1. Be Prepared
Montana’s housing market is still very active. There are many cash buyers in the residential real estate market, but buyers with traditional mortgage financing can definitely compete if they are prepared. The first step on your homebuying checklist is prequalification—meeting with lenders and receiving approval for a home loan. Since interest rates are rising, it’s important to check back in with your lender as you shop for a home and update your prequalification often. During the prequalification process, your lender can also help you select from the down payment options available, allowing you to know exactly what your budget is before you begin looking at homes.
2. Take the Long View
Despite current inflation trends and higher home prices, residential real estate is an asset that typically grows in value over time. Your potential growth in household wealth over the next five years, based solely on the increase in your home’s equity, could be as much as $100,000. While some wonder if we’re headed for big changes in the housing market like we saw in 2008, it’s important to remember that lending standards were tightened as a result of that crash. While some market correction may occur, our current improved lending standards were designed to prevent what we experienced in the past.
3. More Houses for Sale in Montana
The best piece of good news for buyers is this simple fact: we’re seeing an increase in listing inventory. Whether you’re looking at luxury homes for sale in Montana or traditional residential real estate listings, home buyers have more options than they have seen in the recent past and more time to consider and assemble an offer.
Your local PureWest agent knows the market inside and out, and is poised to both move quickly on your behalf when the right property comes along and to make sure you don’t overpay for your home. Whichever corner of the state strikes you as the best place to live in Montana, PureWest is here to help you make your homebuying dreams a reality.
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