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Selling a home is a complex process involving lots of steps and individual service providers, so a problem here or there is not uncommon. Schedule all the steps early, be patient, and communicate regularly with your real estate professional. Your agent can track the transaction, make sure that things are moving along as they should, and intervene when things get bogged down for any reason. Some sellers are often surprised at what their Realtor values their home at. Home values rise and fall in response to changing markets. A number of subjective factors, like the floor plan or curb appeal, can affect the value of a home. It is important for the seller to keep in mind that most other people won't appreciate your home as you do. The longer you've lived in your house, the more it's been shaped to reflect your lifestyle, your tastes, and your needs. The longer you've lived there, the more you love it. Buyers will view your home with an eye to how it can best suit their lifestyles, tastes, and needs, which may involve anything from cosmetic changes to major remodeling. Since these changes will cost the buyer time and money, the buyer will value your property less than you do. For information on Home Staging click here. One important think you can do to get the most value out of your home is to get a home inspection before you put your house on the market. This will avoid surprises after you have an offer. By having your property inspected before it goes on the market, and making necessary repairs and adjustments the buyer's offer will reflect the favorable inspection that you provide. The buyer will no doubt have another inspection performed, but once again the buyer's offer will reflect the favorable inspection that you provide. More on home inspections click here. When you're selling your house, things can go wrong, and probably will. Be comforted by the fact that glitches are commonplace, and that most can be remedied or negotiated. Plan well, be patient, and take lots of deep breaths!
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Ok, not really, that was a joke. I can only imagine the extent of hate mail I would receive if I were truly offering actual "buy and bail" instructions or tips. I am simply providing the information regarding what terms you or your client will need to meet to qualify if you/they choose to retain their home and purchase a new one.....or bail on the old and eventually buy again. 'Buy and Bail' refers to the increasing number of home buyers providing misleading information about their intention to rent their current home which they, in fact, plan to vacate. In many cases, however, the true intent is not to turn the property into a rental at all. What lenders are seeing more and more is that these buyers simply abandon their former property, stop making their payments, and simply let it go into foreclosure. Although not everyone who is vacating one property for another has the intention to abandon their previous home, those who do have caused FHA, Fannie Mae, and Freddie Mac to take steps in order to prevent this activity and have deemed it to be fraudulent. The following requirements must be met when a borrower is converting their primary residence into an investment property and looking to purchase a new primary residence: FHA Must be able to qualify with both mortgage payments unless they meet one of the following: -The borrower is relocating with a new or existing employer -The borrower has a loan-to-value (LTV) ratio of 75% or less -Must be able to document an executed lease agreement of 1 year or more and must provide evidence of a security deposit and/or first month's rent. Fannie Mae/Freddie Mac -Must be able to qualify with both mortgage payments unless the borrower has a LTV ratio of 70% -If 30% equity exists, 75% of the rental income may be used to offset the mortgage payment. -Rental Income must be documented with a copy of the fully executed lease agreement -Receipt of a security deposit from tenant and deposit into the borrower's account must be documented. -Reserves of six months PITI (Principle, Interest, Taxes, Insurance payment) for both properties is required. Will this prevent the buy and bailers from buying and bailing? No way, Jose, but it has absolutely made it a bit more of a challenge and will definitely curb those who can't qualify for both mortgage payments. There are also other options. For those that are underwater on their home and are looking to do a short sale or Deed in Lieu, there is hope! Struggling borrowers who give up their homes through short sales or deeds in lieu of foreclosure will be able to obtain new Fannie Mae loans in two years instead of the traditional four. This new policy takes effect in July and is designed to make foreclosure alternatives more attractive. There are some stipulations, however. To qualify for a new mortgage after the two-year wait, Fannie Mae borrowers must make a 20 percent down payment. Those who have lost jobs or have other extenuating circumstances can make a 10 percent down payment. Also, this program applies only to Fannie Mae loans. Freddie Mac intends to make homeowners wait four years after a short sale or deed in lieu of foreclosure. Owners who go through an actual foreclosure wait five years for both Fannie and Freddie, or three for FHA, but they can contest that if extenuating circumstances exist.
