And just like that, another year has come and gone. As we look back on this past year, one theme has become very apparent: with market uncertainty and rising mortgage rates, our clients have leaned heavily on the Revel team, looking for advice and guidance. While we don’t have a crystal ball, we do have stats, data, and oftentimes, a good gut instinct, to counsel our clients. As we look ahead to 2023, here are three real estate trends we’re anticipating:
Stabilizing Mortgage Rates
As inflation stabilizes, so, too, should mortgage rates. With early signs of inflation easing, forecasters are calling for moderate flattening of mortgage rates; however, where they will land is still up for discussion. Right now, experts are forecasting between 5.5% – 6.5%.
Equalizing Housing Prices
Flathead County Average Sales Price peaked this June, at $1,022,776. While it has stabilized since then (averaging at $793,999 between June – Nov, a 33% increase from the same period in 2020). We don’t anticipate a steep decline in the new year, instead, prices have been reset at this new, higher level.
Quarterly data shown – All data from the Montana Regional MLS
Continued Quality of Life
As we’ve seen over the past few years, safety, security and endless recreation have put Western Montana on the map. For those intent on this lifestyle, mortgage rates and home prices might as well be a moot point. If you have property you’re considering selling, now is the time to begin discussing a sales strategy. Give us a call or shoot us a note and let’s put your 2023 goals into action.
