The real estate market in Sioux Falls has experienced a wild ride in the past 20 months unlike anything I would have ever fathomed. While we have seen a shift in the market because of the record low inventory levels, the market is still incredible.
The market statistics for November indicate that we have seen a 16 percent increase in home sale prices in some areas of the Sioux Empire. Now is a better time than ever to invest in real estate in the Sioux Empire. Whether that means a move up, move down or starting your investment portfolio, the real estate market has proof of success for making you money.
It is still predicted that we will see a tick up in mortgage rates in 2022. Every time the interest rate goes up, your buying power goes down. Keeping Current Matters highlighted what Frannie Mac and Freddie Mac are estimating that rates will rise to next year.
If you are buying a $400,000 house with 10 percent down and a 3 percent interest rate, your principal and interest payment would be roughly $1,700 per month. If that rate goes to 3.7 percent as predicted, your payment will adjust to roughly $1,900 per month — but over the life of the loan, you will be paying close to $90,000 more. That is a lot of money.
With low inventory levels and more people moving to the Sioux Empire, short- and long-term rentals are in high demand. Owning real estate that someone pays the mortgage on for you is part of the American dream. Also, with an annual appreciation rate of over 13 percent, your money is working really well for you.
Amy Stockberger Real Estate has an investment group started where we are aligning like-minded investors, new and seasoned, to help reap the benefits of owning more real estate in such a prosperous and ever-growing community. Creating wealth through real estate for our clients and team is one of my passions, and this is such a prime way to help each other grow.
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We hope you all have had a blessed year and wish you more blessings in 2022. If you have any real estate needs, we would be honored to exceed your goals.
Also, since this is my most favorite event that we do each year for our clients, I wanted to share our 16th annual turkey giveaway video. It is so fun getting to catch up with past and current clients and so fun to watch the kiddos get pictures taken with the big man himself, Santa.
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