Across All Buyers, Millennials Have the Most Purchases (RISMedia)

Who’s driving the market? Millennials, according to the 2018 Home Buyer and Seller Generational Trends study, recently released by the National Association of REALTORS® (NAR). Millennials are accounting for 36 percent of purchases, ahead of baby boomers at 32 percent, Generation Xers at 26 percent, and the Silent Generation at 6 percent.

“REALTORS® throughout the country have noticed both the notable upturn in buyer interest from young adults over the past year, as well as mounting frustration once they begin actively searching for a home to buy,” says Lawrence Yun, chief economist at NAR, of the study. “Prices keep rising for the limited number of listings on the market they can afford, which is creating stark competition, speedy price growth and the need to save more in order to buy. These challenging market conditions have caused—and will continue to cause—many aspiring millennial buyers to continue renting unless more Gen Xers decide to sell, and entry-level home construction picks up significantly.”

Millennials are buying homes with higher values, but the same square footage: $220,000 for 1,800 square feet, versus last year’s $205,000 for the same size, reveals the study. They are close to family and friends, as well, and prefer to reside near them—an attribute in common with other generations.

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“The sense of community and wanting friends and family nearby is a major factor for many homebuyers of all ages,” Yun says. “Similar to Gen X buyers who have their parents living at home, millennial buyers with kids may seek the convenience of having family nearby to help raise their family.”

Additionally, 52 percent of the millennials in the study have at least one child—an indicator of the likelihood of a move—and another 52 percent purchased in the suburbs. Eighty-five percent purchased a single-family; just 2 percent went with a condominium.

“While there is an overall trend among households young and old to migrate towards urban areas, the very low production of new condos means there are few affordable options for buyers, especially millennials,” says Yun.

All generations enlisted a real estate professional for their transaction, according to the study. Ninety percent of millennials are most likely to purchase through a REALTOR®, with 75 percent believing they can educate them about the process. Ninety percent of millennials are most likely to list with a REALTOR®, as well, and at least 84 percent of every other generation partnered with a REALTOR®.

“Especially in today’s fast-moving housing market, consumers of all ages want a REALTOR® to guide them through the exhilarating, yet nerve-wracking experience of buying or selling a home,” says NAR President Elizabeth Mendenhall. Read complete RISMedia article.

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Local Values And Global Experiences

A world traveler, fly fisherman, golfer, explorer and successful Real Estate Professional, we are proud to introduce Patrick Hanes.  Patrick began his real estate career nearly 30 years ago in Hawaii representing “properties in paradise” much as he is doing today in NW Montana. Since that time has had the privilege of working with developers and clients from all over the world.   I have worked in several countries including Dubai, South Africa, Thailand and Mexico.  The most memorable was the time I spent in Dubai working for the largest real estate developer on the iconic Palm Jumeirah.  I witnessed the early construction of this fantastic island development and ultimately found myself living in one of the “Palm” residences.  Truly amazing.” Patrick and his wife Cheryl have now been residents of Bigfork for over 17 years and are avid supporters of the Bigfork Art and Cultural Center with Cheryl serving as the Executive Director. When you meet Patrick you immediately see the appreciation he has for Montana and we wanted to know among all the places he has seen and lived in why he ended up in Montana? “The world is becoming increasingly crowded, complex and environmentally compromised. However, Montana still offers clean air, clean water, wide open spaces and a simple and fulfilling quality of life. Sharing the beauty of Montana and offering clients the opportunity to enjoy this quality of life makes my job a pleasure.” In the summer of 2017 Patrick had the privilege of representing Sentinel Pine, a sprawling Montana estate. This 30 acre, waterfront property was shared with a worldwide and affluent audience as Mansion Globals “Listing Of The Day”.   “Representing the sellers of the Sentinel Pine property on Swan Lake has been very special. The estate has been in the same family for over 73 years and is truly a one of a kind property in our area. Although we successfully closed on a portion of the property I am looking forward to working with the spectacular remaining parcel.” Many of us know that right now it is a seller’s market, and the Flathead Valley saw historic residential sales in 2017. So, we asked Patrick what advice he would give to someone who is considering putting their Montana property up for sale? “Simple. Ask yourself, should I list with a local/regional brokerage or a brokerage with a massive global marketing outreach with over 20,000 agents worldwide? Go with the group that offers you the best chance of selling your property and telling its unique story across the globe.” To learn more about Patrick Hanes and his current listings please visit glaciersir.com or click here.

