Here’s a look at our October market and what it means for you.
In October, there were 171 homes for sale in all of Missoula County, and in Missoula proper, there were only 101 homes for sale. That is unbelievably low compared to previous years. For sellers, this is very good news, and for buyers, it’s frustrating.
In Ravalli County, there were 158 active homes, which is almost as much as Missoula County, though Ravalli has only a third of the population. The mean list price in Ravalli is $575,000, which is higher than Missoula County, and the median pending price is $419,000, which is lower than Missoula County. The average sold price over the last 12 months is around $340,000. Right now, the market is hopping. There’s a lot of confusion about whether this time of year is a good time to buy or sell, so today I’ll go over some reasons why selling right could be advantageous to sellers.
1. There’s less competition for buyers. Somewhere between 20% and 30% of people take their homes off the market this time of year, meaning you'll have to compete with fewer homes. That causes people to fight over the few homes that are on the market, which means your for-sale home could get a very good price.
2. Interest rates are at historic lows. Since many people didn’t put their houses on the market this year due to COVID, they likely will next year, meaning that interest rates could go up in 2021. Inventory will also likely increase, meaning that prices will go down. I don’t have a crystal ball to tell me how much prices will drop, but that could well be the case.
"Right now, the market is hopping."
3. Buyers are serious this time of year. If buyers are braving the weather and balancing holiday plans to go out looking for homes, they are probably serious about making a purchase.
4. Your home looks amazing during the holidays. Holiday decor and scents tend to appeal to peoples emotions and make them feel homey in your house, which can help entice them to make an offer.
5. This time of year has one of the highest percentages of list-to-sale price ratios. In short, that means homes tend to sell for more money this time of year. That has a lot to do with the competitiveness of the market.
6. You can restrict showings. If your concerns revolve around balancing showings with your holiday plans, know that you can restrict showing times to suit your needs, and people will understand.
7. Buyers have more time to look at properties. People have more time off at this point in the year, which means they can dedicate more time to looking for a home.
8. January is traditionally one of the biggest months for moving.
9. You can sell your home now and delay the closing. If you want to sell now for a high price, we can find you a buyer who is flexible enough to let you wait until the spring of next year to move.
10. There are fewer showings this time of year, but the ones you’ll have will be higher quality.
11. Corporate transferees can’t wait until the spring to buy a home. There’s a certain subset of people who need to buy a home in order to move for their work. Other people might be trying to buy a rental property for their kids who go to school. Others still might need to buy before the end of the year to take advantage of tax benefits.
As we face political and social division across the nation, just remember that our differences are what make us great. Stay safe (and sane) out there, and if we can help you in any way, don’t hesitate to reach out to us. We’d love to help you.