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Displaying blog entries 1-9 of 9

Americans Paying too Much for their Mortgages?

by Tim Hart

American home owners are missing out on lower mortgage payments according to Freddie Mac’s Primary Mortgage Survey. Mel Watt, head of the Federal Housing Finance Agency, has gone on tour throughout the country, in order to spread awareness on the benefits and risks of refinancing their home. Mortgage rates hit their lowest level in years, at 4.1%, supporting the fact that now may be the time to refinance.

Home owners have had a chance during the recession to refinance through the Home Affordable Refinance Program (HARP), but now many Americans assume that HARP no longer applies to them. However, Mel Watt disagrees. Any homeowner who owes more money than their house is worth will struggle to find any lender who is willing to refinance. The HARP program makes this possibility much more likely. Mel Watt believes that almost 800,000 Americans are missing their opportunity to save serious money on their mortgage. In some cases, specific borrowers have used HARP to save $200 a month.

Please make sure to consider the potential benefits and drawbacks of refinancing a home. Also make sure to re-check your credit to see if it has improved since you took out the loan as you may receive better rates.

Source: http://www.realtor.com/news/800000-homeowners-missing-lower-mortgage-payments/

No Space for Rent in Bozeman

by Tim Hart

The results of a 2014 Bozeman rental housing survey were presented to the city on Wednesday. The findings? That the vacancy rate in Bozeman is non-existent and the only way someone may be able to stay the night in town, may be a hotel. The survey collected data from 2,554 total rental units within city limits. Half of the properties were market rate properties and the rest were either subsidized housing or non-residence hall student housing i.e. campus owned homes. Not a single home reported a vacancy when surveyed. The summary also found that of the two subsidized properties that recorded waiting lists, 155 applicants were still left in line. From those numbers, the survey safely concluded that the number of applicants far surpassed the number of vacant rentals in Bozeman.

Currently, the average price of an efficiency unit, like a studio, rents for $549 a month. One bedroom homes rent for $597; two bedroom homes rent for $817; and three bedroom homes rent fro $1,035 a month.

The summary did guard its readers about the small sample size of the data because most of the data was drawn from a very slim segment of the market. The survey was commissioned as part of Bozeman’s affordable housing plan that was adopted in 2012.

Source: http://www.bozemandailychronicle.com/news/city/article_f76c7172-3939-11e4-b994-abee9f1df5d3.html#disqus_thread

Some Housing Market Info.

by Tim Hart

I read an article in the Bozeman Daily Chronicle today by Jason Bacaj about the current housing market in Bozeman.

Here is what I found to be very interesting:

Houses on the high and low ends of the market are moving extremely quickly, while mid-priced homes have stayed on the market longer.

Any current listing at or below $350,000 will be expected to be sold within three and a half months.

Out of state migrants, investors and young professionals are driving the current market in Bozeman.

According to Erlenbush, high end homes are selling by more than 50 percent compared to 2013.

Definitely an interesting read and I’m interested to see if the market follows the trends they are predicting.

Source: http://www.bozemandailychronicle.com/news/economy/article_82d77262-360f-11e4-9428-0019bb2963f4.html?utm_medium=desktop&utm_source=block_484710&utm_campaign=blox

Market Update: Gallatin County Single Family Residences

by Tim Hart

This month, we will highlight single family homes in the Gallatin County from the first two quarters of 2013 compared to the first two quarters of 2014.

Here are a few stats for all of Gallatin County for single family residences:

  • Units increased in the first two quarters by 8.5% (554 sold in 2013, 606 sold in 2014)
  • Dollar volume increased in the first two quarters by 18.8% from $198,018,500+ in 2013 to $243,809,300+ in 2014
  • Average sale price also increased from $364,732 to $400,861.50
  • For 2014 through 7/31/2014
    • Sold volume already at $304,905,187 and 771 units

Summary – based on increases across the board in the first two quarters from 2013 to 2014, the 2014 market continues to shine, looking to surpass 2013 annual totals easily.

