The Missoula Real Estate Guide features thousands of pages of the very latest real estate listings and homes for sale in Missoula and Western Montana
by Mindy & Steve Palmer. Not your ordinary Missoula real estate agents.

The Missoula Real Estate Blog

A fantastic afternoon and evening celebrating with all the other Best of Missoula winners and finalists in Caras Park in Downtown Missoula. Always a good time to see old friends and make new ones. It’s even more fun when you are one of the winners.

 
Click an image to see hi-res images.

 

Best of Missoual logo, 2011
Mindy Palmer’s eye-catching ads feature the black-clad real estate agent sporting high tops and big black sunglasses. She’s clearly one of the most stylish real estate agents around. She’s also one of the best versed when it comes to what’s going on with the local housing market. On demand, the quirky agent is prepared to produce reams of data documenting price and sale trends, neighborhood by neighborhood. She also knows how to help with financing tips, and, if you’re selling, how to spruce up the curb appeal for a quicker sale. In an often finicky housing market, an expert like Palmer makes all the difference in the world.

 

First Place: Mindy Palmer, Prudential Montana Real Estate.

 

Best of Missoula Readers Poll, Missoula Independent, July 7, 2011

Cover Page, 2011 Missoula Housing ReportThe housing downturn of the past several years may qualify as one of the most confounding economic events in US history. It seems that most forecasts issued by economists and housing ex-perts proved wrong.The housing downturn of the past several years may qualify as one of the most confounding economic events in US history. It seems that most forecasts issued by economists and housing experts proved wrong.

Events of 2010 illustrate the string of mistakes:

 

As 2010 dawned, expert consensus held that the year would be one of increased home sales in the US, with median price holding or possibly increasing. Result: fewer home sales and lower median price.

 

At the year’s outset, expert consensus held that mortgage rates would stay level or increase. Result: Mortgage rates went lower through most of the year, before trending up at year end.

 

In last year’s report, we cited a prediction by the National Association of Home Builders’ senior economist that new home sales in 2010 would increase by 25% over their 2009 total. Result: new home sales dropped by 14%.

 

At the local level, our outlook in last year’s Housing Report fared only a little better than the national experts’ fore-casting. We observed, for example, that home prices, except at the top-most ranges, appear to have bottomed. Result: median home price once again declined.

 

So we approach this year’s Conclusion and Outlook with perhaps more caution than in the past.

 

Nonetheless, we again will assert our belief that housing prices in the Missoula market have bottomed or, more precisely, that they will have bottomed by year-end 2011. Also, with somewhat more confidence, we believe our market will experience a gain in the number of existing home sales – with the important caveat that our greater confidence stems in part from anticipating a greater number of foreclosure and short sales.

 

Mortgage rates can with somewhat more confidence be predicted to increase in 2011, resulting from a number of trends that include an uptick in the US inflation rate, stricter mortgage loan standards, and increased costs of meeting the regulatory require-ments of recently enacted legislation, such as the Dodd-Frank Act and the Real Estate Settlement Procedures Act.

 

If we do experience this 1-2-3 punch in 2011, median sales prices would be very unlikely to increase, and rather more likely decline for the fourth year in a row.

 

Nationally, further price declines are forecast by many expert observers, some of whom have shifted in the first months of 2011 from seeing a housing market poised for a recovery to forecasting a renewed downward drift. This looks like a double-dip [in hous-ing] is pretty much on the way, if not already here, according to Standard & Poor’s executive David Blitzer. Joining the chorus, Wells Fargo & Co. projects home prices will drop 8% in 2011’s first half, consistent with other analysts’ expectations that home prices will decline 5% to 10% by mid-year or late summer.

 

Such a decline, were it to occur, would contribute to affordability gains, as it has for the past three years. However, affordability is threatened by a February 2011 report by the Obama administra-tion on redesigning the government’s role in housing finance. Each of three alternative ideas for dissolving Fannie Mae and Freddie Mac would raise the cost of mortgage loans and push homeownership beyond the reach of some families.

 

As for rents, affordability gains in 2011 are also unlikely in our local market. The real estate market in Montana typically lags that of the US by about a year, and nationwide rents spiked significantly in 2010, owing mostly to additional demand by 1) former home-owners who were foreclosed or who walked away from underwater mortgages and 2) would-be homeowners who can’t meet the stricter standards of today’s mortgage loans.

 

A ray of hope in local rent affordability is offered by the significant 2010 increase in multi-family building permits issued. It’s unlikely, though, that apartments will be constructed and offered at a pace that will boost supply enough to measurably reduce rental costs in 2011.