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KRMC Named One of America’s Top 100 Hospitals (Daily Inter Lake)

Kalispell Regional Medical Center was named one of “America’s Top 100 Hospitals” on Monday by IBM Watson Health, a health technology company that recognizes the nation’s hospitals which best combine excellent patient care with efficient business practices.

Kalispell Regional Medical Center was one of 20 hospitals named in the “medium community hospital” category and is the only hospital in Montana honored this year.

The top 100 list, released annually since 1993, independently evaluates 2,740 nonfederal hospitals using publicly available data on organizational efficiency, clinical outcomes and patient satisfaction. IBM Watson Health identifies top hospitals as ones that outperform others along several metrics, including: better survival rates, lower rates of complications or infections, shorter patient stay, shorter emergency department wait times, lower in-patient expenses, higher overall profit margins and higher patient satisfaction.

This is the first time that the medical center has achieved this distinction. According to the IBM Watson Health announcement, the top 100 hospitals do not submit their names to be considered for the honor and do not pay to publicize it.

Read complete Daily Inter Lake article here.

 

 

 

 

 

 

Conveniently located within 5 miles of Kalispell Regional Medical Center and recipient of the 2015 Best Craftsmanship Award, this stunning home offers a spacious main level, gourmet kitchen, and state of the art low maintenance, ozone purification pool & sauna. Learn more!

Search all available properties within 5 miles of Kalispell Regional Medical Center.

A Let-Up On Real Estate Prices? Some Trends To Watch

Will housing market prices continue to increase or will we start to see them level out? 2017 was an exciting year for real estate and many are wondering if the top dollar buzz is going to continue.

According to a recent RISMedia article, new research from HouseCanary, indicates the markets are now stabilizing.

“Although the housing market is still strong, with home prices still increasing in many markets, there is clear evidence of a considerable deceleration in the pace of those price increases,” says Alex Villacorta, executive vice president of Analytics for HouseCanary. “The rapid price growth in high-end and luxury markets seems to have stagnated as affordability continues to put downward pressure on home price appreciation.”

What factors are fueling the trend? The demand/supply dynamic, for one. Buyers are out in droves, but inventory is lacking. The imbalance is pressuring prices—and affordability is suffering, in turn.

Affordability is also impacted by mortgage rates, which is anticipated to land in the neighborhood of 4.75 percent by this time next year—a change that could deter homeowners with lower rates from selling, exacerbating inventory issues. The average 30-year, fixed mortgage rate has been on an uptick since the start of 2018.

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The Tax Cuts and Jobs Act could have an effect on housing, as well, though how it could help or hurt the market is unclear.

The ever-changing mortgage rates & tax reforms buyers & sellers are faced with are just a few reasons why individuals should utilize an experienced Real Estate Professional. Please contact us today to schedule your complimentary consultation so you can be certain you are making the best decision for you and your family.

To read the complete RISMedia article please click here.

Need a trusted Real Estate Professional? Click here to be connected to our Glacier Sotheby’s International Realty team!

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You must see this charming log home with breathtaking mountain views just minutes to Bigfork & the Swan River nature trail; which is a great place to walk or bike ride to town. The expansive floor to ceiling windows frame the mountains, Swan Valley, & even Swan Lake. Remodeled kitchen, main floor master and loft/office. Even a new roof. Lower walk-out has 2 additional bedrooms. Sitting on the deck and taking in the setting is magical. This has a feeling of being ‘off the grid’ yet minutes from town. Swan Hill has a road HOA & year round access. The private road taking you to this special retreat winds through the woods & opens to the amazing views. Seller is aware that the acreage around needs a little parking out which would allow extra room for a shop or a garden. Priced to sell!