Closing Conducted by: | Lenders, Attorneys |
Conveyance: | Warranty Deed |
Primary Foreclosure Method: | Judicial |
Process Period: | 3 - 5 months |
Notice of Sale: | Sheriff |
Redemption Period: | 60 Days |
Income Tax: | 1.10%-2.90% |
Corporate Tax: | 1.70%-5.20% |
Sales Tax: | 5.00% |
Estate Tax: | No |
Inheritance Tax: | No |
Median Property Tax: | 1.42% |
Property Taxes by County: | http://www.tax-rates.org/north_dakota/property-tax#Counties |
Closing Cost: | $2,599.00 |
Transfer Fee: | No Fees |
Origination Fee: | $1,936.00 |
Median Home Value: $235,998
1-Year Appreciation Rate: +1.4%
Median Home Value (1-Year Forecast): +3.8%
Median Rent Price: $1,295
Price-To-Rent Ratio: 15.18
Unemployment Rate: 5.0% (latest estimate by the Bureau Of Labor Statistics)
Population: 762,062 (latest estimate by the U.S. Census Bureau)
Median Household Income: $63,473 (latest estimate by the U.S. Census Bureau)
Percentage Of Vacant Homes: 11.58%
Foreclosure Rate: 1 in every 51,523
Stanley
Grenora
Powers Lake
Killdeer
Arnegard
Williston
Watford City
Alexander
Tioga
Crosby
Cass: 1 in every 15,579 homes is currently distressed
Grand Forks: 1 in every 16,015 homes is currently distressed
Tax Lien or Deed: Tax Deed state
Redemption Period: 5 years before the county seizes property and puts up TD sale (no redemption period after sale date)
Foreclosure activity will increase: North Dakota has been the beneficiary of fewer foreclosure filings over the last several years. However, the presence of the Coronavirus is expected to cause an influx in distressed owners. Year-over-year filings are down, but the state saw an increase in August which looks like it will continue for the foreseeable future.
Available inventory will continue driving prices up: The North Dakota real estate market has felt the constraints of tight inventory for several years. Thanks, in large part, to a lack of available housing, prices have increased for the better part of a decade. That said, there doesn’t appear to be a solution anywhere on the horizon. The pandemic has actually hurt already low inventory levels. and should continue to do so until more listings can be brought to market.
Demand for suburban housing will increase: As we get further and further into the pandemic, work-from-home trends appear more sustainable than ever. No longer do employees need to live within close proximity of their workplace. That, in addition to wanting to leave metropolitan areas where the virus continues to spike, should drive more people to consider calling the suburbs their new home. The trend is already happening in every state, and North Dakota isn't the exception. More people will look to leave cities in an attempt to cut costs and wait out the virus with larger living spaces that can't be found in a city apartment.