The Good Land In Big Sky Country

May 21, 2010 by srgproperty
Filed under: real estate investor

Montana land may not rise as much as that in other states, but it certainly doesn’t crash like those of other states, either. Thus the recent oversupply of housing across Montana should be a temporary affair, even if it’s expected to last for a few years more as a result of the wider national recession. Again, Montana does not suffer as harshly as states like Florida and Nevada. After all, Montana never had a really hot real estate market in the first place, so residential realty is still more or less balanced between supply and demand, and no sudden population spikes are expected anytime at all.

And commercial real estate in Montana appears to follow a pattern different only in that it is even steadier, all things considered. Federal assistance money has been welcome but it isn’t clear whether such an action will be enough to turn back the tide of economic turmoil. However, this money, to the tune of awards up to eight thousand dollars in tax credits for first-time homebuyers, has Montana realtors a little busier than usual. They have been able to report a slight upturn in activity such as home showings and contracts, but no one expects to see the same levels of business as that of previous years. It all remains to be seen what happens once the program expires in November.

Slow growth is anticipated over the next decade in Montana. The National Association of Realtors has noted that in 2009 median value for existing single-family homes nationwide is 15.5% below that of the previous year. Though nowhere near as dramatically as other places, Montana prices have also been dropping, reflecting to a large degree the wider economy today. Yet Montana realty has not undergone the sort of speculative investment bubble so ruinous to the likes of Nevada and Florida. After all, bubbles occur when prices bear no relation to the market realities of supply and demand, but Montana realities have been fairly stable since the state simply never had much of a shortage of property.

It should be noted that residents of “Big Sky Country” are generally fairly satisfied with their lives. While this factoid in and of itself may not seem to have any direct bearings on the real estate business, a happy populace certainly won’t hurt your investment! Indeed, the prevailing mood of an area should be a useful sign, when considered in combination with others, that is helpful when deliberating real estate decisions. Land is good in Big Sky Country, recession or depression. Happy citizens make for desirable locales, whether for leisure or residence.

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