The National Association of Realtors just hosted their first ever Real Estate Summit in Washington D.C. The list of speakers was impressive as 6,000 real estate professionals from all over the country attended NAR’s Mid Year Meetings. Keynote speakers include Former Representative Harold Ford, Jr. (D-Tenn.); political commentator Patrick Buchanan; Dr. Robert Reich, former U.S. Secretary of Labor; Shaun Donovan, U.S. Secretary of Housing and Urban Development; Dr. Alan Greenspan, Former Chairman of the Federal Reserve Board; and Sheila Bair, Chairman of the Federal Deposit Insurance Corporation. The term “seeing the light at the end of the tunnel” was used a lot over the 5 day period and it seems as though agents were upbeat about their respective markets. The exception is the Mid-West where job losses continue to climb and unemployment is at record levels.
It appears that real estate markets across the country are showing signs of recovery with an increase in pending sales, many “multiple offer” situations, and a lot of lookers. The $8,000 First Time Home Buyer Tax Credit seems to be really helping to revitalize markets across the country. For information on the tax credit, click here.
Missoula’s real estate market is showing an increase in activity in the lower price range (under $250,000) and some sales in the $250-350 range. We are definitely seeing the light at the end of the tunnel. There hasn’t been a better time, in my opinion, to buy a home. Interest rates are at historic lows, under 5%, and combined with the tax credit and a strong inventory, it’s a buyer’s market.