For residential real estate in 2017, the news has continued to provide a relative sense of calm for both buyers and sellers. The national unemployment rate registered in at 4.1 percent for October 2017, which means that joblessness has not been this low in the U.S. since December 2000. Another positive, mortgage rates have held steady at or near 3.9 percent. Historically, the average rate has been around 6.0 percent. These factors help to keep the pool of potential buyers full, even during the so-called off-season of home sales.
Although inventory levels are low in many markets, there has largely been enough listing and building activity, or at least conversation about future activity, to maintain a positive attitude about the prospects of buying or selling a home. Low affordability has started to become a recent topic of conversation and is worth watching. But with a healthy economy, level of demand and national unemployment rate, sellers are going to continue to see strong prices for their homes.
Property listings entered into The Big Sky Country Multiple Listing Service (BSC MLS) database are intended to be used for informational purposes to inform other real estate professionals, who will then inform their clients and customers. The MLS is not a vehicle for selling a listing to a consumer by positioning it for greater appeal. It is an information exchange for and between professionals. Sellers benefit by increased exposure to their property. Buyers benefit because they can obtain information about all MLS-listed properties while working with only one broker. With the MLS in place, buyers and sellers can work with the professional of their choice, confident that they have access to the largest pool of properties for sale in the marketplace.