This month everyone is asking me the same things: Is the boom back? Should I wait for rates to drop? Here are my straight answers.
01
“Is the oil boom coming back?”
Oil passed $100 in September, and the Bakken added 5 rigs in one week, the biggest jump since 2016. North Dakota now has 35 active rigs, up from 23 in May. More rigs mean more jobs and more people who need a place to live.
My advice: buy on your base, not on the barrel. Buy what your regular paycheck can afford, not what high oil might pay for. Oil dropped below $70 just this June.
The good news is the base is strong. North Dakota has 20,072 producing wells, the most ever. Our area does not rise and fall with the price of oil the way it used to.
→Take over the seller's low rate. Some FHA and VA loans at 3–4% can be passed on to the buyer. That can save you about $747 a month on $300,000. Catch: you may need cash up front.
→Ask the builder for a deal. About 2 out of 3 builders are offering extras right now. Catch: make sure the price is fair first.
→Start with an adjustable rate. You get a lower rate for the first few years. Catch: it can go up later.
In September we closed 19 deals worth $10,045,400. So far this year, that's 171 deals worth $68,038,256.
Thank you for trusting us.
What's holding you back from buying or selling this fall? Hit reply and tell me. I read every reply.
See you on the next one.
Erik Peterson Broker/Owner, Proven Realty brokered by eXp (701) 369-3949 [email protected]
OCTOBER CONTRACTOR SPECIAL · ENDS OCT 31
Shops now starting at $300,000
Phase 1 is nearing completion, and Schauer Construction is offering special pricing through October. Choose from 1,500 to 2,280 SF, each with 14 foot overhead doors, 16 foot sidewalls, heat and A/C, a 3/4 bath with shower, and a one-year builder warranty.
Prices firmed and inventory eased but homes are sitting longer. Still the slowest Bakken market.
THE TAKEAWAY · MONTHLY VIEW
September was the month buyers took their time. Williston drifted from $472K to $470K while days on market jumped from 71 to 96, nearly a month longer. Watford City eased from $468K to $460K with inventory thinning and homes slowing down. Dickinson actually firmed on price for the first time in months, but days on market stretched past 125. The common thread: fall buyers are showing up, but they're deliberate and selective. Across our deals, listings priced to today's market close in weeks. Listings priced to July's peaks are watching the calendar flip to Q4. Heading into October, this is a market that rewards precision and punishes anchoring to the summer highs.
September closed strong with 19 transactions and just over $10 million in volume, pushing year-to-date totals to 171 closings and $68 million. To every client who trusted this team in September, thank you. We don't take that lightly and we're not slowing down heading into Q4.
Join Our Growing Team!
At Proven Realty, our vision is to be the leading real estate company in North Dakota and Eastern Montana, known for our exceptional customer service, deep local expertise, and unwavering commitment to our clients. We believe that our impact extends beyond transactions; we are dedicated to changing the lives of our clients, as well as our agents and employees
Have a client headed to Western North Dakota, eyeing commercial property, or looking to buy or sell a business? Refer with confidence to the #1 eXp team in North Dakota and earn referral fees on every closing.
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