Serving proudly since 1873 as the beautiful Nebraska Panhandle's first newspaper
Serving proudly since 1873 as the beautiful Nebraska Panhandle's first newspaper
Sidney housing market flooded with homes for sale; 200 sellers seek buyers
Construction on houses like this in The Ranch subdivision was begun last year when housing was in great demand. Now, the first homes in the development sit unfinished after businesses closed or had layoffs, turning the tide on the formerly tight market.
It's no secret there are many houses for sale in Sidney. It is almost impossible to drive down a street and not see a for sale sign from a realtor or for sale by owner sign.
According to realtor Jim Slama, there are more than 200 homes for sale in Sidney. This is a dramatic increase from last year around this time, when around 35 homes were for sale in Sidney and a couple of houses for sale in surrounding towns.
Slama, operating out of Potter, is in charge of selling The Ranch development located in Sidney by the new hospital.
While The Ranch development was conceived to fulfill needs in a market despirately needing homes, Slama said construction has been halted for nearly ninety days due to current market conditions and the uncertainty of Cabela's. He also said building material is too expensive to continue building at this time with selling prices in Sidney.
The Ranch's 1,200 square foot home with a full basement and three-car garage is listed at $230,000. Houses similar in size and price in Sidney are being sold for $40,000 under listing price.
The developer for The Ranch is Stone Crest Construction out of Ft. Collins Colorado. They currently have more than 40 properties in Wyoming in the same situation as they have in Sidney due to the oil and coal companies experiencing economic struggles.
The current building status of the Ranch Development is completed drywall in the homes, but none of the finishing touches on the inside or outside are finished. Phase one of placing roads, sewers and utilizes is complete, ready for 84 new homes in the addition to the four that are already built.
According to Slama, there is no current plan to continue construction until there has been a decision made by Cabela's on the future of the company, or the market place improves greatly.
According to Cheyenne County Assessor Louella Pippitt, there have been 60 homes sold to date this year. This number is comparable to the 137 that were sold during the entire year of 2015.
According to area bank officials there has been a large decrease in the sale of home loans compared to last year at this time. They too believe it is because of the uncertainty of Cabelas future and the closing of TE Electronics.
The good news for Sidney and surrounding area residents is that interest rates for home loans remain low. There are many different types of loans available through different area banks including first time homeowner's loans.
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