Considering upping your “home, sweet home” game in the near future? Sioux Falls homebuying might look a bit different in 2020 than you’d expect, whether you’re a first-timer or an old pro. We talked to one of our home loan officers, Tim Wermers, to get the scoop on financing a home purchase—from the effects of COVID-19 on the market to how things have changed over the past few years.
Is now a good time to buy or refinance? Yes, absolutely! Rates are at near record lows right now! If you are looking to buy, the market is very hot, and even though home prices have slightly gone up rates have come down, so now is the time to do it.
Actually, COVID-19 hasn’t really had much of an effect on people buying homes in our area. At each step of the process, everyone is making sure they follow the recommended safety precautions from going into homes to signing the papers. For precautionary measure, however, people are definitely doing more searching online for properties.
The housing market in Sioux Falls has definitely changed in the last five years. Each and every year it has grown. The new-construction homes are going up everywhere they can find land to build on. More and more people are moving to Sioux Falls because of the numerous jobs we are creating and also because its just a great place to live!
People are looking for the best rates, low fees and when it comes to mortgages. The demographics of homebuyers are changing as well. There are more and more young people looking for homes because rent payments are getting more expensive.