Keep reading to learn the things to consider when buying a home in Big Sky this Fall! As the weather begins to cool, the real estate market will remain red-hot. This Ultimate Big Sky Fall Home Buyer’s Guide is your key to navigating this red-hot market!
Here’s a dive into some of the biggest wins for homebuyers this fall!
More homes are coming on the market
Earlier this year the homes available for sale reached an all-time low. In recent months the housing supply has started to trend up! This is great news for buyers craving more options!
Buying is more affordable than renting
According to data from realtor.com, median rental prices just reached their highest point ever
recorded. Let’s compare today’s median mortgage payment to the median rent.
According to the National Association of Realtors (NAR), the latest data on homes closed shows
the median monthly mortgage payment is $1,255. By contrast, the median national rent is $1,607
according to the most current data provided by realtor.com. That’s a difference
of $352 dollars each month!
If you’re a renter, it may be time to consider purchasing a home so you can lock in your housing
expenses for the life of your loan and avoid future increases.
Mortgage rates are still low
Last year, we saw the lowest mortgage interest rates in recorded history as they fell below 3% for
the first time ever. This season, they’re still incredibly low compared to the historic norm.
Today’s low mortgage rates help boost your purchasing power, but it’s unlikely they’ll last much
longer. Buying sooner rather than later is the best way to get more house for
Home prices are appreciating
Over the past year, we’ve seen home prices rise across the country. And according to expert
forecasts, that appreciation will continue through 2025.
If you’re looking for a home but are having a hard time buying one, stick with it! Today’s low mortgage rates are still in your favor, and as more houses become available, you’ll have more options to choose from. But act now as mortgage rates rise!
We hope you learned from this Big Sky Fall Home Buyer’s Guide. If you want to chat with us about why we love Big Sky feel free to reach out! You can find us on Instagram, Facebook, and at our contact page!