Issue link: https://www.e-digitaleditions.com/i/1461153
Great Falls Area Chamber of Commerce www.greatfallschamber.org 57 H O U S I N G 2022 Great Falls Housing Market Outlook T hose working in the real estate industry would tell you how crazy navigating transactions were in 2021 with low inventory, high list prices, and multiple offers over asking price to name a few of the factors. The pandemic left its mark on housing for sure. All across Montana you hear about the out-of-staters buying properties to escape the impacts the pandemic has had on everyone's lives. Folks are relocating because of the remote work trend or relocating without having a job to go to entrusting life is better somewhere else. Montana's way-of-life is intriguing and real estate is more affordable than where they moved from. Selling a property in one state and moving to another where you can buy a larger home for less money provides major motivation to take up a new residence. The housing market in Great Falls and North Central Montana looked like this January through October 2021 for Single Family Residences: What is the housing outlook for 2022? Dr. Lawrence Yun, Chief Economist of the National Association of REALTORS® (NAR), predicts more housing inventory to hit the market and the intense multiple offers will start to ease. Home prices will continue to rise but at a slower pace. He predicts mortgage rates will increase to 3.7% in coming months, a rise he attributes to persistent high inflation. Also, rising rents will place an upward pressure on inflation. An area to watch is the jobs market. According to Yun, since the lockdowns lifted 18 million jobs have been created, but are still behind by 4 million compared to pre-COVID levels. Depending on what Congress passes for legislation regarding President Biden's Build Back Better Plan, there is the potential for historic investment in affordable housing programs to include expanding the Low-Income Housing Tax Credits, and a new initiative, the Neighborhood Homes Investment Act. The challenge of housing affordability is just one of the many issues the Great Falls Association of REALTORS®, the Montana Association of REALTORS® and the National Association of REALTORS® are focused on locally, across the state and the nation to continue the mission of protecting private property rights, defending consumers and promoting the value of homeownership because that's who we "R". Terry Thompson, CEO Great Falls Association of REALTORS® | 401 13th Ave S, Great Falls, MT 59405 | www.gfar.realtor | 406-453-2752