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New Subdivision Coming for Bozeman Real Estate Market

by Tim Hart

Construction workers are updating and extending both Ferguson Avenue and Cattail Street to make room for a new subdivision, the Four Points. Crews started work on both roads on Wednesday. Once finished, Ferguson will be the only road between 19th Avenue and Love Lane that will directly connect Baxter and Huffine Lane. The west side of Bozeman has become very popular due to the decent prices of homes in that area, coupled with its solid infrastructure and transportation. The Four points subdivision will be adding several muli-family units. The already existing Sundance apartments will be adding 195 new residences. Bozemanites should see improved access and better traffic distribution with the improvement to the two roads. In terms of real estate, Bozemanites should expect to see a lot of new homes and apartments, with many looking for new occupants.

Source: http://www.kbzk.com/news/new-development-will-bring-road-changes-to-west-side-of-bozeman/

New Affordable Housing Option Coming to Bozeman

by Tim Hart

I just read a really great article on this new affordable housing area off Cottonwood Road. Homes have been selling even before they are finished building. There are some great options regarding mortgages as seen in the article below. Some listings are still available. Feel free to contact me at 406-570-5730 if you have any questions about them.

Here is the article: http://www.kbzk.com/news/new-affordable-housing-option-available-to-own-in-bozeman/

 

Housing 2013: Predictions For What Is To Come

by Tim Hart

Liniger recently offered up some of his predictions for the new year:

  • More buyers and sellers return to the housing market. 
  • Home sales increase 6-7 percent while home prices increase 3-4 percent. 
  • Inventory of for-sale homes will hit bottom. 
  • Higher-priced listings begin to sell more. 
  • The number of distressed properties continues to drop. 
  • The shadow inventory continues to fall. 
  • Short sales rise, reaching a peak. 
  • Mortgage rates rise slightly by year's end from record lows. 
  • Lending remains constrained for home buyers. 
  • Home affordability remains at record highs.  

Watch Liniger’s video to learn more about his housing predictions.

Source: RE/MAX

 

Year to Year Outlook for the Gallatin Valley

by Tim Hart

The Year in Review:

Year to Year Outlook for the Gallatin Valley (Big Sky, Bozeman, Belgrade, Three Forks and Manhattan)

Stats for Improved Properties:

  

* Data is for period Jan 1 – Dec 31 – includes all improved categories except for mobile/manufactured.

Summary of Data for Improved Properties:

  • Bozeman is a shining star without a doubt up 222 units over 2011 with days on market down almost 20 days and median price rising by $10,000.00 plus.
  • Belgrade also picked up some steam up 8 units and median price up by $10,000.00  - this trend has continued into the new year
  • Big Sky is still stabilizing – units sold are down but median price improved by $20,000.00 and days on market shrinking
  • Manhattan is stable in units sold and $27,000.00 increase in median price
  • Three Forks has also gained ground after stagnating  – units up by 13 – but median price is down and days on market up

Stats for Vacant Land:

* Data is for period Jan 1 – Dec 31  – includes all land categories.

Summary of Data for Vacant Land:

  • More of the same for Bozeman in land with net increase of 234 units year to year
  • Belgrade is down about 5 lots
  • Big Sky is more positive than negative – up 20 lots – median is down but I see this as positive – sellers are getting more realistic about their land values and deals are closing successfully.
  • Manhattan improved in lot sales – prices are down
  • Three Forks is a negative trend  BUT both lot and house sales are now trending up in the first quarter of 2013 as Three Forks is being seen by many first time buyers as an affordable alternative.  I am bullish on Three Forks for 2013!  Our office, alone, will be representing developers in three large sub-divisions – activity is brisk!

Overall, the Gallatin Valley is seeing great growth with Bozeman being the shining star and booming.  I am fairly confident that this report at the end of 2013 will likely see all indicators turning to positive.

 

 ATHOMEINBOZEMAN

 

Four Year High: The Housing Market Surges

by Tim Hart

Housing Starts: A statistic referencing the number of residential building construction projects beginning during a specific period of time (most commonly a month). This serves as a key economic indicator of the viability and confidence in the housing market as well as the national economy.

It has been in the headlines for weeks now, but with winter finally settling in and marking the end of yet another year, the housing market continues its trend rising 3.6% in October, the highest rate since July of 2008. Housing starts are reporting to have grown nearly 40% compared to the peak the market achieved in 2006 at 2.27 million.

Seasonally adjusted, housing starts annual rate in October was 894,000 units with a particular spike, 11.9%, in multifamily homes (attributed for the high demand for rentals). Comparatively, single family homes held steady at their 594,000 units.

"This report is in line with our latest builder surveys, which show improving confidence and optimism in the marketplace as buyers take advantage of low mortgage rates and very attractive prices," says Barry Rutenberg, chairman of the National Association of Home Builders. "Builders are acting to meet rising demand while continuing to exercise caution by pulling a modest increase in the number of single family permits as the market continues to gradually gain its footing."

Specifically, the West (YAY MONTANA!) saw the greatest gains at 17.2% followed by the Midwest (8.9%), Northeast (6.5%), and the South (2.5%) respectively.  

Source: “Housing Starts Hit Highest in Four Years,” Reuters (Nov. 20, 2012) and the National Association of Home Builders

Read More

Will the Rental Market Cool Down?