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We got some encouraging news last week about March existing-home sales increasing almost 7% from their levels in February. Unfortunately, a deeper look at the numbers from the National Association of Realtors reveals that inventory of for-sale homes also increased. Despite the higher number of sales, more homes were added to the market in March than were sold. Figure 1 below shows the overall inventory of homes on the market. Figure 1 below shows the overall inventory of homes on the market. 
Figure 2 shows the balance between homes sold each month, and the net of homes added or withdrawn each month (so, if more homes are added to the market than are withdrawn or sold, the number will be positive - see below for more detailed methodology). 
While the fact that March sales numbers are increasing is undoubtedly a positive sign, the time series shown in Figure 2 does make one at least ponder whether the market is currently capable of clearing itself of inventory without paying people to buy homes (i.e., the homebuyer tax credit currently in place). Most of our traction in working down inventory levels came in the late summer/fall of last year when home sales were spurred by the threat that the tax credits were going to expire. Before and after that period, the addition of new inventory for sale usually outpaced sales, keeping inventory levels flat or rising. This dynamic is being driven by the significant amount of "pent-up supply" in the market right now, that is, the pool of homeowners who have wanted to sell their homes in the past three years but, because of market conditions, either didn't try or were unsuccessful. Our last estimates of the size of this group of homeowners were that 8% of homeowners indicated that they were very likely to try to sell their homes in the next twelve months if they saw signs of improvement in their local markets. These sidelined sellers closely watch the market for signs of a possible turnaround and rush in if there's a hint of good news. We'll very likely see another mini-frenzy in home sales as we approach June (when the current tax credits are set to expire), although I doubt the boost will be as large as we saw last fall. The ability of this purchased demand to push inventory levels down will be challenged by the flow of new listings into the inventory pool, something that happens each spring and summer. It will be bad if we don't make much headway in pushing down inventory levels through June, because we will undoubtedly see a reduction in home sales on a monthly basis in July and August (the "payback" of the tax credit seen from shifting demand that would have occurred in those months forward into the pre-July period). This mid-summer drop-off will likely increase inventory levels so, if we haven't been successful in pushing them down before then, we'll likely end up with more inventory on the market than we have now, even after what is likely to be a robust homebuyer season in the spring and summer. A few more details about how we arrived at the numbers in Figure 2: The formula used to arrive at the net number of homes added or withdrawn was:
March inventory - February inventory + Number of homes sold in March If no new homes were added or withdrawn from the inventory in a given month, then the difference between the inventory levels in March and February would exactly equal the number of home sales in the current month and this net number would equal zero. Additionally, all statistics used in this analysis were from the National Association of Realtors March existing-home sales report.
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Last month there was much emphasis in our local media about the events of March 5th, 2009, and how our community has rallied around downtown Bozeman to support the businesses that were both directly and indirectly impacted by the explosion and fire that affected one-half of the 200 block of East Main Street. This month, I would like to take the time to highlight a very positive vision that has come about in hopes to enhance and rejuvenate the community’s remarkable urban core. The Downtown Improvement Plan, which was developed over the course of the past year by city leaders along with a team of national consultants, was recently adopted by the Bozeman City Commission as part of the Bozeman Community Plan. It encompasses a broad scope of ideas to redevelop a healthy and vital downtown business and residential community. It is anticipated that this plan will carry forward for the next decade because of the support it has received from business and property owners alike who are heavily invested in the success of downtown Bozeman. As stated in the December, 2009 plan, “Over the past twenty years, Bozeman has spent considerable resources and energy making its downtown healthy, vibrant and strong. The six to eight blocks along Main Street, with its wide array of shops, services, high quality restaurants, coffee houses, and precious architecture is looked upon with envy by many communities.” However, the peripheral areas near downtown need more attention and cohesive planning. The creation of districts and defining their highest and best use is essential to long term growth and stability. A synopsis of the Plan first includes mirroring the national trend towards smaller, multi-family housing near the urban core, with the potential of 300-500 apartment/ condo units near the historic center of the town, most notably along the Mendenhall and Babcock corridors. This correlates well with Bozeman’s younger and older, well-educated demographics. Next, there would be a continual investment in infrastructure, including streetscape and traffic corridor improvements. The planners are proposing a full cost-benefit analysis on the return of two-way traffic on Babcock and Mendenhall, which they deem essential to the long-term viability of Main Street.
