Minot Is The Place To Live!!!

September is an exciting month for the Realtor industry in particular because the Association of Realtors from North and South Dakota share an annual convention and this year, for the first time since 2000, Minot is the host of the event.  This year’s Convention of the Dakotas slogan is “Fortunate Awaits in 2008”.  Minot will host up to 500 Realtor members, affiliates, dignitaries and sponsors from September 16th through the 19th at the Grand International Inn. 

The goal of this year’s event planning committee has been to provide attendees with the most memorable convention ever.  A select group of Realtors from Minot believes this will be achieved.  The 2009 National Association of Realtors President Vicki Cox Golder of Tucson, Arizona headlines a list of dignitaries visiting our city next month.  For the first time in years, an incoming national president will visit our two states.  Minot will also host a candidate for the 2012 office of national president, Maurice "Moe" Veissi of Miami, Florida.  Minot native and Navy Rear Admiral Mike Miller will be the keynote speaker at the annual Realtor of the Year luncheon held on Thursday.  Miller is the son of Realtor member Frank “Red” Miller of Minot.  Regional Vice President Dan Berry of Iowa will also be in attendance for this event even though the Iowas Association of Realtors is holding their event during the same dates.   

Education opportunities include nationally renowned instructors David Knox and Dave Beson, both of Minnesota as well as a course on identity theft put on by the North Dakota Attorney General’s office.   Entertainers Williams and Ree, the Johnny Holm Band and Kid Hollywood are scheduled for the mid-week event.  North and South Dakota will be recognized for their political and association involvement at the national level thanks to many efforts of members, many of which live and work in Minot.  Incoming elected officers of both associations will be installed into their new positions at the annual banquet Thursday night. 

Many corporate sponsors must be recognized for their contributions to this large event.  Those sponsors include the Grand International, Wells Fargo, Gate City Bank, Midcontinent Communications, First International Bank, Dakota Bank, First Western Bank, Town and Country Credit Union, Fidelity Systems, Flex Business Systems of Fargo, Prairie Federal, Farmer’s Union Insurance, Central Home Inspections, Bremer Bank, Brady Martz, Devine Abstract, Minot Guaranty, and the Minot Convention and Visitor’s Bureau. 

Minot is lucky to be bringing this large event to town.  Realtors strive to build communities and such events do just that.  We look forward to recognizing local entities such as Minot State University and the Minot Air Force Base.  Minot is certainly being recognized at the national level for a sustainable and appreciating market and active participation in being advocates for private property ownership across our state and our country.  Minot will be served well in September by again proving to be a quality and hospitable host to the 2008 Convention of the Dakotas. 

The recently formed Young Professionals Network of Minot has been extremely busy as summer is in full force. The YP network is made up of individuals between the ages of 21 and 39 and has grown to over 165 members. The mission statement of the group is “to create social and business networking opportunities and community enhancement projects for young professionals in the Minot area.” A number of events and social activities have taken place and now, YP is proud to announce it’s most recent community project. The Community Links team within YP has created the “Minot State Unity in Our Community” campaign, launched at the most recent meeting on Tuesday, July 8.

Minot State University should be viewed as one of the sustainable and most successful industries in our region. Minot is experiencing exciting growth including energy and military expansion. It is vital to the future of Minot as a city that we continue to promote and grow one of the best universities in the Midwest. To that end, the YP network has created a dual-purpose campaign; to bring the business community to the campus of MSU and to show MSU students, faculty and staff that local businesses support the university.

The vision of this campaign is to have participating businesses in Minot display a framed recognition that has the three following caveats: the business supports MSU, the business provides hiring opportunities to MSU students and/or graduates and the business speaks highly of MSU. The YP network is asking for a minimal yearly fee in order to participate in the campaign. The fees collected will be put towards at least one annual event on campus open to the business community.

This year, the YP network is excited to announce the opportunity to bring Minot native, Coach Dale Brown to campus to give a speech in the Ann Nicole Nelson hall on Monday, September 22…the first day of Homecoming Week at Minot State. The YP network will set up campus tours for campaign participants to see all of the recent enhancements to campus, including the Beaver Dam in the Student Center. After Coach Brown’s presentation to the public, participants will be invited to the homecoming bonfire on campus, weather permitting.

Members of the YP network have volunteered their time and will be attempting to contact local businesses through direct mail and a follow up phone call to ask about participation. It is the intention to have the campaign completed by the first week of September as school begins. There is an excellent opportunity to re-establish Minot as a University City. Support for the campaign has been given by Minot State entities including Administration, the Marketing Department, the Student Government Association, the Board of Regents and the Advancement Office/Alumni Association.

The Minot YP is looking forward to an aggressive and successful campaign. YP is in the process of bringing Governor Hoeven to Minot for a YP event at the North Dakota State Fair, meeting monthly for “Power Hour” lunch and learns, numerous social and service activities and looking for ambassador and entrepreneur opportunities as well as launching a top level website www.ypminot.com. The Minot State Unity in our Community campaign is going to be the most extensive and successful project for YP in our existence and will undoubtedly benefit all that participate. Any business interested in further details or participating can do so by simply contacting the YP network through their website.

There has been months of excitement and anticipation regarding the Minot real estate market and the appreciation in property values that comes with economic growth. While many of the reports nationwide continue the drumbeat of negative news and declining property values, western North Dakota continues to defy the national trends.

According to the National Association of Realtorsâ (NAR) Research Committee, the median existing single-family home price in the Midwest region fell approximately 7.9% to $142,700 in the first quarter of 2008, comparing to the same period in 2007. NAR continues to attempt to gather all relevant sales statistics as compiled from local and regional multiple listing services. Of the communities in the Midwest, gains showed strongest in Decature and Springfield Illinois with appreciation of 4.2 percent. The median price of a home in Decature was $79,400 and Springfield was $172,200; two very different markets showing very similar increases in price.

The very good news is that the market as reported by the Minot Multiple Listing Service (MMLS) showed much stronger gains. We are able to provide more relative and up-to-date data locally. In looking at the numbers from transactions closed between January 1 and June 1 of 2008, properties within city limits showed a median selling price of $122,200 with an average selling price of $133,400. The median price reflects an equal number of homes that sold above $122,200 and below. The average is the total dollar volume divided by the number of transactions. Either statistic is a valid measure of the market.

The stronger news to be proud of is that during the same period of the year 2007, the median selling price in Minot according to the MLS was $112,000 and the average selling price was $124,600….8.9% and 7% gains respectively. What this means is that our market should be considered one of the strongest markets in the Midwest, if not in the country.

There has been one change in the past month to be aware of. Interest rates for mortgages have increased noticeably. Although still relatively low compared to historical numbers, an increase in the interest rate has an impact on the monthly payment that is often overlooked. The concern should be for those buyers that have previously been approved for financing should talk to their local lender to determine what affects the increase has on their ability to get financing. Sellers should be made aware that their potential buyer will now have a higher house payment at a given purchase price than they may have had a month ago.