The Slowest Week of the Year | Rapid City Real Estate News 12/27/22 w/ Christian Morrison

Right now we only have 159 houses on the market. So this is the least amount of houses we have had on the market since April. 

Hey guys what's going on, welcome back to Rapid City Real Estate News, if you don't know me already, my name is Christian Morrison, I am a real estate agent in the Rapid City/Black Hills area. This is Rapid City Real Estate News which is exactly what it sounds like. It's a show about the news of real estate in Rapid City. Obviously the last about 10 days of the storm, and Christmas and all that has slowed down the market a little bit, quite a bit in certain ways, but still some houses selling, houses going under contract, more than you would think, more than I would think anyways. So let's get into the numbers a little bit, just cause some of them are kind of interesting. We had 8 houses hit the market last week, which is more than I thought would, believe it or not, for Christmas and all that stuff going on, none of those are under contract, probably the reason is that the median price on those is $417,000, so it's a little bit higher. 9 houses sold for exact listing price, so list and sale price were the same. We only have 159 houses on the market, so this is the least amount of houses we have had on the market since April of this year, so very few houses on the market comparatively, mainly just because, in my opinion, people didn't list houses during the storm, during Christmas, and probably will wait until today, which is Tuesday, or this coming week, they will start popping on the market. 

Now, interest rates are still sitting around 6.5% which is good, better than it has been, by about 1-1.5% lower than it was a couple months ago, so that's really good, still the biggest listing category is $300-$500k, we have 86 houses in that, but under $300k we still have 33 listings. I continue to harp on this, but new construction still continues to be a very good deal and there is a lot on the market and the options for that and some builders are willing to negotiate a lot and will give you a lot of credits for different things. Now moving into the last couple days of the year, and beginning of next year, you know this is the height of the winter, probably the market won't be going crazy busy, people probably won't be listing their house, won't be a ton of activity, but there will be some, typically this time of year we slow down, there is less people looking and usually less people listing, so that kind of makes it for a slower market, extremely normal for this area for this time of year. I think moving forward will be sort of a slow drip, some houses will be coming on the market, some will be selling, here and there, I don't think it is going to be a major slowdown, anything dramatic from what we have seen in the past, probably going to be normal, last year was not normal, winter was extremely busy, this year has been back to a little bit of normalcy, as far as the market slowing down. I do think this week we will see a little bit of a pop in numbers, could be wrong, a little bit of a pop in numbers from the storm last week, from people waiting and from people waiting from Christmas, to put stuff on the market or go out and shop. We will continue to watch those interest rates, see if anything different happens with them, if you didn't already, go check out, I think it was 2 videos ago, I did with a local lender here, Carey, and he talks about a 10-year buy down, you should check that out, you could pair that with the 6.5% rate and get your interest rate down to about 4.5%, which is pretty amazing, so I would look at that and if you are worried about interest rates, you could go that option and get a lower payment, quite a bit lower payment, for the first 10 years of the loan, that is something I would look into. 

Now, last little plug here and we are going to wrap it up, it's going to be short and sweet today. If you are at all interested in investing in real estate, I've talked about this before, I am a small time investor for sure, but I have done a little bit of investing. This coming up January, we do these once a month, these Investor Meet-Ups that we do, I'll put the link in the description in here, for next months investor meetup, in that investor meetup, if you've at all thought about investing, you want to explore it, come to that. I've played with the idea of recording these, and I don’t think I'm going to, I think I am just going to keep it in person only, if you are not in person, I apologize, but I am going to keep it in person only for now, and I think I am going to close this group after this month, for a little bit. We've got enough people in there, a bunch of different skill sets, some people who are doing a lot of investing, some people who are wanting to get in to it, so if you are curious about that, you've heard me talk about it and want to join, I think I am going to make next month the last month to join for a while, so if you want to come to that I will put the link in the description here, if you want to talk about investing, get in investing, or if you are investing already and want to get around a group of investors, hit the link, sign up for it, we will save you a seat, and we will see you there. 

As always guys, if you have any questions real estate wise, hit the link below that says schedule a call with me, happy to help in any way that I can. Thanks for watching this video, I'll see you next week, peace!