The Plan embraces twelve “Guiding Principles” including greater density (height) of buildings; more focus on pedestrian and bicycle traffic; a concentration on arts/ culture and government; a decrease in the amount of parking as public transit increases; the enhancement of public areas; and emphasis on Bozeman’s unmatched natural amenities, including the improvement of the Bozeman Creek corridor that crosses East Main. The creation of five distinct downtown districts is another noteworthy aspect of the Plan. The historic core is both large and multifaceted enough to warrant differentiation, the authors write. Though the names will more than likely be changed, the setup of the districts includes the Historic Downtown Core, which is the retail/office area of Main Street from approximately the Baxter Hotel to the Bozeman Hotel. This has been Bozeman’s pride, and with some filling of empty storefronts and further cosmetic enhancements will continue to fulfill that role. The West Gateway from about 5th Avenue to Grand is office/mixed use, and the hope is to eliminate the empty lots and buildings and improve upon the aesthetic aspects along this Main Street corridor. The North Village is generally residential and will possibly be filled with a significant amount of housing, which is vital for the overall Plan’s objectives of bringing residents within walking distance of the core. The East Gateway is again office/mixed use in the area east of Rouse all the way to Lindley Park. Though there is potential for more retail in the eastern Gateway, the best use of this area according to the plan authors is professional services versus additional retail. The blocks along Babcock from Willson to Rouse comprise the commercial/mixed use South Village district and certainly live up to their name of mixed use. Ideally, some of the parking areas could be converted to other commercial or residential uses, and there are many visual enhancements that could occur. The Plan calls for leadership at the City level to ensure that the vision for exciting potential investment downtown is not lost. Public-private partnerships and a commitment to economic development by city agencies is key to the realization of a Plan that will continue to put Bozeman’s remarkable, historic city center on the national map of best places to live and work. The Plan certainly makes for some very interesting reading, and it can be found in its entirety at: http://www.downtownbozeman.org/downtown-improvement-plan.html.
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I have always been a strong advocate that real estate is, and always will be, a viable long-term investment. The days of pure speculation in the market for short-term gain appear to be gone with good reason. Real estate has attributes that cannot be replicated in other investments, such as providing comfort and shelter, pride of ownership, a place for families to gather, and a legacy to hand down to future generations.
The physical amenities that have made Bozeman and the surrounding area such a remarkable place to live are undeniable. However, the good news is that current market conditions now offer outstanding opportunities to consider making the purchase of a lifetime. Interest rates remain attractively low, and area prices have receded in some market segments to near 2004 values, creating favorable conditions for investors.
To give a snapshot of our current market conditions, as of March 31st , there were 792 homes (both over and under 1 acre) available for sale according to Southwest Montana Multiple Listing Service. This data encompasses Bozeman, Belgrade, Manhattan, Three Forks and the surrounding area. The average list price for these homes is $594,807. Year-to-date, there have been 138 sales of homes in this same geographical area at an average sales price of $304,978. As for the condo/ townhouse market, there were 309 units for sale at an average price of $220,599. There have been 37 sales thus far in 2010 at an average sales price of $173,410. Vacant land is readily available with 1597 parcels on the market at an average asking price of $245,726. There have been 52 closing this year with an average sales price of $79,153.
The good news, which has continued for the past 6 months, is that sales are up year over year. From October 1, 2009 through March 31, 2010, homes sales are up 48%, condos sales are up 53%, and vacant land sales have increased 85% from the previous year. Inventory levels continue to decline, in some market segments to a 4 year low. We are seeing lots of new housing starts in affordable entry level price points.
