The market in Gillette
People need to realize that this market is not going to crash anytime in the near future. I hear a lot of talk about how this market is going to crash like it did in the early 80′s. It’s 2007 people get over the past and move forward with the present. The reason a lot of price reductions are happening is because this market got greedy, and was trying to take advantage of the lack of housing. Now that demand has been met people are going to have to get realistic in pricing their house. We still have 2 full pages of help wanted ads in the news paper, and $270 million dollars worth of new projects being built, not counting subdivisions in the works. We are lucky to live in Campbell County, Wyoming.
The real estate agents are working overtime to keep the artificial inflation steady.
Bottom line is that the average house is priced above what the average income can pay, the boom is leveling off and many housing units are near completion. Take all that combined with the national housing situation and it’s a time bomb and bunch of BS when people say otherwise.
I looked at a house in the summer of 2007. That house is still listed (still overpriced) and $65,000.00 cheaper. 80% of the homes I looked at in the summer are still for sale.
On average (compared to Casper and Billings MT) housing is about $100K overpriced.
Housing CAN NOT be valued more than what the jobs can pay for and be called a stable market. It’s a working town that real estate agents have over inflated and desensitized people to.