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Some Homes Selling Quickly

March 27, 2012, 9:50 PM by Angela Kennecke

Some Homes Selling Quickly
SIOUX FALLS, SD -

While the housing market in Sioux Falls still has its up and downs, it appears to be on the rebound as a whole.

But there's one price point that's selling like hotcakes this year: single-family homes under $130,000.  While only 37 homes sold in that price range in all of last year, so far in the first three months of this year, double that number have sold.

While the first-time home buyer tax credit is a thing of the past, houses typically in that price range are selling better than they have in years.

"It's first-time home buyer range and more affordable and with the rates down in low 4s, it's a good interest rate to keep it affordable," realtor Jeff Buren said.

Jeff Buren listed a home in the Leader's neighborhood in Sioux Falls for $114,000 and found a buyer almost immediately.

"I'd been searching for a year and it's been tough to find what I wanted in my price range in the area I wanted to be," Cheryl Bingham said.

Bingham made an offer and it was accepted.  But while she waited for the appraisal and financing, others were waiting in the wings for this home.

"I had three to five different buyers that had contacted us and wanted to be re-contacted if there were any problems and they wanted to look at the home seriously," Buren said.

So Buren put out a postcard to the entire neighborhood to see if anyone else was willing to sell.  He says it's not so much a shortage of inventory at this price point, but a shortage of homes in good condition in nice areas.

"What it does, it makes your home a little more sellable where you're not languishing on the market as it normally would and if you've kept up your home and maintained it, you're going to get some serious interest very quickly," Buren said.

Bingham is just glad after so many months of searching, she is a homeowner.

"I’m very excited.  I get to own my own house.  I don't have to listen to noisy neighbors in the apartments and just have everything you want right here. It's going to be great," Bingham said.

There are 96 homes listed for under $130,000 in the Sioux Falls area, but more than half have sales pending. Inventory in this price range is down by more than eight percent from last year.

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