Minot Real Estate (Grand Forks, Burlington: for sale, rent, houses)

[esj414]

We've been in base housing for two years now. We wanted to buy a house but it never seemed like the right time for various reasons. We could do it now but I wonder with all the flooded out homes, new construction, housing shortages... Is this a good time? Are the prices over inflated. Are there good deals out there. Where we are from it's a buyers market. I can't tell what kind of a market it is here though. It's just plain confusing to me. What's happening with the flooded regions. Are they demolishing those houses or fixing them up? I see a lot of them listed for sale. That seems kinda sketchy but I don't know.

[Kamsack]

Originally Posted by esj414

We've been in base housing for two years now. We wanted to buy a house but it never seemed like the right time for various reasons. We could do it now but I wonder with all the flooded out homes, new construction, housing shortages... Is this a good time? Are the prices over inflated. Are there good deals out there. Where we are from it's a buyers market. I can't tell what kind of a market it is here though. It's just plain confusing to me. What's happening with the flooded regions. Are they demolishing those houses or fixing them up? I see a lot of them listed for sale. That seems kinda sketchy but I don't know.

We have relatives in Minot.... and yes the prices have risen a lot lately. We have friends that built a home in southeast Minot....and for pretty much the same house they had to pay 100k more than the house they built in Burlington back about 5 years ago.

From reading the Minot news and talking to my in-laws there....in the flood zone there remains a lot of uncertainity about buy outs and where any flood protection will be. Thus some owners have decided to re-build and stay...others are sellling the homes but they may need major fixing up only to have to be bought by the city in a few years.

There are other experts here on Minot....but certainly prices are higher than than pre-flood. It was that way in Grand Forks and it took about 2 yrs to return to normal, but GF didnt have nearly the housing shortage that Minot does. So unsure if prices will ever get back to pre-flood levels.

--Dan

[JanND]

Having lived through the Grand Forks flood and recovery, which takes imo several years, I would recommend waiting. You and the residents in Minot as well as all of Western N.D. are facing housing shortages, thus increased prices. Many homes have been bought for the purpose of renting them for profit, resulting in very high prices for rent. That imo makes it more prudent to wait. Unless you privately run across a wonderful house deal. Read some of the threads re: renting, and housing shortages, you may agree.