February Flathead Valley Market Update
As we enter the final week of February, now is a great time to discuss the current real estate market in the Flathead Valley area. Spring is on the horizon and cabin fever has folks itching for something fresh and new. Luckily there seems to be an increase in inventory.
The last several months as we have plowed through winter, things have felt a little stagnant. Typical cold weather season means fewer new listings and prices that won’t seem to budge. They have remained high since the post-COVID boom and sellers aren’t wanting to lower their prices very quickly. Couple this with the fact that interest rates still sit around 7%. It makes sense that we are starting to build some inventory in our area.
We are on the cusp of a transition into a new season of spring. In Northwest Montana, this means that longer days, sunshine, and green grass are also right around the corner. It is sure to bring new energy into the market and create some motivation for both buyers and sellers. Once things start to pick up, we anticipate inventory will start moving quickly.
If you are waiting for a big drop in interest rates to buy, I suggest not waiting very long. Mortgage rate projections for quarter 4 are expected to average around 6.53 %. This is only a .43% decrease from the current average interest rate of 6.96%.
There are some other financing options available like mortgage buydowns, adjustable-rate mortgages, or first-time homebuyer’s programs. Let’s talk and figure out a plan to get you into a new home in 2025.
If you find a property or home you like, it is best to make a move!
Give us a call or email and we can get the process of finding your dream home started now!
Check out the MLS database for the most up-to-date listing information.