Bozeman Montana Real Estate Information Archive

Blog

Displaying blog entries 1-4 of 4

By now, most Bozemanites are aware that the city will soon break ground on a second high school on the west side of town. However, Bozeman High School isn’t the only school that will soon be full— all 8 of the existing elementary schools are expected to reach capacity by either 2020 or 2021. With Bozeman’s rapid growth rate of about 4.2%, it comes as no surprise that schools are quickly reaching capacity. Based on how fast the Bozeman school enrollment has been growing every year, the School Board says that the district will need two new elementary schools in the next 10 years.

The school district currently owns several parcels of land—however, none of them are ideal for elementary schools because they are in areas of town that are not growing the fastest, and therefore do not need additional schools. Ideal pieces of land that Bozeman school officials are interested in purchasing include the parcels near the post office on Baxter Lane, and a parcel south of Huffine Lane near Ressler Motors. In order to raise money to purchase these parcels of land, school officials are hoping to sell the land they currently own— the Emerson lawn at Babcock and 4th Avenue. With the deadline to put a land purchase for schools on the May 8th ballot coming up on February 27th, school officials are eager to sell the land their currently own as soon as possible. So far there are three Emerson lawn bidders, though none of the three bids have met the current appraisal amount for the lawn ($2.275 million).

Desired Locations

Both parcels of land located near the post office are long and thin— not ideal for a school. To remedy this, school officials want to buy both parcels and combine them into one, square-shaped, 10-acre parcel. Luckily the owners of both parcels inherited the land, and are more than happy to sell the land, since it will become home to a school, rather than another condo complex. The total cost of both parcels is estimated to be around $1.6 million. Developer Gene Cook owns the 12-acre parcel of land just southwest of Ressler Motors off of Huffine Lane— school officials have stated that although terms of a deal haven’t been negotiated just yet, they are hopeful that the developers will be willing to either work out a land trade or donate several acres to the school district.

Bozeman school officials will ask voters in May to approve either one or both locations for the future elementary schools and are hoping to have the money from the Emerson lawn sale in hand by that time so that school officials will not have to ask voters for money or tax hikes. 

 

Current Elementary Schools (Blue) and Probably Future Locations (Red)

Why Baby Boomers and Millennials Are Competing for Housing

by Hart Real Estate Solutions

For years, many parents put their family homes up for sale once the kids grew up and moved out— this is known as the “empty nest” story, where many parents wanted to downsize as they grew older and neared retirement. This isn’t the case anymore— many Baby Boomers (born between 1946 and 1964) haven’t been able to find a smaller home that was cheaper than the large family home, so instead they’re opting to stay put and not sell. With so many Boomers choosing not to list their homes for sale, overall inventory has remained tight and prices have stayed high.

Why is this?

In a recent survey conducted by Realtor.com, 85% of Baby Boomers said they were not planning on selling their homes in the next year. When asked why, 72% said that their current home met their family’s needs, 13% said financial concerns prevented them from selling, and 12% said they needed to make home improvements before selling. Baby Boomers hold a very high stake in the housing market, as they currently make up 78% of ALL homeowners, while Millennials only make up 41%.

As Baby Boomers decide to stay put, this removes about 33 million properties from the housing market. Many of these homes are suburban single-family homes or urban condos— the same types of homes that Millennials are looking to buy. However, many of these older homes do not have the same modern, open-floor plan that both Millennials and Baby Boomers alike are attracted to, making it difficult for Baby Boomers to sell their homes. Both generations are competing for the same types of homes (1,800-1,950 sq. ft.), even though they have different lifestyles.

Many low-end homes that Millennials would consider purchasing in a more balanced market are being rented rather than being available for sale, due to competition being so high. The idea of purchasing a starter home and reselling it several years down the right road when they’re ready to settle down and start a family is no longer a viable option for them, due to lack of inventory and affordability in today’s market. As a result, many Millennials are now skipping traditional starter homes, and choosing to buy something larger right off the bat.

