Sept. 19, 2022
Click the link below ⬇️⬇️⬇️ to see stats for the southwest Montana area of choice. If your market isn't shown here, message me and I'll put together a report for you!
🔸 City of Bozeman
🔸 Greater Bozeman area
🔸 Greater Big Sky
🔸 Greater Manhattan
🔸 Three Forks
🔸 Livingston City Limits
🔸 Park County (w/ Paradise Valley)
🔸 Madison/Beaverhead/Jefferson Counties
Conditions for buyers are less competitive than they were last year at this time. This has given buyers more options and more time to consider them. Showings are down about 25-30% from this time last year.
It's hard to wrap your head around what I'm about to share: We are adjusting back closer to our pre-pandemic markets. After a couple of years of insanity on both the buyer and seller sides, it feels counter intuitive to even think about getting the home you want without competing against a dozen other offers and waiving nearly all your contingences.
As a seller, sure, those that sold were rolling in it. BUT, if they were moving to another market or even downsizing, they were paying the price on that end of the deal. Only those that already owned another property were insulated from the crazy pricing across the country.
So here we are. Mortgage rates hovering around 6%, prices adjusting downward but still high. What to do with this information?
If you are a seller, know that it's important to have your next steps in place. Will your home be listed with the understanding that you need to find your next home before closing (totally doable) or do you need a pre-sale inspection to remedy small items that could become negotiable items for a buyer? Chances are, if you've been in your home two years or more, you'll come out ahead. Just make sure your selling plan is solid.
Buyers: There are some homes showing up that have true value right now, either because they were overpriced and sitting on market, or have just come on and the seller is serious, either due to a relocation requirement or a lifestyle change. Your negotiating power is back, baby! Just be sure your agent actually knows what that means (hint: it's not sharing every tiny thing on the inspection report and then telling them their *lucky* you are only asking for x, y and z. That's not negotiating, that's amateur work). Let's get together and talk strategy, it's one of my favorite topics (after negotiating that is :)
To recap: In Bozeman we are up 7.7% from July of last year, Belgrade is 11.6% up, Three Forks is down 4.4% and Livingston is up 18.7%.
Base your decisions on facts instead of fear. This will help you make the best choice for your individual goals. Reach out to me and we can see where your plans fit into the current market conditions!