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August Gallatin Valley Home Statistics

by Tim Hart

Last month, we focused on activity in the Gallatin County for condo/townhomes. This month, we will highlight rising prices for all homes in the Gallatin County.

Here are a few stats

  • The average price of a single-family residence raised from $364,736 in 2013 to $402,370 currently, a $37,634 increase.
  • The median price also rose from $279,500 in 2013 to $295,000, a $15,500 increase.
  • The average price of a condo/townhome raised from $236,544 in 2013 to $282,109 currently, an increase of $45,565.
  • The median price of these homes also raised from $175,000 in 2013 to $200,000 currently, an increase of $25,000.

Summary – based on these consistent price increases for single-family residences, condominiums and townhomes, the 2014 market continues to improve the value of homes in the Gallatin Valley.

The Housing Market is Still a Great Investment

by Tim Hart

Still a Great Investment:

62% of Americans believe purchasing a home is a good investment and they think that trend will continue at least for the next ten years. Affordability is the primary factor for the 1,104 consumers polled by the Mortgage Index Study conducted on behalf of Bank of America. Of these, 62% percent are considering a home purchasing having visited a lender or using online tools to determine their affordable monthly mortgage payments. 74% said they will be using personal savings for their down payments.

Good news on the horizon this holiday season from the consumer’s point of view! 

Source: “Bank of America Survey: Consumers Cautious About Home Affordability,” Inman News (Dec. 8, 2011)

Fed Focuses On Real Estate

by Tim Hart

Ben Bernake, the Federal Reserve chairman, is considering buying more mortgage-backed securities to help the other fixes hoping to serve as a trickle down backbone for strengthening the rest of the economy. He comments: “The housing sector is a very important sector. Problems in that sector are a big reason why our economy’s not recovering more quickly.”

Economists believe that more people must buy homes to boost consumer purchases in other sectors (furniture, appliances, home repairs equipment) The housing market has led the economy out of recession in the past by creating jobs and increase both endurable and durable spending.

Although the housing market continues to be bogged down by a high rate of foreclosures, home sales rose 1.5% last month.

Source: realtor.com

Displaying blog entries 1-3 of 3