What a gorgeous fall we've had! Glorious colors, blue skies, crisp air. We'll remember that when we cuddle up before the fire on a snowy January day! Love this "Place for All Seasons" - don't you?
Our broker, Robyn Erlenbush, recently reported some thoughts on the economy from Richard Smith, the CEO of ERA, at a Top 50 meeting. Here is a smattering of some of those ideas:
Because of buyers' fears of losing their jobs (or not having one), home ownership is now at 65%, the lowest in decades. For "underwater" homeowners, one promising idea being promoted is a shared equity with the bank and a loan write-down. This could help the foreclosure market, which may still take another year or two to sell out. Many markets over the country are absorbing that new inventory as it comes for sale. However, until we can get people back to work, it will be difficult to bring the number of sales up to where they were pre-recession.
How does this relate to the Bozeman market? As we reported last month, our inventory of saleable homes has been decreasing. We were late (2007, compared to the national 2005 or so) going into the recession. And it looks like we'll be coming out of it earlier than the national market as a whole. Our market is local, and we know that many people want to move here and stay here. With the confidence that business is showing in investing in new businesses and new buildings in Bozeman, it may be that we're near a turn-around!
For specific figures about the state of the market (our November stats should be out next week), just give us a call or email.
Sharon Tudor Isler, Broker, CRS, GRI, SRES 556-5048
Sharon@Bozeman-RealEstate.com
Brian Tudor, Sales Associate, GRI, GREEN, SFR 556-5068
Brian@Bozeman-RealEstate.com
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