Remodeling magazine, in conjunction with REALTOR® magazine, recently released its 2009-10 annual report on the relationship between the cost of remodeling projects and the value that it brings at the time of resale. This is the 22nd year of analyzing national and regional data for 33 of the most popular remodeling endeavors. The projects ranged from a 48.1% return on investment to a 128.9% return. Overall, the Pacific region still retains the position of best return in most categories. San Francisco, CA, Honolulu, HI, Anchorage, AK and El Paso, TX are all high on the list.
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.
Following the lead of this month’s Business to Business progress theme, I will focus on three area businesses that exemplify impressive and innovative growth techniques. Plonk, the 320 Guest Ranch, and High Country Rental shared their individual approaches to staying successful. These entrepreneurs and countless other businesses are rolling up their sleeves every day to remain viable and growth oriented. Many companies in our area are expanding or differentiating themselves in order to keep up with the changing consumer and market demands.
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.
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.
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.
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:
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.
Their results come from a comparison of two data sets of happiness levels in each state, one that relied on participants' self-reported well-being and the other an objective measure that took into account a state's weather, home prices and other factors that are known reasons to frown (or smile).
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®.