In the Big Sky area, there were 156 homes available for sale at an average asking price of $1,606,087. There have been 8 sales in 2010 at an average closing price of $1,060,975. Likewise, there are 262 condo/ townhouse units on the market at an average price of $575,185. The 22 multi-family homes that have sold this year did so at an average price of $384,259. As for vacant land, there are 248 available parcels averaging $932,532 and 6 sales year-to-date at an average sales price of $353,666.
Again Big Sky’s trend lines mirror Bozeman’s, with home sales up 82% (October 2009-March 2010) over the previous year. Condo sales have increased 176% and vacant land 7%. There is also good sales activity being reported from the Yellowstone Club, which is not included in our MLS numbers.
One particularly strong factor in the region’s vitality is that the second home buyer appears to be returning to the marketplace. Baby Boomers, who are equipped with cash and understand good value when they see it, will continue to regard Bozeman, Big Sky and Livingston/Paradise Valley as a viable place to purchase a home for investment and vacation purposes. Our local real estate market currently has competitively priced properties that should be very attractive to savvy buyers. With a desire to return to the small town values many were raised with, our area gives the perfect combination of a strong sense of community with access to recreational and cultural amenities.
I am reminded of the book Life 2.0 by Rich Karlgaard, where the author discusses “ how people across American are transforming their lives by finding the Where of Their Happiness.” Chapter 10 has several references to Bozeman, and they are as relevant today as when first published in 2004. Even with a 27 percent increase in population since 2000, Bozeman retains its “small town appeal” and local flavor. In our current challenged national economy, many people are now considering a wider range of re-employment or entrepreneurial options. For those whose employment situation has changed, the opportunity to leave corporate positions and the “big city life” offers a wealth of opportunity for communities such as ours. The potential of placing “quality of life” over the “rat race” has much appeal. While deciding where to settle, it’s no wonder Bozeman has been given its fair share of national attention.
The reasons why so many of Bozeman’s inhabitants choose to live in this area are often not directly related to career advancement or extremely high earning potential. And much to our benefit, they include choosing to live where you love to be. For those of us who have lived in the region for most or all of our lives, we truly tend to take for granted the fact that we live in a place where many people save all year to spend a week of vacation. In fact, many people who move away from the area to “see the world” often find themselves immediately starting to plan on how to come back. We have the opportunity to live in the midst of clean air, open space, near Yellowstone Park, all the while enjoying mountain splendor and views that go on for miles.
This all suggests that proximity to a wide variety of recreational opportunities is a prime factor that draws tourists and new residents to our community. I remain convinced that all of the ingredients that make our “special place on earth” so desirable will cause us to weather the current economic challenges and emerge not only as a sought after destination tourist location, but as a premiere second home market. Wherever I travel, I hear the same song, “If I could live anywhere, I would live in Bozeman.” I wholeheartedly agree
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Cobblestone, Belgrade
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We invite everyone to visit our open house at 101 Gemstone on
April 25
from 1:00 PM to 3:00 PM.
