SIOUX FALLS, S.D. (KELO) — Buying or selling a home can be stressful and time-consuming, but it can also make all the difference for you and your family. On Friday night KELOLAND News stopped by the Sioux Empire Home show to get a better idea of the current buyers’ and sellers’ markets for homes in the Sioux Falls area.
Brad Mair is president of the Home Builders Association of the Sioux Empire, which puts on the home show running this weekend at the Sioux Falls Convention Center & Arena, and he’s also a home builder in the Sioux Falls area. When it comes to buyers’ and sellers’ markets right now, he says it depends.
“It’s going to depend a little bit on the price point that you’re talking about,” Mair said. “Right now it continues to be anything that’s $200,000 or under, it’s a very limited market of what’s out there, so it’s very much a sellers’ market in that area.”
He does give a slight nod to sellers, though.
“I think the edge would kind of go to being a seller right now,” Mair said. “People are realizing that their homes have grown in value over the last few years.”
Still, he says, don’t forget about the next step.
“You also have to take into account the replacement, too … whatever you get out, you’re probably going to invest at least that much back in to find something different,” Mair said.
Real estate agent Heather Nagel says it’s a good time for both buyers and sellers.
“Right now our market is very strong both, on both sides,” Nagel said. “There’s not, we have a little bit of an inventory shortage, so buyers are super anxious to be out there, and sellers have a really good opportunity to be selling their homes at a great price and maximizing the value in their homes.”
For someone who might see buying or selling a home as a daunting task, Nagel has some advice.
“They need to be pre-qualified and talk to their banker about what they can and can’t afford, and then they need to have a good agent that they have a great relationship with so that they can be very forthcoming and have a very open and honest relationship,” Nagel said.
The Home Show is set to continue Saturday at 10 a.m.