How is the housing market in the Lead-Deadwood area?
A housing shortage in Lead-Deadwood continues to be a problem, but what happens when you add a pandemic to the mix?
"One of the developers decided actually to back out of a deal a while back because of the COVID situation. They got nervous about it. So some other people have stepped in, but that starts back at ground zero again, trying to get everything going," says a broker associate for The Real Estate Center of Lead-Deadwood, Eric Henneman.
Henneman says that the housing market slowed down a bit at the start of the pandemic, but things have picked back up.
"With low interest rates, a lot of people do have good employment still, and they're jumping on houses as quick as they can. With the shortage that's out there, if the right house comes on the market, it seems like we'll have four to five, six people coming to the table all at once," Henneman.
And during this time, Henneman says they do see a lot of vacation homes going under contract.
"There are a lot of people shopping for them. It creates a retreat for those people to come here. They have a place to stay that's a little more rural setting than some of the larger, more populated areas that they're from, and they turn out to be really good investments," says Henneman.
Even though the housing market is doing well, Henneman still has some concerns.
"It makes me nervous for people in entry-level positions regarding where they're going to be able to live and are they going to be to afford to live here and still work in our community," says Henneman.