THE BOTTOM IS GOING TO FALL OUT ANYTIME
While this is a valid concern when we continue to see Bozeman homes prices going up, however, there is no actual evidence to support this. Interest rates are stable, buyer demand is high and inventory is low. Of course, the market will eventually see a decline as all financial markets do, but it doesn’t appear to be in Bozeman’s immediate future.
IT IS BEST TO WAIT UNTIL SPRING IN BOZEMAN TO LIST YOUR HOME
There are buyers looking for homes all year long, no matter what the season. If you list during the winter there is generally less inventory and more demand from buyers. Which means you have a better chance of getting multiple offers on your home.
THE POPULATION IN THE GALLATIN VALLEY WILL START TO SLOW DOWN SOON
Bozeman is now the fastest growing city of its size in the nation, so Bozeman's growth shows no signs of slowing down. There are numerous upcoming hotels, developments, and other projects coming to Bozeman, new technology companies moving in and a potential convention center going in Belgrade. Most predictions and forecasts show that our population growth will continue.
YOU DON'T NEED A REAL ESTATE AGENT
There are so many benefits to using a buyers agent and what most people don’t realize is it doesn’t cost you anything to use an agent when buying a home. The Bozeman real estate market is strong and there are many buyers competing for homes with the inventory being low. A buyer’s broker will be on the lookout for you in this competitive market. It’s important to remember that a listing agent is looking after the best interest of the seller. It’s nice to have someone looking out for your best interest.
EVERYTHING IS EXPENSIVE
This is probably a big one on everybody's mind. Yes, the real estate market in Bozeman is at an all-time high. However, there ARE affordable options still out there…you just have to look (or have your agent look, that’s what they are there for after all!) It’s also helpful to keep an open mind. Consider fixer-uppers if you are handy, check out condos (there are some great ones in Bozeman!) and be open to different neighborhoods and areas outside of Bozeman. You never know what gem might be hiding where you least expect it.
LOW INVENTORY DOESN'T MEAN YOU SHOULD OVERPRICE YOUR HOME
This time of year, it is common for inventory levels to drop. When you consider that and a strong real estate market like Bozeman, many sellers think they can overprice their homes. This is not the case, homes still need to be reasonably priced. Buyers are more educated about the real estate market now and are cautious, they are not going to pay over what the home is worth.
NEW SUBDIVISIONS AND CONSTRUCTION AREN'T SLOWING DOWN
While there certainly is still plenty of new construction, the amount of new subdivisions in Bozeman is slowing down. The construction that is happening is mostly in existing subdivisions. There was such a boom of new subdivisions in the past couple of years, it is logical that it would slow down while the city tries to cope with water and sewer issues getting to all of these new homes. With the slow down, many developers are looking outside of the Gallatin Valley.
THE BUBBLE WILL BURST
It is true that all markets go up and down based on many factors like economy, growth and interest rates. The good news is that this high market activity is based not only on the low-interest rates and positive global economy, but mainly on the local population growth, MSU growth, and business expansion in the area. The current lending market is also based on strong buyers and conservative lending practices, where the last boom was based on loans being offered to anyone. All this shows great strength in the current real estate market. However, as we ended 2017 and begin 2018 we have a severe shortage of building lots which are pushing available lot costs higher and will cause a steep jump in home prices that cannot continue long-term. As we see new neighborhoods begin and grow it will increase the supply of lots and stabilize lot prices but that will probably take up to two years. Most likely, Bozeman will see solid growth and appreciation in our market for a long time….we just may have some small ups and downs along the way.
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