There are several factors that go into deciding what kind of real estate investment is best. One of those factors is the demand. Demand for housing is the number of houses buyers want at various price points. Demand can also be considered the number of people looking for suitable living arrangements is high. Billings’ demand is currently high and has been on the rise for years making Billings a great economy for real estate investing.
Here are a few factors attributing to the demand and the favorable market for investors.
- There are several industries within the county which provide stability, continual growth, and disposable income. Healthcare, manufacturing, financial, and retail are reliable sectors of our city and region which provide a steady annual 2-3% economic growth over the past 20 years.
- Real estate properties seem to appreciate even with external variables indicate otherwise. The real estate bubble in 2008 affected millions of homes, homeowners, and investors, but in the Billings market, there wasn’t much downturn. Through the pandemic of 2020, residential and commercial real estate saw increases in value. Office, industrial, retail, residential, multi-family, and land have all seen an increase in demand from buyers. This new and elevated demand has leveraged sellers to increase their prices.
- Interest rates are low which always increases the number of buyers shopping for property.
- Population growth is expanding faster than other areas of the country and businesses are capitalizing and evolving to succeed in this current market. Banks are feeling more confident in lending and investors of heavily favored stock portfolios are seeking to diversify their portfolio with real estate.
All these factors contribute to a vibrant, healthy real estate market. We are at the pulse of the market and help our clients capitalize their investments for long term success and growth.