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Thoughts from Erik Peterson
This month we have more exciting news to share. The Proven family has grown and we are lucky to have welcomed two more operations specialists to our team.
Kristian, our newest marketing guru, has made a big splash already. He has teamed up with his long-time engineering friend Adam to help create the most impressive videos, brochures, and newsletters we have seen; not only in our market but in real estate today.
Rachel joined our team as a "utility player" and will be tasked with a little bit of everything. Her primary role will be to help provide world-class service to our clients and agents. Welcome both of you, we are fortunate to have you as vital contributors to our team.
I would like to thank Tom Simon for having me on his radio show to share my insight on the current real estate market. It was so well received, he asked me to join him weekly for a real estate market update. Tune in every Tuesday at 8:00 a.m. to get the latest on what's happening in our local real estate market. I want every buyer to feel confident and make informed decisions when it comes to buying and selling real estate. At Proven Realty, we are passionate about empowering our clients to navigate and thrive in this competitive market. We are up for the task and looking forward to the collaboration.
Finally, interest rates are now at the highest level in 16 years, which has been the most dominant headline in the last several months. This has forced many would-be buyers into hibernation. We understand the predominant feeling of putting your head in the sand and waiting for things to change. Our recommendation is to reexamine why you were looking for property in the first place, reevaluate your goals, and make well-informed decisions by looking at the big picture.
Don't despair, the glass is half full.....we are lucky enough to be in one of the best economies in the world, OPEC just cut production by 2 million barrels/day which will support higher oil prices and further demand for US oil production and subsequently ND real estate.
Rental occupancy rates and prices have also moved against renters, creating consistent demand for purchases. Our advice is don't get caught in a wicked game of musical chairs and end up without a seat. Recent predictions anticipate the Fed continuing to raise interest rates for the foreseeable future; now is the time to find your next property and lock into payment before rates rise again. If rates do drop in the future, a refinance could be an option to reduce your future payments.
If you have any questions or would like more information on how our team of 20+ can help you buy or sell your next property, please give us a call. We would welcome the opportunity to earn your trust and business.
As always, it is our pleasure to serve this community and even more, be a part of it.
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