Erik C. Peterson

Founder, Broker, MBA

Erik C. Peterson

Founder, Broker, MBA

Erik Peterson is the founder of Proven Realty and brings extensive experience to the market. To date, Erik has negotiated on over $400 million worth of real estate in the Bakken. These various projects include industrial shops, retail, office, residential, mancamps, and development projects. He also has worked closely with planning & zoning departments, engineers, architects, contractors, and developers. 

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Thoughts from Erik Peterson

As we roll into 2023, I would like to take a moment to pause to reflect on the best year in our company's history. A massive thank you to all of our agents, their families, and most importantly, our clients for helping us achieve this momentous milestone. Thanks to you, Proven was able to close 160 transactions; representing $73.3M in sales volume, a 36% increase from '21. We all appreciate your trust, faith, and support in us. We can already tell 2023 will be just as exciting. 

Proven is honored to welcome Lucas Natwick to the Proven family! He will be our Director of Sales and Attraction and will support our agents through training, coaching, and skill development. In addition, he will help us attract and support like-minded real estate professionals looking to build sustainable real estate careers. I know firsthand the pressures of being an independent agent and broker. With increasing market volatility, these pressures compound. It is my hope that Proven can offer guidance and relief to any struggling agents and brokers. Lucas will be paramount in these efforts. 

Lucas is not only one of the best agents out there, but more importantly, he is an incredible person. He is always willing to lend a hand to anyone in need, is one of the most intelligent people I have met, and without failure, does what he says he will. He is a Williston native with deep roots in the Bakken and prior to moving to real estate full-time, he worked in the Oil and Gas Industry. In his first two years, Lucas has successfully negotiated over $20 Million in transactions as an independent agent. He brings a wealth of knowledge, experience, and connections to the team and will undoubtedly take us to new heights. Welcome brother!

We are prepared for another big year in real estate and as we head in '23 are beyond optimistic. Interest rates have pulled back significantly, wages and oil prices are strong and the economic outlook in North Dakota is one of the strongest in the world. We welcome any opportunity to help you with any of your real estate needs. Give us a call, you won't regret it. 

Lucas is a Williston native with deep roots throughout the Bakken. He brings a wealth of experience and insight to Proven. Since pursuing real estate full-time in 2020, Lucas has closed over $20 Million in local real estate transactions! As Director of Sales and Recruitment, he will use his astounding business and real estate knowledge to further sharpen our team. Follow his social media accounts to learn more!  

Housing Inventory: Active listings from 2019-2022

Williston, ND vs. National Data

What Low Inventory Means for Buyers

Lower-than-normal inventory means you need to be on your toes when you go house hunting because the best homes will likely be snatched up fast. In November 2022, most homes spent 56 days on the real estate market—18 days less than typical pre-2020 levels

What Low Inventory Means for Sellers

If you’re selling a home, low inventory means less competition! So if your home is in a great location or has features that buyers want, you can probably expect to see multiple offers coming your way.

Inflation Continues to Slow Down!

Price growth in the United States cooled in December as the economy continued to show signs of weakening. Inflation landed at 6.5% a decrease from the 7.1% seen in November. On a month-to-month basis, inflation fell by 0.1% in December, in line with analysts expectations.

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Mortgage Refinancing In Demand!

Mortgage refinance demand surges, as homeowners take advantage of lower interest rates!

Thinking of refinancing your mortgage? This is the best time!

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10863 29 P St. SW, Dickinson, ND 58601

This property is in one of the best locations in the Bakken! This features high quality +/- 14,200 SQ FT Shop On +/- 3.38 fenced Acres In Dickinson. This also features 3 Office Spaces, a reception room, a break room, File/Storage Room, and so much more!

2215 8th street west, Dickinson, ND

🔑 This rare find in the sought-after States Addition neighborhood is on the market! Boasting five bedrooms, three bathrooms, and a large finished basement; this ranch-style home has ample space for any occasion. A manicured lawn, fenced backyard, and large three-car garage make this home perfect for year-round fun. It is located only a quarter mile from the West River Rec Center and is within walking distance to fantastic public schools. Check this out now, it will not last long! 

Tune in to learn more from Erik Peterson on Williston Trending News Live as he speaks on the updates on commercial real estate in the Bakken.

Learn more about the current updates of the real estate market in the Bakken on Williston Trending Topics News Radio Live every tuesday at 8 am. Click on the photo above to watch his most recent interview!

Source: Schlumberger

It's earnings season and once again, the energy sector is leading the pack. With expected growth of 59.3% for the quarter, it has far outperformed the S&P 500 with its decline of -4.6%. Virtually all energy companies that have released their fourth quarter results have exceeded Wall Street's expectations.

The energy sector has seen a boost from higher year-over-year oil prices. The average price of oil in Q4 2022 was $82.64, 7% above the average price for oil in Q4 2021 of $77.10. This is helping drive the sector's impressive revenue growth rate of 10.7% compared to the S&P 500's 3.7%. Additionally, the sector's net profit margin of 13.4% is fourth highest among all 11 sectors and higher than the S&P 500 average of 11.4%.

One company doing particularly well is Schlumberger Ltd (NYSE: SLB). The oilfield services giant reported fourth-quarter revenue of $7.9 billion, a 5% sequential increase and 27% year-on-year. GAAP EPS of $0.74 increased 17% sequentially and 76% year over year, while EPS excluding charges and credits increased 13% sequentially and 73% year over year. The company beat consensus estimates for both earnings and revenue growth.

Despite these strong results, Schlumberger stock has been sliding since Friday's report. But FactSet says this trend is across the market, with companies that have reported positive earnings surprises seeing an average price decrease of -0.2%. This is much lower than the 5-year average price increase of +0.9% during this same window for companies reporting positive earnings.