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Bozeman, an amazing community with many attractions and a wonderful atmosphere. Wether you love to fish, hike, kayak, ski, golf, or go sight seeing, Bozeman offers it all. If you’re visiting Bozeman, here are some great attractions and activities you MUST SEE AND DO: Visiting Bozeman in the Summer/Fall Museums
Museum of the Rockies & Taylor Planetarium: Open year-round except for major holidays, you and your kids will have a great time learning all about dinosaurs and discovering what life used to be like on a Living History Farm. Then check out a night sky tour or laser light show (the Halloween show is great!) in the Taylor Planetarium. Kids will also love the interactive exhibits at the Children’s Museum of Bozeman. Adults and older teens will enjoy the educational displays, old photos, and other records of Bozeman and Montana history at the Pioneer Museum. Music On Main
This weekly outdoor concert series held July through August features a variety of great bands rocking out right on Main Street. Good times! Gallatin County Fair
Head to the Fairgrounds in July and taste the winning blueberry pie and see blue-ribbon animal stock at this social extravaganza. Otherwise, you can also check out the Rodeo, and Bozeman Bucks American Legion Baseball team here and practice at the Bozeman Rifle and Pistol Club Indoor Shooting Range. Bogart Park
This 6-acre park features a weekly Farmer’s Market in the summer, maintains a popular swimming pool and tennis courts, and often hosts Shakespeare in The Park. Pack a picnic and don’t forget your Frisbee! When weather permits, Bogart facilities transform into an outdoor ice-skating and hockey rink! Sweet Pea Festival of the Arts
Don’t miss this outdoor festival, held in conjunction with the Taste of Bozeman, held yearly in early August. It’s a fantastic hodgepodge of art & cultural activities and cuisine for the whole family. Never eaten a ‘tater pig? This is where you can get one. Shakespeare In The Park
A rotation of plays keeps this entertaining, educational theater troupe fresh and fun for the whole family. Outdoor Activities
You can camp, fly fish and raft on the nearby Gallatin, Madison, and Yellowstone Rivers. For biking and hiking, you can stay right in Bozeman, and check out the pet-friendly, recently renovated Peet’s Hill (across from Bogart Park on Church Street). Another great hiking trail is the mile and a half to the big “M” on Baldy Mountain. Pack a picnic, take the kids, and enjoy a spectacular view of Bozeman. You can hike and bike and even learn to scuba dive in the reservoir at Hyalite Canyon like I did, just a few miles North of Bozeman. Cat-Griz Games
Bozeman is home to the Cats at Montana State University-Bozeman. So whenever the Grizzlies (Montana State University-Missoula) come to town, it’s a classic rivalry you don’t want to miss. Visiting Bozeman in the Winter/Spring Christmas Stroll
Some adults refer to this event as the Christmas Stumble, ahem, but it’s an annual fun event for the whole family held outdoors on Main Street in December featuring a Kid’s Parade, arts & crafts for the kids, live entertainment, local cuisine and beverages sold by local non-profit organizations, shopping, and storytelling. Watch out for flying snowballs! Emerson Center for Arts & Culture
Various events are held here year-round, including Bozeman Film Festival activities, Winter Farmer’s Market and popular holiday bazaar. Nutcracker Ballet
You’re never too young or old to enjoy this annual performance in December by Montana Ballet Company, featuring the Bozeman Symphony. Sports
Ski and shred on the local hill, Bridger Bowl, or take on nearby Big Sky Ski Resort. You can also snowmobile, ice climb, as well as snowshoe, & cross-country ski at nearby Bohart or Lone Mountain Nordic Ranch. Wild West Winter Fest
Head back to the Fairgrounds in February for some good Montana fun including a chili cook-off, a dog keg pull, quilt show, and a 4-H Cattle Show. Plan Your Trip  Format: ???
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Close to MSU, first time buyer!
• 1,184 sq. ft., 2 bath, 2 bdrm 2 story "Top floor single level unit"
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MLS®
$134,900
- FHA approved Condo
Wildwood Court , Bozeman
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Move in ready top level condo near MSU. Unit has been maintained and updated very nicely. Designer paint colors, manufactured flooring, tile flooring andlight fixtures. This is a 2 bedroom, 2 full bath unit. Master suite is roomy with plenty of closet storage and convenient bath setup. Second bedroom is spaciousas well, good storage and a window seat. Window coverings are included. This unit is set up for an easy addition of a woodstove. Single attached garage hasattic storage. Neat outside balcony too!
HOA includes roof and all exterior maintenance, water and sewer, lawn care and snow removal and insurance. Will finance FHA!
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Country setting!
• 2,794 sq. ft., 3 bath, 3 bdrm single story "Finished Garage Bonus RoomS."
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MLS®
$309,900
- Previously $339,900!
Churchill North, Manhattan
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Looking for for a home with elbow room and a country feel? Need that 3 stall garage for cars and toys? And paved parking for the RV? And a sought after school district for the kids? Find all of that and more with this beautifully landscaped, 1/2 acre property located in the small farming community of Churchill, Mt. Owner says 2250 sq. ft. of main level living with 544 sq. ft. of finished space over the garage. (Buyer to verify). That finished bonus space is not one big room but two. Use one for the media room and one for a neat office space. Or, put in a closet for a fourth bedroom. The main level has plenty of tile, hardwood flooring, a vaulted ceiling over the kitchen and family room accentuate the roomy floor plan. The large kitchen has a great snack bar, custom cabinetry and a walk in pantry. Private master suite with walk in closet, and all the amenities you would expect in the master bath area. Full appliance package included. This property is truly suburban country living ats it best.
