Rapid City SD Real Estate » Questions and Answers

How Has The National Enconomy Affected our Local Market?

Kristen Andrews-Lowe — Thu, 28 May 2009 16:51:01 +0000

That is a complex question, but the short answer is that our housing prices have been affected in the past 1-2 years, but not as drastically as other parts of the nation. We have always maintained a slow, steady growth pattern in Rapid City and the Black Hills and although it has tapered some, we are still growing and overall our real estate market is still very strong.

Are There a lot of Foreclosures in our Market?

Kristen Andrews-Lowe — Thu, 28 May 2009 16:50:08 +0000

Although foreclosures have picked up in the Rapid City market this past year, we are still well below the national average in this area. If you would like to find forclosures, I can help you! However, please keep in mind that you are not always getting a “bargain” due to the potential condition of the property, cost of renovations, time, etc.

What is a Short Sale?

Kristen Andrews-Lowe — Wed, 27 May 2009 20:12:12 +0000

A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. A short sale typically is executed to prevent a home foreclosure, but the decision to proceed with a short sale is predicated on the most economic way for the bank to recover the amount owed on the property.