Spring in Bozeman is bringing new listings and new buyers! It’s looking like an active market this year, so if you’re even thinking of selling your home, just give us a call. We’re happy to do a Comparative Market Analysis for you at no charge. At least, you’ll have an idea of what the market is in your price range and area. Inventory is down in many ranges, so days on market is down, also.
We hope you get some good information in this newsletter, enjoy seeing three of our Featured Listings and then check out our website at www.BozemanPropertySearch.com
LOCAL MARKET STATISTICS
The market has returned to the values of 2007, just before the recession. Median prices so far in 2015 are $312,500 for residential homes in Gallatin County. The median price in 2007 was $300,000. The low median price was hit in 2011, at $237,500.
Interest rates have risen just a bit, but the 30-year fixed rate is around 4% which is still very low. Buyers can buy so much more value than when rates are higher, and buyers, including first-time buyers, are taking advantage of that.
Inventories of properties in some ranges are low, however, so buyers don’t have as much choice as they did when the market was slower. We need more listings!
Southwest Montana is seen by many people as the perfect place to relocate, with our beautiful scenery, rivers for fishing, hunting possibilities, cultural opportunities, MSU, superior educational system, etc., etc. We’re so lucky, aren’t we??
2014 MARKET LAND STUDY –
CLARK WHEELER, APPRAISER
Here is the web site where you can see the statistics on Montana land sales for 2014.
Land Volume Sold – based on deeded acres – was up 57%
Volume of all sales – based on dollar volume – up 25%
Average Land Value Per Acre – Western Study – up 26%
Average Land Value Per Acre– Eastern Study – Up 15%
See more information on the web site.
MANDATORY WAITING PERIOD REDUCED TO 2 YEARS
It’s getting easier to get approved for a mortgage.
Following in the FHA’s footsteps, Fannie Mae has reduced the mandatory waiting period for a mortgage after bankruptcy, short sale, or pre-foreclosure. Borrowers no longer need to wait 4 years before re-applying to get a mortgage.
Borrowers can now re-apply for a loan just two years after a bankruptcy, short sale, or pre-foreclosure. This is one year longer than the FHA’s minimum waiting period via its FHA Back to Work program, and a major improvement for conforming mortgage borrowers nationwide.
Mortgage guidelines are loosening across all loans and Fannie Mae is now the most recent government group to help borrowers who have a history of poor credit because of bankruptcy, short sale, and pre-foreclosure.