Mortgage Rates in the Black Hills Nearing Historic Lows

As the spring home-buying season heats up, mortgage rates in the Black Hills are hovering near historic lows according to the most recent data from Freddie Mac. Home prices are continuing to slowly rise as more sellers are listing their Black Hills home for sale.

The 30-year fixed-rate mortgage dropped last week to a low of 3.65 percent, with an average 0.6 point. Points are those fees that are paid to the mortgage lender, and are equal to 1 percent of the loan value. The week prior the 30-year fixed-rate was at 3.67 percent. In comparison, this time a year ago the 30-year fixed-rate was at 4.33 percent. The rates last week were the lowest we have seen since the week of February 5th. It has been below 4 percent since November of last year. We have not seen rates above 5 percent in over 4 years, and it has been nearly a decade since we have seen rates over 6 percent.

The 15-year fixed-rate mortgage also dropped last week ending at 2.84 percent with an average 0.4 point. The week prior the rate was at 2.94 percent. A year ago the rate was at 3.39 percent.

“Mortgage rates fell slightly … this week, positive news for potential homebuyers in the market this spring,” Len Kiefer, Freddie Mac deputy chief economist, said in a statement.

Owning your own home in the Black Hills may be more affordable than you think. I am a local expert in the Black Hills region and can help you buy or sell your Black Hills home. Call me, Jim Peterson, at (605) 574-4444 or email me to discuss how I can help you with all your real estate needs. Our expertise in the Black Hills or Rapid City markets will ensure you a stress-free experience in selling your Black Hills Home. My office is in the heart of Hill City and as a tourist spot, restrooms are hard to find – mine are always open for your convenience!

Homeowners in the Black Hills Spend Less of Their Income on Housing Compared to Renters

Rent rates are increasing rapidly while interest rates across the nation continue to remain low.  Rates have continued to remain so low that a recent study revealed that on average in a little less than two years a renter can break even if they choose to buy a house instead of rent. Homeowners in the Black Hills and across the country, on average, spend 15% of their income on their housing whereas renters average 30% of their income according to Zillow housing affordability data.

However, even with these numbers, 20% of renters surveyed reported that they would rather rent than buy a home according to the fourth quarter Zillow Breakeven Horizon Report. The real reason may be that 53% of those who are renting and responded to the survey felt they could not buy a home as a result of low credit scores and other financial issues. With lenders easing standards this may not be the case.

18% of respondents felt that they would not be able to afford the taxes and maintenance that come with owning your own home. The Breakeven Horizon Report by Zillow determines when buying a home becomes more affordable than renting that same home. The calculator takes into consideration the upfront costs needed, closing costs, mortgage payments, taxes, insurance, and maintenance costs. The report also takes into consideration home equity growth. Before buying your Black Hills home it is important to plan for those unexpected costs that arise with home ownership.

Owning your own home in the Black Hills may be more affordable than you think. Interest rates continue to remain low and mortgage lenders are starting to ease lending standards. I am a local expert in the Black Hills region and can help you buy or sell your Black Hills home. Call me, Jim Peterson, at (605) 574-4444 or email me to discuss how I can help you with all your real estate needs. Our expertise in the Black Hills or Rapid City markets will ensure you a stress-free experience in selling your Black Hills Home. My office is in the heart of Hill City and as a tourist spot, restrooms are hard to find – mine are always open for your convenience!

Improve Your Black Hills Home Curb Appeal by Avoiding These 5 Mowing Mistakes

April showers may bring May flowers, but it also brings about a lot of lawn mowing.  Your Black Hills home‘s curb appeal will play an important part in selling your home.  Potential buyers see the outside of your home first, and a first impression means everything in encouraging those buyers to come inside your home.

