Now may be the time to buy or sell a home in West FargoWest Fargo, ND (WDAY TV) -- Some realtors are calling it the "perfect storm".
By: Kevin Wallevand, WDAY
West Fargo, ND (WDAY TV) -- Some realtors are calling it the "perfect storm".
The metro's real estate market is going through a dramatic cycle right now. And if you thinking about selling or buying a home in West Fargo, now may be the time.
An indicator of the tight market is WF apartment vacancy rate a record low 2 percent and as quickly as land is developed and homes built they are sold.
Erik Hatch/Keller Williams Real Estate: "West Fargo has been an astronomically busy market."
A year ago, a thousand homes were available to buyers in our area. Today, that number has tumbled to 444. And the hot spot. West Fargo. South of the interstate.
Hatch: "When you couple interest rates with less than 3 and a half percent along with sellers being able to get top dollar we are in a perfect storm right now and it is a fun ride I cannot explain it."
Realtor Erik Hatch whose team last mont sold 43 homes...many of them here in West Fargo. Look at this city in 91. Nothing but cropland. In 2001....Charleswood started. But look today, south of Interstate 94 and Costco.....two dozen developments...Preserve...Shadow Wood and more. For the city of west fargo it means incredible growth and need for water, sewer and streets.
Larry Well/City of West Fargo: "Between 2000 and 2010 we are at 70 percent growth so really doubling the size of the community."
The city has 780 lots ready for single family homes. 323 are being considered. One reason MetroCog has forecast 45-thousand people for the city of WF in just 27 years.
The city estimates that ten years from now, there will be little land left for residential development.