While people in the Sioux Falls area did fare a little better than others, the recession still slowed people from buying a new home. But as the economy takes a turn, so is the local housing market. And realtors say it's a great time to buy.
When it comes to buying or renting a home a lot of different factors may impact your decision. One thing swaying more people into buying is how affordable starter homes have become.
It's a big decision to either buy a home or rent an apartment. And those at the Realtor Association of the Sioux Empire suggest you weigh your options carefully.
"Well, part of what we look at is why you are renting or buying and what you are renting or might be buying," Realtors Association of the Sioux Empire President-Elect Cathie Ogdie said.
Ogdie says how long you plan to live in a particular place and your credit score should be considered before buying or renting. In Sioux Falls, she says there's no shortage in homes or apartments for people to rent which makes prices great for those looking.
"With the interest rates and the prices, it is more affordable to buy homes here in Sioux Falls," Ogdie said.
And the interest rates make the biggest difference when it comes to buying a home.
"The interest rates are at historic lows. So if you want to invest in property and have your investments grow, getting it at the right price at this point in time is a good investment," Ogdie said.
But before you even make that decision, you first need to map out what is realistic for you and your financial status.
"Talk with your realtor, see what is out there in a price range that you can afford. Also, talk with your lender find out what you can afford," Ogdie said.