Missoula County in Montana may be experiencing the worst foreclosure spell in its history, but in general, it can be said that the real estate market in Western Montana region is still looking up, unlike much of the country where the effects of the recession are largely felt.
In Western Montana, the price of real estate properties didn't fall as much as in other areas, where the owners owe more for their properties than the actual values. Good economic fundamentals coupled with the absence of overbuilding paved the way for stable home prices in the region.
Furthermore, first-time buyers seem to be more aggressive today more than ever when it comes to purchasing home properties in the area. Missoula realtors are seeing more and more young families looking for new homes, making it easier for the local real estate market to recover. This is because of the tax credits that the government has been giving. The $8000 tax credit for first-time home buyers was extended until April. That is already good enough to put more buyers in the market.
What's adding more positive vibes to the situation are the low interest rates. Lenders won't make it that easy for buyers, though, as they have already learned their lessons in the housing crash. Stricter requirements now demand credit scores from the potential home buyers. Easy money just isn't existent anymore, which is actually a good thing if you consider how everyone became too busy purchasing homes that they really cannot afford in the first place. The recession is actually the market's own way of correcting itself, and it's relieving to find out that the players are getting it.
All the information mentioned above plus recent reports indicating a lower unemployment rate suggests that Western Montana is really recovering from the recession already. Most of us will take that good news anyday.
