rental vacancies, although increasing quickly, remain below the national average. An increase in lot development could be tied to low inventory combined with increased demand, leaving buyers with fewer options. Many aspiring homeowners are deciding to build instead, and this will help fuel economic growth in 2014. Fewer building permits were issued in the city in 2013, but since multi-family development is growing, the available housing stock should keep pace with Missoula’s positive net migration. Homebuyers do have a few challenges. There is less distressed property on the market now, meaning fewer deals than
in years past. Mortgage interest rates have increased to 4.75 percent. The median home price has increased to $210,000, but less expensive property is available for savvy
buyers who keep a close eye on the market. Homeowners, on the other hand, should feel encouraged about the decrease in distressed property. Also, increased home
prices can mean more flexibility when it’s time to sell. And ultimately, both are a sign of a stronger economy. The number of foreclosures decreased in 2013. This is great
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