Montana

Bozeman Montana Rental Study (Part 2 of 2)

Housing has been recognized as Bozeman’s top priority and more specifically—rentals. City Commissioners suspended an ordinance that requires developers to price a portion of new homes or condos under $200,000 when the economy crashed. Peter Werwath, principal of Werwath Associated who was hired to analyze Bozeman Housing Needs reports “…the city should consider including elements in its pending affordable housing plan that encourage construction of rental units, with a particular emphasis on production of rental units affordable to households between 30 percent of area median income and 50 percent of area median income.” (median income is $66,700 for a family of four)

It will be interesting to see where the housing market here in Bozeman will go….

Selected Income and Housing Indicators for Bozeman and Other Areas, 2010

Source: U.S. Census Bureau. 2008-2010 American Community Survey, Werwath and Associates Survey

To read full article: http://www.bozemandailychronicle.com/news/city/article_8347be3c-4a3f-11e1-8bac-001871e3ce6c.html

New Emergency Room for Bozeman

For the past year Bozeman has been pursuing the lofty goal of raising $9 million of the $15 million dollar budget to build the new emergency room for the Bozeman Deaconess Hospital. As of mid January, we are within $400,000 of meeting this goal.

Construction began last March as a majority of the money had been raised, the building is scheduled to be complete early next year. The new ER will double the number of patients that can be seen in a year, and should provide new jobs for our area.

For more information on the hospital, the new emergency room and the potential for job opportunity for you, visit Bozeman Deaconess.

For more information on the local real estate market, or to search homes for sale in the area, visit Bozeman Montana Real Estate. You can also reach us by phone, text, or email for any of your local questions, we are here to help.

Bozeman Montana Rental Study (Part 1 of 2)

Dab Dabney, real estate expert of 30 years, has never seen a town with fewer available options for renters than in Bozeman currently. Of 796 reviewed rentals, 15 were open for renting. The lack of supply and high demand is ratcheting prices up. Dabney predicts that rent will see an increase of 5-8%. “You’re going to have a lot of people looking at increasing home costs and flat incomes,” he said. “They’re going to get squeezed.”

What makes Bozeman a story unto itself regarding rentals is the amount of transitory people who call Bozeman home for over half of the time due to Montana State University, one of Montana’s two largest campuses. Bozeman’s need for affordable housing for students and families alike is extremely acute. 49% of renters in Bozeman pay more than 30% of their income to their rent.

At MSU, “the rate of growth over the past 10 years has been around 200 students a year, with no new student housing being constructed in recent years,” the study says. “Assuming three people per dwelling unit, the growth rate would indicate about 60 new households a year living off campus.”

To read full article: http://www.bozemandailychronicle.com/news/city/article_8347be3c-4a3f-11e1-8bac-001871e3ce6c.html

Staging for Pet Owning Sellers

Part 3 – Birds, Reptiles and Other Small Animals

GET OUT THE VACUUM!

Vacuum every day! If you have birds, make sure the bird seed has been cleaned out of cracks and crevices on the floors and surfaces around the bird cages. Surprisingly birds can be very messy. Their downy feathers can stick in all kinds of visible nooks and crannies. If you have rodents, bedding material and food can often be found around the cages. Be sure this is cleaned up.

ELIMINATING AND AVOIDING PET ODORS AND WASTE!

Bird cages can be a source of odor. Make sure that the cage and the surrounding area are clean. Carpeting can harbor odors so if possible bird or rodent cages should not hang over carpet, they should be in a location that the floor around and under can be disinfected. Any bedding materials used should be replaced frequently. Fish and reptile tanks should be have clean water and free from waste.

WHAT TO DO WITH YOUR SMALL ANIMALS WHEN SHOWING YOUR HOUSE!

Use a cage cover for your small pets that are acceptable to cover. Don’t feed or leave “live” food in with your pet during a showing, prospective buyers may find this offensive. Last, when you leave for a showing, your pet should give the impression that you take good care of it. If buyers don’t think you take care of your pet why would they think you have taken care of your house?

MARKET YOUR HOME TO OTHER PET LOVERS!

If there is no good solution for the seller and their pet then perhaps the best piece of advice would be to sell your home to another pet owner. Instead of trying to hide all evidence of pets, promote the fact that your home is “pet-friendly.” Work with your real estate agent to market your home to other pet lovers. Advertise your home in Humane Society and local animal shelter newsletters, on animal lovers’ websites and discussion groups. If you volunteer at a local shelter do some old-fashioned, promoting of your home.

With a little bit of planning, you can sell your home, even if you have pets. There are plenty of options for keeping your pets safe during showings, and with a bit more elbow grease, potential buyers don’t have to be hit at the door with their presence. Get creative and your home still has a great chance of selling quickly.

I had a nice opportunity to do a little interview with our local NBC affiliate. The only thing I wish I would've done better was notice my tie! It's all I see when I watch this, should've not worn it or tightened it, haha.

http://www.nbcmontana.com/news/30355875/detail.html

Brint Wahlberg

REALTOR®

Windermere Real Estate

406-529-4663

While the Missoula Organization of Realtors (MOR) releases a much more comprehensive market report that won’t occur until the early spring. All of the data I’m providing I retrieved from the MOR multiple listing service.

Numbers for just Missoula (does not include Lolo, Frenchtown, or Bonner and further east)

- 776 residential sales in 2011. (a 6.5% decrease in activity from 2010)

- 830 residential sales in 2010.

- median sales price of $205,250 in 2011. (an increase of 2%)

- median sales price of $201,240 in 2010.

- current market supply (absorption rate) is 9.37 months

* This means that based on the last year’s activity in sales there is currently 9.37 months’ worth of inventory listed for sale in Missoula. Comparing to previous years this is very low and shows that inventories (listed homes for sale) are very low compared to where they’ve normally been at this time of year. 9.37 is considered a marginally healthy market with a slight over-supply. Usually MOR’s winter months have seen absorption rates in the 12 to 18 month range.

Numbers for outside of Missoula (stretches down Hwy 93 past Hamilton and as far north as Polson, as far east as Lincoln and Phillipsburg, as far west down I-90 to the MT/ID border as well as the Noxon area). These numbers reflect the whole area outside of Missoula in our MLS and aren’t the best representative of a certain town/community.

- 903 residential sales in 2011 (an 11.7% increase)

- 808 residential sales in 2010

- median sales price of $175,000 in 2011. (a decrease of 11.7%)

- median sales price of $198,239 in 2010.

- Current market supply (absorption rate) is 23.5 months of supply.

Foreclosure numbers for 2011. These are homes that were re-sold in our MLS after bank foreclosures. MOR began tracking this in mid-2010 so we do not have accurate numbers to compare 2011 and 2010.

Missoula area: 86 sold, 11% of the total market

Outside of Missoula: 244 sold, 29.4% of the total market

New construction. Many builders do not report a portion of their sales to the MLS, this is not the most accurate portrayal of new construction in our area, but it is the best our MLS can provide. I would suggest looking at the amount of building permits the city/county approved in 2011 compared to 2010 as a better indicator.

Missoula:

- 33 sold in 2011

- 76 sold in 2010

Outside of Missoula:

- 28 sold in 2011

- 33 sold in 2010

Comparing general numbers to historic peaks. Per www.MissoulaRealEstate.com which is owned by the Missoula Organization of Realtors. These numbers are for the Missoula area only.

- Peak volume was in 2006 with 1443 sales, putting the current 776 as a 46% decrease in volume from the peak.

- Peak median price was in 2007 at $216,900, putting the current $205,250 at a 5.4% decrease in median sales price off the peak.