RAPID CITY MEDIAN HOUSE COST DOWN $50,000

RAPID CITY MEDIAN HOUSE COST DOWN $50,000 

News reports focus on home prices.  That’s the money the seller walks away with.  But the cost to the buyer is the total of payments over 30 or 15 years.  And for most of us, the acid test is how the monthly “payment” fits our budget.   Interest rates are the lowest in 36 years.  The mortgage-makers are having a price war.  The market is shouting Buy now!  Buy now!  Buy now!

Consider a typical Rapid City area median priced home, say $180,000 to $200,000.  With interest rates down to 4.8% from 5.8% not long ago, and down from 6, 8, or 10% in familiar memory, our monthly payment would be lower by roughly $100 or more, and we would pay up to $50,000 less over the life of the loan. 

Unfortunately, real estate is described as a long term family net-worth investment.  But when shopping for homes, and deciding whether to purchase, we mistakenly base it on current home
price rather than long term loan cost.    It’s that cost thing that most affects our long term family net-worth, more than the initial price. 

So if you’re deciding whether to seize the moment, you might be better off thinking of your long term family net-worth and real estate as an investment, and not so much just basing it on how much the seller will walk away with. 

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4110 Sunset Drive - MLS 96946 - Open House - Sunday May 23, 2010 1:30PM to 3:30PM $169,900

Just 3 blocks from Canyon Lake. This property will not last long! Laminate wood floors, oak cabinets, large pantry/closet. All appliances stay including the washer and dryer. 10x10 lawn shed, garden plot. Great home and on the west side of town.

25 Important Issues Excluded From Home Inspections

$154,900 | SEARCHING FOR VALUE? | Brookings, SD

1904 Morningside Drive
Type: Residential Property - Single Family
Location: 1904 Morningside Drive, BROOKINGS, SD 57006
Bedrooms: 3 Bathrooms: 1 full, 1 half
Description: WHAT A FIND! Get the VALUE of location in an established, low traffic HILLCREST neighborhood close to schools, shopping and parks. ENJOY SPACE... This home offers over 2000 Square Feet of finish with an oversize 2-stall garage and a large park-like yard that includes a big deck and concrete patio. NOW IS the time to buy! This home is a great option for any buyer!

Visit http://www.brookings4sale.com for more information.

Market Conditions for Hill City, South Dakota as of May 5, 2010

During the month of April, 2010 there were 6 new residential listings in and around the Hill City/Central Hills area. The total # of homes for sale is 53. And 3 homes have sold or were under contract. Avg. price of a home in the Black Hills since last month is $162,825 compared with $188,608 with an average of 84 days on the market compared to 104 last month. Sellers have been receiving 97.10% of their asking price as compared to 96.70% last month.

Market Conditions for Ellsworth AFB, South Dakota as of May 5, 2010

During the month of April, 2010 there were 12 new residential listings in and around the Ellsworth AFB/Box Elder area compared to 37 last month. The total # of homes for sale is 93 compared to 100 last month, which reflects single family homes only. And 9 homes have sold or are under contract compared to 7 last month. Avg. price of a home in the Black Hills is $162,825 compared with $188,608 last month with an average of 84 days on the market compared to 104 last month. Sellers have been receiving 97.10% of their asking price compared with 96.70% last month.

Market Conditions for Piedmont, South Dakota as of May 5, 2010

During the month of April, 2010 there were 25 new residential listings in and around the Black Hawk and Piedmont area compared to 37 last month. The total # of homes for sale is 127 compared to 111 last month. 16 homes have sold or are under contract compared to 10 last month. Avg. price of a single family home in the Black Hills is $162,825, down from $188,608 last month, with an average of 84 days on the market which is down from 104 days last month. Sellers have been receiving 97.10% of their asking price which is up from 96.70% last month.

Market Conditions for Black Hawk, South Dakota as of May 5, 2010

During the month of April, 2010 there were 25 new residential listings in and around the Black Hawk and Piedmont area compared to 37 last month. The total # of homes for sale is 127 compared to 111 last month. 16 homes have sold or are under contract compared to 10 last month. Avg. price of a single family home in the Black Hills is $162,825, down from $188,608 last month, with an average of 84 days on the market which is down from 104 days last month. Sellers have been receiving 97.10% of their asking price which is up from 96.70% last month.

Market Conditions for Box Elder, South Dakota as of May 5, 2010

During the month of April, 2010 there were 12 new residential listings in and around the Ellsworth AFB/Box Elder area compared to 37 last month. The total # of homes for sale is 93 compared to 100 last month, which reflects single family homes only. And 9 homes have sold or are under contract compared to 7 last month. Avg. price of a home in the Black Hills is $162,825 compared with $188,608 last month with an average of 84 days on the market compared to 104 last month. Sellers have been receiving 97.10% of their asking price compared with 96.70% last month.

Market Conditions for Central Hills, South Dakota as of May 5, 2010

During the month of April, 2010 there were 6 new residential listings in and around the Hill City/Central Hills area. The total # of homes for sale is 53. And 3 homes have sold or were under contract. Avg. price of a home in the Black Hills since last month is $162,825 compared with $188,608 with an average of 84 days on the market compared to 104 last month. Sellers have been receiving 97.10% of their asking price as compared to 96.70% last month.

South Dakota Real Estate Basics

HOW’S THE RAPID CITY REAL ESTATE MARKET?

HOW’S THE RAPID CITY REAL ESTATE MARKET?

Every day some one asks me “How’s the Rapid City real estate market?”  Sometimes the unspoken subtext is “Give me the gory bloody details!”  But there aren’t any.   As this chart shows, no surprise, the national bubble burst in May 2007.  Californians were in la-la land of free American Dreams, but the Black Hills area would have nothing of it.  Like I always answer the question, “We didn’t participate in the bubble, so we aren’t participating in the bust.”  Good ole South Dakota, just keeps loping along.  Soon as we get past the five crazy states holding the entire nation back, then the Black Hills can get on with our same boring old solid year after year growth rates.

For more info, here is the source.

If you want to discuss the Black Hills and Rapid City real estate markets, or help with selling your home, give me a call!  -Lee Alley.  605.863.080

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80 Acres For Ranchette for $104,000 in New Underwood SD

MLS # 97502

Type
Residential Lot/Acreage
Address
0 169th and 226th
New Underwood, SD 57761

Area Central Plains
Class LAND

Asking Price $104,000

Mobile Home Allowed Yes
Horses Allowed Yes
Size of Lot 80 Acres

Special Directions
I-90 East to New Underwood Exit. East (left) onto Hwy. 14/16 for 8 miles.
North (left) on 169th for 2 miles. 80 acres is on the SE corner of 226th and 169th.

Fantastic views! Bring your horses. Great acreage for a nice hobby farm or just plenty of room to breathe with no neighbors nearby. Less than 30 miles to Rapid City. Good corner acreage with 2 well maintained gravel roads.

Hot Springs, South Dakota The Heart of the Southern Black Hills