New Home Construction Rising

by Tim Hart

I read an interesting article today on new construction for July. More and more people are putting their faith in the housing market. Here’s what I took out of it.

 

New home construction continued to rise in July which should continue to boost the economy in the coming months. Housing start ups climbed 16% last month to an annual rate of 1.093 million units, showing a renewed faith in the housing market. July levels hit the highest level of construction since November. Construction on new apartments has seen the greatest increase in the US. Total home construction rose 22% all the way up through July, and building permit applications.

 

http://realestate.msn.com/blogs/post--us-housing-starts-up-sharply-in-july

Bozeman has set up plans to add a 4 bay Tesla recharge station at the local Hilton. Tesla wants all of its drivers to be able to travel across the United States for free, a daring goal, considering rising gasoline prices. Tesla is building stations across major roads in the US and Bozeman seems to have fit the bill. Billings also added a Tesla station about a week ago. These super chargers can recharge a Tesla Model S in 20 minutes compared to an hour from a normal outlet.

Plans have been handed over to the city-planning department and they are waiting for approval. By adding the station, Bozeman can attract a wider variety of people into the city. Tesla owners crossing the country would have to go to Bozeman or Billings (if not both) if they wanted to go through Montana. And for local Bozemanites, owning a fully electric car has become much more feasible. Anyone looking to move to Bozeman now has fully electric alternatives to gasoline.

Bozeman: One of the Top Ranked Winter Cities

by Tim Hart

Bozeman is ranked the 3rd best winter city to live in as determined by Livability.com. Anchorage and Fargo lead the list. To be considered a winter city, the average January temperature had to be below freezing. The determinants of BEST included cold-weather dependent activities, affordable housing, and low unemployment rates.

“Bozeman averages more than 90 inches of snow each year, which means there’s plenty of white stuff for snowboarding, snowmobiling, cross-country and Nordic skiing,” the article states. “And when the rest of the country is celebrating the arrival of spring, Bozeman area ski resorts are still packing powder.”  

Livability.com lists the average January low in Bozeman at 14 degrees, median home price at $201,869 and an unemployment rate of 6.5 percent.

If you want to become part of this winter wonderland, give me a call at 406.570.5730 and I can help you find your winter wonderland.

    

Bozeman Montana University area Condo: Price Reduction

by Tim Hart
MLS#: 173587                                             Beds: 2
$120,000                            Baths: 2
102 Hoffman #1                                                                   
Bozeman, MT 59715                                 Square Feet: 1,241

Fabulous home located on creek within blocks of the university. New bamboo floors, new tile back splash, lovingly cared for. Wonderful views out floor to ceiling windows in family room create very private feel in an in town location! This is a must see.

 

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PRICED TO SELL: 3092 LILY, BOZEMAN MT

by Tim Hart


3092 Lily Bozeman Montana Real Estate.net

 

Details

Address: 3092 Lily Type: Residential Style:   Bedrooms: Bathrooms: Garage: Double Size: 1,694 sq. ft.Lot Type: Rectangular Lot Size:  7858sq. ft.   Year Built: 2003 Taxes: $2,799.16 MLS®: 179716
 
Description

Outstanding price on this one owner home in Harvest Creek. Gorgeous home with 3 beds/2 baths all on one level plus a large bonus room upstairs. 1694 SF. Finishes are deluxe in the price range with 9 foot ceilings throughout . This is a very cute house and priced to sell. Manicured lawn with mature trees,private fenced back yard. Do call soon - this one won't be around for long! Short Sale
 
Features
Interior Features
 Carpeted Floors  Window Covers  
Sewer/Water Systems
 Public    
Roof
 Asphalt    
Lot Features
 Deck  Fenced  Front Porch
 Garden Area  Landscaped  Lawn
Appliances
 Dishwasher  Oven Range  Refrigerator
Extra Features
 Garage Door Opener    

Displaying blog entries 1-9 of 9

406-570-5730 | Contact Tim Here | Bozman Brokers