Companies that reported negative earnings for Q4 2022 have seen their stocks take an average hit of -2.5% in a two-day time period surrounding the release. This trend is likely due to the energy sector's downward revision in revenue growth estimates, from 12.4% to 10.7%. Significant downward revisions to revenue estimates for firms such as Phillips 66, Chevron and Marathon Petroleum have been major contributors to the decrease of the sector’s overall revenue growth rate since December 31st.

Despite this, Wall Street has reacted positively to Schlumberger (SLB): analyst Kurt Hallead has issued Buy ratings on SLB and Halliburton Company (HAL) with respective price targets of $65 and $50; promising 13.3% and 22.9% upside respectively based on increased exploration and production spending on international and offshore projects in the intermediate term, alongside their long-term roles in energy transition. Hallead has also issued Buy ratings for Baker Hughes (BKR), Cactus Inc.(WHD), Noble Corp.(NE), NOV Inc.(NOV), Oceaneering International (OII), TechnipFMC Plc (FTI), Transocean Ltd (RIG) & Valaris Ltd (VAL). Hold ratings were given for Helmerich & Payne Inc.(HP), Nabors Industries Ltd.(NBR) Patterson-UTI Energy(PTEN) & ProPetro Holding Corp.(PUMP).

Over this earnings season, oil majors like Exxon Mobil Corporation(XOM) and Chevron Corporation(CVX) are expected to show huge bottom line growth with analysts forecasting an EPS of $3.18(XOM)-55.1% Y/Y increase & $4.27(CVX)-66.8% Y/Y growth respectively while Halliburton Company is likely to report an EPS of $0.67 vs last year’s quarter at $0.36 & Hess Corporation(HES) is expected to report an EPS of $1.71-100% Y/Y growth although Jefferies Financial Group analyst L Byrne believes it could be higher at $1.75 but even that would mean a downgrade from his previous estimate of $2.15

Link: https://oilprice.com/Energy/Energy-General/Oilfield-Services-Shine-As-Energy-Earnings-Lift-Off.html

There has been a lot of talk in the media about mortgage rates, so we want to make sure you understand the recent developments and what it means for you. In just a few months in 2022, mortgage rates more than doubled, jumping from less than 3% to well over 7%. Essentially the emergency brake was pulled on the housing market. However, the markets are resilient and mortgage rates have recently retreated and are now at their lowest levels since September, giving anxious homebuyers an opportunity to lock in more attractive rates and increase their purchasing power. 

Low-interest rates are a great opportunity to refinance your mortgage and save more money over the life of the loan. Refinancing can help you pay off your mortgage faster, reduce the amount of interest you pay, and even lower your monthly payments. But it’s important to understand how refinancing works and when it’s the best option for you. Let’s take a look at what you need to know about refinancing. 

When Is It Best To Refinance? 

When it comes to refinancing your mortgage, timing is everything.

If you have an adjustable-rate mortgage (ARM) or a higher-than-market interest rate on your fixed-rate loan, it may be beneficial to look into refinancing. Additionally, if you plan to stay in your home for many years and want to reduce your monthly payments, refinancing into a longer-term loan can be advantageous. 

It may also be beneficial to refinance if you want to consolidate debt or take out cash from the equity in your home. Refinancing could make more sense than taking out a second mortgage or a home equity line of credit (HELOC). Keep in mind, though, that refinancing is not always the best option.

Why Refinancing makes sense today? And why it is the best time to lock in that dream property.

Mortgage Rates are at their lowest since September 2022. 

According to an article from CNBC, Last week saw the lowest 30-year mortgage rate in 18 weeks – a record 6.15%. Thanks to this dip, potential homebuyers who had put their dreams on pause due to high mortgage interest rates may now find relief and renewed hope.

The Federal Housing Finance Agency (FHFA) has brought more good news with changes to its fee structure that will reduce loan costs for certain borrowers while increasing it for others, starting May 1, 2023.

On top of this, average home prices in the U.S., as reported by Redfin, have been gradually decreasing since peaking in May 2022.

With lower mortgage rates and upcoming fee changes, now is a great time to reconsider any plans you’ve put on hold and determine if this is the right moment to buy a house!

Here are Factors To Consider When Refinancing 

In addition to understanding when it’s best to refinance, there are several factors that should be considered before taking out a new loan. These include closing costs (which can range from 2% - 5% of the loan amount), additional fees associated with refinancing (such as loan origination fees, appraisal fees or title insurance fees), and whether or not you plan on staying in your home long enough for the total savings from refinancing outweigh any associated costs. 

The Benefits Of Refinancing During A Low-Rate Period 

Refinancing during a low-rate period offers several benefits, including reducing monthly payments and potentially paying off your mortgage faster by extending the length of the loan term. Additionally, if you haven't been able to build up much equity in your home due to making smaller payments each month under an ARM loan, refinancing into a fixed-rate loan can allow you to make larger payments toward building equity while still keeping your monthly payments manageable.

Bottomline.

Recent weeks have seen a drop in mortgage rates, which could result in more affordable future payments. Changes are coming to conventional loans in the form of modified fees may save you money or add extra expense depending on your situation. If you're currently in the process of buying a home, make sure you speak with your lender to discover exactly how these changes will affect you.

Refinancing during low-rate periods is an ideal way for homeowners to save on mortgage payments and build equity more quickly. It is important to research all available options carefully before deciding if refinancing is the right financial move for the future. Factors such as closing costs and additional fees should be taken into consideration in order to determine if a good deal is being made. Our team of over 20 professionals is available to help with any real estate needs, whether you're a first-time home buyer or an experienced buyer wishing to upgrade. Get in touch with us today to get started!