Great Falls home prices remain steady despite national housing market challenges, with the median price hovering around $380,000 — a 6% increase from last year.
"The trend line for house pricing is right now there remaining pretty steady and, and flat at the moment. There's quite a few factors that involve for that right now with the government shutdown, some other things," CEO of Great Falls Association of Realtors Zac Griffin said.
First-time homebuyers continue to face hurdles in today's market, according to Griffin.
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"You're fighting a historic trend line where housing prices are at an all time high. Interest rates are not at an all time high, but because of the housing prices, interest rates are causing some difficulty," Griffin said.
However, Griffin believes now may be the right time to purchase a home, warning that waiting could prove more expensive.
"If you do wait and let's say interest rates do drop in the five range, you're going to have another pool of buyers that haven't been able to buy a home, enter the buying market and it will cause a buying frenzy, which therefore usually drives market prices up," Griffin said.
For first-time home buyers, NeighborWorks Great Falls offers assistance through their HomeStretch program designed for middle-income families.
Sherrie Arey, executive director of NeighborWorks Great Falls, explained how the program works.
"The program provides 30% of the home cost as a down payment assistance program. It's a deferred second mortgage on the home. And the way you pay it back is at the end of the program. When you either refinance or sell your home, then those dollars come back and they go back into the program for the next home buyer," Arey said.
The program has already helped one family purchase their home, with more closings expected this week.
Jenna Schuff, director of lending at NeighborWorks Great Falls, described the emotional impact of helping families achieve homeownership.
"After my first closing last week, I literally said it was one of the most rewarding, moments in my career. It's really awesome to just see, that missing middle that we talk about get into homes and the stories and the excitement of not having to wait five more years for renting. It's really, it's really rewarding to me," Schuff said.
