. I have traveled North Dakota extensively working for a large national photography company and I doubt there is a road in North Dakota I have yet to travel.
North Dakota is a beautiful State to travel and if anyone tells you different then they just have not been around the State to see it. From the lush Red River Valley with the 2nd richest soil in the USA to the North Dakota Badlands on the Western edge of the State we have every kind of terrain you can imagine except a towering mountain range.
North Dakota is rich in history dating all the way back to the Jurassic period up to today with the World’s largest oil rush and the number one financial envy of America. Teddy Roosevelt called Western North Dakota home, Lewis and Clark made history here, General George Custer left North Dakota alive before going to fight to his death in Montana. Lake Sakakawea (named after Lewis and Clarks famous Indian guide), is the 3rd largest man-made lake in the USA, covering parts of six counties in North Dakota.
To some a vast flat plain like the Red River Valley is boring; to anyone in agriculture it’s a foretaste of heaven. The North Dakota Badlands will make anyone with a pulse look in awe and there is so much to see in between like the Garrison Dam and Lake Sakakawea.
I am not a historian or a geographical genius so if I peak your interest on anything North Dakota I hope you will take the time to Google it and learn more. I just hope in this post and future posts I move you to check out what North Dakota may have to offer you.
The intricacies of purchasing a home in North Dakota are just as varied as the North Dakota Terrain. What I am telling you now apply to NOW, 2011 and of course two of the most accurate analogies of Real Estate is “location, location, location†and “all Real Estate is local†which is my way of saying that my view of property more then 50 miles away certainly is not as accurate as a Realtor who actively works in that area.
The good news in general is that the entire State of North Dakota has bucked the national trend of declining home values. A well maintained home, virtually anywhere in North Dakota, has gained value every year over the past 10 years. Some areas have seen huge gains in value over the last 5 years.
As I look at a map and view the State of North Dakota from East to West my general Real Estate observation is:
1) If you are looking for a home in the East, especially in the Red River Valley, the first thing you want to ask a trusted Realtor is what about flooding? Each year I have lived in North Dakota, and that would be 50 years now, the Red River seems to flow further and further out of its banks. Two of the homes I once lived in were always high and dry but today they have been purchased by the government and demolished due to the expanded flooding of the Red River over the years. The second suggestion I have is find a competent Home Inspector that does Radon testing as the Red River Valley is know for Radon emissions.
2) If you are looking at the Central part of the State of North Dakota there is again a large variety of activity affecting this area and home sales. The oil boom affecting the Western portion of North Dakota is also affecting Cities such as Bismarck, Minot, and Bottineau. Bismarck and its sister City Mandan have been growing in leaps and bounds for 15 to 20 years. I believe this is in part that Bismarck is the State Capitol of North Dakota. Minot is the largest City associated with the oil boom and in many cases property values have doubled in the last five years as we have a very sever housing shortage. Bottineau is projected to be the next oil “play†as the US Geological Team has declared that there is a large oil formation in that area waiting to be recovered. It is my opinion that this housing shortage will continue for a minimum of another full decade.
3) If you are considering a move to Western North Dakota be aware that all of Western North Dakota has a housing shortage (a sever housing shortage at that). Ghost towns and near ghost towns have been resurrected. Building that were boarded up, unfit for humans, and inhabited by rodents for a decade or two have been un-boarded and are renting out. My advice for anyone moving to Western North Dakota is to work with a trusted Real Estate agent and do not purchase anything sight unseen.
Summing up the Real Estate picture for the State of North Dakota I need to emphasize that at no time have we participated in the recession/depression that the Nation is currently in. In general sellers are getting multiple offers on listings that are priced correctly and do not need to resort to “creative†financing such as contract for deed. Many areas of Western North Dakota such as Minot, Stanley, Dickinson, and Williston have such sever shortages that not only can you not find an apartment, these Cities may not even have a motel room available as they are being used as housing by oil field workers and personal from the Minot Air Force Base.
If you are coming to North Dakota, plan ahead, this is the Gold Rush of our time. Contact a Realtor and start working with him/her as well as your lender.
Respectfully submitted and copyrighted by:
Bob Timm, Realtor
Oak Park Realty
1500 Oak Park Center
Minot ND 58703
Top 5 things a buyer must know before buying Real Estate in North Dakota.
1) Always check to see if the USDA has a plan that will apply to the area you are moving to in North Dakota. If so it will save you money.
2) Ask if the seller has an assumable VA loan. You do not need to be a Veteran to assume a VA loan and many ND loans are VA.
3) Be sure to find out if the home/land you intend to purchase is in a flood plain. Many areas of North Dakota are susceptible to overland flooding.
4) If you are considering a rural property be sure to ask about mineral rights as North Dakota is rich in minerals.
5) Check out funding through the only State owned bank in the US, The Bank Of North Dakota.
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