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Published June 17, 2012, 07:03 PM

Home Buyers In GF Are Taking Advantage Of Low Interest Rates

It's widely known that North Dakota's economy has long been the envy of the entire nation. The state never took a big hit from the recession and the housing market in the Red River Valley has remained strong for years. With historically low interest rates right now, realtors say there is no better time to buy.

It's widely known that North Dakota's economy has long been the envy of the entire nation. The state never took a big hit from the recession and the housing market in the Red River Valley has remained strong for years. With historically low interest rates right now, realtors say there is no better time to buy.

"I think North Dakota is probably one of the best markets, and Grand Forks is one of the top markets in the country," Skip Greenberg, owner of Greenberg Realty, said.

Skip Greenberg has been in the real estate business in Grand Forks for 38 years. He says with interest rates below 4 percent right now, people looking to buy are taking advantage of the market.

"You're seeing a lot of people out looking, they're excited about it, and they should be with the rates the way they are. It's a great opportunity," Greenberg said.

Realtors say Grand Forks never really felt the harsh effects of a recession. But people who were a little cautious before are taking advantage of the historically low interest rates and becoming active buyers.

"Three, four bedrooms, an office, three, four car garage," Barry Jezercak, who is shopping for a new home, explained.

People shopping for a new home, like Barry Jezercak, say these interest rates are unheard of.

"I remember back when we bought my first house, back in the 70's. I mean we got an 8 percent, which was considered great! So now 2 percent, hey anything less than 8 percent is great," Jezercak exclaimed.

Jezercak sold his home in New Mexico and has been shopping around Grand Forks for about a year now. He hopes the strong housing market here, coupled with low interest rates, will help him buy a house by November.

"Right now with the interest rates, you can't hardly beat it," Jezercak said.

And the steady market conditions have kept Skip Greenberg and his business busy.

"We're very thankful and every day to be fortunate to live in North Dakota and to do business in North Dakota and to have markets like we do here," Greenberg said.

The nationwide average rate on 15-year loans hit a record low of 2.97 percent earlier this month, while the rate on 30-year loans stood at 3.75 percent.

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