Wild Wild West - Buying in Bozeman Housing Boom

Posted by Marisa Owen on Wednesday, November 25th, 2020 at 11:36am.

During this pandemic, our market has done some wild things since March 2020. We (Bozeman) have been discovered big time. Check out this Bloomberg article and how our small town is rapidly changing with each sale that occurs.

(Photo of Elk Grove subdivision by Townsend Collective)

A substantial increase of relocation buyers coupled with low housing inventory has generated high real estate prices and jumped rental prices as well. I'm catching updates from friends and family in San Francisco and New York with more and more companies permanently closing down their offices, permanently allowing their employees to go remote indefinitely, and creating the push for city folks to find solace in places like Bozeman.

(Photo of 100 Acre Park/Gallatin Regional Park by Townsend Collective)

The biggest question people are wondering is "Will our winter market continue to be the wild wild west and will the bidding wars continue?"

So what am I seeing?

Bidding Wars on the first day a property hits the market
Sight unseen offers more now than ever
Above asking prices with 8-10% over
Waiving contingencies like appraisals and inspections
Cash offers are becoming more of the norm
Interest rates continue to stay incredibly low
And recently, a new downtown Bozeman single family home on 6,000 sq ft lot hit $650 a square foot {This is hitting CA market prices!!}

So if you are buying (or selling), consider what your goals are? If you live in Bozeman, there is hope you can & will find your next home and can afford to do so (believe me it is possible, it just takes a little finessing and time). Do you want to know what your home is worth? Easy, just email or call me and I can get you a complimentary sales valuation within the day. Remember that if you have had your home re-financed and you received an appraisal, the bank's appraisal is not going to be the same MARKET VALUE of what your home is worth (it will be higher than the bank appraisal value).

At Tamara Williams and Company, we have developed strong strategies to win out these bidding wars (from 3 offers to 20 offers on listings). We know what other Agents are seeing in their offers and we can competitively use language and waiving of contingencies if our buyers are comfortable to do so to stand out amongst the rest. Our inventory continues to be VERY low so we will see how this winter market shakes out.

To get ahead in this market, please do not hesitate to ask me what do you need to do as a buyer to win.

Marisa Owen - Realtor
Email; Marisa@BuyBozemanHomes.com
Website; Marisa.BuyBozemanHomes.com