Big changes happening in local real estate

By Kevin Wetherell

Clearwater Montana Properties, Inc.

The effect of rising interest rates

Mortgage rates have more than doubled this year, as 30-year mortgage rates have risen from below 3% last year, to near 7% presently. As a result, the number of homes sold in Seeley Lake has dropped 30% over last year at this time. Although the number of homes currently on the market in Seeley Lake has risen to 16, most are no longer selling quickly as they have in the past. Looking at homes currently on the market, the average is 160 days on market, nearly 5.5 months. Although the number of months of hou...

 

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