How was the Real Estate Market in 2021?
by Guest article by Alice Hayes/Team Hayes Realtors
January 23, 2022
1/1/2021 - 12/31/2021 Real Estate Figures were:
253 Residential SALES:
169 Libby; 64 Troy; 20 Yaak
184 Land SALES:
90 Libby; 76 Troy; 18 Yaak
15 Comm/Multi-Family SALES:
10 Libby; 3 Troy; 2 Yaak
42 Residential PENDING:
30 Libby; 9 Troy; 3 Yaak
24 Land PENDING:
14 Libby; 8 Troy; 2 Yaak
2 Comm/Multi-Family PENDING:
1 Libby
27 Residential ACTIVES:
16 Libby; 9 Troy; 2 Yaak
49 Land ACTIVES:
27 in Libby; 15 in Troy; 7 in Yaak
8 Comm/Multi-Fam ACTIVES:
6 Libby; 2 Troy; 0 Yaak
Interest rates are Truly Amazing! Now could be a great time to purchase.
As of 12/31/2021 - Conforming & FHA Loans:
Per Quicken
30-Year Fixed: Interest/2.875%; APR/3.843%
15-Year Fixed: Interest/2.625%; APR/3.043%
The buying and selling landscape has changed - and still continues to change.
- We are still in a "Seller’s Market" and ‘low-ball offers’ and taking plenty of time to make up your mind is no longer the case.
- If a buyer is serious about making a purchase - they need to be ready - really, really ready.
- If they have a home to sell, that process needs to already be completed and/or the sale must be very close to closing.
- If you will need to obtain a loan in order to purchase. You will need to have been prequalified and have your pre-qualification document in your hand.
- And then there is the very real possibility of Multi-Offers on the place you wish to purchase. With Low Inventory, Historically Low Interest, and Multiple Buyers - folks are sometimes missing out on the places they wish to buy.
- Delays will inevitably happen. Title companies, lending institutions, and appraisers are overwhelmed and delays are happening.
- We are hoping transactions will run smoother in the New Year - and there is a lot more inventory to choose from.
2021 has been a super busy year - and with the ‘rush to buy’ in Montana - our Inventory of Listings is at an all-time low! We are looking for listings to share with our Buyers. If you have considered selling your home, we would like to visit with you and give you some ideas of how we can help. And you never know - we just might have a very qualified buyer or buyers ‘waiting in the wings’!
TEAM HAYES REALTORS LLC
Contact us for more information:
OFFICE #: 406-293-2725
Alice: 406-293-8364, alice@alicehayes.com
Jim: 406-293-1926, jim@alicehayes.com
www.teamhayesrealtors.com
417 Mineral Ave Ste 1 in the Mineral Plaza, Libby, Montana
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