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Nationally and At Home In Bozeman: Building Rates Accelerate

by Tim Hart

At Home In BozemanBuilders breaking ground so far in 2013 are moving at a pace not seen since 2008! Experts are predicting a promising year ahead on the wave of late 2012 & first month solid numbers for 2013. Housing starts soared at 12.1% for December. The majority of the jump was attributed to a 20.3% increase in multi-family construction but even looking at single-family home starts, they rose 8.1% in that same month.

"With inventories of new homes at razor thin levels, builders are moving prudently to break ground on new construction ahead of the spring buying season to meet increasing demand," says Barry Rutenberg, chairman of the National Association of Home Builders. (http://realtormag.realtor.org/daily)

The best indicator for future markets, permits for future home building, rose in December as well proving this trend is set to continue for at least the foreseeable future!

Here at Bozeman Montana Real Estate, we have, in January alone, written five contracts on new construction pre-solds! Call us today (406.570.5730) to find out how we do business and if right now it is the time for you to explore getting into the possibility of buying a newly constructed and customized home!

 ATHOMEINBOZEMAN
 

 

Trending News, Apartment Rents Rising! What does this mean for the Real Estate World?

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Apartment rents in the U.S. climbed the most in almost five years in the second quarter as shrinking vacancies allowed landlords to charge more, Reis Inc. (REIS) said. This is positive news for the markets that have been struggling.

Supply Side: For the past year, new construction has been ‘quite weak by historical standards.’ But construction of both rental units and new home building are now seeing an upturn. It is estimated that next year, 150,000-200,000 new units will be completed in 79 metropolitan markets. Confidence in new construction is rising!

Demand Side: Demand for rentals jumped during the real estate slump due to insufficient income, bad credit, and lack of confidence in real estate. The national apartment vacancy rate fell to 4.7% in the second quarter, the lowest since 2001. Confidence in real estate is rising!

 

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