A lot of interesting developments have taken place in our local real estate market lately, and today I’d like to break down a few important trends. If you’re thinking of buying or selling this year, being aware of what’s going on is key.
One of the most alarming trends I’ve observed is the increased number of “sale fails.” In other words, there have been a lot of transactions falling apart during escrow this year. This is perhaps due to the fact that lending standards aren’t quite as strict as they should be.
Price reductions have also become more common. This, in combination with the fact that homes are taking longer to sell in general, is definitely a sign of a shifting market.
"There’s a lot of frustration circulating among people in our Missoula market."
Therefore, even though interest rates are still very low, there’s a lot of frustration circulating among people in our Missoula market—especially buyers.
Because of this, many are choosing to relocate to Ravalli County, where taxes are lower and you can get more bang for your buck when buying a home.
So what should you do if you’re a seller? Well, I’d love to speak to you if you have questions about how to approach this market.
And if you’re a buyer, I’d get out into the market as soon as possible. If you need someone to help you navigate today’s conditions, my team and I would be happy to help.
If you have any other questions, would like more information, or want to know how we can help you buy or sell a home, feel free to give us a call or send us an email. We look forward to hearing from you soon.