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South Dakota Housing Insights: Q&A with South Dakota Realtors

South_Dakota_Housing_Insights-_Q_A_with_South_Dakota_RealtorsWe spoke to three Realtors from different areas of South Dakota to gain their insight on the housing market, what to watch for in the future and what makes South Dakota such a great state. Read on for more info about the housing market in the Sioux Empire, in the Aberdeen area and in the Black Hills.


Larry Luetke, President of the Realtor Association of the Sioux Empire, Inc.


Q: What should buyers be looking for in the Sioux Empire market?    

A: Buyers should be working with a professional now more than ever before. Homes are moving fast, and they know the market and may know of homes that are coming on the market that may meet what you are looking for.  Also, there are some people out there that take advantage of buyers that don’t use an agent.  Local Realtors know the local market, and, 99 percent of the time, the buyer does not pay any commissions to be represented, so it makes no sense not to be represented.


Q: What makes South Dakota a great state in which to live? What makes the Sioux Empire a great part of the state in which to live?

A: We live in a great state.  We have people that care about their state and cities. If there’s a need, people step up and figure out how to make something work. We also have a great governor that protects our rights and property rights.  By her standing up for our rights, the Governor’s Office of Economic Development is receiving so many calls from businesses and people that want to move to South Dakota.


Q: What does the housing market future look like?

A: I think the national market will slow in certain areas, but the market in the Sioux Empire will stay strong.  With many businesses looking to relocate to South Dakota, our market is going to be strong and bring a lot more people to live in the area.  I think in the future we will see people purchasing bigger homes and having bigger home offices.  The way it looks, rates should stay low through the rest of the year. As for the numbers of the housing market, I think we will still be in a sellers’ market that will make it harder for buyers to purchase a house due to the shortage of inventory and number of buyers looking to purchase.  One thing to watch will be the mortgage services getting tighter on loan requirements. They have already made it harder to get a loan, and it sounds like more changes are coming soon. This could take some buyers out of the market.


Amy Frink, President of the Aberdeen Area Association of Realtors.


Q: What should buyers be looking for in the Aberdeen market?    

A: Buyers should be looking for a variety of things. We have two recreational lakes within 15 miles of town that have state parks, boat ramps and restaurants. We have Storybook Land in Wylie Park that is located on the north side of Aberdeen. It is a regional tourist stop if you have children, with swimming, bummer boats, go carts and miniature golf, along with a small zoo. We have a city outdoor aquatic center with a lazy river and a lap pool. We have an indoor aquatic center in the YMCA, which also has rock climbing, basketball and a track. There are public schools along with parochial and Christian schools. We also have two universities, so there’s a diverse mix of educated youth in town. 


Housing options range from $20,000 to $900,000. We have new construction, along with turn-of-the-century Victorians, as well as everything in between. We have something for everyone.


Q: What makes Aberdeen and South Dakota a great place in which to live?

A: I think that the best thing about South Dakota is that we have all four seasons. We have hills, deserts, miles of ranch land and the Missouri River splitting it in the center.

The residents of Aberdeen are kind and generous. The area has minimal pollution and crime. I like to say that Aberdeen is in the middle of everywhere! 


Q: What does the housing market future look like?

A: Aberdeen and the area tend to not have the dips and swells in the market. Our employment is stable, and we are diverse in options so no one industry dominates our employment base. We are steady, and our market tends to stay on a consistent appreciation slope upward. Interest rates tend to be the only thing that causes small surges occasionally.


Steve Anderson, President of the Black Hills Association of Realtors


Q: What should buyers be looking for in the Rapid City/Black Hills market?    

A: The Rapid City market has whatever one would be wanting in a new home. Quality homes in most price ranges, good schools, accessibility to work and shopping. Each individual will be looking for something different than the next. The biggest thing is to do your research on affordability, areas of town you want to live in, etc.


Q: What makes South Dakota a great state in which to live? What makes Rapid City/Black Hills a great part of the state in which to live?

A: It’s a beautiful place to live—from the landscapes to the weather (no humidity) to the ability to be within minutes of so many outdoor activities. We love trips through Custer State Park, getting on the lakes and short little hikes that have beautiful views.


Q: What does the housing market future look like?

A: At the current time, I do not see things slowing down. We have a lot of activity in the area with new business and the development of the new B-21 in the works. We have a shortage of inventory, but there is more new residential housing development on the dockets that are coming out to help with affordable housing.

Topics: Homeownership

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