Avoid these mowing mistakes and improve your home’s curb appeal:

1. Too Short– When you mow you should only remove about one-third of the blade of grass to make sure that the lawn is not too short. The shorter your grass clippings are the easier they break down, which allows for natural nitrogen to make a return to the soil.
2. Bagging– It is not uncommon to see neighbors bagging their grass as they mow as it is a fairly common practice. However, consider mulching it as it allows for those essential nutrients for strong growth to return back to the soil.
3. Monotony– Are you in the habit of mowing your law in the same direction all year long? Break that monotony habit now. Mowing in the same direction can cause the lawn to mat down and will inhibit the growth of the lawn.  Change your mowing pattern each time you mow and you will reduce the wear and tear of your lawn.
4. Roots-There is more to managing the lawn beyond what you can just see. Care for the root of the grass and soil to make sure your lawn stays healthy all year long.
5. Blades– Are your mowing blades sharp? A dull blade on your lawn mower will result it in shredding the blades of grass, which could lead to a portal for disease. It is ideal to sharpen your blades once a year.

Keep these mowing tips in mind and your lawn will surely make a great first impression on that potential home buyer.

We are local experts in the Black Hills region and can help you buy your first Black Hills home, call us at (605) 574-4444 or email me to discuss how we can help you with all your real estate needs. Our expertise in the Black Hills or Rapid City markets will ensure you a stress free experience when selling your Black Hills Home. Our office is in the heart of Hill City and as a tourist spot, restrooms are hard to find – ours are always open for your convenience!

Train to be a Master Gardener in Hot Springs and Custer

With spring here it’s now time to start thinking about gardening. If you ever wanted to learn how to become a Master Gardener, then you do not want to miss the Master Gardener training planned this Spring by the S.D. Extension Service in both Hot Springs and Custer.

Throughout the course you will learn how to take better care of your lawn, trees, and shrubs.  Do you know what your plants need to grow their best and to thrive in the Hot Springs and Custer area?  You will learn this and so much more while you meet new friends and interact with local residents who share the same interests that you do.

The training for the Master Gardner program in South Dakota is conducted both online and with hands-on training. There are eight weekly sessions that will begin on April 20^th. Throughout the course you will be provided with Power Point presentations, videos, reading materials, and group discussions.

The training class will also include a four day hands-on training event that will take place in both Hot Springs and Custer to complete the course. To learn more about the Master Gardener Program, contact David Graper at david.graper@sdstate.edu or by calling 688-5796.

If you are thinking of selling your Black Hills home, you should know exactly what it’s worth before making such an important decision.  At Integrity Realty, we determine the value of Black Hills area homes daily. I’d love to talk with you about giving you a Comparative Market Analysis of your home to determine the best course of action for you.

Our expertise in the Black Hills or Rapid City markets will ensure you a stress-free experience. Contact me, Jim Peterson, at (605) 574-4444 or email me to discuss how I can help you with all your real estate needs. My office is in the heart of Hill City and as a tourist spot, restrooms are hard to find – mine are always open for your convenience!

Celebrate Earth Day by Bringing Your Hammer and Making a Birdhouse at Custer State Park

Earth Day was first celebrated in 1970 and is now recognized and observed in more than 192 countries on April 22nd each year.  This year Black Hills residents can join the Rangers at Custer State Park in learning how to make a birdhouse-building in honor of Earth Day.  Bring your hammer and join other Black Hills residents in building bluebird houses on Saturday, April 18.

The Rangers will be offering two sessions on the 18^th – one at 10 a.m. and the other at 2 p.m. at the Peter Norbeck Visitor Center. During the course of the workshop you will learn to build a bluebird house out of scrap wood to aid in recycling.  Not only will you be able to learn how to build a new birdhouse, you will also learn why bluebirds choose to build a nest in boxes along with other intriguing facts. At the end of the workshop participants will be able to take their birdhouses with them.

Space is limited to 20 participants in each session. A reservation for this free event is required and can be made by calling 605-255-4464. Don’t forget to bring your own hammer.

I am a local expert in the Black Hills region and can help you sell your Black Hills home. Call me, Jim Peterson, at (605) 574-4444 or email me to discuss how I can help you with all your real estate needs. Our expertise in the Black Hills or Rapid City markets will ensure you a stress-free experience in selling your Black Hills Home. My office is in the heart of Hill City and as a tourist spot, restrooms are hard to find – mine are always open for your convenience!