Andy Stanley, author and pastor, wrote ‘The Principle of the Path.’ In the book, he expounds on how our direction determines our destination. In other words, our actions create a path, and outcome, that is directed by natural law or the law of averages.
Our world was turned upside down a few years ago with the onset of Covid-19 and the affects still linger as we transition economically and politically into uncertain territory. It’s confusing for some, yet others are navigating clearly through it all.
We all know the economy is in trouble. Looking back on USA history, we see similar activity today as in 1965 through 1981, and it’s illogical to think we will see a different outcome. Inflation is here and it will stay with us for some time. A question at hand is, how will it affect real estate, and ultimately, our lives?
The Sioux Empire is presently growing at an unusually high pace, and delivery of housing is struggling to keep up with demand. Whenever there is a shortage of anything, prices will rise. There is no exception to this rule, and none with home prices here. We are currently thousands of housing units behind our need.
Contributing factors that work against rising prices are the cost of money and employment. This week, mortgage rates are in the upper-four percent range for a 15-year loan, higher than a few months ago, but reasonable given the strength of the Empire’s employment participation. Wages are equal to, or better than inflation. Buying power, although not as good as it was, is still attractive for most and is reflective with slightly fewer sales and higher home values.
People who are doing well appear to have a principled foundation with finances and are less influenced by social rhetoric. Their prudent decisions put them on a solid path of homeownership, knowing real estate is a long-term investment and their lifestyle is happily enhanced.
To achieve a goal, one must determine appropriate steps of action. The average American purchases five homes in their lifetime. It’s a complicated adventure and requires serious attention.
Finding the right house, in the right location, at the right price demands meaningful knowledge and planning. Getting on the right path will take to you to that ideal destination, all you need is to pay attention to those who know what to do.
The Ratchford Group brings over 5,000 experiences to the table. Our proven process delivers greater peace of mind while maximizing your dollars and saving you valuable time.
We invite you to call or text….605.359.4100.
Tony Ratchford, licensed Broker, Author, Coach, Manager, and Sales Consultant