The Future

Many analysts believe that more housing in the future should be built to cater to the desires of Millennials (greener materials, less square footage, etc.) rather than the older generations. Others believe that Baby Boomers will eventually sell their homes as they hope to get a better price later rather than settling for a lower price now. If and when “the great senior sell-off” happens, it isn’t likely until the mid-to-late 2020s, as the oldest millennials approach their mid-40s and are more interested in the larger homes that the preceding generation is ready to let go of.

How To Ensure a Smooth Move with Your Pets

by Hart Real Estate Solutions

While moving to a new home is tremendously exciting, it can also be incredibly stressful. Whether you’re moving across the country, across the state, or just across town, moving requires a lot of preparation and planning ahead of time, especially if you have pets. We all love our furry friends and want to make the move easier not only for us, but also for them. Here are a few tips to ensure that your move with pets is as hassle-free as can be:

  1. Cats (and skittish dogs) don’t like change— keeping your pet’s routine as normal as possible leading up to moving day will help them start to acclimate to a changing environment. Walking and feeding them at the times you normally would will benefit them tremendously.

 

  1. Additionally, start bringing your moving boxes in early rather than all at once to help them adjust to the moving process ahead of time.

 

  1. On moving day, keep pets in a quiet, closed room or a fenced backyard to avoid them getting underfoot or running away, especially since front and back doors will be open for a majority of the time that you are loading up vehicles.

 

  1. Always transport small animals in a well-ventilated and secure carrier, and always keep larger dogs leashed and under control.

 

  1. If you’re moving long-distance and plan on staying in hotels for any part of your move, make sure the hotel is pet-friendly before you arrive.

 

  1. Inform your vet if you’re moving out of the area— they’ll be able to give you medical records and prescriptions, and may even be able to recommend another vet in your new neighborhood.

Moving isn’t easy, and it certainly isn’t made any easier by having to move your pets, but by planning ahead, making arrangements early, and maintaining their routine, a move can be smooth sailing, no matter the distance.

Our office puppy, Maya!


Related Articles:

5 Tips To Help Your Home Sell in the Winter

6 Things To Do Before You Take That Vacation 

5 Areas To Focus On: How to Increase Your Home's Resale Value

A New Solution: Bozeman’s First Affordable Housing Director

by Hart Real Estate Solutions

Bozeman’s Affordable Housing Action Plan pinpointed several major strategies to implement over a 5-year timespan (2012-2016). Its purpose was to work on providing more affordable housing units and down payment assistance for both renters and homeowners alike. While this plan outlined several goals that were partially met by the end of 2016, affordable housing in Bozeman is still a significant issue that needs continued attention and work in the future.

In 2010, 28% of homeowners and 49% of renters in Bozeman were living in unaffordable housing, when using the widely accepted benchmark amount of <33% of total income for homeowners and <30% of total income for renters. It’s important to note, however, that there is no universal home price or rent benchmark that defines “affordable”— this varies by income level and should be based on ability to pay.

 By 2015, at least 4,000 of the city’s 8,400 renters were paying rents at or above the 30% threshold, while a third of homeowners were paying at least that much, if not more.

Is Something Being Done to Help?

With these statistics not having improved much in recent years, the City of Bozeman has decided to hire its first affordable housing director. The person who will fill this new position (expected to begin by the end of January) will be responsible for generating solutions to help reduce the gap between the cost of housing and how much many Bozeman residents can afford to pay.

Six months ago, Bozeman planning adopted a new rule that mandated that builders and developers would have to either sell 3 in 10 homes in new developments at $260,000 or less, OR 1 in 10 homes at $215,000 or less, subject to change based number of bedrooms per unit. The city has been trying to keep up with this rule, which is where the need for an affordable housing director stems from.

Additionally, the new director will help to track housing projects from the time a building permit is issued to the time that someone closes on their home, in order to ensure that this 6-month-old rule is followed from start to end.

As 2018 unfolds, it will be interesting to see how this new position begins to change the affordable housing market and what impacts it will have on many of Bozeman’s renters and homeowners who are currently above the income threshold for housing. 

Displaying blog entries 1-4 of 4

Syndication

Categories

Archives