Oh, by the way, need more room for things? There is a stick framed garage/storage shed that conveys with property!
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Lender owned, move in ready!
• 2,036 sq. ft., 2 bath, 3 bdrm single story "Over garage bonus room finished"
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MLS®
$249,900
- Reduced $50,000.!!!!!
Cobblestone, Belgrade
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Bank says "SELL"! $50,000.00 Price reduction on 4/21. This will not last long at this price! Beautiful custom home in Cobblestone Subdivision. 1/2 acre not enough? Subdivision park behind your home! Home highlights include hardwood, slate flooring, Hardwood trim, vaulted great room and gas fireplace with extensive slate hearth and surround. Cook's delight kitchen features custom cabs, stainless appliances, slab granite tops, large island with built in gas cooktop. Neat hidden kitchen pantry, find it! Master suite has fabulous bath. Extensive tile, copper sinks,jetted tub and walkin shower. Finished bonus room over the garage for that getaway hideout!
Buyer to verify square footage, Appraisal 2036. River Rock water system, average $100-$125 month.Sells as is, no warranty express or implied. This is one sweet property for the price and location. Move in condition.
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Beautiful custom home on 1/2 acre lot!
• 2,194 sq. ft., 3 bath, 3 bdrm single story
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MLS®
$324,900
- WOW!
Valley Grove, Bozeman
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CUSTOM HOME ON 1/2 ACRE LOT IN VALLEY GROVE PHASE 4. THIS IS A CENTRAL VALLEY SUBDIVISION LOCATED MINUTES FROM BOZEMAN AND/OR BELGRADE WITH MOUNTAIN VEIWS IN ALL DIRECTIONS. MASTER BDRM SUITE ON ONE SIDE WITH 6' SOAK TUB, SEPERATE SHOWER, AND LARGE WALK IN CUSTOM CLOSET. FAM/GUEST BEDROOMS AND FULL BATH ON OTHER. FLOORING INCLUDES CIRCLE SAWN FIR, CARPET, AND TILE. STAINLESS APPLIANCES, GAS FIREPLACE. CLEAR PINE TRIM THRUOUT, VAULTED CLNGS. 2 FINISHED BONUS ROOMS ABOVE THE 3 CAR GARAGE. PAVED XTRA UTILITY PARKING ON SIDE OF GARAGE. HOME AND PATIO ARE WIRED FOR SOUND. PROFESSIONAL LANDSCAPING WITH FENCED BACKYARD
COMMUNITY WATER AND SEWER. CLASSIFICATIONS AND APPRAISALS SAYS 2194, OWNER SAYS SQ. FT. IS 2324, BUYER TO VERIFY. HOA FEE $90 PER QTR, INCLUDEDS WATER. SEWER DISTRICT IS $135 PER QTR.. HOT TUB, WASHER/DRYER NEGOTIABLE. POTENTIAL GRAVEL MINING OPERATION PERMITTED APPROXIMATELY 1 TO 1 1/2MILES WEST AT ALASKA/CAMERON BRIDGE ROAD.
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One of last best view lots in Elk Grove.
• single story "Vacant Building Lot!"
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MLS®
$99,900
- Great Price/Great Lot!
Elk Grove, Bozeman
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One of the last, best building lots available in beautiful Elk Grove. Rectangular,mostly level lot (90X135), backs up to open space on south side. Excellent mountain/south side of the valley views! Elk Grove is well planned subdivision located a few minutes west of Bozeman. Large subdivison recreation areaincludes pond and playground. Great trail system throughout. This lot is priced to sell! For Elk Grove info: www.elkgrovecommunity.org
Possible seller financing with strong down.
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