 

The national affordability outlook in State of the Nation’s Housing for 2010 is equally unenthusiastic, noting that, with federal budget deficits looming, the resources necessary to make a noticeable dent in the nation’s widespread housing affordability problems are unlikely to appear anytime soon.

 

Given this cavalcade of dreary assessments for 2011, it wouldn’t be unreasonable to hope that expert consensus will be just as consistently incorrect now as it was in last year’s forecasts.

 

But we do have at least a little substance, not just hope, on which to pin our prospects for the near future. For example, US demographics in the next decade or so will powerfully increase housing demand. The baby boom generation is reaching senior and retired and empty-nest status by some ten thousand every day, strengthening demand for senior housing.

 

Meanwhile, the generation of boomer offspring – the echo boom – is even larger than the baby boom contingent and will create a strong demand for housing for at least the next 15 years.

 

Locally, the climate for growth has improved significantly, according to Pat Barkey, an economist and director of the University of Montana’s Bureau of Business and Economic Research. Two years have elapsed since the recession’s lowest point, and families and businesses are starting to adjust, and both are now positioned to spend more.

 

In our local community, we have other conditions working in our favor. For the most part, we continue to have escaped the full extent of harmful impacts of the housing downturn experienced across the country. We also enjoy a diverse econ-omy, ranging from a renowned university to natural resources production to nearby scenic attractions that draw national and international travelers. And we are a historically resilient population that bands together more tightly when adversity strikes. These qualities will prove decisive in overcoming today’s unprecedented challenges.

 

Download the 2011 Missoula Housing Report

Prudential President's Circle logoWe’ve just been notified that we have received the 2010 Prudential President’s Circle Award, given to agent team who rank among the top agent teams in the entire Prudential real estate network. Go Team Palmer! 

Sold Properties (26)

AddressTypeSold DateRepresented
5635 Fairview Ln
Florence, MT
Single-family Home12/10/2010Buyer
3900 Fox Farm Rd
Missoula, MT
Single-family Home12/8/2010Buyer
2724 Dublin St
Missoula, MT
Single-family Home11/23/2010Buyer
12670 Conestoga Way
Lolo, MT
Single-family Home11/18/2010Seller
629 Diamond Ridge Lp
Florence, MT
Manufactured Home11/12/2010Seller
807 Worden Ave, #3
Missoula, MT
Condominium10/15/2010Buyer
2245 Dearborn Ave
Missoula, MT
Single-family Home9/24/2010Seller
300 Connell Ave
Missoula, MT
Single-family Home9/16/2010Seller
792 S Water St
Darby, MT
Single-family Home9/9/2010Seller
Lot 1 Lorraine Dr
Missoula, MT
Land9/3/2010Buyer
113 Willow Ridge Ct
Missoula, MT
Townhome8/18/2010Seller
714 Howell St
Missoula, MT
Duplex8/16/2010Seller
3475 Mountain Dr
Milltown, MT
Single-family Home8/3/2010Buyer
117 Parker Ct
Missoula, MT
Single-family Home7/12/2010Seller
5105 Village View Way, #8
Missoula, MT
Condominium7/9/2010Seller
4022 S 3rd St W
Missoula, MT
Single-family Home6/30/2010Buyer
111 North Ave W
Missoula, MT
Single-family Home6/29/2010Seller
2320 Hillview Ct
Missoula, MT
Single-family Home6/3/2010Seller
220 Forest Park Way
Stevensville, MT
Single-family Home5/18/2010Buyer
5608 Longview Dr
Missoula, MT
Single-family Home5/14/2010Seller
5113 Old Hwy 10 W
Alberton, MT
Single-family Home5/14/2010Seller
525 Reality Dr
Florence, MT
Single-family Home4/28/2010Seller
6400 Rock Rose Ln
Florence, MT
Single-family Home4/12/2010Seller
704 Stoddard St
Missoula, MT
Single-family Home3/31/2010Seller
331 Mount Ave
Missoula, MT
Single-family Home2/17/2010Buyer
431 W Alder St
Missoula, MT
Single-family Home1/8/2010Seller

Best of Missoula logo, 2010

The housing market sank like your favorite sunglasses in the Clark Fork, making it that much more crucial for potential homebuyers and sellers to have a competent real estate agent to help you navigate the market’s turbulent waters. Fortunately, Missoulians have Mindy Palmer-she of the ubiquitous billboards of her rocking Chuck Taylors-to help you arrive home safely. Indy readers consistently rank her the best in town because of her style, and we’re not referring to her shoes.

 

First Place: Mindy Palmer, Prudential Montana Real Estate

 

Best of Missoula reader’s poll, Missoula Indpendent, July 8, 2010