We can comfortably consider the first quarter to have been a good start for residential real estate in 2017. There was certainly plenty to worry over when the year began. Aside from new national leadership in Washington, DC, and the policy shifts that can occur during such transitions, there was also the matter of continuous low housing supply, steadily rising mortgage rates and ever-increasing home prices. Nevertheless, sales have held their own in year-over-year comparisons and should improve during the busiest months of the real estate sales cycle.
The U.S. economy has improved for several quarters in a row, which has helped wage growth and retail consumption increase in year-over-year comparisons. Couple that with an unemployment rate that has been holding steady or dropping both nationally and in many localities, and consumer confidence is on the rise. As the economy improves, home sales tend to go up. It isn't much more complex than that right now. Rising mortgage rates could slow growth eventually, but rate increases should be thought of as little more than a byproduct of a stronger economy and stronger demand.
Property listings entered into The Big Sky Country Multiple Listing Service (BSC MLS) database are intended to be used for informational purposes to inform other real estate professionals, who will then inform their clients and customers. The MLS is not a vehicle for selling a listing to a consumer by positioning it for greater appeal. It is an information exchange for and between professionals. Sellers benefit by increased exposure to their property. Buyers benefit because they can obtain information about all MLS-listed properties while working with only one broker. With the MLS in place, buyers and sellers can work with the professional of their choice, confident that they have access to the largest pool of properties for sale in the marketplace.