The start of the year ushered in a wave of good news about a hot stock market, higher wages and an active home sales environment. At the same time, housing prices have continued to rise, and the low inventory situation and affordability crunch has been particularly hard on first-time buyers struggling to get into the market. Nevertheless, buyer activity is easily outpacing seller activity in much of the country, culminating in relatively quick sales and low supply. Demand definitely remained strong this month.
Unemployment has reached pre-recession levels, and Americans remain optimistic about finding quality employment. This matters because job growth and higher paychecks fuel home purchases. Unfortunately, that won't matter for potential buyers if price appreciation outpaces income growth and if mortgage rates continue their upward trend. Sellers are getting a generous number of offers in this market. The worry for sellers then becomes that there will not be a generous number of homes to choose from when they become buyers.
GAR has over 1000 members from all across the Southwest Montana region. Our members have a variety of real estate specialties, including appraisal, commercial development, farm and ranch, residential, recreational land, and resort properties. We also offer affiliate membership to a variety of related industries like banking institutions, title and escrow, home inspection, photography, construction, restoration, insurance, and communications. REALTORS® represent the best of the real estate industry and abide by a Code of Ethics and Standards of Practice enforced by the National Association of REALTORS®. As one of Gallatin County’s largest business organizations, the Gallatin Association of REALTORS® is proud to serve as the voice of this organization of exceptional professionals.