State of the Market

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Sharon Tudor Isler & Brian Tudor BROKER BROKER 406.556.5048 406.556.5068 sharon@bozeman-realestate.com brian@bozeman-realestate.com Your Gallatin Valley Housing Market Update In a year of uncertainty, one industry continues to perform well. In Gallatin Valley, the success of the housing market is palpable. Prices are soaring, interest rates remain low, low, low, and inventory is scarce. Add in an exodus from big cities to livable suburbs and you’ve got a recipe for a robust and fast-moving market. So how can a first-time homebuyer, or first-time-inawhile homebuyer get into the crazy local market? For answers, we turned to Sharon Tudor Isler, Broker with ERA Landmark Real Estate. Sharon recommended the following tips for homebuyers. Secure financing before you start browsing: Houses can enter and leave the market in a blink, especially in Bozeman. You may be ramping yourself up for big heartache if you don’t do your homework first. Meet with several lenders to compare interest rates. Once you lock in a lender, it’s important to run the numbers to know what you can afford. “The most important thing is to get your loan ready,” Tudor Isler advises. “We really seem to have lots of buyers that are having trouble finding a home

because inventory is so low, way below last year. So, you’ve got to be the first and the best (offer)and that’s really tricky.” Having a prequalification letter in hand shows a seller you are both motivated and able to purchase their home. The fewer snags you potentially cause the seller, the better chance your offer stands. Consider using an agent: Buying a home in a busy market is stressful. Having a Realtor by your side can make the process easier. “Get a realtor and have them search for you,” Tudor Isler recommends. “You don’t have to pay the Realtor, as the buyer. Your Realtor could get a lead about something that may be coming on the market before everyone else sees it.” Tudor Isler has been selling real estate in Montana since 1987. She estimates she’s been through “hundreds and hundreds of successful transactions.” That experience matters to her customers, especially in a tight market. Additionally, a buyer’s agent can help negotiate offers on their client’s behalf and answer questions and concerns that arise. Look outside city limits and expand your housing horizons: It’s no secret Bozeman is crazy expensive. As home prices in the city limits rise, people naturally migrate further away. Tudor Isler said that is one of the few remaining ways to find (slightly more) affordable property. “Belgrade has a few more lots north of town, that’s a place to look,” she says. “Gallatin Gateway might be a little less expensive, if you can find anything for sale there. There are possibilities out in Three Forks. Keep an eye on the new subdivisions they’re building (in Bozeman), too.” Tudor Isler also recommends buyers expand their search from only singlefamily homes. Condos and townhouses are typically less expensive and offer buyers a way to get into the market before they can no longer afford to do so. “You’re still owning a home, whether it’s a townhome or condo,” Tudor Isler explains. “You just need to get into the market – do everything you can to get into something because the great thing about owning a house is the equity.” Though she has no crystal ball, Tudor Isler says she anticipates the market will remain competitive as long as interest rates stay low and Bozeman remains an enticing place to live.