Bidding Wars on Listings: Make Your Phone Blow Up

by Tim Hart

Bidding wars is a phenomenon in real estate right now. As buyer demand rises and inventories shrink, sellers are reacting by trying to underprice their home just enough to spark a bidding war. In some of the markets, this technique is ‘paying’ off.

Douglas Rill, a broker with Century 21 America’s Choice in West Palm Beach, Fla., told the Sun Sentinel that a lender informed him to underprice a foreclosed home for $37,600. While the home had a leaky roof, among other problems, comparable sales in the neighborhood would have shown the home valued more at $50,000, Rill says.

Not all situations are like this though, and real estate agents are cautioning sellers to lessen the risk by pricing their home at the lower end of market value, but not to undersell themselves. This will prompt more buyer attention without ending in a loss.

If you are curious as to what your listing’s CMA, feel free to give me a call! 406.570.5730 or EMAIL ME

Source: “Multiple Offers Possible in Tight Housing Market, Experts Say,” Sun Sentinel (Aug. 23, 2012)


Tim Hart

 

At Home In Bozeman--Tim Hart

 

Born and raised in Malta Montana she grew up on her parent's farm and ranch west of Malta. Her hobbies include spending time with family, snow skiing, biking, watching motocross, and going to her lake place at Holter Lake. She went to Carroll College in Helena and graduated with a business degree in finance and management.


Crystal Hould started her career in real estate as a Home Mortgage Consultant at Wells Fargo Home Mortgage in the Helena area and then moved to become a member of Bozeman’s Wells Fargo. In 2011, Crystal joined the Bozeman Montana Real Estate.net team to serve in a position created uniquely for our office—transaction manager.


As a transaction manager, Crystal uses her extensive knowledge of real estate transactions to make the process as seamless as possible for our clients. She manages the file work of our three agents, schedules and follows up on all our showings, as well as touches EVERY client (buyerand seller alike) weekly with a phone call to update them on the happenings of their transaction. This keeps our agents’ focus on getting new contracts signed and Crystal truly takes care of the rest.   

Crystal’s naturally warm demeanor is the key to making real estate transactions beyond memorable—she makes it enjoyable. Clients purchasing or selling their home have a professional there to iron out wrinkles, meet deadlines, and to consult with. 
 

 

Team Service Above Expectation: Office Bio (2/7) OWNER

by Tim Hart

  

In 2005, Jenifer Owens entered the real estate world. She made her way through the big names, Keller Williams,  E.R.A,  and ReMax, before breaking away. Jenifer set out on a path to become her own boss.  In 2010 she opened Bozeman Montana Real Estate.net and built it from the ground up.
As a single independent agent in Bozeman,Jenifer’s personality and work ethic began to draw the clients in. Since the birth of Bozeman Montana Real Estate.net, Jen has taken on two other agents as well as a four member support staff making her real estate business one of the most uniquely structured offices in the Gallatin Valley.

Bozeman Montana Real Estate.net has outgrown its original office space, and Jenifer has upgraded to a larger space to call home. Construction has finished as of today, July 16nd 2012. The success and development ofBozeman Montana Real Estate.net is a testament to the imagination and innovation Jenifer inspires every day.  
 

 

Latest News in Distressed Sales

by Tim Hart

 

JUNE 15th, 2012—That is the day that is supposed to change the distressed sales market altogether. Fannie Mae and Freddie Mac loans are to have a decision within the first 30-60 days. If more than the initial 30 days are needed to process a loan, the potential borrower will receive weekly updates and the decision will be reached by the 60 day mark.

This more regimented time-line will benefit both the servicers and the borrowers by increasing the overall accountability of the approval process. Servicers may counteroffer and expect a reply within five days. Borrowers and servicers alike will both know where in the process the transaction is and the timeline will serve as a tool of evaluation for the distressed sales system as a whole.

Edward DeMarco, acting director of the FHFA, says the GSEs new borrower communication and timeline requirements for short sales “set minimum standards and provide clear expectations regarding these important foreclosure alternatives.”

What do you think about this change to come?

Source: http://www.dsnews.com/articles/fannie-and-freddie-set-timeline-requirements-for-short-sales-2012-04-17?utm_source=twitterfeed&utm_medium=twitter

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Coester Appraisal Group Enhances Cloud Control

Behind the $25B Settlement: Joe Smith

Three Nonprofits Join to Transform Vacant REOs into Future Residences

 

Real Estate Market & Short Sales

by Tim Hart

 

The short sale trend is still surging. In fact, short sales are passingforeclosures in frequency because banks see it as a better route when compared to foreclosures. In addition, mortgage servicers are increasing the pace of approving short sales in order to move away from the stereotypes short sales have acquired of moving too slowly through the process.

The rate of short sales increased33% this last year and "[We] believe 2012 could be a record year for short sales," says Daren Blomquist, vice president at RealtyTrac. So cross your fingers that the process will be sped up and this year will continue to bring positive news to the market.

 

Source: “Short Sales Expected to Surge This Year,” CNNMoney (April 19, 2012) and “Short Sales Start to Outpace Foreclosures,” REALTOR® Magazine Daily News (April 19, 2012)

 

Displaying blog entries 1-10 of 20

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