As the new year takes off, residential inventory levels in Big Sky tighten for the first time in years. The supply of homes in Big Sky decreased 15% December 2009 as compared to December 2008. The number of Big Sky condominiums on the market declined by 5% for the same time period. ERA-Big Sky agents indicate that this effect is the positive result of properties selling.
After waiting with bated breath for what seemed like a considerable amount of time, the Homebuyer Tax Credit Extension/ Expansion was recently passed overwhelmingly by Congress and signed into law by President Obama. So what does that mean to our local market and the economy overall? Ideally, the plan will transform the dream of homeownership into reality for many more credit-worthy homebuyers and will increase consumer confidence nationwide.
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
Now more than ever, the old adage “you only get one chance to make a good first impression” rings especially true for real estate. With a larger than normal inventory available for buyers to chose from, sellers need to present their homes in the best possible light at all times. Of course the selling process begins with pricing the home properly based on its location, size, and condition. The next phase is to critically assess and evaluate a home’s “showability” to get it into showing condition and ready for potential buyers.
The supply of homes within the Bozeman city limits declined 26% December 2009 from inventory levels in December 2008. This adjustment continues to be a step in the right direction and has been a positive trend for the past 3 months. The supply of homes in Belgrade decreased 29% December 2009 as compared to December 2008 indicating progress toward a general balance between buyers and sellers. As inventory levels tighten, buyers have fewer choices in the marketplace which can increase their urgency to buy.
In her recent visit to the National Association of REALTORS® conference in San Diego this year, Robyn had some pretty interesting stats to share about VA Loans from Mark Bologna, Director of Loan Guaranty Service.
If Bozeman residents were at one time hoping for their 15 minutes of fame and then falling back into obscurity, they will once again be disappointed. Recently, our area was featured and congratulated as a fine place to live in the October 2009 editions of both Entrepreneur Magazine and National Geographic Adventure magazine.
Fewer housing markets are forecast to appreciate making the Housing Predictor Top 25 market list for the year as job layoffs and business failures throw the national economy into a deepening recession. There are now eight markets forecast to experience housing inflation in 2009.
As dedicated Big Sky agents with decades of experience, we have seen quiet times and crazy periods. We have not always had solid numbers to compare inventory levels, absorption rates and days on the market. 2006 saw more companies participating in the Southwest Montana MLS and more consistent sales data. Based on this information, we can better analyze the current market.
San Diego, November 13, 2009
Aided by the home buyer tax credit, the outlook for housing and the economy appears headed for a sustainable recovery, according to the National Association of Realtors®.
In its October issue, which hit newsstands this week, the magazine cites Bozeman’s hiking and biking trails, its proximity to ski resorts and Yellowstone National Park, highly ranked public school system and university culture as reasons why it makes a good backyard for kids and parents.
The top ten US real estate markets for 2009 are not large metropolitan areas, but rather small communities with strong prospects for growth. The following list of high-potential housing markets may not appreciate in the short term, but have the highest likelihood of long-term appreciation. See the top ten list put together by Housing Predictor for what may be the best real estate markets to invest in for 2009.