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Post Date: 11/29/2019
Now could be the right time. Listing a home in the wintertime has historically been taboo while buying has come with challenges but there are actually benefits that you might not realize exist.
An explosive population influx in the Gallatin Valley and surrounding areas have created a growth curve that just keeps pointing up. Listing a home in the fall or winter months has historically had some challenges attached but the tide has shifted in favor of the sellers and now might just be the best time for you to list your property. Buying a home in the wintertime also comes with some serious benefits that may leave you with more money in your pocket.
The Real estate market steadily rising in the Gallatin Valley
With the real estate market steadily rising in the Gallatin Valley and topping double-digit value increases in recent years making a move today could be better timing than tomorrow. While the average number of days homes are on the market have increased slightly, there is no lack of interest in Bozeman and the surrounding area and really none in sight looking into the future. Bozeman has the strongest economy of any city with a population of less than 50,000 according to POLYCOM, an independent research firm that rates “economic growth” and long term tendency for growth in size and quality.
Bozeman continues to be listed as one of the best places to live in the US
Yellowstone International Airport has recently announced adding additional direct flights to more major cities across the country to include all major metro markets with the exception of Boston. This adds to the draw for people who have made a conscious decision to live where they want to live and work remotely instead of being forced to relocate to a physical location for employment. Bozeman continues to be listed as one of the best places to live in the US by the likes of Money.com and Time Magazine. Seventy percent of travel in and out of Bozeman’s airport is local and a large percentage of that are those remote workers. A number of different factors are at play but understanding the healthy diversity of the economy, including a burgeoning tech industry boom, that a large number of remote workers, and Bozeman’s Montana State University’s continued expansion in enrollment, anyone can deduce that this place is not going to stop growing anytime soon.
What do you need to keep in mind when looking or listing during the fall and winter months?
There are some real benefits to shopping for or listing a home when it’s cold outside in Montana. People looking to buy might be able to take advantage of the markets tend to slow slightly. If you’re a bargain shopper looking for the best deal all year, snow and cold might just be your friend. Those listing their homes can take advantage of the fact that for the most part, the people looking are serious buyers, which could parlay into a shorter transaction period.
Interest rates are still at historic lows.
Buying and selling are both much easier when that’s the case. If you had a crystal ball it would be clear that at some point those rates will climb and 2020 is a political election year. We know where things are now and don’t know where they’re going tomorrow in terms of who will be in charge so taking the safe bet and making a move before the political season starts next year could just save you loads of money.
What’s in the forecast?
All economic indicators for Bozeman and the surrounding Gallatin Valley point to continued growth. With 10 people moving to Bozeman each day the future of the real estate market looks healthy, to say the least. Supply continues to lag behind demand although the building industry is booming and continuing to try to meet the market. Five years ago the average price of a single-family home sold in Bozeman was just under $275,000. The median price of a home in Bozeman has just been reported at $465,787. Forecasts all point to that number continuing to increase as more and more people come to understand just how amazing this little pocket of Montana really is. Waiting to buy in this kind of market will most likely mean paying more. If you’re ready to upgrade, find a home that’s the right size (the newest vernacular for downsizing) or make the most of your investment while market conditions favor the seller, now could be the best time.