Dear clients and friends,
Things have been different for all of us as we adapt to the health crisis and life from 6 feet apart. Our thoughts are with everyone that has been touched by this pandemic. Our top priority remains our clients’ health and safety. We are so grateful to be in Montana where the impact has been significantly less compared to other states and nations.
As a plan to move forward unfolds, and we begin a staged approach to gradually and safely reopen our great state, we reflect on how quickly our communities were able to adapt. Despite the social distance, people were there to support each other, we ordered takeout from our favorite restaurants, we donated to local non-profits doing important work during this time, we thanked the essential workers for their sacrifice, and we took the time to connect virtually with the people we care about.
PureWest was also able to adjust efficiently, proving that real estate truly is an essential business. We were here to serve our clients through challenging circumstances and we will continue to do so.
The real estate market in Montana remains strong and steady. If anything, the desire to reside in a rural place has increased. Although there are some new rules of the road involved to ensure safety, buyers and sellers in the market today are more serious than ever and are actively making decisions now. Mortgage rates are at all time lows providing unprecedented opportunity. Housing inventory remains low, which is an ongoing challenge for active buyers.
As people become more familiar with the ability to work from home, we may continue to see an influx of professionals who can work remotely and live in paradise.
“Nationally, sales will pick up when the economy reopens as many potential home buyers and sellers indicate they’re still in the market or will be in a couple of months,” NAR Chief Economist Lawrence Yun said. “Home prices remain stable as deals continue to happen with the growing use of new technology tools. Remarkably, 10 percent of Realtors® report the same level or even more business activity now than before the economic lockdown.”
Some are wondering if the lasting effects of this pandemic will result in another housing crisis. This is not the case. The economy was strong before COVID-19 and economists believe it will recover quickly.
“This is not 2008. Today’s market conditions are far from the time when housing was a key factor that triggered a recession," a Keeping Current Matters article reads. "Rest assured, housing is not a catalyst that could spiral us back to that time or place.”
Through all of this, PureWest agents have been refining their tools. We have been staying on top of market activity, keeping in contact with clients and colleagues, and collaborating with our international affiliates on greater impacts across the world. Now, more than ever, we value our global network and the ability to share challenges and successes.
As the economy begins to recover and the light at the end of the tunnel brightens, we are more ready than ever to work with buyers and sellers to achieve their goals. We remain available to you, to answer your questions, discuss your future decisions, or even just to talk about how you are doing through this. Please reach out if there is anything we can help you with.
From your local Real Estate experts at PureWest Real Estate
From your local Real Estate experts at PureWest Real Estate
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