With the economy, and the housing market specifically, feeling so unsure throughout the last few years, it’s easy to understand a hesitation to purchase a home. Many people have had personal experience with a loss of value in their home, thereby putting them into a different financial place than expected. It is tough to stay positive and keep looking forward in times like this, and I certainly don’t think the tough times are over.
I do, however, believe that we are in recovery mode in Missoula, MT.
Currently, interest rates are at absolutely amazing levels, granting Buyers more purchasing power with the same amount of money. Also, when values decrease like they have, it makes it possible to purchase a home for less of a ticket price. We had not seen much decline in housing prices in Missoula during the years prior to the slump in the economy.
I guess the point I am trying to make is that equity and value are gained when the market changes – and that can happen when the market makes a change in either direction. It can certainly be hard to swallow, when we lose a large amount of equity in our home, and it is completely out of our control. But, there is a positive side to it, should you chose to partake.
It has been my current observation that many homes are listed at great prices, and are in great condition. There are a lot of homes on the market in Missoula, and it is imperative that the homes are priced competitively, and show competitively. If they do not, they generally will sit on the market without being shown and with no offers.
Above all, I think it is so important to remember to stay positive through all of this. Corny? Absolutely, but history tells us that the market will come back, both in housing and in the overall economy. The people that prevail are the ones that maintain a positive, yet realistic, outlook and make decisions based on the future, rather than dwelling in the past. There are good things coming – maybe sooner than any of us predict.