Early 2021 Housing Market | Fargo, ND
You wouldn’t expect North Dakota’s largest city to be a hub for jobs involving computers and mathematics, but statistics bear this out. Yet Fargo is also the perfect home for service professionals, blue-collar workers, management, and entrepreneurs alike.
Home to some 125,000 residents spanning 22 distinct neighborhoods, Fargo offers the perfect mix of big city living and college town atmosphere that makes it both a desirable location to live and one of the hottest real estate markets in the country.
“In March 2021, the median list price of homes in Fargo, ND was $250K, trending up 13.6% year-over-year. The median listing price per square foot was $117.” – www.realtor.com
Dominated by apartment complexes and single-family homes, the Fargo market is ideal for young families and singles as well and, with majority homeownership, the market is inclined more towards encouraging residency than many other locations with property mixes that are similar.
Fargo, ND metro area has a median home value of $225,000 and a market capacity of some 55,000 homes and apartments, Fargo represents an excellent value not only in North Dakota and surrounding states but also when compared with other cities of comparable size across the nation.
Current hot neighborhoods include the North River/North Dakota State University-Main Campus areas and the areas of 25th Street SW/30th Ave SW as well as 40th Ave S/S University Drive.
In any other booming market, buying a home in such a desirable location is often a logistical challenge – especially if buyers don’t arrive at the bargaining table cash-rich and ready to own.
How does a buyer that wants to live in North Dakota’s most exciting go about doing so if they don’t have a massive amount of cash? We’ll outline a few reasons why rent to own homes in Fargo, North Dakota, will make your homeownership dream a reality and all without the hassle of a massive down payment.
Smaller Deposit Needed
Compared with traditional home purchases, the rent-to-own process requires a much smaller deposit to get started. For consumers that are struggling to get together 10% or even 20% of a home’s value. In order to get the process started, only to be outbid by someone with cash in hand, rent-to-own bridges the gap between the dream and the reality on the ground.
Perfect for Those with Spotty Credit History
The rent-to-own process is also ideal for those consumers who have experienced credit difficulties in the past. Whether due to some poor decisions regarding credit or just an inability to get traditional financing, rent-to-own works with the individual to make homeownership a reality when the traditional route appears to make that an impossibility.
Allows You to Build Equity
While you make your rent payments you are building equity in your home. In other words, while you rent, you build up your ownership stake in the property thus giving you a return on the rent spent.
Lock-In the Home’s Purchase Price
Given the booming real-estate market in Fargo, ND specifically, rent-to-own allows you to lock in today’s home value rather than the much-appreciated price you might have to pay down the road if you wait to qualify for traditional financing.
Rent-to-own is also much more flexible than a traditional mortgage when it comes to the options a consumer has before, during, and after the process.