Real estate in Rapid City sells with low interest rates

Market update in the Black Hills
The late evening news on KEVN.
Published: Nov. 16, 2020 at 5:13 PM MST
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RAPID CITY, S.D. (KEVN) - Real estate in Rapid City is looking good for people selling homes. The only hurdle is that there is a shortage of homes if buyers want a home soon it may take a while due to low inventory.

According to Steve Anderson, president of the Black Hills Board of Realtors, interest rates are at an all-time low.

“Right now is a perfect time to buy just based on the fact that prices aren’t going to get any cheaper, we’re at all-time low-interest rates between 2 and ½ to 3 percent and money is cheap to buy right now, those entry-level buyers are being able to afford a little bit bigger mortgage number so they can get a little bit of a bigger house because the interest rates are so low”.

Anderson says, there is also an influx of first-time buyers purchasing brand new homes.

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